Miracle-dz/UniFAR-FTUs huggingface dataset:
A Founding Penalty: Evidence from an audit study on gender, entrepreneurship, and future employment

There is both widespread interest in encouraging entrepreneurship and universal recognition that the vast majority of these founders will fail, which raises an important unanswered question: What happens to ex-founders when they apply for jobs? Whereas existing research has identified many factors that facilitate movement out of an established organization and into entrepreneurship, far less attention has been devoted to understanding what transpires during the return journey—most notably, how employers evaluate entrepreneurial experience at the point of hire. We propose that employers penalize job candidates with a history of founding a new venture because they believe them to be worse fits and less committed employees than comparable candidates without founding experience. We further predict that the discount for having been an entrepreneur will diminish when other stereotypes about the candidate, particularly those based on gender, will contradict the negative beliefs about ex-founders. We test our proposition using a résumé-based audit and an experimental survey. The audit reveals that founding significantly reduces the likelihood that an employer interviews a male candidate, but there is no comparable penalty for female ex-founders. The experimental survey confirms the gendered nature of the founding penalty and provides evidence that it results from employers’ concerns that founders are less committed and worse organizational fits than nonfounders. Critically, the survey also indicates that these concerns are mitigated for women, helping to explain why they suffer no equivalent founding penalty.
Water-soluble magnetic-graphene nanocomposites: Use as high-performance adsorbent for removal of dye pollutants

Abstract In this study, the water-soluble magnetic-graphene nanocomposites (Fe3O4@GNs-SO3H) were fabricated via a simple and efficient approach. The water-soluble magnetic-graphene nanocomposites were applied as an effective adsorbent for removal of organic dye, malachite green, from aqueous solution. It is noteworthy that the nanocomposites displayed good water-dispersibility, rapid absorption rate, high absorption capacity, and convenient magnetic separation. Furthermore, the novel adsorbent could be recovered and recycled for 15 consecutive trials without significant loss of its activity.
How does the financial market update beliefs about the real economy? Evidence from the oil market

Oil traders find it challenging to process all information and choose which sources to follow. Inventories represent a perfect source, as they provide important information regarding real agents’ intertemporal decisions and can easily be observed in real time. However, inventories do not contain full information about the state of the oil market. We show that financial traders fail to acquire additional information and treat inventories as a sufficient statistic. As a result, the financial market fails to distinguish realized shocks from news shocks, and treats all shocks as persistent. To confirm this hypothesis, we use oil inventory announcements to identify market inventory surprises; and we estimate a model of the joint dynamics of returns and return volatilities around announcements using high frequency data on oil futures contracts with short and long maturities.
Internal governance and outside directors’ connections to non-director executives

Abstract The monitoring effectiveness of outside directors is curtailed by information asymmetry between boards and management. Connections between outside directors and executives who do not serve on the board (internal ties) may help overcome this challenge by facilitating information sharing between the connected parties. Internal ties can also empower connected executives to withstand pressure from CEOs to take actions that might endanger their reputation in the long term. Alternatively, internal ties may entrench executives by insulating connected executives from adverse outcomes. Consistent with the former, we find that earnings restatements, class-action litigations, and real earnings management decrease when directors are connected with executives responsible for these areas. Connected boards also make better decisions related to CEO turnover, CEO succession and acquisitions. Overall, our results show that internal ties are associated with improved internal governance, thereby suggesting that boards may benefit from forging stronger relationships with non-director executives.
Can Risks be Good News? Revealing Risk Perception of Real Estate Investors using Machine Learning

The SEC mandates firms to inform investors about their assessment of future contingencies in their 10-Ks. However lengthy and complex disclosures – mostly for dozens of firms in an investor’s portfolio – can barely be processed by a human being. To cope with the flood of information, we exploit an unsupervised machine learning algorithm, the Structural Topic Model, to identify the risk factors discussed in 10-Ks. We apply this algorithm to a US REIT sample between 2005 and 2019 to assess whether the probability of appearance of the extracted risk factors helps to explain the perceived risk on the stock market. We find that the majority of risk factors is significantly associated with volatility indicating that our machine-assisted modeling presents a valid approach to quantify risk disclosures in textual form. Furthermore, we investigate in which direction individual topics affect investor risk perception. Even if all kinds of directions exist, uninformative topics with no impact, increasing riskperception topics, and decreasing risk-perception topics, the latter is clearly predominant. The predominance of the risk-reducing effect indicates that risk disclosures can indeed be considered good news as long as they clarify the implications of already known risk.
Foundations of Market Power in Monetary Economies

