Miracle-dz/UniFAR-FTUs huggingface dataset:
Gender, Competitiveness and Physical Characteristics: Evidence from Professional Tennis

Gender differences in tennis have sparked a great deal of heated debate. Using data from the 24 top men's and 23 top women's singles tournaments in 2010 we find a gender difference in the competitiveness (tightness) with regard to the final score of tennis sets. However, when using two physical variables (height and BMI) that have not been investigated in this context before and controlling for the physical characteristics of the players, this gender difference completely disappears. Moreover, this result remains robust in propensity score analysis. To narrow this disparity between the number of games in men's and women's sets, it might be worthwhile for tennis authorities to consider making some changes in court conditions on a gender basis.
Effect of feeding mercury and Aroclor 1260 on certain liver enzymes of Wistar rats

Forty eight young male Wistar rats were divided into four groups of 12 each and were fed on 10% protein diet. The control group was fed on diet mixed with 1 mL coconut oil. The other groups were fed on 0.01 ppm aqueous HgCl2 and 1 mL coconut oil or 100 ppm PCB (Aroclor 1260) in coconut oil or 0.01 ppm HgCl2 and 100 ppm PCB mixed in the diet. The rats were fed on this diet for 120 days and the toxicity was assessed by estimating enzyme levels in the livers of these rats. HgCl2 fed rats showed significant decrease in liver succinate dehydrogenase (SDH), alkaline and acid phosphatase (ALP and ACP), aspartate and alanine aminotransferase (GOT and GPT). On the other hand, PCB fed rats showed significant decrease in lactate dehydrogenase (LDH) and GOT and increase in GPT activity in their liver. The PCB + Hg fed rats showed consistent decrease in liver LDH, SDH, ACP, GOT and GPT activity. This indicates that, PCB + Hg combination has synergistic inhibitory effect on enzymes of metabolic pathways as well as enzy.
Playback of Crows of Male Japanese Quail Elicits Female Phonotaxis

We examined the response of male and female Japanese Quail (Coturnix japonica) to playback of crows recorded from unmated males and reversed crows (crows played backwards as a control noise), which were broadcast from opposite corners of a playback environment. Females showed a significant preference for the speaker broadcasting crows vs. the speaker broadcasting reversed crows, as measured by the number of time samples females were located within 1 m of the speakers and based upon the mean distance females maintained from the two speakers. Males showed no differential response to crows and reversed crows. Thus, female Japanese Quail, but not males, exhibit positive phonotaxis to the crows of males. Our data also suggest that the temporal pattern of crow syllables is an important factor eliciting female response.
Does the Number of Countries in an International Business Cycle Model Matter?

Until the 1990s, standard models with two large open economies (i.e. the U.S. and Europe) provided plausible representations of the world economy. However, with the emergence of many countries such as China since then, this approach no longer seems reasonable. In line with this change to the global economic environment, there also have been changes in cross-country correlations: the output correlation between the U.S. and Europe has risen, and their consumption correlation has slightly fallen. Accordingly, this paper adds many countries to a standard model to show that doing so can capture the transition in the cross-country correlations. By analytical investigation, I first show that as the number of countries in a simple model increases, the output correlation rises and the consumption correlation falls. A quantitative analysis with a more general model also shows that when the model has more countries, it yields a higher output correlation and a smaller consumption correlation.
People's Opium? Religion and Economic Attitudes

Since Max Weber, there has been an active debate on the impact of religion on people's economic attitudes. Much of the existing evidence, however, is based on cross-country studies in which this impact is confounded by differences in other institutional factors. We use the World Values Surveys to identify the relationship between intensity of religious beliefs and economic attitudes, controlling for country fixed effects. We study several economic attitudes toward cooperation, the government, working women, legal rules, thriftiness, and the market economy. We also distinguish across religious denominations, differentiating on whether a religion is dominant in a country. We find that on average, religious beliefs are associated with "good" economic attitudes, where "good" is defined as conducive to higher per capita income and growth. Yet religious people tend to be more racist and less favorable with respect to working women. These effects differ across religious denominations. Overall, we find that Christian religions are more positively associated with attitudes conducive to economic growth.
Biflavonoids of Calophyllum venulosum

Four new biflavonoids [pyranoamentoflavone 7,4‘‘‘-dimethyl ether (1), pyranoamentoflavone 7,4‘-dimethyl ether (2), 6‘‘-(3-methyl-2-butenyl)amentoflavone (3), and 6‘‘-(2-hydroxy-3-methyl-3-butenyl)amentoflavone (4)], as well as three known biflavonoids, [pyranoamentoflavone (5a), amentoflavone (6), and 2,3-dihydroamentoflavone (7)] have been isolated from the leaves of Calophyllum venulosum. The structures of the new compounds were established by spectroscopic data and chemical modification.
Energy Demand - Side Management: New Perspectives for a New Era

