bluuebunny/crossref_metadata_2025 huggingface dataset:
RESIGHTINGS OF TWO-BANDED PLOVERS (CHARADRIUS FALKLANDICUS) DURING THE BREEDING SEASON IN COASTAL CHUBUT, PATAGONIA, ARGENTINA
Authors: Hevia Glenda Denise , Jordan Fredrick Dallas , Terorde Noé , Bertellotti Marcelo , D’ Amico Verónica L.
Published: February 2023

Abstract · We report resightings of individually-marked Two-banded Plovers (Charadrius falklandicus) breeding in northern Patagonia across two consecutive seasons in two beaches separated by approximately 65 km in a straight line: Playas Blancas (Península Valdés) and Playa Paraná (Puerto Madryn), Chubut province, Argentina. We captured and banded 24 adults at the nest while incubating during 2016. Nineteen banded individuals (ca. 80%) were resighted in 2017, 17 on the same site where they were banded, while 2 moved between survey sites. Only 32% were found breeding again while the remaining 68% were resighted resting or foraging, solitarily or in mixed flocks with other shorebird species. Among the resighted breeders, two adults were found paired with a different banded partner as in the previous year. The remaining breeders were paired with unbanded partners, and hence mate fidelity could not be assessed. Our findings add information to the scarce data on the breeding biology of this species suggesting that Two-banded Plovers exhibit site fidelity.Resumen · Avistamientos de Chorlos Doble Collar (Charadrius falklandicus) durante el período reproductivo en la costa de Chubut, Patagonia, Argentina Presentamos avistamientos de Chorlos Doble Collar (Charadrius falklandicus) anillados en dos playas de la provincia de Chubut, Argentina: Playas Blancas (Península Valdés) y Playa Paraná (Puerto Madryn) separadas entre si aproximadamente 65 km en línea recta. En la temporada 2016, se capturaron y anillaron 24 individuos adultos durante la incubación. La mayoría de ellos (19, ca. 80%) fueron avistados en la temporada 2017, 17 en el mismo sitio donde fueron anillados y 2 en el otro sitio de estudio. El 32% se observó anidando mientras que, el 68% restante, se observó en el área descansando o alimentándose en forma solitaria o en bandadas mixtas con otras especies de aves playeras. Entre los individuos reproductores en 2017, dos anidaron con parejas también anilladas aunque diferentes al año anterior. Los reproductores restantes se observaron con parejas no marcadas, por lo que no se pudo evaluar si estaban apareados con el mismo individuo que en la temporada anterior. Estos resultados aportan nuevos datos sobre la biología reproductiva de esta especie que se suman a los estudios previos en la zona, sugiriendo que los Chorlos Doble Collar muestran fidelidad al sitio reproductivo.
PRIMERA DESCRIPCIÓN SOBRE LA ANIDACIÓN DEL DACNIS ANDINO NORTEÑO (XENODACNIS PETERSI) EN ECUADOR
Authors: Molina Abril Paul , Carrasco Ugalde Agustín , Iñiguez Vela Xavier , Malo Larrea Antonio
Published: February 2023

Resumen ∙ Se presenta nueva información sobre la biología reproductiva del Dacnis Andino Norteño (Xenodacnis petersi). En Ecuador esta especie se encuentra en los altos Andes, principalmente en el Parque Nacional Cajas, donde encontramos cinco nidos entre septiembre de 2017 y noviembre de 2018. Los nidos en forma de taza estaban construidos en cuatro plantas diferentes, con la pubescencia de las flores de Puya sp., musgo, paja y ramas secas como materiales principales. El tamaño de la puesta fue de uno a dos huevos y se colocaron en días consecutivos. La hembra estuvo a cargo de la incubación, mientras que ambos sexos se hicieron cargo de las crías. La incubación duró entre 17 y 20 días, y los polluelos permanecieron en el nido durante 16 a 18 días. Abstract ∙ First nesting description of the Streaked Dacnis (Xenodacnis petersi) in Ecuador Here we report new information on the reproductive biology of the Streaked Dacnis (Xenodacnis petersi). In Ecuador, this species is found in the high Andes, mainly in Cajas National Park, where we found five nests between September 2017 and November 2018. The cup-shaped nests were built on four different plants, with the pubescence of flowers of Puya sp., moss, straw and dry branches as the main materials. Clutch size was one or two eggs and these were laid on consecutive days. The female was in charge of the incubation, while both sexes took care of the chicks. Incubation lasted between 17 to 20 days, and the chicks remained in the nest for 16 to 18 days.
A RUFOUS-TAILED HUMMINGBIRD (AMAZILIA TZACATL) CAUGHT IN A SPIDER WEB OF ERIOPHORA FULIGINEA (ARANEAE: ARANEIDAE)
Authors: Ayazo Roger David , Flórez-Díaz Vicky Luz , González-Charrasquiel Carlos
Published: February 2023

