Miracle-dz/UniFAR-FTUs huggingface dataset:
Cross-Sectional Performance Persistence of Mutual Fund Managers

We examine manager performance across multiple contemporaneously-managed mutual funds and document significant cross-sectional performance persistence. While 80% of managers in our sample have at least one underperforming fund in each quarter, a small but statistically significant number of managers persistently outperform for up to 8 quarters across all their funds. We also find that 16.1% (7.2%) of managers in our sample contemporaneously manage a top-40% (20%) fund and a bottom-40% (20%) fund more than 50% of the time. We provide new evidence on managerial busyness by showing that managers’ performance drops significantly when the number of funds they manage increases.
∀∃-Equational Theory of Context Unification is Undecidable

is a particular case of in which all second-order variables are and only functions are sought for as solutions. Its decidability is an intriguing problem, with only a very weak known NP-lower bound. We present the simplest (currently known) undecidable quantified fragment of the theory of by showing that the set of ∀∃-quantified context equations (i.e., sentences of the form ∀ ∃ , , , , = ) is and, in fact, is (i.e., every set with recursively enumerable complement is many-one reducible to it).
Tax Non-Audit Services and Client Income Tax Estimation Error

The provision of non-audit services (NAS) to audit clients can increase or decrease financial reporting quality, depending on whether NAS generate knowledge spillovers that enhance auditors’ judgments or self-review and self-interest threats that impair auditors’ independence. Prior research finds mixed evidence of a relation between tax NAS and clients’ (actual and potential) material GAAP violations in accounting for income taxes. As auditors are likely to avoid material GAAP violations, we re-examine this issue using a measure that reflects immaterial or within-GAAP estimation error in clients’ income tax expense. We find that greater amounts of tax NAS are associated with greater income tax estimation error, consistent with tax NAS threating auditors’ independence. The association is partially offset by auditor expertise and concentrated in engagements where auditors face both self-review and self-interest threats. Our findings inform the ongoing policy debate regarding whether accounting firms should provide tax NAS to their audit clients.
"Vilars. A New Dialogue Model Applying Augmented Reality."

New interaction paradigms such as Ubiquitous Computing or Augmented Reality are emerging. We believe that it is evident that the change of paradigm has to suppose a change in the design methodology of these future interactive systems. The purpose of this paper is to present our proposal about how this change has to be done in a real Use-Case. We offer the use of Augmented Reality during a visit to the Vilars archaeological site, in Arbeca (Lleida - Spain), as an example. The document is focused on the design of the system, explaining how to migrate from the Desktop paradigm to the Augmented Reality one adding the location attribute in order to organize a visit to the site, enabling the establishment of a relationship with the interaction by direct manipulation. This relation establishes a different kind of visit to those carried out at present, based on guides, books or web sites, among others. We present how the functionality and the user dialog has to be done for the accomplishment of a site visit in Augmented Reality using the User-Centred Process Model.
Equitable Coloring of -Uniform Hypergraphs

Let be a k-uniform hypergraph with vertices. A is a partition of the vertices into parts, such that each edge of intersects each part. A strong r-coloring is called if the size of each part is or . We prove that for all ≥ 1, if the maximum degree of satisfies then has an equitable coloring with parts. In particular, every k-uniform hypergraph with maximum degree () has an equitable coloring with parts. The result is asymptotically tight. The proof uses a double application of the non-symmetric version of the Lovász Local Lemma.
Bulls and Bears: Lessons from Some European Countries

This paper analyzes the recent behavior of stock markets in four European countries. More specifically, we describe the bull and bear phases of those markets, comparing some of their more relevant features across countries and with those of the US. We also comment on the degree of concordance of stock market phases across countries. We find that cycles in European countries have become substantially more concordant in the recent years, a result that was to be expected given the increased integration of the European financial markets, but that the degree of concordance is not high.
Democratization Makes Strange Bedfellows: The Legalization of Equity Crowdfunding

The digitalization of entrepreneurial finance has paved the way for new disruptive funding models such as platform-based equity crowdfunding. Owing to the interests of several disparate groups, the ensuing discourse leading to the ultimate legalization of equity crowdfunding was a dynamic process involving many different stakeholders, which is a marked change from the closed-door sessions more commonly associated with securities regulations. Based upon our analysis of a unique longitudinal dataset, we propose that digital crowdfunding and entrepreneurial finance, in general, have become a public interest issue, and therefore the opportunities and implications are more notable than previously depicted.
Subsidiary

