Miracle-dz/UniFAR-FTUs huggingface dataset:
The Extension of the Modified Jones Model With Control Variables: Empirical Finds From the Brazilian Capital Market

The development of accruals models in earnings managements allowed several studies in this area. However, reviews regarding these approaches revealed their weakness related to the control of the sample diversity. In this context, the primary purpose of this study was to analyze how the inclusion of control variables proposed in the literature could improve the robustness of the modified Jones model in the Brazilian stock markets. To identify the most prominent control variables, we reviewed 84 manuscripts, which indicated us the six common control variables employed in accruals models with this purpose: ROA (Return on Assets), Book to Market (BTM), Industry, Financial Leverage, Size, and Timeliness. From this review, we tested the controls in a panel-data with a sample of 8,600 firm-observations collected from the Brazilian public companies on a quarterly frequency between 1999 and 2009. We selected the Brazilian capital market due to its concentration on a few public companies that composed this market. It is important to mention that we did not include years after 2009 due to the Brazilian IFRS adoption. Our results indicate that ROA, BTM, Market Segment and Timeliness were statistically significant, showing an increase in the finds robustness. Other variables did not present significance.
Dynamics of Contagion and Spillover Effects: Further Evidence from Major Equity Markets

The present study makes an attempt to investigate the dynamics of contagion and spillover of volatility amongst stock markets of five economies which include three developed nations; US , UK and Japan and two Asian emerging economies viz. India and China The period of study is eleven years; Jan 1, 2009-Dec 31, 2019 and the data is collected for daily closing prices of the indices. The study makes a distinction between contagion and spillover whereby a shock is considered spillover if its impact is seen with a lag of one period only and no more lags after the shock has occurred, while contagion is a residual transmission after accounting for all other transmissions including spillover(Masson, P. (1998) ; Dungey, M. and Martin, V.L. (2007)) The results of the study revealed that there was substantial contagion and information flows from one market to another , be it developed or emerging . Further although US markets continue to play a major role in deciding the direction of markets, the importance of other markets has increased over the years. Further, US market on its own now appears to look for clues from both developed and emerging markets including India and China. On the other hand , the stock market of UK follows the return movement and volatility mainly from US markets. The two emerging markets of Asia, India and China observe a lot of co-movement in returns with spillovers being linked to the developed markets which includes US as global market and Japan as regional market. The study also tested for pre-conditions of stationarity, autocorrelation and heteroscedasticity and the model was modified wherever necessary in order to make the results of the study robust.
Transition Risks and Opportunities in Residential Mortgages

A range of studies has analysed how climate-related risks can impact financial markets, focusing on equity and corporate bond holdings. This article takes a closer look at transition risks and opportunities in residential mortgages. Mortgage loans are important from a financial perspective due to their large share in banks’ assets and their long credit lifetime, and from a climate perspective due to their large share in fossil fuel consumption. The analysis combines data on the energy-performance of buildings with financial data on mortgages for Germany and identifies two risk drivers – a carbon price and a performance standard. The scenario analysis shows that expected credit loss can be substantially higher for a “brown” portfolio compared to a “green” portfolio. Taking climate policy into account in risk management and strategy can reduce the transition risk and open up new lending opportunities. Financial regulation can promote such behaviour.
Policy Changes to Strengthen the Protection of Media Freedom and Media Pluralism in the EU

Access to news and information has undergone profound changes in connection with the digitization and platformization of the economy. Diverse policy concerns emerge both from the supply-side of news production and distribution and from the demand-side of news consumption. The apparent richness of information sources conceals serious threats to the quality and diversity of online news, available on global platforms devoid of editorial responsibility and interested solely in maximizing advertising revenue. In this paper, after pinning down what we believe to be the most salient market and system failures in this regard, we summarize the range of policy proposals advanced to address the crisis of traditional media outlets and the unaccountability of platforms. Our own conclusion suggests three preferred lines of possible intervention in defense of media pluralism: regulated transparency, a novel form of EU-level direct financing and enhanced market power oversight.
Accounting Information and Non-Accounting Information in Financing Decision: in Islamic Banking Indonesia

This study aims to determine whether Islamic Banking in its financing provision decisions based on financial statements as a source of accounting information, or not. To find out whether banks also base their financing decisions on non-accounting details or not. The target population in this study are all funding requests received by Islamic banking in Jambi City during 2018. The sample in this study amounted to 56 files, taken using the "simple random sampling" method. This research conducted using a survey method, namely, by using structured questions. The analysis carried out using multiple linear regression. The results showed that: accounting information variables that significantly influence financing decisions are activity variables. For the analysis of non-accounting information, the significant effect is the level of collateral, the reputation of the customer, and the economic sector to be financed. Together with the accounting information and non-accounting information, variables significantly influence the level of financial decisions.
Pengaruh Penambahan Sulfur Alam Pada Sintesis Nanopartikel ZnO Berbasis Capping agent Ekstrak Air Daging Buah Sapindus rarak Dc Dengan Metode Sonokimia