Abstract ∙ In this note, we report on a Rufous-tailed Hummingbird caught in a spider web of Eriophora fuliginea. The observation was made in a tropical dry forest fragment in the department of Córdoba, northern Colombia. The Hummingbird was found with its head down and given that after five minutes of observation it was unable to free itself, we removed it from the net and released it. Although E. fuliginea is a nocturnal orb weaver, the fact that this species does not dismantle the spider web at daybreak, makes it a possible source of mortality for Hummingbirds and other small birds. This finding represents the first published record of a Rufous-tailed Hummingbird trapped in a spider web in Colombia. Considering that Hummingbirds fly through sites where large orb weavers locate their webs, Hummingbirds caught in webs could be more frequent than reported in the literature.Resumen ∙ Un Colibrí Cola Roja (Amazilia tzacatl) atrapado en la telaraña de Eriophora fuliginea (Araneae: Araneidae) En esta nota reportamos un Colibrí Cola Roja (Amazilia tzacatl) atrapado en una telaraña de Eriophora fuliginea. Este hallazgo representa la primera documentación de esta interacción entre estas dos especies y el primer evento de un colibrí atrapado en una telaraña para Colombia. El registro se hizo en un fragmento de bosque seco de Córdoba, norte de Colombia. El Colibrí permaneció cabeza abajo y luego de cinco minutos de observación no fue capaz de liberarse, de manera que fue liberado por nosotros. Aunque E. fuliginea es una tejedora nocturna, el hecho de no desmontar sus telas durante el día la convierte en una posible fuente de mortalidad para colibríes. Si se tiene en cuenta que los colibríes transitan por sitios en los que las grandes tejedoras ubican sus telas, los eventos de colibríes atrapados en telarañas podrían ser más frecuentes de lo reportado actualmente.
SURVEYING POPULATIONS OF RED-BILLED CURASSOWS (CRAX BLUMENBACHII) IN THE ATLANTIC FOREST OF BRAZIL
Authors: Rocha Joedison , Bonfim Fernando C. G. , Gatto Cassiano A.F.R. , Develey Pedro F. , Alvarez Ariane D. , Bernardo Christine S.S.
Published: February 2023

Threatened species are frequently difficult to monitor, leading to a lack of information for the selection of the best conservation strategies. A case in point is the Red-billed Curassow (Crax blumenbachii, Cracidae, Galliformes), whose populations have declined due to deforestation of the northern Atlantic Forest and increased poaching in the late 1960s. The species is presently absent from most forest frag- ments within its geographic range, occurring only in forest remnants on the states of Bahia and Espírito Santo, Brazil. In this study, we esti- mated encounter rates and recorded the periods of activity of the Red-billed Curassow in three large Atlantic Forest fragments in the north- eastern Brazilian state of Bahia, using line-transect sampling. The northern region of Serra do Conduru State Park (0.29 sighting/10 km) and Descobrimento National Park (0.27 sighting/10 km) presented slightly greater encounter rates of this endangered cracid, compared to the Una Biological Reserve (0.13 – 0.20 sighting/10 km). We recorded Red-billed Curassows throughout the day, mainly between 10:00–11:00 h and 14:00–17:00 h. Our study is the first step for long-term monitoring of the Red-billed Curassow. These findings serve as baseline infor- mation, which may contribute to future assessments of the conservation status and support future conservation actions for the species.
AVIFAUNA DE CUATRO PLANTACIONES DE HIGO (FICUS CARICA) EN EL CENTRO-ESTE DE ARGENTINA
Authors: Berón Ignacio José , Bortoluzzi Andrés , Dardanelli Sebastián
Published: February 2023

En el presente estudio se evaluó la composición de la avifauna y el daño causado por aves a los frutos de cultivos de higo comesti- ble (Ficus carica) en la provincia de Santa Fe, Argentina. Se calculó la riqueza y abundancia de aves y la intensidad del daño por parte de las mismas en cuatro plantaciones de higo, entre diciembre de 2014 y mayo de 2015. A partir de la relación con el cultivo, se clasificó a las espe- cies de aves en tres categorías: potencialmente perjudiciales, benéficas o neutras. No se registraron diferencias en la riqueza de especies entre los grupos, pero se registraron diferencias en la abundancia entre febrero y mayo de 2015. La intensidad del daño fue baja a lo largo del estudio y no parece estar relacionada con la abundancia o riqueza de aves potencialmente perjudiciales. Si bien el alcance de este estu- dio es restringido, por tratarse de cuatro plantaciones y una sola temporada, los resultados sugieren que el daño por aves en plantaciones de higo sería poco relevante.
FIRST DESCRIPTION OF THE NEST, EGGS AND NESTLINGS OF BLACK-THIGHED PUFFLEG (ERIOCNEMIS DERBYI)
Authors: Arteaga-Chávez William Andrés , Tello Ruales Libardo , Salagaje M Luis
Published: February 2023

The Black-thighed Puffleg (Eriocnemis derbyi) is endemic to the Northern Central Andes of South America. The species is found in montane forests up to the edge of the treeline from the Central Andes of Colombia to the Andes of northern Ecuador. The reproductive biology of this species is essentially unknown. Here, we describe the nest, eggs and nestlings of E. derbyi. The nest was built atop a fern frond in a dense strip of riparian vegetation, with a heavy load of moss and bromeliads, near a creek, next to a rocky wall. It was cup-shaped and made mainly with moss. The nest contained two white eggs, both of which hatched but were later found dead without traces of depredation. This report provides the first detailed data on the breeding biology of E. derbyi.
DESCRIPTION OF COLLARED TROGON (TROGON COLLARIS) NESTS IN THE SIERRA DE ZONGOLICA, VERACRUZ, MEXICO
Authors: Hernández-Ramírez Ángel , Fuentes Moreno Axel , Avalos Vela René
Published: February 2023