A subsidiary is defined as a company controlled by a holding company (a multinational enterprise (MNE)) and situated outside the home country of the MNE. Scholars have identified various functions of subsidiaries, including supporting the parent company’s sales or production, conducting research & development, and an entrepreneurial role in terms of developing capabilities. Increasingly, research in subsidiaries is focusing on the entrepreneurial role and has found factors such as a subsidiary’s strategic mandate to be antecedents of the fostering of entrepreneurship in subsidiaries.
Asymptotic Solution for Unsteady Viscous Flow in a Plane Channel

The method of matched asymptotic expansions is used in this paper to derive an approximate solution for unsteady flow of a viscous incompressible fluid in a plane channel. The unsteadiness of the flow is caused by a sudden reduction of flow rate to zero. The solution is valid for short time intervals immediately following the sudden blockage of the channel. The velocity profile prior to deceleration is assumed to be an arbitrary function of the transverse coordinate. A simple explicit formula for the shear at the wall is derived.
Do Compustat Financial Statement Data Articulate?

Using the Financial Statement Balancing Model (FSBM) from Compustat, we examine whether financial statement data articulate for 10,681 U.S. non-financial firms for 24 years, a total of 92,951 firm years. We accomplish three specific research goals. First, we build the first formal model of financial statement articulation, providing a benchmark for subsequent discussions of articulation. Second, we show how to handle missing data to ensure articulation, by either filling in zeros or backing out the missing data with other variables in the equations. Third, we produce modified variables that resolve exceptions in the articulating equations, so that these variables form relations that are consistent across time and firms. We then compare the “modified database” (MDB) using these updated variables with the original Compustat data, and find significant differences in many commonly used financial variables, such as the Altman’s z-score, and the disclosure quality based on non-missing Compustat variables. We believe that our MDB has the potential to increase sample size and the accuracy of data in empirical studies, which could help researchers draw improved inferences.
The Impact of Institutional Differences on Derivatives Usage: A Comparative Study of Us and Dutch Firms

This paper examines the influence of institutional differences on corporate risk management practices in the USA and the Netherlands. We compare results to surveys in each country using a strategy that corrects for differences over industry and size classes across the Dutch and US samples. We document several differences in the firms' uses and attitudes towards derivatives and attempt to attribute them to the differences in the institutional environments between the USA and the Netherlands. We find that institutional differences appear to have an important impact on risk management practices and derivatives use across US and Dutch firms. Copyright Blackwell Publishing Ltd 2003.
Matching Market Views and Strategies: A New Risk Framework for Optimal Selection

Strategies are often analyzed without confronting quantitatively the clients’ views. They also may present an overfitting problem which is detrimental to the investor and the client. In this paper, we present a new quantitative framework that enables the clients and investors alike to test their views on the strategies they invest on. It is a new framework that allows a good match between market views and strategies properties. It also allows classification and optimal allocation between a set of strategies. We go from the current paradigm which is buying the past to matching the future view.
Palladium and Nickel Catalyzed Chain Walking Olefin Polymerization and Copolymerization

In this perspective, recent developments on palladium and nickel mediated chain walking olefin polymerization and copolymerization with polar functionalized comonomers are described. First, the chain walking polymerization mechanism is discussed followed by its implications in olefin polymerization and copolymerization. Then, recent advances in catalyst design are provided. Special attention is paid to the influence of ligand structures on the catalytic properties. Subsequently, the applications of these chain walking polymerization catalysts in the synthesis of functionalized hyperbranched polymers and copolymers are summarized. Finally, some recent developments and perspectives on very fast and very slow chain walking polymerization catalysts are discussed.
Managerial Risk Taking: A Multi-Theoretical Review and Future Research Agenda

Managerial risk taking is a critical aspect of strategic management. To improve competitive advantage and performance, managers need to take risks, often in an uncertain environment. Formal economic assumptions of risk taking suggest that if the expected values for two strategies are similar but one is a greater gamble (uncertain), managers will choose the strategy with a more certain outcome. Based on these assumptions, agency theory assumes that top managers should be compensated or monitored to achieve better outcomes. We review the theory and research on agency theory and managerial risk taking along with theories that challenge this basic assumption about risk taking: the behavioral theory of the firm, prospect theory, the behavioral agency model and the related socio-emotional wealth perspective, and upper echelons theory. We contribute to the literature by reviewing and suggesting research opportunities within and across these theories to develop a comprehensive research agenda on managerial risk taking.
Initial Returns and Long-Run Performance of Private Equity-Backed Initial Public Offerings on the Amsterdam Stock Exchange