We study the foundations of firms' market power in a continuous-time model where agents are price-makers who interact explicitly with each other. Market power arises from the existence of rents, the size of which depends on consumers' outside options, and firms' ability to appropriate these rents through rent seeking. We study how measures of market power (e.g., markups, concentration) are affected by search frictions, monetary policy, and self-fulfilling beliefs. As meeting speed becomes infinite, there exists a sequence of equilibria along which market power vanishes. But there can also exist equilibria where rents remain positive and firms behave as monopolists.
DNA barcodes of birds from northern Colombia

Abstract DNA barcode datasets are a useful tool for conservation and aid in taxonomic identification, particularly in megadiverse tropical countries seeking to document and describe its biota, which is dropping at an alarming rate during recent decades. Here we report the barcodes for several low elevation bird species from northern Colombia with the goal to provide tools for species identification in this region of South America. We blood-sampled birds in a lowland tropical forest with various degrees of intervention using standard 3 × 12 m mist-nets. We extracted DNA and sequenced the COI barcode gene using standard primers and laboratory methods. We obtained 26 COI sequences from 18 species, 10 families and three orders and found that barcodes largely matched (but not always) phenotypic identification (> 90%) and they also facilitated the identification of several challenging passerine species. Despite our reduced sampling, our study represents the first attempt to document COI barcodes for birds (from blood samples) in this part of Colombia, which fills a considerable gap of sampling in this part of South America.
The Paradox of ETFs: Liquidity Transformation versus Index-Tracking

Index-tracking fixed-income ETFs have experienced an explosive growth spurt to reach $1 trillion in 2020. However, they suffered significant disruptions during the Covid-19 crisis. We show that bank balance sheet constraints were likely a contributing factor to these disruptions because bond ETF’s liquidity transformation crucially relies on arbitrage by authorized participants (APs), which are mostly dealer banks. We identify a key tension between liquidity transformation and index-tracking, two key functions performed by bond ETFs, and show that the constraints at dealer banks further exacerbate this tension. We find that increases in bank balance sheet costs, e.g., due to regulation, spill over to reduce both the liquidity transformation and index-tracking capacity of bond ETFs. Our results imply that the efficiency and stability of bond ETFs are contingent on that of the banking sector.
Representation of Probability Distributions With Implied Volatility and Biological Rationale

Economic and financial theories and practice essentially deal with uncertain future. Humans encounter uncertainty in different kinds of activity, from sensory-motor control to dynamics in financial markets, what has been subject of extensive studies. Representation of uncertainty with normal or lognormal distribution is a common feature of many of those studies. For example, proposed Bayessian integration of Gaussian multisensory input in the brain or log-normal distribution of future asset price in renowned Black-Scholes-Merton (BSM) model for pricing contingent claims. <br><br>Standard deviation of log(future asset price) scaled by square root of time in the BSM model is called implied volatility. Actually, log(future asset price) is not normally distributed and traders account for that to avoid losses. Nevertheless the BSM formula derived under the assumption of constant volatility remains a major uniform framework for pricing options in financial markets. I propose that one of the reasons for such a high popularity of the BSM formula could be its ability to translate uncertainty measured with implied volatility into price in a way that is compatible with human intuition for measuring uncertainty. <br><br>The present study deals with mathematical relationship between uncertainty and the BSM implied volatility. Examples for a number of common probability distributions are presented. Overall, this work proposes that representation of various probability distributions in terms of the BSM implied volatility profile may be meaningful in both biological and financial worlds. Necessary background from financial mathematics is provided in the text.
Hedging Under Model and Parameter Uncertainty

Underwriting over-the-counter (OTC) commodity derivatives is an important source of revenue for banks and financial institutions. Institutions expect to earn risk-free interest plus fees by offsetting their short positions in OTC derivatives via delta hedging. Valuation of derivatives and understanding their price dynamics are an integral part of the risk management processes. In turn, choosing the model and calibrating the model to market data are the main steps of understanding and forecasting the price and risk-reward profiles of the derivatives. In this work, we aim to analyze the impact of model selection, calibration, and hedging frequency on profit and loss distribution of delta hedging of derivatives written on oil futures. We develop three criteria for ideal hedging and analyze the impact of violating the criteria under simulations, before analyzing historical delta hedging performances. Specifically, we apply the geometric Brownian motion, Schwartz (1997) one factor, and two-factor models to historical West Texas Intermediate data spanning over 25 years with 5-year look-back periods and analyze the delta hedging performances for in-the-money (ITM), at-the-money (ATM), and out-of-the-money (OTM) options on the futures. It was found that local minima of the objective function impact calibration and delta hedging performance, hedging on a monthly frequency outperforms weekly hedging and that the Schwartz (1997) two-factor model outperforms the other tested models in producing more optimal hedging results.
Religiosity, CEO Overconfidence, and Labor investment Decisions