There is relatively little information on nesting behavior of the collared trogon (Trogon collaris). In this study we describe three nests of this species and some characteristics of the nesting sites in the Sierra de Zongolica, Veracruz, Mexico.
OBSERVATIONS ON THE NESTING OF THE GRAY-HEADED DOVE (LEPTOTILA PLUMBEICEPS) IN A SHADE-GROWN COFFEE PLANTATION, IN VERACRUZ, MEXICO
Authors: Fuentes Moreno Axel , Fernández-Popo Macario
Published: February 2023

The Gray-headed Dove (Leptotila plumbeiceps) is a neotropical bird distributed from northeastern Mexico to eastern Colombia; its breeding biology is virtually unknown. In May 2020, we found a pair of these doves nesting in a shade-grown coffee plantation, in central-western Veracruz, Mexico. The nest was a circular plataform (20 cm in diameter), made of sticks, leaves, and artificial materials. The clutch consisted of two eggs that were incubated for 14 days, and the nestlings remaining in the nest 12 days after hatching. To our knowledge, this work is the first to study the breeding of the Gray-headed Dove. Although we evidence the plasticity of this dove by incorporating artificial materials in its nests, these can be a hazard for adults and chicks.
Equity Method of Forecasting
Authors: Schalow David , Schalow Christine
Published: February 2023

Projecting financial performance into the future is an important task for any business venture, and this is particularly true for new startups that have no track record. This paper examines the common pedagogy of “Percent of Sales Method” forecasting and suggests a new approach using initial equity rather than sales as the starting point for startups without a great deal of historical data. Using an unknown estimate like sales to forecast the remaining unknown values of the balance sheet and income statement is fraught with difficulties. Using a known value such as initial equity might allow the entrepreneur or other financial professionals to develop proforma statements which will be more realistic and perhaps more believable to outside stakeholders.
Effects of Human Capital on Attracting Foreign Direct Investment
Authors: Varamini Hossein , McGonigle Stephen , Memari Dena
Published: February 2023

The main purpose of this study is to use cross sectional analysis to examine the effects of three alternative proxies for human capital on attracting FDI inflows and FDI stocks for 114 different countries. The results of this study is consistent with the market-seeking motive of FDI and supports the notion that countries with higher levels of human capital, as measured by school life expectancy or the gross enrollment at schools have been able to attract significant foreign capital into their economies.
Using Two Sets of Multiple Moving Averages of Price to Time Positions in a Portfolio of Exchange Traded Funds
Authors: Peterson Timothy
Published: February 2023

This paper attempts to determine if the use of two sets of multiple moving averages of price can be employed to generate above market portfolio rates of return in a portfolio of exchange traded funds. A set of short term moving averages of price and a set of long term moving averages of price and the relationship within each set are used to determine the timing of entry and exit points for establishing positions in the exchange traded funds (ETFs). Returnsusing the moving average convergence divergence (MACD) indicator and a combination of the short term MACD and long term MACD to determine entry and exit points are compared to a buy and hold strategy of the S&P 500 Index. The portfolio returns over a five year time period (1/1/2006 – 12/31/2010) are calculated and compared to their S&P 500 benchmark. A comparison is then performed between a portfolio of seven exchange traded funds using thecombined S-T MACD indicator and the L-T MACD indicator for entry and exit points to a buy and hold equally weighted and rebalanced portfolio comprised of the same exchange traded funds. The asset classes represented in the portfolio include domestic equities, developed foreign equities, emerging market foreign equities, domestic bonds, precious metals, and real estate. The use of two MACD indicators used in sequence with different parameters was found to increase the return of a portfolio of exchange traded funds for the selected holding period over a buy and hold strategy.
Governance and Regulatory Determinants of Financial Markets Resilience - Cross Country Evidence
Authors: Uppal Jamshed , Mangla Inayat
Published: February 2023

The study seeks to identify factors that made some countries more susceptible than others to the impact of the global financial crisis (GFC), and factors that made some more resilient and better able to recover from its adverse impact. Results suggest that different sets of variables best explain the experience of the stock markets in the period following the onset of GFC, than during the recovery period. Developed countries experienced a sharper decline in their stock markets and higher relative volatility following the GFC compared to the emerging markets but also experienced a flatter recovery in the level and volatility of the stock markets. The extent of stock trading and a greater reliance on the international capital inflows prior to the on-set of GFC is associated with subsequent sharper fall and higher volatility in the markets.
Insurance Stock Returns Sensitivity to Changes in the Default Spread
Authors: Bouzouita Raja , Craioveanu Mihaela , Young Arthur
Published: February 2023