This paper investigates the initial returns and long run performance of initial public offerings (IPO) using a sample of 38 private equity-backed IPOs and 68 non-private equity-backed IPOs in the period 1985-1998 on the Amsterdam Stock Exchange. We find that private equity-backed firms outperform non-private equity-backed firms. In tests using several comparable benchmarks, private equity-backed firms show less underpricing than non-private equity-backed firms, however the difference is not significant. The evidence suggests that private equity-backed IPOs do not significantly underperform over a three-year period, while non-private equity-backed IPOs do. This paper also provides initial evidence on the sources of underpricing and underperformance. Evidence is presented that the reputation of the lead manager and the age of the firm have a negative effect on the level of underpricing and that the sales growth rate has a significant positive effect on the long-run performance of IPOs.
A Model of Visual Working Memory in Pfc

We present a model of visual working memory in ventral prefrontal cortex. Activation in ventral PFC consists of reverberating activity. Representations in ventral PFC are conjunctions of location and (partial) identity representations. With many objects, representations in ventral PFC interfere, which results in loss of information. Therefore, the number of objects in working memory is limited. However, because ventral PFC is connected to the ‘identity’ levels in the visual cortex, the number of features for each object is unlimited. The ‘blackboard’ architecture of ventral PFC results in a unification (binding) of the feature representations of the objects maintained in memory.
The Architecture of Dynamic Capability Research: Identifying the Building Blocks of a Configurational Approach

The dynamic capability view (DCV) of the firm has become one of the leading frameworks aimed at identifying drivers of long-term firm survival and growth. Yet, despite considerable academic interest, there are many questions about what dynamic capabilities are, how they relate to other organizational operations, and how they relate to firm performance. In this art, we provide a unique and comprehensive examination of the DCV literature that goes beyond past reviews by combining text based analysis with surveys of, and interviews with, researchers in the field. With this approach, we are able to examine the evolution of the DCV in written literature and identify missing research themes. Based on this review, we argue that future research will benefit from integrating the DCV with configuration theory and recent microfoundational thinking. We encapsulate this discussion via an architectural model of the DCV (entitled 'House of Dynamic Capabilities') that combines microfoundations underlying DCs at the varying levels of analysis (individual, business unit, and organizational) while also accounting for important enablers of DCs and firm strategic orientation. We also show how this logic requires a completely different set of methodological approaches to those currently in use.
Do Firms Draw Down Credit Lines to Support Investment Opportunities?

I show that firms use credit lines to fund investment opportunities that are created by R&amp;D success. Using patent filings as a proxy for R&amp;D success, I find an increase in capital expenditures following R&amp;D success, supporting the proposition that R&amp;D success creates investment opportunities. In addition, credit-line drawdowns increase following patent filings. Consistent with the proposition that firms draw down credit lines to fund investment opportunities created by R&amp;D success, credit-line drawdowns following patent filings are more pronounced in firms that operate in industries characterized by heavy external financing dependence and high levels of capital expenditures. Furthermore, patent filings do not coincide with increases in other expenditures that are known to be funded with credit lines. The results cannot be explained by credit-supply effects or time-varying state-level omitted variables. Lastly, there is no significant association between capital expenditures and credit-line drawdowns; only capital expenditures that are instrumented with patent filings are associated with credit-line drawdowns. These results support Lins, Servaes, and Tufano's (2010) survey findings that firms use credit lines to fund future investment opportunities that are available in good times. <br>
The Results of a Qualitative Research regarding Accounting Education in Greece (2009-2016)

This paper brings together the fields of accounting education and accounting profession in Greece during the global financial crisis. The purpose of this study is to understand the role of accounting education in the efforts made to consider certain changes in the accounting curriculum with the purpose of preparing finest and ethical professionals. For the purpose of the current study, the researcher followed a phenomenological descriptive approach, so to understand individuals' experiences of the phenomenon. Through this, the study explored the individual lived experiences of 10 accounting professionals and 15 accounting professors in Greece. The paper reports the results of this survey, which showed that each participant’s individual experience as an accounting professor or as an accounting professional was unique.
On Clt for Sum of the Functions of Spacings and Goodness of Fit Tests

The main result is lower estimation of remain term in the central limit theorem for a sum of the functions of disjoint uniform k-spacings. From this theorem the Lindeberg type condition of asymptotically normality and Berry-Esseen type result are obtained. The asymptotic properties of goodness of fit tests based on a sum of the functions of spacings considered. Note that here may tends to infinity if sample size n→∞.
MODELAGEM MATEMÁTICA DA POLIMERIZAÇÃO EM MINIEMULSÃO DO ESTIRENO UTILIZANDO INICIADOR HIDROSSOLÚVEL: EFEITOS DAS CONCENTRAÇÕES DE EMULSIFICANTE E INICIADOR.