We examine the impact of county-level religiosity on labor investment decisions. Specifically, we examine the effect of county-level religiosity on labor investment inefficiency. Drawing on the social norm theory, we hypothesize that firms located in religious counties do not engage in inefficient labor investment decisions. Consistent with this prediction, we find that county-level religiosity reduces inefficient labor investment. Utilizing the exogenous shock of the 2002 revelation of the Catholic Church’s sexual abuse scandal, we show a causal relationship between religiosity and inefficient labor investment. We also find that the negative impact of religiosity on inefficient labor investment decisions is weakened when the CEO is over-confident. Our findings suggest that religious beliefs and character traits of CEOs matter in corporate decision-making.
The Value Relevance of Financial Reporting in Norway 1965-2004

We test the value relevance of financial statements in Norway over the 40 years before IFRS were introduced. An improved association between financial reporting and value creation enhances decision making and control. We find that the time trend of overall value relevance has increased significantly after controlling for changes in economic value relevance drivers. Neither the value relevance of the balance sheet nor the income statement has declined over time. The latter is surprising compared to previous studies, particularly on U.S. data. The most significant event is the Accounting Act of 1998. The contributions of other major accounting events are typically found to be positive, although their significance is less evident. Most importantly, our results suggest that performance accounting based on the matching principle is not necessarily in conflict with highly value relevant financial reporting.
Our Current Understanding of the Interstellar Economy

This essay provides a gentle introduction to the concept of time dilation and its effect on riskless fixed income returns. A no-arbitrage argument is derived which demonstrates that investors are only indifferent between investment on earth and some other place in the universe, if companies offer returns that are contingent on the location of the individual investors. Since this has a direct impact on capital cost, time dilation could be seen as a form of factor endowment.
The Impact of COVID-19 Pandemic on Bank Lending Around the World

Abstract We evaluate the influence of the pandemic on global bank lending and identify bank and country characteristics that amplify or weaken the effect of the disease outbreak on bank credit. Using a sample of banks from 125 countries, we apply a difference-in-difference methodology and find that bank lending is weaker in countries that are more affected by the health crisis. This effect depends on the bank's financial conditions, market structure, regulatory and institutional environment, financial intermediary and debt market development, ease of access of corporate firms to debt capital, and the response of the public health sector to the crisis.
Investment and Institutional Variables: Evidence from International Industry Data

Traditionally, it has been considered that firm investment is sensible to the internal funds availability due to market imperfections. In this article, we analyse if the relationship between investment and internal funds can be affected by the institutional environment where firms operate. For that, we classify sectors according to their financial constraints. Results show that better institutions and legal protection help to reduce investment-cash flow sensitivities, that is, alleviate, partially, the inefficiencies associated to asymmetric information and capital market frictions. Furthermore, this result is robust to alternative classifications.
Infinite but Rare: Valuation and Pricing in Marketplaces for Blockchain-Based Nonfungible Tokens

Blockchain technologies have enabled the creation of decentralized applications which let users own and transact scarce digital assets called nonfungible tokens or NFTs. Although still in its infancy, the industry has generated over $2.5bn in transaction volume and attracted interest from organizations such as the NBA, several football (soccer) clubs, major brands, and gaming companies to create platforms for trading digital collectibles. A major question faced by NFT platforms is how to help participants value the digital items. We introduce a novel dataset and study how traditional approaches to valuation may exhibit significant biases in this market. We find that while buyers value NFTs much like we would expect them to value physical collectibles, sellers have a tendency to price sub-optimally, which causes traditional hedonic regression approaches to generate inaccurate valuations. We develop a valuation approach based on a structural model of the selling mechanism used in a popular NFT market to highlight these biases and develop a proof-of-concept decision support tool to help participants make more informed decisions.
The Study of Service Gap Analysis for Garment Retail Stores - A Literature Review

This paper is an effort to bring collectively all such research instruments, scales, tools &amp; techniques, so as to help prospective researchers in comparing the same and selecting the one which is close to their usage. The paper also tries to summarize the dimensions and attributes used by authors for different service businesses. The methodology used is a plain evaluation method between a variety of studies conducted on service quality issues, using available research papers from different sources like online databases example- EBSCO &amp; Emerald, and journals from libraries.
The Stock Market Reaction to the Enron-Andersen Affair in Spain