Default spreads between corporate bonds and government bonds proxy the systematic risk of default. Using insurance monthly stock returns covering a period from 2000 through 2009, this paper investigates empirically the relationship between insurance company stock returns and default spreads. We find evidence of stock return sensitivity to changes in the default spread. The results are consistent for property- liability and life-health insurance companies.
Financial Arbitrage and Information Technology
Authors: Hoque Monzurul , Mohammadi Hamid
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
In his 2003 controversial article entitled "IT does not matter", Nickolas G. Carr argued that Information Technology (IT) has lost its magical power to provide competitive advantages and that corporations would be better off focusing on the risk of IT rather than looking at IT as a strategic asset that can provide opportunities.  On the other hand, IT guru, Robert M. Metcalfe, views IT investment as a source of competitive advantage. He further argues that it determines the path of sustainable excellence for a corporation.  We posit that truth may lie in the middle. That is, it is neither ‘IT does not matter at all’ nor it is ‘IT matters all the time’. Our empirical findings indicate such a result when we linked financial arbitrage and information technology. Our data show that IT investment matters sometime and not always. The implications of our findings suggest that there is an optimal IT investment level. At the beginning stage, the strategic benefits from IT investments far exceeds the risk of IT investments. At some point the role reverses and the risk and mis-utilization of IT investments outweigh the independent and interactive strategic benefits of IT. The challenge is to find the optimal level of IT investments. That will be our next endeavor.
Evaluation of the Stock Price Announcement Effect of Seasoned Equity Offerings
Authors: Autore Kenneth , Jin Zhenhu
Published: February 2023

The finance literature documents substantial negative stock price reaction to Seasoned Equity Offerings (SEO). Most studies on SEOs focus on the average negative reaction; however, about thirty to forty per cent of the firms actually experience positive abnormal returns at announcement. This paper tries to find firm specific factors that may explain the apparent heterogeneity in the stock price reaction to SEOs. We find that the firms with observed positive market reaction tend to have higher price run-up before the announcement, suggesting that investors may have higher expectations for the growth potential of the companies and hence the SEO may be viewed as an effort to raise the funds for the growth needs. We also find that these firms have high debt ratios, suggesting that the purpose of the SEO may be to reduce debt and optimize the capital structure, rather than taking advantage of the information asymmetry by issuing additional shares when the management believes the shares are overvalued.
Impact of EVA Adoption on Long-Term Shareholder Value: An Empirical Investigation
Authors: Ghani WaQar , Szewczyk Samuel
Published: February 2023

Our study examines Economic Value Added metric’s link to long term shareholder value creation. We assume that EVA adoption directs a positive change in managerial behavior that in turn affects long-term value generation. Unlike most prior research that uses only one sample, we employ two samples. The first sample is based on 57 U.S. firms that Stern Stewart & Company has posted on its website. They report that these firms have achieved superior financialperformance as a consequence of the adoption of EVA for the 1994-98 periods. The second sample is based on 178 U.S. firms’ proxy statements for the 1994-1999 periods in which these firms have described EVA use as a part of their performance evaluation and compensation metric. Our study’s results, using both long-term abnormal holding period returns and analyst forecast based on five-year growth of earnings per share show that EVA adoption has no significant impact on a firm’s long-run performance when compared to a control sample matched on industry, size and past performance. Moreover, we find no evidence that EVA adoption induces greater shortsightedness as EVA adopters do not underperform, on average, the non-EVA firms.
Board Changes in Response to Extremes in Performance
Authors: Barone Gerhard , Hickman Kent , Shrader Mark
Published: February 2023

This study contrasts changes in board structure in firms at the extremes of industryadjusted performance. We find pervasive changes in board size, composition, and director pay for firms whose stock market performance ranks in the uppermost and lowest deciles of industryadjusted returns over the period 2001-2005. Our evidence shows that these companies tended to change their board’s size, added outsiders to the board, and increased director pay. Significant differences between the two groups are documented, with poor performers making more dramatic changes in all three of these governance metrics. We failed to find changes in other structural characteristics such as classified boards and shareholdings of directors.
Income Trusts in Canada - Value Loss from the Change in SIFT Taxation
Authors: Glew Ian
Published: February 2023

This study investigates the market impact when Specified Investment Flow-Through (SIFT) trusts became liable to an entity tax, announced on October 31, 2006. After-tax valuation ratios indicate an initial after-tax loss of roughly 5% for Ontario taxpayers, which dropped to 3.5% when the legislation took effect in 2011. Tax integration is incomplete, as a 6.3% loss was moderated through beneficial treatment of the return of capital. Lastly, this study finds the after-tax loss for tax-exempt and foreign investors averages 25%, rather than the pre-tax charge of 31.5%. All investors were affected when income trusts were driven from the Canadian market.
Does it Pay to Invest in Debt Free Firms During Recessions?
Authors: Zaher Tarek , Haque Mahfuzul
Published: February 2023