Pada penelitian ini bertujuan mensintesis nanopartikel ZnO menggunakan surfaktan alami Sapindus rarak DC sebagai capping agent dan penambahan sulfur alam Bukit Kaba Bengkulu dengan metode sonokimia. Sulfur yang digunakan adalah 0,5% di dalam larutan tetrahidrofuran (THF) dan dilanjutkan dengan pembuatan ekstrak air daging buah Sapindus rarak DC 2,5; 5 dan 7,5% b/v. Serbuk hasil sintesis dikarakterisasi menggunakan X-Ray Diffraction (XRD) dan Scanning Electron Microscope (SEM). Hasil karakterisasi dengan XRD memperlihatkan terbentuknya puncak spesifik ZnO dengan kristalinitas yang bervariasi terhadap variasi berat Sapindus rarak DC yang digunakan. Hasil analisa SEM memperlihatkan adanya perbedaan morfologi nanopartikel ZnO dengan dan tanpa penambahan Sulfur. Dari hasil karakterisasi dapat disimpulkan bahwa penambahan sulfur alam pada sintesis nanopartikel ZnO menggunakan ekstrak air daging buah Sapindus rarak DC dapat merubah morfologi nanopartikel ZnO.
Voluntary Programs for Low-Carbon Building Development and Transformation: Lessons From the United States

Traditional regulatory interventions such as building codes and planning legislation often fall short in accelerating the transition towards sustainable built environments. Seeking to overcome their problems governments around the globe are increasingly relying on governance innovations, as do firms and civil society organizations. These innovative governance instruments often seek compliance through positive incentives rather than deterrence, and voluntary participation rather than mandatory subjection. The opportunities and constraints of these voluntary programs for urban sustainability have been more theorized than studied empirically. Seeking to increase knowledge on their performance this chapter draws lessons from an empirical study of eight such programs for commercial and residential buildings in the United States.
Mixing Propensity and Strategic Decision Making

This paper examines a link between an individual's strategic thinking in beauty contest games and (possibly non-rational) decision-making patterns in a non-strategic setting. Experimental evidence shows that subjects' strategic behavior, which used to be understood as a result of (possibly limited) cognitive iterations, is closely related to the non-strategic decision-making patterns. We claim that such a relationship partially explains conflicts of the previous reports on the strategic behaviors observed in the laboratory. We require attention to this relationship in that the assumption that individuals are rational in the decision-theoretic sense may create sizable misinterpretation of strategic behavior.
The Effect of Corporate Social Responsibility and Corporate Governance on Company’s Performance

The aim of this research is to find out the effect of corporate social responsibility and corporate governance on company’s performance on BUMN (State Owned Enterprises) which is registered in Indonesia Stock Exchange in 2012 until 2017. The number of the sample were 14 companies. The phenomenon that occurred the performance of State Owned Enterprises with Return on Assets (ROA) indicator was more decreasing from 2012 until 2016. The company does not only pay attention to the business interests but the social responsibility needs to be paid attention to create the added value. There are a lot of things that must be solved in State Own Enterprise, especially in corporate governance. The result of this study is the social responsibility with CSRDij indicator and corporate governance with indicators of Board of Directors, Board of Commissioners, and Audit Committee have significant influence on company’s performance with ROA indicator. But, partially, corporate governance does not affect the company’s performance.
Turkey’s Hidden Economic Disaster Fostered by Unorthodox Policies in Isolation

Huge difference a decade makes; from an uninterrupted growth in one decade (i.e. birth of the Justice and Development Party – AKP in August 2001 and the rise of the AKP during 2002-2013) to another decade of unorthodox policies induced by ever more authoritarianism (i.e. the loss of Istanbul and Ankara in the 2018 local elections marked the fall of the AKP. The Turkish economy under the AKP has endured both positive and negative developments; on the positive side, the start of Turkey’s accession negotiations (2005) to join the EU created positive investors sentiment, in turn continued capital inflows (dollar glut – cheap dollar) gave much needed boost to industrial production and mega infrastructure projects (airports, roads, bridges, etc.). Credit-fueled consumption allowed the Turkish economy to expand over 6% YoY (peaked at 11.8% in March 2011) and GDP per capita reached an all-time high of $12,582 in December 2013, placing Turkey in the group of high-income countries (16th largest economy as of 2013). On the negative side, Turkey has been accused of divergence from its Western allies due to its new ambitious foreign and defense policies; consequently, Turkey’s bid to join the EU is in limbo as its accession negotiations have been stalled, plus the EU refuses to renew the Customs Union agreement citing the issues related to Turkey’s energy exploration in the Eastern Mediterranean and Turkey’s refusal to open its ports to Cyprus. Turkey’s relations with its neighbors and allies are severely strained in recent years; the US-Turkey relations came to a breaking point after Turkey proceeded with its decision to purchase S-400 missile defense system from Russia. Especially in the aftermath of the July 2016 coup attempt, Erdoğan’s AKP government increased its authoritarian ways, this caused a serious amount of irregularities in the rule of law, and a significant deterioration in human rights (rights of minority groups), freedom of expression and freedom of media (opposition is completely silenced); consequently, all economic and financial indicators have been at their worst levels in 2020 (GDP contracted nearly 10% and GDP per capita dropped to $9,126 in 2019).
Algorithm-Based Intraday Trading Strategies and their Market Impact

