Miracle-dz/UniFAR-FTUs huggingface dataset:
Kazimierz Łaski's Lectures in Macroeconomics under financial capitalism

The paper summarizes the discussion among Łaski's inner circle regarding the relevance of Kaleckian treatment of money under financial capitalism. The context of that debate was the project of a joint textbook in macroeconomics, the building blocks of which would be Kalecki's theory, and which would take into account the present-day financialization. With Łaski's death the opportunity of doing the project was gone. Of the two closely interlinked questions under debate, the first dealt with permissible simplifications regarding determinants of money supply and interest rates, and the second with how to extend Kaleckian theory to link the real economy sector more tightly with its financial sector. The paper argues that for an introductory textbook in macroeconomics Kalecki's and Łaski's simplifications are legitimate. On the second issue the paper finds the introduction of two financial subsectors and the discussion of their interlinks with the real economy sector to be an important and possible way of investigating macroeconomic crises and instability within the Kaleckian macroeconomic framework. Another way would be the expansion and modification of Kalecki's investment decision function, which would continue to generate an automatic business cycle due to changes in fixed capital investment but also in combination with factors determining financial investment.
Military to civilian career transitions

Upon release from the Canadian Armed Forces (CAF), military Veterans can face multiple barriers to employment. Having worked with members of the military population, we have found that in some cases, this is a first attempt to find civilian employment after decades of dormant job search skill development. It can be likened to that of an expatriate plunged into a new country. For these CAF members in career transition, they strive to establish workforce commonalities of language, culture, identity and community. Simultaneously, they face perceived stereotypes from those unaware or misinformed about military roles, culture, and experiences. Despite numerous third party agencies and military organizations seeking to address the issue of career transition, the current infrastructure lacks the cohesion, structure and consistent credentialing required to properly support releasing CAF personnel. This article includes survey data, client conversations and secondary research, and is based on the professional experience of the two authors: a military spouse and certified career professional; and a former serving member (veteran), military spouse, military mother and leading authority on Post-Traumatic Stress Disorder (PTSD) in the military community.
Electric vehicle energy consumption estimation for a fleet management system

Abstract Accurate estimation of vehicles’ energy consumption is a demanding task. It might not be so critical for conventional vehicles because of their high travel range; however, this is something important for electric vehicles (EVs). On the other hand, EVs with less energy on board need more accurate energy management systems. This study focuses on the development of an energy consumption estimation model to be used in an EV fleet management system (FMS). The proposed estimator consists of a vehicle model, a driver model, and terrain models. It is demonstrated that a combination of these three parts can provide an accurate estimation of EV energy consumption on a particular route. As part of this study, a commercially available passenger car is modeled using MATLAB/Simulink. A number of specific routes are selected for EV road testing to be driven for simulation model verification. In the second part of this study, the impact of energy consumption estimation accuracy is investigated at a larger scale for a fleet of EVs. It is quantitatively demonstrated how much sensitive is the performance of a FMS to the accuracy of the energy estimator. Simulation results have shown that the total energy consumption of an EV fleet is decreased significantly by improving the estimation accuracy. It is also demonstrated how the uncertainties in EV energy consumption estimation limit the overall performance of a FMS.
Essays on uncertainty and foreign direct investments

The three essays of this thesis explore the impact of uncertainty on FDI in the food industry by taking into account the specificities of the food value chain. FDI flows and stocks are very unstable and evidence suggests that uncertainty is the main factor causing frequent declines in FDI globally. We want to know whether and to what extent the uncertainty caused by the volatility of demand and supply affects FDI in the food processing industry by using theoretical and empirical models. The first essay empirically studies whether uncertainty related to variables such as volatile market demand, production variability and trade volatility affects the hazard rate of FDI in the food industry. As FDI is irreversible investment, it is likely to be delayed when uncertainty increases. Using a survival analysis model and bilateral FDI data, we find that volatility reduces the hazard rate of FDI. This behavior is observed in the food industry but also in other industries. However, not all sources of variability are relevant. For example, FDI by European and US multinational companies in the food industry is negatively affected by the import volatility of the country of destination. FDI of these countries in the chemical industry is negatively affected by the volatility of production. Export volatility plays a role in attracting foreign capitals in the transport equipment sector of host countries. The second essay provides a theoretical model to explain the choice between export and FDI given the uncertainty about the size of demand. The fact that FDI is delayed when uncertainty increases is explained by the wait-and-see behavior of multinational companies when investing in very uncertain foreign markets. FDI decisions can be considered as real options in which the decision to invest can be postponed to reduce uncertainty. We build a model that relies on the literature of real options. In addition to the uncertainty of demand, we also examine factors such as trade costs and the competitive environment. We find that intense competition, low product differentiation and reduction of trade barriers amplify the wait-and-see behavior of multinational firms. For example, trade liberalization can be harmful for FDI, as it increases the sensitivity of FDI to uncertainty and waiting becomes a more valuable option. In the last essay, we analyze FDI in the food processing industry, given the differences in the volatility of agricultural supply between countries. This analysis allow us to examine the issue of uncertainty in the food processing industry from a supply chain perspective, as we consider
Environmental Issues in Trade War: a Political Economy Perspective