This study examines the impact of leverage on equity returns of large cap firms duringrecessionary periods. We examine whether large cap firms that carry no debt on their balance sheet are rewarded during recessions. We compare the performance of portfolios of debt free firms to comparable portfolios of leveraged firms during the period of the last recession, December 2007-June 2009. The results of the study indicate that investments in portfolios of large cap debt free firms tend to generate higher returns than investments in their leveraged peers. These results imply that investors tend to reward firms that resist the urge to borrow heavily and operate with a debt free balance sheet during recessions and to penalize firms that have high levels of debt.
Repealing Classified Boards: What Is the Motivation?
Authors: Lee Sharon
Published: February 2023

Given the recent growing concerns of corporate shareholders about governance of public firms, there is a significant increase in the number of firms that have eliminated classified boards. The majority of S&P 500 firms have repealed their classified board over the past decade. Early literature [McWilliams, 1990, Lee (Bojanic) and Officer, 1994] suggest insignificant wealth effects on announcement of relatively less restrictive takeover barriers, such as a classified board. With the sensitive environment of lower confidence over the last ten years, investors appear more concerned with management entrenchment problems which could lead to poorly performing firms. This is one motivation for the significant increase in eliminations of classified board provisions. Another related motivation for eliminating the classified board is the requirement of higher levels of independence on corporate boards. This study updates the evidence on the motivation of firms eliminating the classified board in two different years of study: 2004 and 2009 in an attempt to determine reasons behind eliminating an antitakeover provision once viewed as benign.
Pretesting For Financial Literacy by Gender and Income
Authors: Simmerman James , Nelson Walt
Published: February 2023

This study assesses the financial knowledge of high school students prior to completing the Missouri public high school personal finance graduation requirement. The students consisted of upper division students at an unnamed public high school in Springfield. Students in this sample were preparing to take either a personal finance class or different business class. Characteristics of students in the sample appear to approximate most other students in Missouri public schools. Results indicate no statistically significant difference between genders for the overall measure of financial literacy. However, higher socioeconomic status, defined in this paper as not receiving free or reduced lunch, appears to be directly related to financial literacy.
Are Restricted Funds an Effective Governance Tool for Non-Profit Organizations?
Authors: Van Dalsem Shane
Published: February 2023

This paper studies the use of restricted funds as a monitoring tool for non-profit organizations. The paper examines a random sample of 600 non-profit organizations for evidence that restricted funds are a substitute for other forms of governance and that the use of restricted funds affects organizational behavior. The results provide evidence that restricted funds are used and are useful as a form of governance. Specifically, restricted funds and tax exempt debts may act as substitute governance tools; the likelihood of reporting fundraising expenses is positively related to having restricted funds; and compensation for officers and directors is inversely related to the level of permanently restricted funds.
Value Relevance of Foreign Currency Fluctuation: Accounting or Economic Effect
Authors: Su Yuli , Yip Yewmun
Published: February 2023

The purpose of this study is to examine empirically the impact of translation adjustments on stock returns. The sampling period covers a ten-year span from 2000 to 2009. Based on the earnings response coefficient model, our results show that translation adjustments are positively associated with stock returns, and thus suggesting that the accounting effect of translation adjustments dominates the economic effect. However, the result of the conditional association analysis shows that this relationship becomes statistically insignificant for firms with zero reported transaction gain/loss. Furthermore, when we examine the results by industry, we observe that stock returns are positively affected by an increase in translation adjustments only for the agriculture, manufacturing and finance industry. The year by year analysis shows that the impact of translation adjustments on stock returns is non-stationary. A strong economic effect is observed only in the Years 2000 and 2001 whereas a strong accounting effect is found in the Years 2008 and 2009.
Greening of Corporate Governance: Wealth Effects of Sustainability Officer Hiring
Authors: Ghani WaQar , Sharma Rajneesh , Stagliano A.J.
Published: February 2023

This study reports on the impact that firms’ hiring of sustainability officers has on their shareholders’ wealth. Our stock market tests show a significantly positive effect on the wealth of shareholders of firms around the time of sustainability officer hiring announcements. It appears that hiring these officers by publicly traded firms is a signal to the market that the firm is serious about its sustainability plans and actions. These results also suggest that shareholders view a firm’s commitment to sustainability as a sound strategic choice that will accrue financial benefits for the long term.
Performance of Dow Jones Sustainability Indexes
Authors: Balik Robert , Mehran Jamshid
Published: February 2023

Currently sustainability is a frequently used buzzword in the business world and in business schools. RobecoSam, in collaboration with Dow Jones, created and continually updates sustainability indexes. The alpha from the Jensen Performance index and the Four Factor Model are used to estimate the monthly abnormal performance, alpha, for four of these indexes with three indexes having two different time periods. When the CRSP value weighted index is used as the market proxy, all fourteen of the alpha estimates are negative and the smallest p value for the null hypothesis that the population alpha equals zero is 0.08. When the MSCI World Index is used as the market proxy all fourteen of the alpha estimates are positive and five have a p-value less than 0.06, 6 percent.
The Impact of the Bio-terrorism Act on the Supply Chain and Firm Value
Authors: Johnson Mark , Kang Min , Zhou Yifan
Published: February 2023