Over the past decade and a half, state governments have assumed greater responsibility over demand-side management (DSM) operations. Whereas DSM programs formerly were initiated primarily by utilities or state public utility commissions, they are now becoming increasingly state-initiated and incentivized through funding mechanisms or efficiency-level mandates. The supporting literature, however, has yet to respond to these changes, and to verify that DSM funding or mandates are effective policy mechanisms. Furthermore, the supporting literature has yet to resolve some of the research design and methodological challenges that traditionally plague DSM evaluations. As states continue to expand their energy and climate policy efforts, and the federal government considers the possibility of national decarbonization policies, of which DSM is a key strategy, the need for empirical research on the effectiveness of DSM programs will grow. This essay describes the current status of DSM efforts in the U.S. and explores how these programs affect electricity operations. The relationship between DSM policy and program efforts and the amount of saved electricity is tested, with a methodological approach aimed at minimizing selection bias that is inherent in the non-experimental research design. Results confirm that state-run DSM efforts contribute to electricity savings across the country. Public benefit funds coupled with performance incentives are found to encourage utility participation in DSM programs. Energy efficiency portfolio standards and performance incentives effectively promote electricity savings; but public benefit funds without the support of other DSM policies are not significant drivers of either DSM program participation or total DSM electricity savings.
Liquidity Traps and Large-Scale Financial Crises

This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive was in place in the U.S. Great Depression and the recent Great Recession. We find clear evidence in favor of a breakdown of the liquidity effect after an unexpected increase in M2 in the 1921-1940 period. This evidence, which is consistent with the Keynesian view on a liquidity trap, is shown to be state contingent. In particular, it emerges only when a speculative regime identified by high realizations of the Dow Jones index is considered. A standard linear framework is shown to be ill-suited to test the hypothesis of a Keynesian liquidity trap. An investigation performed with the same data for the period 1991-2010 confirms the presence of a liquidity trap just in the speculative regime. This last result emerges significantly only when we consider the federal funds rate as the policy instrument and we model the Divisia M2 measure of liquidity.
MODE OF CONJUGATION IN HOMOTHALLIC CELLS OF SCHIZOSACCHAROMYCES POMBE

When homothallic cells of Schizosaccharomyces pombe were plated on agar sporulation medium, a few residual divisions were usually observed before induction of conjugation and sporulation. Four cells resulting from the last two residual divisions were usually lined; the "four-lined-cell" formed. Each four-lined-cell contained only one zygote by sistercell-or non-sistercell-copulation, and never two zygotes by two sistercell-copulations. Some of the remaining non-zygotic sistercells divided once again and resulted in the new formation of the four-lined-cell which contained only one zygote. The remaining non-zygotic cell of the four-lined-cell could conjugate with that of another four-lined-cell. These results suggest that the four-lined-cell is to be regarded as one unit with respect to zygote formation.
Target Price Optimism, Investor Sentiment, and the Informativeness of Target Prices

This paper provides large sample evidence that financial analysts’ target prices are more informative in periods of low investor sentiment compared to high sentiment. While prior research argues that target prices have differential investment value depending on analysts’ use of sophisticated or heuristic valuation models, we find that these differences are largely explained by investor sentiment. We find that the investment value of target prices based on both sophisticated and heuristic valuation models is close to zero in periods of high sen- timent. Return predictability is highest for target prices based on sophisticated valuation models during periods of low sentiment, but only slightly higher than for heuristics. Also, target price errors are lower for low sentiment. In periods of low sentiment, when concurrent market prices are below intrinsic values and target prices are above market prices due to analysts’ optimism, target prices are more reflective of intrinsic values and hence more informative. In addition, we find that investors do not understand the differential informativeness of target prices. Market reactions to target price revisions do not reflect the higher informativeness in low sentiment. Rather, investors overreact to target price revisions in high sentiment, potentially fueling the build-up of bubbles.
Why do business losses cause conflict?