This paper investigates whether listed Spanish companies audited by Andersen have suffered any negative economic impact due to the scandal surrounding Andersens work in Enron Corporation. To that end, we have measured the economic consequences, if any, of Andersen's loss of reputation by examining the reaction in terms of movements in the stock prices of its client companies using an event study methodology. We have analysed abnormal returns on the stock prices of all firms listed in the Spanish Interconnected Market around two event dates: the date of Andersen's public admission that it had destroyed significant financial documents related to Enron Corp. and the date Dynegy Inc. announced the withdrawal of its takeover offer. The results of our empirical analysis do not support the hypothesis that companies audited by Andersen suffered any significant drop in stock price as a result of the scandal affecting their auditor.
Spillover Effects of Credit Default Swaps on Corporate Disclosure along the Supply Chain

We investigate the effect of customers’ CDS referencing on suppliers’ management forecasting activity. We argue that customers’ CDS referencing increases the suppliers’ business volatility and thus forecasting difficulty, and at the same time, the information from customers’ CDS market reduces investors’ demand for the suppliers’ disclosure and induces the suppliers to scale back their own disclosure. We find consistent evidence that firms that derive a greater proportion of their revenue from CDS-referenced customers tend to reduce their frequency of forecast issuance. This relationship is stronger when the supplier’s business relies more on CDSreferenced customers (thus strengthening the effect of customer CDS referencing on suppliers’ forecasting difficulty), while the relationship is weaker when customers have more analyst following (thus resulting in less incremental information produced by customer CDS referencing). Further analysis shows that the negative relationship between forecasting activity and exposure to CDS-referenced customer firms is driven by good news forecasts, possibly due to the higher litigation risk associated with disclosing good news and withholding bad news. Our findings add to the literature examining the spillover effects of CDSs on entities outside those directly referenced by CDSs.
An Investigation of Tracking Errors of Leveraged and Inverse Etfs in Taiwan

The purpose of this paper is to investigate the tracking error of leveraged and inverse ETFs. Single-day tracking performances of the Taiwan 50 Bull 2X ETF and Taiwan 50 Bear -1X ETF were tested to investigate whether there are structural changes of tracking performances during the bull and bear markets. The result shows that single-day performances of the two ETFs are significantly different from their targets. The positive and negative effects of single-day performance are asymmetric. When the market moves from bull to bear, there is a structural change in the two ETFs’ returns. Nonetheless, there is a structural change only in Taiwan 50 Bear -1X ETF returns when the market moves from bear to bull.
導入IAS 40對審計公費之影響 (The Effect of IAS 40 on Audit Fees)

<b>Chinese Abstract:</b> 國際會計準則第40號「投資性不動產」（簡稱IAS 40）允許企業在投資性不動產之會計處理方面有兩個選擇：(1)關於後續衡量基礎，企業可選擇公允價值模式或成本模式；(2)關於公允價值之依據來源，企業可選擇外部鑑價或企業內部自行評估。 本研究以我國導入IAS 40為例，探討前述雙重選擇對於會計師公費之影響。 本研究實證結果發現，當企業以成本模式作為後續衡量基礎時，採用外部鑑價有助於減緩審計公費增漲之幅度或使審計公費呈現相對減少之趨勢。 惟企業若選擇外部鑑價時，採用公允價值模式並未顯著增加審計公費。 本研究實證結果對我國非金融資產導入公允價值會計對審計公費之影響提供初步證據。 <br><br><b>English Abstract:</b> International Accounting Standard 40 (IAS 40) permits firms to have dual choices about the accounting for investment property: (1) For measurement subsequent to initial recognition, firms can choose between a fair value model and a cost model; (2) For fair value determination, firms can choose to employ external appraisers or determine the values themselves. Using Taiwanese data, this study examines the effect of the above choices on audit fees after the adoption of IAS 40. The empirical results show that the audit fees of firms using cost model exhibit a relative decrease or smaller increase if they hire external appraisers, while the audit fees of firms employing external appraisers are not significantly increased if they choose a fair value model. This paper provides preliminary evidence as to the effect on audit fees of implementing fair value accounting for nonfinancial assets.
Lipases as Efficient Catalysts in the Synthesis of Monomers and Polymers with Biomedical Applications

Fil: Garcia Linares, Guadalupe Eugenia. Consejo Nacional de Investigaciones Cientificas y Tecnicas. Oficina de Coordinacion Administrativa Ciudad Universitaria. Unidad de Microanalisis y Metodos Fisicos en Quimica Organica. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Unidad de Microanalisis y Metodos Fisicos en Quimica Organica; Argentina
College Majors

This article reviews the recent literature on the determinants of college major choices. We first highlight long-term trends and persistent differences in college major choices by gender, race, and family background. We then review the existing research in six key areas: expected earnings and ability sorting, learning, subjective expectations, non-pecuniary considerations, peer and family effects, and supply side factors. We examine and compare the various approaches employed by previous research and highlight key areas for future research. <br><br>Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at <a href="http://www.nber. org/papers/&#119;27645" TARGET="_blank">www.nber. org</a>. <br>