On June 12, 2002, President Bush signed into law the Public Health Security and Bioterrorism Preparedness and Response Act of 2002. The Bioterrorism Act requires domestic firms and importers to register their agribusiness facilities with the U.S. government, to notify Homeland Security prior to shipment of agricultural products, and to keep records on the origination of agricultural inputs and the destination of agricultural outputs. Thus, the Act significantly altered the U.S. regulatory climate for both U.S. and foreign food industry firms who do business in the U.S. We present evidence that the passage of the Bioterrorism Act resulted in an average 3.2% decline in the market value of equity of domestic food industry firms. Cross-sectional analysis suggests that costs are increasing in the diversity of the firms’ supply chains. Contrary to the conclusions of prior research, we also find that the Bioterrorism Act does not constitute a non-tariff barrier to Canadian food firms. We base this conclusion on the fact that the negative wealth effects for U.S. firms are similar in magnitude to those previously reported for Canadian firms.
Risk Perceptions of Mutual Funds-Evidence from an Experimental Approach
Authors: Bhattacharyya Nalinaksha , Huhmann Bruce , Samu Sridhar
Published: February 2023

Analysis of mutual fund advertisements in previous research has shown that most (88%) do not contain all the requisite information on the risk-return trade-off, principal-agent conflict, and transaction costs that consumers need to optimize their investment decisions. This research reports the findings of an experiment carried out to understand the Huhmann-Bhattacharyya (2005) paradox. Results indicate that including information on risk-return trade-off, principal-agent conflict, and transaction costs in mutual fund advertisements increase consumer risk perceptions of the mutual fund. This result has important policy implication for levelling the playing field in mutual fund advertising. For example an interesting and important public policy question would be whether or not financial literacy training alters advertising information usage and attitudes. Results could help determine public policy on imparting financial literacy training to the general population.
On the Equivalent Annual Cost Method
Authors: Han Dan , Qi Howard , Xie Alice
Published: February 2023

The equivalent annual cost (EAC) method is a useful tool in asset pricing, lease financing and corporate investment. It deals with projects with different economic lives and has wide applications in many fields outside the finance or even business. However, the important EAC concept and its applications are not always very well understood even within the finance academia. There are a few misunderstandings surrounding 1this widely taught and practiced methodology as evidenced by our experience with finance professionals over the past decades and the lack of clarity in all the mainstream textbooks we have surveyed. One of them is the misconception that the EAC method requires infinite time horizon and infinite repetitions of the identical project or equipment. Given its importance and wide application, the finance profession has an obligation to serve well its gatekeeper role by not overlooking these misconceptions. Thus far, no one has raised and addressed these misconceptions. We fill in this void by explicitly revealing, explaining and addressing these misconceptions. Specifically, we argue that infinite horizon is a convenience but not a necessity by showing how the method can be used for projects or assets with finite horizons and what cautions one has to take. We also provide threads for future studies along this line. Our work makes a marginal contribution the finance theory, pedagogy and practice.
Religion and Ethics-Based Economic and Financial Systems: A Survey of Insights into Islamic Economics and Finance
Authors: Ahmed Ehsan
Published: February 2023

This article examines the foundations of Islamic economic thought and its implications for a financial system as developed by its key proponent, Sayyid Abul Ala Mawdūdī, and his disciples. A critical analysis of the ideology follows this examination. We explore the reasons for it not finding general support in the mainstream academic circles, and for not leading to meaningful and innovative financial products or economic programs. Our analysis and the extant empirical evidence support the idea that the Islamic economics’ framework needs major revisions. It appears from our survey and analysis of the recent literature that Islamic economics and finance is still a work in progress and has a long way to go before it can offer a viable market-consistent alternative to the modern banking and financial system.
Does China Really Have a Serious Real Estate Bubble?
Authors: Wang Ying , Campbell Michael , Gai Xiaomin , Johnson Debra
Published: February 2023

This research uses 2002-2013 Chinese data to analyze the Chinese real estate market. We look at the returns on direct real estate, securitized real estate, and the general stock market. We compare the financial health of the real estate industry to the financial health of other industries. We do not document an overheating real estate industry, even though the real estate industry does have a higher debt to asset ratio compared with other industries. The monthly return is above 1% for all three types of investments (direct real estate, securitized real estate, and the general stock market). The Chinese economy does grow at a shocking pace. This is not limited to one industry. If there is overheating, we believe it relates to the Chinese economy as a whole.
Effects of Credit Union Service Organizations on Credit Union Performance
Authors: Van Dalsem Shane
Published: February 2023

This study examines the effects of credit union service organizations (CUSOs) on credit union performance for the period 2009 through 2014. I use random effects models with Mundlak (1978) correction to estimate the relationships between CUSOs and credit union performance variables. Credit union participation in CUSOs increased over the sample period and participation increases with credit union size. CUSO participation is divided based on whether the credit union wholly owned the CUSO or was required to collaborate with other institutions. I find evidence that participation in wholly-owned CUSOs increases the interest rate spread, collaborative consumer mortgage origination reduces loan rates, and insurance brokerage or agency significantly increases non-interest income for credit unions. The results of the study support existing findings that small organizations are reluctant to give up autonomy and offer insight on which CUSOs benefit credit unions and their members.
Puerto Rico’s Impending Defaults and Fall: Is There a Viable Solution?
Authors: Hadley Brandy , Estes Jim
Published: February 2023