The activity of algorithmic trading is increasing steadily across capital markets due to technological developments. This thesis analyses the common algorithmic intraday trading strategies of momentum, mean reversion, and statistical arbitrage. Conclusions were drawn from a literature review of prior and current research. Algorithmic arbitrage was found to be the most profitable of the three evaluated strategies, because it typically takes place in high frequency trading. Furthermore, this thesis analyses the impact of algorithmic trading on market liquidity and volatility. While the literature mainly agrees that algorithmic trading has a positive effect on liquidity, its impact on volatility is subject to discussion. Algorithmic and high-frequency trading carry risks that will likely lead to new future regulations.
Development and Deployment of Rust Resistant Wheat Varieties in India – Insights from Technology Transfer and Policy Response from the National Seed Production Program

Wheat, a major Indian staple food crop is largely prone to rusts infection. Inter alia, wheat producers have been advocated to adopt the recently released innovative technologies (rust resistant high yielding wheat varieties) developed under the All India Coordinated Research Project to counter the significant yield losses. In the milieu, we investigated the technological trend in terms of seed indent followed by policy options for transfer of technology at farmers’ field. Research findings indicated that the wheat producers adopted old technologies (varieties in our case). In the recent past five years, the trend hasn’t witnessed any drastic change despite several rust resistant varieties have been tested and released for various agro-climatic conditions. Recent varieties take about 5 years to reach their peak adoption since release and is attributed to the innovative transfer of technologies. At the producers’ level, technologies have been upscaled though frontline demonstrations, especially on cluster mode. Demonstrations resulted in an average yield gain of 699 kg/ha for an innovative rust resistant technology (HD 2967) in comparison to its check. Despite the increasing demand and promotion of latest technologies, the need and availability of ‘producer choice variety’ is still persisting which has to be addressed. Innovations like ‘community seed banks’, enabling public-private partnership, contract farming (quadpartite model), participatory demonstrations and blockchain enabled ‘seed tracker’ will strengthen the transfer of technology system in Indian wheat production.
Repricing Avalanches

We present a menu-cost pricing model with a large but finite number n of firms. A firm's nominal price increase lowers other firms' relative prices, thereby inducing further nominal price increases. The distribution of these repricing avalanches converges, as n increases to infinity, to a mixture of Generalized Poisson Distributions (GPD) with an index of dispersion equal to 1/(1-theta)^2, where theta is a measure of strategic complementarity determined by the equilibrium of the continuous limit. We calibrate the model to the U.S. experience during 1988-2005 and obtain a theta surprisingly close to unity. Simulations show that a GPD fits well the distribution of avalanches but that, once we account for the dynamics, the multiplier effect derived from a firm adjusting prices by paying menu costs is even larger. We also show that the model can account for the positive relationship between inflation level and volatility that was observed in 1988-2005 in the U.S.
Entrepreneurial Models of Inclusive Civil Culture: The Case of Zapopan Agro Ecological Park