A trade war is a conflict that occurs between two or more countries in the sector of trade. The conflict can be seen in the case of an increase in tariffs or other obstacles made to disrupt the economic balance of a country, so that the country changes its economic policy or trade. One issue in trade wars involves environmental matters. What are they? The findings of this study indicate that there are three main environmental issues in a trade war: environmental harm, health standards on traded products, and human rights issues. The study also found that there were typically double standards in trade political policies that were suggestive of trade wars. This study recommends that it is very necessary to build a world dialogue forum, to formulate environmental problems and economic
Methods of payment in US banks’ acquisition: efficiency perspectives

ABSTRACT Does the efficiency classification of acquirers have any effect on the method of payment they select for their acquisition, and does the selected method of payment have any future efficiency consequences? These two questions have never been answered. The objective of this article is to examine the effect of the medium of exchange that US banks use on the consequent cost, revenue, and profit efficiencies of mergers and acquisitions for the period from 1992 to 2003. The results indicate that highly efficient acquirers lose less efficiency when using stocks in financing their acquisitions, while the least efficient acquirers only gain efficiency when mixing stocks with cash in financing their acquisitions. The distributional dynamics in the results of the acquirers’ post-merger profit efficiency show no changes in profit efficiency over time when banks use stock financing but trends towards efficiency loss when using pure cash financing and loses the most when mixing stocks with cash. The contribution of this article is a guideline on the characteristics of efficiency to decision-makers for selecting the medium of exchange in friendly acquisitions given the consequent changes in strategic efficiency after acquisitions.
Tolerable ranges of variation in the rate of capacity utilisation and corridor instability: a reply to Florian Botte

This reply to Botte (2019, Estimating normal rates of capacity utilization and their tolerable ranges: a comment on Mark Setterfield, Cambridge Journal of Economics, forthcoming) responds to criticisms of the methods used to estimate the normal rate of capacity utilisation and a tolerable interval of variation in the actual rate of capacity utilisation around the normal rate in Setterfield (2019a, Long-run variation in capacity utilization in the presence of a fixed normal rate, Cambridge Journal of Economics, vol. 43, no. 2, 443–63). It concludes with some further reflections on the concept of corridor instability.
Framing risk governance

The purpose of this paper is to apply the concept of framing in the field of risk governance and risk management research. ,A five-constituent approach to framing – cognitive, strategic, action, emotional and institutional framing – is applied to contrastively analyze the multifaceted character of the two concepts of risk governance and risk management. ,This paper analyzes the multifaceted utilization of risk governance framing and the conscious demarcation between risk governance and risk management. Risk governance framing strengthens the proactive control of strategic risks with regard to business model adaptation to changing risk landscapes. The verbal imagery of risk governance already sets the agenda for the sustainability-oriented as well as value-oriented steering of the risks of a business model. Following the analysis of the different framing areas, propositions are presented. ,Although framing is applied in various academic disciplines, there is limited research relating to corporate risks. While risk governance provides companies with a concept to ensure the sustainability of their business models in the complex risk landscape, the related framing brings the appropriate interpretation and the deliberate tone into focus.
Varieties of capitalism and renewable energy in emerging and developing economies

