rafmacalaba/datause-encoder-data huggingface dataset:
# **1. Introduction**

In this paper, we address three interrelated questions. (1) How many and which firms issue equity and bonds in domestic and international markets? (2) What happens to the assets, sales, and number of employees of firms that issue debt and equity relative to non-issuers? (3) How does the comparative performance of issuers and non-issuers differ across the firm size distribution (FSD)?

Researchers have not fully addressed these questions. Several papers argue that large firms are the ones that access capital markets (e.g., Harris and Raviv, 1991; Myers, 2003), but there is no systematic documentation of the number and size of firms issuing securities across countries and whether these have changed as the volume of capital market activity has expanded worldwide. In addition, a large literature discusses why firms issue new securities and how they perform when they raise new funds (e.g., Jensen, 1986; Hart, 1995; Welch, 2004; Henderson et al., 2006; Kim and Weisbach, 2008; De Angelo et al., 2009; Hertzel and Li, 2010; Brealey et al., 2011; Graham and Harvey, 2011; Shin and Zhao, 2013; Shin, 2014). But this influential line of inquiry has not studied whether that performance varies with firm size. A separate, growing body of research focuses on firm size and analyzes whether firm growth varies along the FSD (e.g., Cabral and Mata, 2003; Angelini and Generale, 2008; Luttmer, 2011; Arellano et al., 2012; Buera et al., 2014; Midrigan and Xu, 2014). But this research has not studied the differential performance of firms of different sizes when they issue debt and equity. In this paper, we provide the first assessment of which firms issue securities and how they perform relative to non-issuing firms across the FSD.

To address these questions, we assemble a new data set on firm-level domestic and international issuances of equities and bonds during 1991-2011 and match this information with balance sheet information on 45,527 publicly listed firms from 51 countries during 2003-2011. By linking issuance activity with balance sheet data, we document new patterns about the comparative behavior of assets, sales, and employment for issuing and non-issuing across the FSD. We conduct 2
**A1.1 1 Political Economic Risk Consultancy (PERC)**

The Political and Economic Risk Consultancy specializing in strategic information and analysis for companies doing business in the countries in East and Southeast Asia. PERC was founded in 1976 and is headquartered in Hong Kong. As of May 1999, PERC can be reached at http:l/www.asiarisk.com/perc.htr **il.** PERC has conducted three surveys of expatriate business managers in the East Asia region. The results of these surveys were published under the tiles "Corruption in Asia in 1998" (from Asian Intelligence Issue #507' April 1, 1998), 'Transparency Problems In Asia" (from Asian Intelligence Issue #498, November 19, 1997), and "Shortcomings of the Media in Asia" ([PUBLICATION INFO]). Based on the average responses in these surveys, PERC has produced country ratings. In this paper, we use data from each of these three surveys.

# **Corruption in Asia in 1998**

In this survey, foreign managers working within the East Asia region were questioned about their perception of corruption, the quality of the legal system, and the professionalism and reliability of the police and judiciary. We have obtained their data on corruption for 12 countries, based on a total of 427 responses. With respect to corruption, respondents were asked "To what extent does corruption exist in a way that detracts from the business environment for foreign companies?".

# **Transparency Problems in Asia**

In this survey, foreign managers in the East Asia region were asked about their perceptions of transparency in the business environment. A precise definition of transparency was not provided to respondents.

# **Quality of the Media**

In this survey, businessmen (including foreign and local mangers) in the East Asia region were asked their perceptions regarding the degree of censorship practiced, the quality of local media, access to foreign print media, and access to foreign broadcast media.