Evidence suggests that conflicts between contracting parties are more prone to occur when a party has suffered a significant loss. It is argued that the phenomenon is difficult to understand within conventional contract theory, which assumes full rationality, while behavioral theories based on the concepts of motivated reasoning and reciprocity provide interesting explanations. Thus, losses can trigger motivated, self-serving perceptions and beliefs, which in turn are likely to induce negative reciprocity as well as counter-productive acts aimed at bolstering self-image. These explanations are demonstrated to be well supported by experiments.
Expected Shortfall – An Alternative Risk Measure to Value-at-Risk

Value-at-Risk is a risk measure that is simplistic to model and is widely used by financial institutions. However, it does not provide indication on how much you may loss when the return falls at the tail end of the distribution. As an alternative, Expected Shortfall models the potential loss when the return reaches the tail end of the distribution, but it is less straight forward to model. This project will develop Python scripts to model both risk measures under similar criteria demanded by regulators – Basel and FCA – using historical simulation on returns data of S&P 500 index, large-cap technology stocks and banking stocks. The project will focus on the worst 25 returns and evaluate if Expected Shortfall is better than Value-at-Risk as a risk measure against loss.
Bilateral Investment Treaties, Political Risk and Foreign Direct Investment

The study constructs a linear model to evaluate the significant impacts of bilateral investment treaties (BITs) on foreign direct investment (FDI) and the possible consequences of BITs. The results show that BITs have significantly promoted FDI and their effects are a substitute for the level of political risk in a country. Another interesting finding is that BITs signed with non-Organisation for Economic Co-operation and Development countries should not be overlooked. By estimating the growth of FDI resulting from an additional BIT ratified, the finding further indicates that BITs offer more potential for most Asian countries to promote FDI. On average, a BIT ratified by a country in South Asia, East Asia and South-East Asia can raise FDI by around 2.3%.
Estimating the Value of Absolute Power: Evidence from Judiciary Decision Events on Controlling Shareholders in Large Business Groups

This paper estimates the impact of judicial decisions, mainly the prosecution and court sentencing of controlling shareholders’ corporate crime, embezzlement, and breach of fiduciary duty, on the market value of a firm. The indictment or imprisonment of controlling shareholders in Korean large business groups, chaebols, provides an experimental setting for analyzing the absence of the real boss. Our main findings are as follows. First, judicial decisions relating to controlling shareholders generally do not have a significant group-wide effect on the value of a firm. Second, the portion of firms that receive a positive impact and a negative impact from having a controlling shareholder held in custody is almost equivalent (46% versus 54%, respectively). In situations where there is a court appeal, the portion of firms that receive a positive impact decreases to 38%, while the portion of firms that receive a negative impact increases to 62%. Third, the effect of court decisions on affiliated firms within the same business group is asymmetric. For instance, such decisions have a positive effect on affiliates where a controlling shareholder holds a large proportion of the shares; however, they have a negative impact on affiliates thought to be more likely to grow at faster rates in the future. For this reason, sentencing of the controlling shareholder itself induces value transference between the different affiliated firms in a given company group.
Preventing Bank Panics with Fees and Gates

I study whether a bank can prevent runs by augmenting its demandable debt contracts with `fees and gates' -clauses as intended by the 2014 money market mutual fund reform in the United States. I focus on purely self-fulfilling runs; the bank's investments are fundamentally riskfree and aggregate liquidity needs of depositors are known. Preventing runs requires that withdrawals do not impose liquidation losses on depositors who remain in the bank, while at the same time providing good access to deposits. Put differently, there is a tension between eliminating panic equilibria à-la Diamond and Dybvig (1983) and eliminating deposit-access panics à-la Engineer (1989). Gates (suspension) can eliminate both types of run equilibria if depositors' liquidity preference is not too strong. Fees achieve the same thing if the bank's assets are relatively liquid. If assets are illiquid and liquidity preference is strong, runs can be prevented by combining fees and gates in the right manner.
Water temperature as a factor limiting the distribution of Potamopyrgus antipodum (Gastropoda‐Prosobranchia) in the New Zealand thermal region

Summary Potamopyrgus antipodum has been found in thermal waters only at temperatures below 28°c. Experimental work indicates that 28°c represents the temperature at which snail activity is first curtailed when temperatures are progressively raised. Although the reduction in available oxygen found at high temperatures appears to have some effect on snail activity, the increase in temperature itself is the major factor depressing activity and consequently limiting snail distribution. No difference in the temperature at which activity is reduced has been found between snails living at different environmental temperatures. When temperature was raised 1°c/24 hours, heat death occurred at 30–32°c.
The Challenges of the Fourth Industrial Revolution Faced by the Labour Market: European and National Processes and Trends