Puerto Rico has amassed critical amounts of debt through intertwined bond issues and the usage of Capital Appreciation Bonds. This paper explores the background leading to the impending defaults with a focus on the viability of alternative solutions including bankruptcy, the issuance of a Superbond, insurance coverage, revenue diversion, and PROMESA debt restructuring.
Employee Stock Options: Financing Constraints Explanation
Authors: Tsebro Pavlo
Published: February 2023

Prior literature suggests three explanations for granting stock options as a form of compensation to non-executive employees. Broad-based option grants can be used as an incentives tool, a sorting mechanism, and a means of assisting with employee retention. An alternative explanation is that financially constrained firms use broad-based option grants as a form of self-financing. Using empirical data on broad-based option grants, a financial constraints index and individual variable proxies for financial constraints, we examine the relationship between option grants and the severity of financial constraints to which the firm is subject. We find that direct financial benefits to the firm from the use of option grants are possible. However, sorting is more likely reason for using broad-based option grants, while self-financing is a positive side effect of sorting.
Do the International Monetary Fund Lending Programs Create Moral Hazard?
Authors: Craig Karen Ann , McAllister John
Published: February 2023

Using International Monetary Fund lending data from 2005 through 2015, we find evidence that the IMF General Resources Account credit creates moral hazard that is concentrated in European and EU-member countries. Our results hold for the periods of time just prior to and after the financial crisis. In contrast, we find moral hazard associated with the IMF Poverty Reduction Growth Trust creates moral hazard only prior to the financial crisis and we attribute this change to the 2010 modifications to the trust.
TGIF? The Weekend Effect in Energy Commodities
Authors: Hoelscher, Seth , Mbanga Cedric , Nelson Walt
Published: February 2023

While there exists today ample evidence of the weekend effect in the equity and currency markets, similar evidence in the commodities market remains sparse. In this paper, we investigate the presence of the weekend effect in crude oil and natural gas markets. The sample uses daily spot returns in crude oil (WTI and Brent) and natural gas markets from the U.S. Energy Information Administration for periods beginning as early as data is available (1986, 1987, and 1997 respectively) through May 2017. We estimate robust OLS and median regression models across the entire sample period and three approximately equal subperiods for each of the commodities. We find evidence of the weekend effect for WTI and Brent commodities whiledocumenting a “reverse” weekend effect in natural gas returns.
Cointegration Relationships Between Markets Under Different Currency Systems: Post 2007 Financial Crisis
Authors: Su Yuli , Wong Yimyu , Yip Yewmun
Published: February 2023

In this study, we examine the cointegration relationships between the US stock market and those of 76 international markets (with 22 developed, 24 emerging, and 29 frontier markets) in the post 2007 Financial Crisis period. Overall, we find that international stock markets are not cointegrated with the US stock market. Over the long run, international portfolio diversification is an effective way to manage country risk. Stock markets in countries with free-floating exchange rate system seem to be more integrated with the US stock market. In other words, US investors may enjoy greater benefits from portfolio diversification by investing in countries whose currencies are not free-floating. However, during a crisis, stock markets becomes more cointegrated as observed by the spike in the recursive cointegration graphs. A financial crisis in one country can have an impact on the stock market of another country. The observed contagion effect makes international portfolio diversification strategy less effective during a crisis.
Winner’s Curse in Insurance and Underwriting Cycles
Authors: Yan Zhiqiang , Pryor Charles
Published: February 2023

In this paper, we develop a simple economic model to explain how an entrant insurer may suffer the winner’s curse in the sense that the entrant insurer’s risk pool is less profitable than that of an incumbent insurer. In addition, we exploit the strategic interactions and the pricing dynamics between entrant and incumbent insurers to describe the formation of an insurance underwriting cycle. Empirical tests based on the predictions of our economic models are conducted in the homeowners and product liability insurance markets for the period 1995-2001. We find that (1) the winner’s curse is present in the product liability insurance market, but not in the homeowners insurance market; and that (2) larger insurers tend to be more profitable in underwriting than their smaller competitors.
Does Market Timing Beat Dollar Cost Averaging?
Authors: He Yan , Wang Junbo
Published: February 2023

This paper explores several methods for investing a series of monthly cash contributions in an equity index, such as the S&P 500 or the Nikkei 225. The dollar cost averaging (DCA), three variations of market timing (MT1, MT2, and MT3), and 12-month perfect foresight (PF) are examined, and they are built on the same assumptions, such as monthly cash inflows, no borrowing of cash, and no selling of equity. The PF outcomes, unachievable by human beings, serve as the optimal boundaries. Our results show that in both the U.S. and Japanese markets, the PF dominates the DCA, while the MTs tend to deliver similar results as the DCA. Thus, the DCA seems an effective investment method.
Impact of Post-Trade Transparency on Investors: Evidence from an Emerging Market
Authors: Chiao Cheng-Huei , Lin Chiou-Fa , Qiu Bin
Published: February 2023

