Miracle-dz/UniFAR-FTUs huggingface dataset:
Financial Shocks to Lenders and the Composition of Financial Covenants

We show that financial shocks to lenders affect the composition of covenants in new debt contracts in a way that cannot be explained by borrower fundamentals. Using two distinct measures of lender-specific shocks—defaults in a lender’s corporate loan portfolio that occur outside the borrower’s region and industry, and non-corporate loan delinquencies—we show that lenders respond to financial shocks by increasing the use and strictness of performance-based and negative covenants, while reducing the use of capital covenants. We investigate two possible channels for these effects, specifically, the capital channel (lenders are concerned about capital depletion) and the learning channel (defaults carry information about lenders’ screening ability), and find evidence in support of both. Our results indicate that lenders’ preferences influence the use of accounting information in debt contracts.
Food for Thought: The Birth Order Effect and Resource Allocation in Indonesia

Despite the large literature linking birth order to socioeconomic outcomes, research uncovering the mechanisms that drive these effects has been rare. We construct a unique measure of food allocation to examine whether preferential resource allocation among siblings explains the birth order effect on cognitive ability in a developing country. We document birth order differences in cognition among children and young adults, showing that second and third borns perform worse on spatial and mathematical cognition tests compared to their firstborn siblings. We find further evidence suggesting that parents allocate resources differentially among siblings, with second and third born children receiving less food. Despite these differences in food allocation, these preferences do not appear to drive the differences in cognitive ability in our sample. To our knowledge, this is the first paper both to confirm the presence of a birth order effect on cognition in a developing country and to test empirically whether a preference in food allocation contributes to this effect.
IRS Tax Enforcement and the Cost of Syndicated Loans in the United States

We show that tax enforcement benefits US firms that borrow from banks. Using data on syndicated loans over the 1993-2017 period, we find that higher IRS audit probabilities exert a negative and significant effect on the cost of loans. The baseline estimates show that a one standard deviation increase in the IRS audit probability decreases the cost of bank credit by around 9 basis points (or $1.55 million interest for the average loan). In further analysis we find that the negative effect of IRS tax enforcement on the cost of syndicated loans is more evident when the presence of external monitors, other than the IRS, is weaker and for loans issued by lead banks that are less reputed and less experienced with borrowing firms and their sector or region. IRS tax enforcement decreases also the probability that loans will contain covenants. The results are robust to several tests that address endogeneity and other concerns. These findings indicate that banks perceive the IRS as a useful external monitoring mechanism that alleviates information asymmetry in the syndicated loan market. This study informs the public policy debate about the IRS by showing that it exerts a positive spillover to the US economy in the form of lower costs of corporate financing through the banking system.
Nutritional aspects of Ascaris infection in young protein-deficient pigs

SUMMARY Experiments were carried out to investigate the effects of Ascaris suum infection on the growth, food intake, nitrogen and fat utilization and intestinal function of young pigs receiving diets low in protein. An infection procedure was developed which provided relatively uniform and heavy infections in pigs under study. Ascaris-infected pigs showed statistically significant reduction in growth rate and food intake compared to uninfected controls. The reduction in growth rate was observed after the A. suum were mature and eggs were observed in the faeces of pigs. The degree of growth retardation was significantly correlated with worm burden. Infected pigs showed no consistent reduction in nitrogen and total solids digestibility compared to controls but fat digestion was reduced. The infected pigs showed reduced nitrogen retention compared to uninfected controls. Ascaris-infected pigs had heavier intestinal tracts with increased size of the tunica muscularis. Lactase activity in mucosa from infected pigs was significantly lower than in controls, whereas no consistent effect was observed in mucosal sucrase and maltase activity. When Ascaris-infected pigs were given an oral lactose load, blood glucose levels rose less than in control pigs, suggesting that the infection resulted in impaired lactose tolerance.
Genomic Selection and Prediction in Plant Breeding

The availability of thousands of genome-wide molecular markers has made possible the use of genomic selection in plants and animals. However, the evaluation of models for genomic selection in plant breeding populations remains limited. In this study, we provide an overview of several models for genomic selection, whose predictive ability we investigate using two plant data sets. The first data set comprises historical phenotypic records of a series of wheat (Triticum aestivum L.) trials evaluated in 10 environments and recently generated genomic data. The second data set pertains to international maize (Zea mays L.) trials in which two disease traits (Exserohilum turcicum and Cercospora zeae-maydis) of maize lines evaluated in five environments were measured. Results showed that models including marker information yielded important gains in predictive ability relative to that of a pedigree-based model, this with a modest number of markers. Estimates of marker effects were different across environmental conditions, indicating that genotype × environment interaction was an important component of genetic variability. Overall, the study provided evidence from real populations indicating that genomic selection could be an effective tool for improving traits of economic importance in commercial crops.
Ordinary Voluntary Accounting Changes Due to a Business Combination: A Case Study