This paper studies and analyses the expected impact of the Fourth Industrial Revolution on the future development of the labour market and, particularly, on employment relationships. The employment reality, labour markets and the occupation and absorption of jobs at a global, European and national scale have been subject to dynamic change and challenges faced by the legal systems. The policy of introduction of information and communication technologies and digitisation of the economy, as a sectoral policy, has resulted in modernisation of the forms of employment in line with the dominating trends of digitisation of manufacturing and smart automation of the industry. Thus, based on the study of the new situation, the paper conducts analyses, deducts general conclusions and provides recommendations with respect to the new challenges, suggests some necessary and adequate actions that should be undertaken by the institutions and discusses the most recent legal provisions.
Evaluating Optimal Stopping Problems Under Multivariate Settings and Model Uncertainty

In this article we study the evaluation of American options with stochastic volatility models and the optimal fish harvesting decision with stochastic convenience yield models, in the presence of drift ambiguity. From the perspective of an ambiguity averse agent, we transfer the problem to the solution of a reflected backward stochastic differential equations (RBSDE) and prove the uniform Lipschitz continuity of the generator. We then propose a numerical algorithm with the theory of RBSDEs and a general stratification technique, and an alternative algorithm without using the theory of RBSDEs. We test the accuracy and convergence of the numerical schemes. By comparing to the one dimensional case, we highlight the importance of the dynamic structure of the agent’s worst case belief. Results also show that the numerical RBSDE algorithm with stratification is more efficient when the optimal generator is attainable.
Not Registered? Please Sign-up First: A Randomized Field Experiment on the Ex-Ante Registration Request

Online commerce websites often request users to register in the online shopping process. Recognizing the challenges of user registration, many websites opt to delay their registration request until the end of the conversion funnel (i.e., ex-post registration request), our study explores an alternative approach by asking users to register with the website at the beginning of their shopping journey (i.e., ex-ante registration request). Guided by a stylized analytical model, we conducted a large-scale randomized field experiment in partnership with an online retailer in the U.S. to examine how the ex-ante request affects users' registration decision, short-term conversion, and long-term purchase behavior. Specifically, we randomly assign the new users in the website’s incoming traffic to one of the two experimental groups: one with an ex-ante registration request preceding the ex-post request (treatment), and the other with only an ex-post registration request (control). Our results show that the ex-ante request leads to an increased probability of user registration, that is, the users in the treatment group on average are relatively 58.08% more likely to register with the website than those in the control group. Furthermore, even though we observe null evidence on the immediate effects of the ex-ante request on short-term conversion, the ex-ante request leads to significant increases in customer purchases in the long run. Based on our estimation of the local average treatment effects, the ex-ante registered users are relatively 10.89% more likely to make a purchase, place relatively 16.76% greater number of orders, and generating relatively 13.22% higher total revenue for the firm in the long run. Further investigation into the long-term and short-term effects points to several underlying mechanisms, such as firm-initiated interaction, consumers’ usage continuity, and screening of low-interest users. We also conducted several robustness checks with the heterogeneous treatment effects on registration by device and day of week, and the long-term effects on purchase over an extended observation window. Our study provides managerial implications to the e-commerce websites on customer conversion and contributes to the research on IT artifact design.
Regulating Fintech

The financial crisis of 2008 has led to dramatic changes in the way that finance is regulated: the Dodd-Frank Act imposed broad and systemic regulation on the industry on a level not seen since the New Deal. But the financial regulatory reforms enacted since the crisis have been premised on an outdated idea of what financial services look like and how they are provided. Regulation has failed to take into account the rise of financial technology (or “fintech”) firms and the fundamental changes they have ushered in on a variety of fronts, from the way that banking works, to the way that capital is raised, even to the very form of money itself. These changes call for a wide-ranging reconceptualization of financial regulation in an era of technology-enabled finance. In particular, this Article argues that regulators’ focus on preventing the risks associated with “too big to fail” institutions overlooks the conceptually distinct risks associated with small, decentralized financial markets. In many ways, these risks can be greater than those presented by large institutions because decentralized fintech markets are more vulnerable to adverse economic shocks, are less transparent to regulators, and are more likely to encourage excessively risky behavior by market participants. The Article concludes by sketching out a variety of regulatory responses that better correspond to fintech’s particular risks and rewards.
Lobbying as a Hedge on Political Risk: When Size Matters

I develop a three-period asset pricing model with heterogeneity in firms size and a government that introduces a policy distortion. I find that large firms can better hedge the political uncertainty associated with this policy change through lobbying, which leads them to earn lower expected returns. I provide two strands of empirical evidence consistent with the model predictions. The first one looks at the behavior of a blue versus red industries around the unexpected results of the 2016 US Presidential election. The second one uses portfolio sorting and double- sorting to reach consistent conclusions.