<!-- Start of picture text --> Table A1.1 1 Political Economic Risk Consultancy<br><!-- End of picture text --> <!-- Start of picture text --> 1 Corruption<br>2 Transparency<br>3 Quality of the Media<br>Degree of censorship practiced<br>Quality of local media<br>Access to foreign print media<br>Access to foreign broadcast media<br><!-- End of picture text --> 51
**Table 10.A. Model comparison: Bias of zinc price forecasts**

(U.S. dollars per metric tonne)

|**Approach**|**Horizon**|**Consensus**|**Futures**|**Bivariate**<br>**correlations**|**BVAR**|**OEM**|**Machine**<br>**learning**|
|---|---|---|---|---|---|---|---|
|Consensus<br>|3<br>|-98.1|...<br>|...|...|...|...|
|Futures|3||-44.7|...|...|...|...|
|Bivariate correlations|3|||-19.7|...|...|...|
|BVAR|3||||-102.3|...|...|
|OEM|3|||||-54.6|...|
|Machine learning|3||||||-55.9|
|Consensus|6|-103.2|...|...|...|...|...|
|Futures|6||-52|...|...|...|...|
|Bivariate correlations|6|||129.5|...|...|...|
|BVAR|6||||-130.1|...|...|
|OEM|6|||||-64.1|...|
|Machine learning|6||||||-34.2|
|Consensus|9|-124.6|...|...|...|...|...|
|Futures|9||-61.7|...|...|...|...|
|Bivariate correlations|9||*|227.3|...|...|...|
|BVAR|9||||-126.8|...|...|
|OEM|9|||||-73.2|...|
|Machine learning|9|||*|||-16.3|
|Consensus|12|-130.6|...|...|...|...|...|
|Futures|12||-75.4|...|...|...|...|
|Bivariate correlations|12|*|*|331.2|...|...|...|
|BVAR|12|||*|-105.6|...|...|
|OEM|12|||*||-83.8|...|
|Machine learning|12|||*|||1.6|
|Consensus|15|-134.5|...|...|...|...|...|
|Futures|15|...|...|...|...|...|...|
|Bivariate correlations|15|...|...|...|...|...|...|
|BVAR|15||...|...|-176.8||...|
|OEM|15||...|...||-86.2|...|
|Machine learning|15||...|...|||27.2|
|Consensus|18|-140.6|...|...|...|...|...|
|Futures|18|...|...|...|...|...|...|
|Bivariate correlations|18|...|...|...|...|...|...|
|BVAR|18||...|...|-161.3|...|...|
|OEM|18||...|...||-75.2|...|
|Machine learning|18||...|...|||57|
|Consensus|21|-146.9|...|...|...|...|...|
|Futures|21|...|...|...|...|...|...|
|Bivariate correlations|21|...|...|...|...|...|...|
|BVAR|21||...|...|-105.1|...|...|
|OEM|21||...|...||-68.9|...|
|Machine learning|21||...|...|||68.3|
|Consensus|24|-157.2|...|...|...|...|...|
|Futures|24|...|...|...|...|...|...|
|Bivariate correlations|24|...|...|...|...|...|...|
|BVAR|24||...|...|-109.5|...|...|
|OEM|24||...|...||12.1|...|
|Machine learning|24||...|...|||70.2|

_Source_ : World Bank.

_Note_ : Bias is defined as the difference between the actual price and the predicted price. The forecast period is 2015Q12022Q1. Forecasts for OEM are only available at the semi-annual frequency; forecasts for all other approaches are available at the quarterly frequency. Diagonal entries indicate estimates of average bias for the respective approach. * indicates significant difference between the forecasts of any pair of approaches, at the 5 percent significance level according to a t-test (bias) or F-test (RMSE).

50
- Khun, M. and RÃos-Rull, J.-V. (2015). 2013 Update on the US Earnings, Income, and Wealth Distributional Facts: A View from Macroeconomic Modelers. mimeo.

- King, R. G. and Rebelo, S. T. (1993). Transitional Dynamics and Economic Growth in the Neoclassical Model. American Economic Review, 83(4):90831.

- Lucas, R. (1978). On the Size Distribution of Business Firms. Bell Journal of Economics, 9(2):508523.

- Maddison, A. (1998). Chinese Economic Performance in the Long Run.

- Neumeyer, A. and Sandleris, G. (2009). Productivity and resource misallocation in the argentine manufacturing sector 1997-2002. mimeo.