This study analyzes the voluntary accounting changes due to a business combination in a critical case study of an unregulated public company after the IFRS adoption in Brazil. This research consists of the study of a single case. The qualitative analysis was based on the Positive Accounting Theory to show that in the company analyzed, there were no internal or external incentives for earnings management, and that the voluntary accounting changes were motivated by the concern of accountants and managers to report the results in a more appropriate way. The findings suggest that there is no evidence that the analyzed companies made any opportunistic accounting choices due to mergers and acquisitions, as is often suggested by the accounting literature on earnings management. Quite the contrary, the accounting choices observed may have been simply the result of the managers’ and accountants’ good intentions, even though there is no way to prove that they were efficient. This critical case study brings back an important part of the accounting literature which values the efforts of accounting professionals in judging how adequately accounting standards are applied in emerging economies. The paper presents evidence that the accounting changes made by companies are not necessarily explained by opportunistic factors, and eventually can contribute to increase company value, especially in an emerging economy context in which there is a significant degree of shareholder concentration.
The potential for extended lactations in Victorian dairying: a review

This review examines the potential for extended lactations on Victorian dairy farms in the context of (i) the advantages and disadvantages of existing seasonal milk production systems; (ii) projected future changes to Victorian dairy farming; (iii) the mechanics of extended lactations; (iv) the change in costs associated with extended lactations; and (v) how extended lactations might be successfully implemented. Traditionally, Victorian dairying has been characterised by seasonal, low input, pasture-based milk production reliant on family labour. Successful implementation of this type of milk production system requires cows to calve in accordance with seasonal pasture supply. Recently a number of economic (static or falling milk prices), management (larger herds, increased labour expense, lower labour availability) and social pressures (animal welfare and environmental regulation) have emerged that question the viability of pasture-based dairying in a number of countries including Australia. Some of these threats to dairying may increase the attractiveness of systems that exploit the production potential of high yielding cows in larger herds, with increased supplementation of pasture-based diets over extended lactations. It is generally concluded that 12-month calving intervals are the most economic, based on the shape of the lactation curve and the perceived costs of extended lactations. However, these fundamentals have been changed by years of intensive selection for high milk production and the recent implementation of new management techniques such as Bovine somatotrophin, total mixed rations and increased milking frequency. Modern high yielding cows can maintain high daily yields for a much longer proportion of lactation than previously, but these cows are also largely unsuited to seasonal production systems due to a prolonged period of negative energy balance after calving and consequent low fertility. We have identified that calving and pregnancy incur substantial costs that are often hidden but need to be accounted for in valid economic comparisons. It is evident that seasonal pasture-based dairying requires disciplined management where certain tasks must be achieved in a timely manner if the system is to operate efficiently. Where the system does break down, often due to infertility for example, new management approaches are required. It is of concern that farmers may adopt a default position of extended lactations without realising or exploiting the potential benefits. Among the advantages of extended lactation management would be a more even spread in labour requirements, input costs and income across the year. In conclusion, extended lactations are a suitable option for some Victorian dairy enterprises. That suitability will depend on a number of factors; particularly, cow milk production potential, ability to grow pasture or feed supplements economically, management expertise, environmental constraints, herd size and labour availability.
Equilibrium Price and Advertisement Distributions

We consider an economy where many sellers sell identical goods to many buyers. Each seller has a unit supply and each buyer has a unit demand. The only possible information flow about prices is through costly advertising. We show that in equilibrium the sellers use mixed strategies in pricing which leads to price and advertisement distributions. With convex advertising costs each seller sends only one advertisement in the market. We also delineate a class of advertising costs which ensures that sellers may send multiple advertisements in equilibrium.
Fábrica De Servicio: Una Decisión Estratégica Para Mejorar La Eficiencia De Un Proceso De Servicio Bancario (Service Factory: A Strategic Decision to Improve the Efficiency of a Banking Process)