ABSTRACT To better understand renewable energy uptake in emergingeconomies, we develop a typology of capitalism for 54 middle-income countries and use Qualitative Comparative Analysis (QCA) to test the Varieties of Capitalism (VoC) theory to illustrate which type of capitalism produced successful or unsuccessful renewables projects in these states. We find that even when the VoC approach is properly specified for developing states, it only explains about 44% of the outcome. Despite this, four causal pathways of combined economic institutions from the VoC theory were found to be sufficient for explaining this phenomenon, but liberal institutions performed poorly in each case.
The impact of UEFA financial fair play on player expenditures, sporting success and financial performance: evidence from the Italian top league

ABSTRACT Research question: In this study we empirically test the following hypotheses regarding the impact of financial fair play (FFP) on Italian first-division clubs: 1) FFP works as a governance mechanism moderating the relation between internal governance mechanisms and wage expenditures, 2) FFP is altering the relative importance of player expenditures as drivers of sporting performance, and 3) FFP is shifting the business model of Italian clubs leading to a more efficient decision-making on player transfers. Research methods: Using 165 club-year observations from 2007 to 2017, we jointly model the determinants of wage expenditures, sporting results and financial performance via a simultaneous equation approach. The impact of FFP is estimated by interacting a dummy variable for FFP with the key explanatory variables of each model. Results and findings: Empirical results show that FFP has 1) a negative effect on the relation between wages and sporting results, 2) a positive effect on the relation between net transfer fees and sporting results, and 3) a positive effect on the relation between gains on player trading and financial performance. Implications: Overall results suggest that FFP is altering the business model of Italian clubs from an investment-focused (wage spending) to a more efficiency-driven one that is geared to make gains from player trading. Accordingly, club managers should commit to creating sustainable cycles of player transfers in order to thrive under the new regulatory environment. As for regulators, this study supports the notion that FFP restores efficient managerial incentives in football businesses, reinforcing the case for a full implementation of the regulation.
Combustion kinetics of lignite preheated under oxygen-enriched conditions

This study bases on the testing of the solid-state kinetic models to determine the combustion kinetics of thermally pretreated Turkish lignite (Adiyaman–Golbasi) in O2-enriched environment. The lignite sample was first preheated in a horizontal tube furnace at temperatures of 200°C, 400°C and 600°C that correspond to torrefaction, partly devolatilization and partly ashing temperatures. Oxidative environments that have the O2 concentrations of 21, 30, 40 and 50 vol.%. were created during this treatment by changing the ratio of O2/N2 in the binary gas mixtures. The solid residues remaining after oxidation were then subjected to non-isothermal combustion conditions in a thermal analyzer up to 900°C under dry air atmosphere. The conversion degrees calculated from the thermogravimetric analysis were used to establish the kinetic parameters based on the Coats–Redfern method. It was concluded that the first-order reaction model fits well for both the combustion of volatiles and the burning of the char. It was also seen that the concentration of O2 in the pre-oxidation stage plays an important role as treatment temperature also increases. Moreover, it was also concluded that the activation energies for the char burning regions of the samples treated at 200°C and 400°C differ seriously.
The Ethics

One of the main characteristics of today’s democratic societies is their pluralism. As a result, liberal political philosophers often claim that the state should remain neutral with respect to different conceptions of the good. Legal and social policies should be acceptable to everyone regardless of their culture, their religion or their comprehensive moral views. One might think that this commitment to neutrality should be especially pronounced in urban centres, with their culturally diverse populations. However, there are a large number of laws and policies adopted at the municipal level that contradict the liberal principle of neutrality. In this paper, I want to suggest that these perfectionist laws
The Dilemma of Dissent: Split Judicial Decisions and Compliance With Judgments From the International Human Rights Judiciary

The mutual dependence between courts and their compliance constituencies is a fundamental feature of judicial power. Actors whose rights and interests are reinforced by court decisions may use these as legal ammunitions while contributing to ensuring that court decisions are effectively implemented. We argue that judgments that contain dissenting opinions are less powerful in this regard, compared with unanimous decisions. The reason is that dissent reduces the perceived legal authority of the judgment. Using data from the international human rights judiciaries in Europe and the Americas, we provide evidence of a negative relationship between judicial dissent and compliance. Our findings have important implications for questions relating to the institutional design of courts, for courts’ ability to manage compliance problems, and for understanding the conditions for effective international judicial protection of human rights.
Efecto de la percepción de corrupción en la participación política en Ecuador