This research aims to analyze the model of entrepreneurial, inclusive civic culture created and developed in the Zapopan Agro ecological Park (PAZ). Based on the need to rescue vacant urban land use with the participation of residents residing in the surrounding colonies, social movements, civil society, and local government, they have designed and implemented actions to create PAZ (PEACE). The Zapopan Agro ecological Park is an area of green innovation where in addition to the cultivation of vegetables, vegetables, medicinal plants, and decoration under relations of cooperation, trust, and community support, the formation of social capital that sustains a culture of peace based on environmental sustainability activities. The results of the implementation of this project, born from the bottom of the social and power structures, constitute a significant experience in the regeneration of public spaces and green areas that provides greater economic efficiency in terms of family income, a greater relevance of equity, inclusion and social justice and improvement of environmental sustainability. It is concluded that Zapopan Agro ecological Park is a model of entrepreneurial, inclusive civil culture. This park marks a milestone in the regeneration of public spaces with a project of social and environmental relevance.This research aims to analyze the model of entrepreneurial, inclusive civic culture created and developed in the Zapopan Agro ecological Park (PAZ). Based on the need to rescue vacant urban land use with the participation of residents residing in the surrounding colonies, social movements, civil society, and local government, they have designed and implemented actions to create PAZ (PEACE). The Zapopan Agro ecological Park is an area of green innovation where in addition to the cultivation of vegetables, vegetables, medicinal plants, and decoration under relations of cooperation, trust, and community support, the formation of social capital that sustains a culture of peace based on environmental sustainability activities. The results of the implementation of this project, born from the bottom of the social and power structures, constitute a significant experience in the regeneration of public spaces and green areas that provides greater economic efficiency in terms of family income, a greater relevance of equity, inclusion and social justice and improvement of environmental sustainability. It is concluded that Zapopan Agro ecological Park is a model of entrepreneurial, inclusive civil culture. This park marks a milestone in the regeneration of public spaces with a project of social and environmental relevance. <br><br>
Structural Estimation of Time-Varying Spillovers: an Application to International Credit Risk Transmission

We propose a novel approach to quantify spillovers on financial markets based on a structural version of the Diebold-Yilmaz framework. Key to our approach is a SVARGARCH model that is statistically identified by heteroskedasticity, economically identified by maximum shock contribution and that allows for time-varying forecast error variance decompositions. We analyze credit risk spillovers between EZ sovereign and bank CDS. Methodologically, we find the model to better match economic narratives compared with common spillover approaches and to be more reactive than models relying on rolling window estimations. We find, on average, spillovers to explain 37% of the variation in our sample, amid a strong variation of the latter over time.
Spending Like You'll Live Forever

A sound policy for spending wealth over time is as important as a sensible investment policy. It's a complex problem for taxable individuals with finite, uncertain longevity. A good start is thinking about the simpler problem of how one would spend if immortal. This is exactly the real problem faced by endowments, foundations and other long-lived pools of capital. In this article, we will explain and apply a framework first proposed by Robert C. Merton (1969) to this problem. We will also discuss the important and fascinating result that, under most reasonable sets of assumptions, it is optimal to spend substantially less than the expected real return of the endowment's investment portfolio. We will also give a summary description of some of the key extensions of this model since first introduced.
Equity Factor Investing: Historical Perspective of Recent Performance

We investigate the possible sources of the recent underperformance of multi-factor equity strategies reported by many equity quant managers. We considered the value, quality, low risk and momentum factor styles in mid to large-capitalisation World, USA and European stock universes. When looking at the historical performance of the factors and multi-factor combinations, we find that this is not the first time factor strategies have experienced a period of poor performance. The tech bubble of the late 90s and the great financial crisis of 2008 were other difficult periods for some of the factors and multi-factor combinations. What is different this time around is that poor performance can be mainly attributed to the underperformance of value factors. We also find that long-only portfolios, which tend to be exposed to smaller-capitalisation stocks in their construction, have suffered additionally from that exposure. Not only did the size factor fail to generate a premium in mid to large-capitalisation universes in the long term, but also the recent underperformance of smaller-capitalisation stocks and the consequent increase in the concentration of benchmarks was an additional source of difficulty in long-only benchmarked portfolios. Finally, we discuss the impact of a number of choices available to managers of factor strategies and show that the neutralisation of sectors, neutralisation of beta, control of tracking error and diversification of factors in styles play an important role in improving the performance of equity factor strategies.
Macroeconomic Interdependence and Exchange Rate Policy in China: Time Series Evidence from China and the United States

Interdependence increases cross-border transactions and makes countries more closely which increases interdependence among them. The latest crises show the importance of the exchange rate channel in the transmission of economic shocks and create a challenge for authorities to choose the most appropriate exchange rate regime. In this study, I try to examine the interdependence between the two economic powers China and the United States in the money market and the goods and services market during the period 2000-2018. I find that the two money markets are dependent especially during the subprime crisis under a managed regime. Moreover, they become independent following the application of the floating regime. On the other hand, the two goods and services markets are independent throughout the period which proves the importance of liberalization in the reduction of the negative effect of the transmission of economic and financial shock.
A Study on Brand Perception in Electronics Industry

The study titled, “A Study On Brand Perception In Electronics Industry” focuses on the level of awareness and perception customers have about for a brand. For the purpose of the study, an electronics company's customers were surveyed for a period of two months. The tools used for analysis are frequencies test, mean analysis, independent sample T – Test and ANOVA. At the end of the study, it was found that factors such as quality, warranty, brand image influenced customer‟s perception of the brand. Some findings about the customer demographics were also found