<b>Spanish Abstract:</b> El propósito de este estudio es examinar de manera empírica el impacto de la implementación del enfoque fábrica de servicio en el proceso de crédito de una institución financiera. La investigación se realizó en un banco importante del Ecuador, donde resulta clave el proceso de crédito. El estudio analiza los rasgos que caracterizan a un proceso tipo fábrica de servicios, según la matriz de procesos de servicios propuesta por Schmenner, Tinnilä y otros. Los resultados muestran el impacto que tiene la transformación de un proceso tipo servicio en masa a un proceso tipo fábrica de servicio, principalmente en eficiencia, con un beneficio fundamental en la reducción de tiempos de respuesta. Estos resultados resaltan la importancia que tiene la decisión de posicionamiento estratégico y refuerzan la idea que el movimiento por la diagonal de atracción hacia una fábrica de servicio genera mejoras en el desempeño de los procesos operativos. <b>English Abstract:</b> The purpose of this study is to examine empirically the impact of implementing the service factory approach in the process of credit of a financial institution. The research was conducted at a major bank of Ecuador where the credit is key process. The study analyzes the features that characterize a service factory process according to service process matrix proposed by Schmenner, Tinnilä and others. The results show the impact due to the transformation from a mass service process to service factory process; mainly its impact on efficiency with a fundamental benefit on the reduction of response times. These results highlight the importance of the decision of strategic positioning and reinforce the idea that the diagonal movement of attraction toward a service factory generates improvements in the performance of operational processes.
Taxation of Labour Income and the Skilled-Unskilled Wage Inequality

Using a simple general equilibrium model of a small open economy that produces (i) an industrial good, (ii) an agricultural good, and (iii) a sector specific intermediate good, under competitive conditions, this paper examines the impact of a tax on labour on skilled-unskilled wage inequality. It is shown that, when all goods are traded, a tax on labour in the industrial sector increases skilled-unskilled wage inequality. On the other hand, a tax on labour in the intermediate good sector has the opposite effect. However, when the intermediate good is non-traded, the impact of a tax on labour in either of the two sectors is negative. Furthermore, irrespective of whether or not the intermediate good is traded, a tax on labour in the agricultural sector increases skilled-skilled wage inequality.
Influence of phosphorus on physiology of a hair-forming blue-green alga (Calothrix parietina) from an upland stream

Abstract An axenic clonal strain of the blue-green alga Calothrix parietina, isolated from a stream where most of the soluble phosphate is known to be in the organic form, was used for physiological studies on the effects of phosphate deficiency and ability to use organic phosphates. Hairs were formed when the concentration of cellular phosphorus dropped to c. 10 μg P mg dry wt−1, a level well above the minimum (2.5 μg P mg dry wt−1) found in filaments which could still be regarded as relatively healthy. Inducible phosphatase activity commenced at about the same time as hair formation, and staining techniques showed that phosphomonoesterase activity occurred on the walls of hair cells and the adjacent chlorophyll-containing cells. The part of the sheath furthest from the heterocyst also showed marked activity. Tests with various substrates revealed both phosphodiesterase and phytase activity. The ability to use organic phosphorus substrates could be particularly important for this organism in its natural .
Inhibition of Salmonella by sodium nitrite and potassium sórbate in frankfurters.

All beef frankfurters and beef-pork frankfurters containing various levels of sodium nitrite (0, 50, or 156 ppm) or potassium sorbate (0, 0.26, or 0.39%) alone or in combination (50 ppm nitrite + 0.26% sorbate) were prepared. Frankfurters were inoculated with nalidixic acid resistant Salmonella and incubated at 15°C and 27°C for up to 21 days. Frankfurters formulated with 50 or 156 ppm nitrite and incubated at 27°C, or 50 ppm nitrite and incubated at 15°C failed to inhibit the growth of Salmonella. Sorbate alone and sorbate in combination with 50 ppm nitrite were equally effective in inhibiting Salmonella at either temperature and were equivalent to 156 ppm nitrite in inhibiting Salmonella at 15°C.
Rules vs. Discretion Revisited: A Proposal to Make the Strategy of Monetary Policy Transparent

The movement toward increased transparency on the part of the Federal Open Market Committee (FOMC) has concentrated on additional explicitness about the forecasts of the economy by its individual participants. Especially with the funds rate near its zero lower bound, the FOMC has become more explicit about the funds-rate path it anticipates for the future. However, the FOMC has been much more reticent about articulating a strategy to guide monetary policy (that is, a rule). Without communication in terms of a rule, monetary policy at times becomes a source of instability. The reason is that the FOMC cannot reliably control how markets form their expectations of future policy actions. Moreover, learning is difficult without knowledge of how the underlying strategy of monetary policy has evolved. The recent experience of implementation of policy with a near-zero funds rate also highlights the importance of the management of expectations through a rule-based policy.
Risk Governance and Performance of the Italian Banks: An Empirical Analysis