- Piketty, T., Yang, L., and Zucman, G. (2019). Capital accumulation, private property, and rising inequality in china, 1978 2015. American Economic Review, 109(7):246996.

- Restuccia, D. and Rogerson, R. (2008). Policy distortions and aggregate productivity with heterogeneous establishments. Review of Economic Dynamics, 11(4):707 720.

- Song, Z., Storesletten, K., and Zilibotti, F. (2011). Growing like china. American Economic Review, 101(1):196233.

- Varela, L. (2017). Reallocation, Competition, and Productivity: Evidence from a Financial Liberalization Episode. The Review of Economic Studies, 85(2):1279 1313.

- Zeileis, A. (2021). pwt10: Penn World Table (Version 10.x). R package version 10.0-0.

# A Data Description

We rst provide a list of the countries captured as accelerations by the methodology of Hausmann et.al (2005) and the full list of post-communist transitions.

For these countries, we construct the average of _TFP_ and investment rate dynamics relative to the acceleration year, or relative to the liberalization year in the case of a post-communist transition, which we date to be 1990. The underlying 39
homes to accommodate parents in Japan, Sweden and Norway; and day care centers or respite care to give caregivers temporary relief in Hong Kong, Singapore, France, Germany and the U.K. (World Bank, 1994). I am not aware of any careful research evaluating the efficacy of these measures. Such research would be worth doing, and such policies may be worth serious consideration by other developing countries.

# **III. How to Prevent Poverty Among Older Women**

Among the old who are poor and uninsured, women are disproportionately represented in most countries. They often lack the labor force participation that would entitle them to contributory benefits, and even if covered, they are usually only "partially insured" because their level of education, wages and years of service were low. They are less likely than men to have inherited property, and in some cultures, assets acquired by women are taken over and owned by men. Their greater longevity means that they are dominant among the very old, who are most likely to be poor, having used up whatever savings they previously accumulated.

The absence of labor force participation and asset ownership among women was part of a traditional family system in which husbands participated in the formal markets and wives worked in the home. Women provided non-monetized services, especially when young, while their monetary needs were supposed to be covered by their spouses and eventually their children. But in many cases this system fails, especially in old age, when women are at the receiving end of the lifetime contract. Marriages break up and the husband is the one with the formal income. Husbands die earlier than wives, with their retirement benefits used up, and often do not leave adequate resources to support the surviving spouse. (For evidence that families do not choose adequate survivors' insurance, even in countries where this is available, see Auerbach and Kotlikoff, 1991). Children move away or have income problems of their own. In these cases, the monetary support that the family was supposed to provide is not forthcoming and the low personal income of women becomes a social problem.

Social security systems should be designed to address the needs of this group. And I am glad to say that I am working on a project at the World Bank that looks into this issue more carefully. Eventually women are likely to participate more broadly in the labor market and to be covered on their own, but in the meantime it seems reasonable that public policies should ensure that the family support system they counted on when young continues into old age.

Some traditional defined benefit social security systems provide dependents' and survivors' benefits to wives of covered workers; the wives are covered by virtue of their husbands' coverage. But this means that society at large takes responsibility for dependent wives. The benefits to housewives are financed partially by taxes paid and benefits foregone by unmarried men and by wives who participate in the labor market-a high implicit tax that discourages female labor force participation and accentuates the problem.

17
pairs that are farther from each other. Average reduction in trade flow by states falls within a narrow interval of [0.56, 0.60] for trade elasticity=3.29 and [0.68, 0.72] for elasticity=4.5. All states saw a substantial decline in trade flow during the post-lockdown period, but inter-state differences were quite small despite the heterogeneous increase in freight rate over distance.