This study examines the effects of a post-trade transparency event on the payoff to informed and uninformed traders of large and small size firms. The evidence indicates that the event leads to a significant decrease in the payoff only to informed traders of large firms, while there is little change in the payoff to other investors. The implications are two-fold, that the event is beneficial to market fairness for large firms although it has the drawback of discouraging informed traders from producing/sharing information; and secondly, the event has no universal and equivalent impact for different groups of investors.
ESG Risk in Times of Crisis: Evidence from the COVID-19 Pandemic
Authors: Jones Samuel
Published: February 2023

This study compares the volatility of the S&P 500 ESG index and its conventional counterpart during the COVID-19 pandemic.  The conditional volatility of each index is generated from an EGARCH model, with these series then used in a vector autoregression.  Impulse response functions computed from the VAR show an increase in the conditional volatility of both the ESG and conventional index in response to various pandemic related shocks.  However, the impact on the ESG index is significantly less than that of the conventional index, providing further evidence backing the claim that socially responsible investments are less risky than other investments during times of economic crisis.
Distribution Systems and Efficiency of Life Insurers in Korea
Authors: Park Jin
Published: February 2023

This study investigates the technical efficiencies of all life insurance companies in Korea using data environment analysis (DEA) for the sample of 2006 – 2017.  During the sample period studied, new life policy sales by cyber marketing and traditional face-to-face sales have significantly increased and sales by other distribution methods have parred or decreased.  The estimates of average technical efficiency measures of Korean life insurers are about 18 percent higher than those of foreign life insurers.  Among competing regression models, a random effects model is found to be an appropriate model and shows that cyber marketing and tele-marketing have a statistically significant positive impact on insurers’ efficiency, while there is a statistically significant negative relationship between the capital input and the efficiency.  The findings of this suggest that insurers should strive to increase their operational efficiency by reevaluating and restructuring their distribution channels.
Features of consumer market developing in the Moscow-Minsk inter-capital areas
Authors: Kuzavko A.S.
Published: February 2023

The article is devoted to the study of a factor that can influence the consumer market of the region, but has not been fully explored so far. The hypothesis is being tested that development poles may arise in the capital regions, reducing the economic potential of the regions located between them. Close proximity to the capitals, relatively low time and financial costs of moving, attractive offers on the labor market in the capital regions, differentiation of the breadth and depth of the assortment on the goods and services market – these and other features characterize the economic system of the intercapital. In this study, the goal is to consider the dynamics of the statistical indicators of the consumer market of the Russian-Belarusian intercapital in comparison with national indicators. The retail trade turnover and the volume of paid services to the population were chosen as the main indicators of the consumer market. The lag of the analyzed indicators in the intercapital region from the national values is proved. It is also confirmed by the indicators of the solvency of the population, which are discussed in the article. Graphically shows the differentiation of some regions of central Russia and Belarus in terms of average per capita indicators of the consumer market. Comparison of statistical indicators shows that the inter-capital position is a factor that can have a destructive impact on the consumer market of such regions.
INTEGRAL ASSESSMENT OF ENVIRONMENTAL SITUATION IN CLOSED ADMINISTRATIVE UNITS IN RUSSIAN FEDERATION
Authors: BITYUKOVA V.R. , PRUSIKHIN O.E.
Published: February 2023

In the paper there are a complex estimation of environmental situation in the enclosed administrative divisions (ZATO) of the Russian Federation using ecological stress index. The research based on authors-gathered database, composed of open data by Rosvodresursy, Rostechnadzor, EMEP modelled air depositions and concentrations, USGS EarthExplorer. Using cluster analysis, two different typologies of the ZATOs was made. With the help of this methodic, the specialization was described as the main determinant of the ZATO environmental situation. The other findings are: ZATOs make pressure on water resources and radiation level. From the territorial point of view, Krasnoyarsky krai, European North and Ural are the areas of high ecological stress ZATOs concentration and the best environmental situation is in Novouralsk. The major part of Russian ZATOs, according to the results, have better and stable environmental situation.
Public-private partnership projects as a tool for infrastructure development in the Russian Far East
Authors: Adamaytis S.A.
Published: February 2023

The study examines the geography of public-private partnership (PPP) infrastructure projects in the Russian Far East and the main areas of infrastructure development in which this tool is used. Based on the data of the Rosinfra Platform, regional registers of PPP projects and other open data, the main areas of infrastructure in which projects are being implemented, as well as the volume of investments and major projects, were analyzed; differences in the structure of investments in PPP between the Far Eastern economic region and Russia are noted. It is shown that the share of the Far East in all-Russian investments in PPP projects is higher than its share in the population and economy, however, more than 2/3 of investments are concentrated mainly in three regions - the Republic of Sakha (Yakutia), Khabarovsk Krai and Sakhalin Oblast. Also, three groups of projects have been identified depending on the main purpose of their implementation, including PPP projects aimed at natural resource development, improving transport connectivity (both between the regions of the Far East and with other macro-regions of Russia and countries), and maintaining the standard of living of the population. It is noted that PPP projects are mainly used for the development of infrastructure aimed at achieving the last two goals. PPP mechanisms play the greatest role in the development of the Amur Region and the Republic of Sakha (Yakutia), where they ensure the creation of strategically important bridge crossings.