Italian Abstract: Il paper indaga la relazione tra l’adozione di buone pratiche di gestione del rischio e la performance e la rischiosita delle banche italiane. In particolare, l’obiettivo della ricerca e capire se una risk governance strutturata possa aiutare le banche ad aumentare la propria performance e la stabilita dei loro risultati. L’analisi si focalizza sui 21 gruppi bancari italiani quotati e copre un orizzonte d’indagine compreso tra il 2005 e il 2014, differenziandosi dagli studi precedenti che considerano principalmente il mercato americano ed europeo e si basano su dati meno aggiornati.I risultati evidenziano che le scelte di risk management e risk governance delle banche italiane possono influenzare le loro performance e il rischio associato. Le evidenze empiriche suggeriscono che la scelta di dotarsi di un Cro non e indice di successo in termini di redditivita o di contenimento dei rischi. E, invece, l’attivita del Comitato Rischi che si dimostra efficace nel permettere una maggiore solidita della banca stessa, che si manifesta in una riduzione della variabilita dei risultati, sia in termini di redditivita che di rischio.English Abstract: The paper investigates the relation between the adoption of good practices in risk management and the level of performance and riskiness of banks. In particular, we aim at understanding if the application of the Enterprise Risk Management approach to banks helps increasing their stability. We test the hypothesis that those banks using an integrated risk management approach have, ceteris paribus, a lower level of risk and a higher performance. Our analysis focuses on 21 Italian listed banking groups, in the time period 2005-2014. Our preliminary results show that the risk management function influences the risk and performance of the bank; however, it is not possible from our data to define an optimal model of risk governance.
Nutrient Cycling and Nutrient Use Efficiency

Forest ecosystems systematically produce more litterfall dry mass per unit of nitrogen in sites with less aboveground nitrogen circulation. This pattern is observed both within and among tropical, temperate deciduous, coniferous, Mediterranean, and fertilized ecosystems. The differences among sites are probably related to differences in soil nitrogen availability. Patterns of nitrogen use for root and wood production probably reinforce the litterfall results. An examination of phosphorus and calcium use efficiency for litterfall production yields more ambiguous results. The pattern for nitrogen circulation and nitrogen use efficiency in forests has important implications for ecosystem-level properties, including the development of low nitrogen availability in soil.
A Sustainable Approach to Decision-Making in CCUS Systems

This study proposes a methodology for operational decision-making leading to the sustainability CO2-EOR systems. The methodology is a simple, yet comprehensive, integration of environmental and economic carbon capture, utilization and storage (CCUS) performance. Understanding the interplay between the environmental and economic conditions allows the EOR operator to manage the CO2-EOR flood so it remains within the limits of carbon balance neutrality and favorable economics under given prices and costs. The environmental performance and the main operational inputs (fluid production, CO2 injection, and purchase requirements) were taken from a dynamic carbon Life Cycle Assessment (LCA) study previously performed for a CO2-EOR site in Cranfield, Mississippi. The LCA study accounts for greenhouse gases (GHG) emissions within a gate-to-grave CCUS system boundary, considering four different CO2 injection strategies and four gas separation processes. The economic performance assessment was made through a marginalist analysis (Marginalist Production Theory), which determines important technical and economic relations through basic differential calculus derived from production, cost, and income functions. This method allows to define the operational economic optimum (optimum profit). The assessment considers four CO2 price scenarios and uses World Bank estimated oil prices. In a first step of the proposed methodology, environmental limits of the operation are estimated. These limits are then compared with operative maximum productivity as well as with the economic optimum. According to the methodology, the EOR operation is sustainable as long as the environmental optimum is greater, or lasts longer, than the economic optimum along the project’s life. Results show that for this operation and assumed parameters, CO2-EOR could be classified as a sustainable activity depending on the operator’s strategic decision-making. In the case study, all injection strategies reach the environmental optimum after maximum productivity is reached. However, only two strategies (continuous gas injection and water alternating gas) find their economic optimum within the environmental limits, fulfilling the defined necessary and sufficient condition for CCUS sustainability.
Bestatin Suppresses the Serum Levels of Several Hydrolytic Enzymes in a Patient with Progressive Muscular Dystrophy

We tested the effect of bestatin [(2S, 3R)-3-amino-2-hydroxy-4-phenylbutanoyl-L-leucine] on the serum levels of various hydrolytic enzymes in a patient with progressive muscular dystrophy. Long-term administration of bestatin significantly suppressed the serum levels of aspartate aminopeptidase, arginine aminopeptidase, carboxypeptidase, alkaline phosphatase, and esterase. The results of multivariate study performed on the enzyme networks are compatible with the notion that this drug has a synchronizing effect on the movements of enzyme networks. Although in this middle-aged patient with an established disease the levels of enzymes of muscular origin were not significantly suppressed by this treatment, the present findings may warrant a therapeutic trial with this agent on young patients with initial symptoms of the disease.