RESUMO – O presente trabalho visa o desenvolvimento de um modelo matemático que represente de forma confiável o processo de homopolimerização em miniemulsão de estireno, utilizando um iniciador hidrossolúvel em um reator operado em batelada. O programa envolvendo as equações matemáticas foi implementado em Fortran, e as equações diferenciais resolvidas com o pacote computacional DASSL. O modelo proposto foi validado com dados experimentais da literatura, possibilitando o estudo da influência das concentrações de emulsificante e de iniciador na conversão, no número médio de radicais por partícula (ñ) e no número de partículas (Np). Os resultados revelaram que na presença de micelas a velocidade da reação e o Np dependem da concentração de emulsificante. Na ausência de micelas as concentrações de emulsificante e de iniciador não tiveram efeito sobre o Np, sendo a nucleação das gotas o mecanismo predominante. No início da reação o ñ foi praticamente independente da quantidade de iniciador, assumindo um valor constante próximo a 0,5. Quanto maior a concentração de iniciador mais pronunciado foi o efeito gel e este apareceu mais cedo.
From the Editor

Report from the Editor as I start a second term. I outline success and otherwise in the first term and encourage authors to engage in the local research conversation when they are writing their papers. I point out that all methodological approaches are welcome including qualitative, survey, systematic literature reviews and experiments. I point out the hot points that Editors now are looking for so that you can pay particular attention to them in advance of submission.
Implied Tradeoffs of CFO Accounting Expertise: Evidence from Firm-Manager Matching

We present evidence that, while individuals with accounting expertise bring key skills to financial reporting responsibilities of the CFO position, they tend to lack educational and career experiences relevant to non-accounting responsibilities (e.g., operations and strategy). Assuming boards’ perceptions of CFO accounting expertise are correct on average, we provide evidence of tradeoffs of CFO accounting expertise by examining how differences in CFO backgrounds shape executive employment decisions. Firms with greater demand for non-accounting expertise are less likely to hire an accounting expert CFO, consistent with ex ante firm-manager matching. Ex post, significant declines in firm-manager fit after appointment predict CFO turnover and other compensating changes in the composition of the senior management team. Accounting expert CFOs are also less likely to become CEOs, suggesting that CFO experience does not fully mitigate these tradeoffs. Collectively, the results suggest important tradeoffs inherent to CFO accounting expertise that shape the structure of the senior management team.
Simulation of the Dynamical Properties of Cortical Minicolumns

The neural circuit is modeled using the NEURON simulation environment and is composed of four distinct groupings of cells representing the six layers of cortex. Electrophysiologically, each of the modeled cells incorporated into the model correspond to one of the three classes of neocortical neurons described by Connors & Gutnick (1990). The network model is able to reproduce many aspects, at both the cellular and network levels, of the spontaneously generated recurring rhythms found in neocortical preparations, both in vivo (Steriade, Nunez & Amzica, 1993) & in vitro (Sanchez-Vives, & McCormick, 2000).
The Impact of Training on Team Effectiveness in Hotel Industry

The aim of this study is to examine the impact of no training for the new employees and re-training of the existing employees. A review has been done on different aspects of the training. The findings of this study will reveal the drawbacks of lack of interest and investment in the training and how it affects the overall running of the organization. There are many factors which needs to considered in order to ensure effectiveness of training like support from management, attitude, training style and environment, open mindedness of trainer, job related factors etc. The implications of no trainings are lesser job satisfaction and job retention which increases the overall cost of the organization in firing and hiring new employees. To keep the staff motivated and to ensure the overall growth, trainer identifies the different areas of improvement and continuously works with the departmental heads which makes them capable of performing the duties and responsibilities in an efficient manner. The hospitality industry is facing skilled workforce challenges. Success in meeting these challenges is on the ability of the industry’s stakeholders to come together and deal with their problems. Based on comprehensive research and feedback from hospitality professionals, we portray a picture of this critical facet of industry. Seen through the eyes of hotel professionals, hotel jobs are often low-wage, with irregular hours and little training. Seen through the eyes of the investors, high turnover of workforce and therefore training are too risky an investment.
The Pricing of Internet Stocks (Ii)

This note, which complements the note "The Pricing of Internet Stocks" (FN-467-E), addresses two main issues: 1) Reverse valuation and 2) expected values and scenarios. Both valuation models are briefly analyzed and applied to the valuation of Yahoo, the leading Internet portal and one of the blue chips of the Internet world. The note concludes stressing that, regardless of the merits of the new measures designed to assess the value of Internet stocks, the value of any company was, is, and always will be equal to the present value of the cash flows the company is expected to generate.