Corruption in Latin America is the cause of several social, economical and political problems. Regarding politics, it is a threat to the development of a healthy political culture that is directly reflected in political participation. Considering that political participation is essential for a strong democracy, this study’s main objective is to assess the extent of the perceived levels of corruption effects on political participation.
The Norwegian Government Pension Fund Global. Risk Based Versus Ethical Investments

Summary: Access to finance is crucial if we are to achieve the fundamental transition of our time: securing a safe and just society operating within the planetary boundaries. In the era of global market capitalism and deregulation, Sovereign Wealth Funds (SWFs) offer one of the few public economic institutions capable of injecting ecological and social values into global markets. This article undertakes a case study of one of the world’s largest SWF, the Norwegian Government Pension Global (The Fund). The Fund is well-known for its Ethical Guidelines recommending exclusion of companies based on products and conduct as well as the Fund’s public statements when withdrawing from companies. Still, the ethical basis of overlapping consensus leads to responding to public opinion and media controversy when considering divestment, rather than undertaking due diligence beforehand. In addition, and not well known, more firms have been excluded from the Fund based on the financial risk against the portfolio than based on the Ethical Guidelines. In this article we discuss the basis of both the Ethical Guidelines and of the financial risk management of the portfolio. Still, the majority of the Fund’s investments are on an unsustainable path of ‘business as usual’. A principal thesis of this article is the paradox that the more unsustainable ‘business as usual’ becomes, the importance of financial risk assessment increases and the relevance of the Ethical Guidelines decreases.
Ownership Concentration, Identity and Firm Performance: Evidence from China’s Listed Firms

ABSTRACT Ownership concentration and ownership identity are important corporate governance mechanisms. This paper seeks to understand how ownership concentration and identity affect firm performance in an important emerging economy-China. It hypothesizes that differences in firm performance are a result of various ownership structures and ownership identity. Using data of Chinese listed companies from 2007–2017, it tests those hypotheses and finds that ownership concentration has a positive effect in firm performance and corporate ownership leads to higher firm performance than financial ownership. The study shows that firms in China benefit more from foreign ownership than firms with only domestic ownership.
Life-Cycle Planning with Ambiguous Economics and Mortality Risks

In this article, we study the strategic planning problem for a wage earner in a life-cycle model with stochastic lifetime. The wage earner aims to decide on the optimal portfolio choice, consumption, and insurance buying rules over the preretirement and postretirement phases. In addition, the wage earner is concerned about the uncertainty of economic and mortality models. In order to address the concern, the wage earner considers the optimal decisions under the worst-case scenario selected from a set of plausible alternative models. We find that the economic ambiguity and mortality ambiguity have substantially different impacts on the optimal decisions. Specifically, though the worst-case economic scenario depends only on the economic environment, the design of the worst-case mortality scenario is determined by the intricate interplays between the wage earner’s personal profile (e.g., health status, income dynamics, risk aversion, etc.) and the evolution of the economic environment. Moreover, the study of mortality ambiguity is also closely related to the value of statistical life, which can be positive and negative in general. Such a complicated theoretical structure underlying the study of mortality ambiguity can sometimes even overturn the direction of its impacts on the optimal decisions. Our article highlights the importance as well as the complexity for modeling ambiguity aversion in optimal planning studies, which desire more serious and critical treatments from the community of actuarial professionals.
Sustainable Stormwater Management in Existing Settlements—Municipal Strategies and Current Governance Trends in Germany

While a policy of more decentralized stormwater management is increasingly being pursued in areas containing new housing developments, the question arises as to how stormwater management is handled in existing settlements, where restructuring the drainage system is a much more complex affair and often requires the active involvement of property owners. Recognizing that the multidimensional objectives of stormwater management in settlements call for a range of local strategies, this article examines the interaction and strategic contribution of two key municipal institutions for regulating stormwater management, namely, compulsory connection and usage and stormwater charges, in order to examine how they meet these objectives when property owners are involved. The following questions are addressed: How do these two key institutions link the varied objectives of stormwater management with practical options for decentralization? Which institutional designs are capable of integrating property owners into a municipal stormwater strategy in a coherent manner? What is current local government practice? This article begins by analyzing the interactions between different objectives of stormwater management, the interplay of the two key institutions, and options for stormwater management on private properties. On this basis, we then present an empirical study of current practice in 44 medium to large cities in Germany. This shows that while local governments devise very different—and often inconsistent—institutional designs, decentralization is quite commonly pursued in existing settlements.