## 5.2 **Impact of transport cost shock on the spatial margin of trade**

Using an approach similar to that described above for the intensive margin of trade, we use estimates from Tables 3 and 8 (column 3) to predict the number of trips between OD pairs under the scenario of higher freight rates during the post-lockdown period. In Figure 6, we plot the predicted probabilities of being isolated during pre-pandemic and post-lockdown periods. Figure 6 indicates an upward rotation in these probabilities during the post-lockdown period relative to the pre-pandemic period as a result of which the spatial margin of trade shrank significantly in the post-lockdown period to about 1,700 km compared with about 3,900 km in the pre-pandemic period. Figure 7 plots the percentage of districts isolated in each state of India for pre-pandemic and post-lockdown periods. During the post-lockdown period, 11 states and 3 territories joined the rank of isolated states in addition to 3 states and 2 territories during the pre-pandemic period. As can be seen from the maps, remoter and poorer states became nearly autarkic due to such a large increase in freight rates during the post-lockdown period. The results for intensive margins indicated nearly a proportionate downward shift in trade flows for all states. This proportionate shift has pushed more than half of Indian states and territories into relative isolation. Interestingly, though lockdowns were enforced more frequently in large metropolitan cities, it is the relatively poorer and remoter states that were pushed to near autarkic situations.

# 6 **Conclusions**

There is keen interest in the impacts of road transport investment on economic integration and development in developing countries in light of the heavy investment needed for the construction of such 22
disproportionate sampling fractions with two-phase sampling; snowball sampling; and time and space sampling, also known as intercept point sampling, location sampling, or aggregation point sampling. We discuss each in turn. Other sampling strategies which have been used have been convenience sampling, and identifying migrants through surnames in the telephone book. For example, Osili (2006) used the Chicago phone directory and identified names of the Igbo of South Eastern Nigeria to sample Nigerian migrants in the U.S. We will also discuss the coverage of such a method in our application.

The use of stratified sampling with disproportionate sampling fractions is the approach recommended by Bilsborrow et al. (1997) in their guidelines for improving international migration statistics. They note that most countries have population census data or population registers which can be used to estimate populations and the numbers of international migrants. They therefore recommend using the census to select provinces, districts, and if possible, census sectors, with probability proportional to the number of households with migrants. After census sectors are selected, a two-phase sampling strategy can be used, in which a screening phase is first carried out to identify the respondents of special interest, and then the full questionnaire is administered in a second phase to a sample of households identified in the first phase.

In theory, this approach has the advantage of providing a representative sample of households with and without migrants. It has been used in the NIDI/Eurostat surveys in Egypt, Ghana, Morocco, Senegal and Turkey. In most of these applications, surveying is first restricted to certain provinces or districts where migrants are thought to come from, in order to reduce survey costs. For example in Ghana the survey chose 17 electoral districts, and screened 21,504 households according to household migration status, in order to arrive at a target sample of 1,980 households. 1571 households were then interviewed in the second phase (Groenewold and Bilsborrow, 2004). The disadvantage of this method is that it can be expensive and time-consuming to screen a large number of sufficient number of such households will be identified using the methods described here to find the rare elements. In our context, it is Nikkei households, both with and without migrants, that are the rare elements.

5

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# **Figure 6.1:                         Child Labor, 1999** **<u>(percent)</u>**

<!-- Start of picture text --> 35<br>30<br>25<br>20<br>15<br>10<br>5<br>0<br>Source: Data from http://www2.ibge.gov.br.<br>Norte AcreAmazonasRoraima TocantinsNordesteSudesteCentro-OesteSul Brasil<br><!-- End of picture text -->

# **EDUCATION**

Education is key to poverty reduction (see Sections 5 and 7). Increased educational attainment can improve the livelihoods of the poor and reduce the likelihood of becoming poor. More education is also a key factor in obtaining a higher income (see Appendix D). Furthermore, education is associated with fertility: the more education a woman attains, the lower her fertility rate and, therefore, the lower the dependency ratio and the lower the likelihood of falling into poverty. Therefore a clear message is that the _Paráenses_ as well as the rest of the people in the Amazon need to be brought up the educational ladder to escape poverty.

Furthermore, human capital - education and health - is an important complement to labor, boosting its productivity and potential for income generation. Each year of schooling yields an increase in hourly earnings. Disparities in education are key causes of poverty and inequality. Education is also a crucial elevator for the poor to lift themselves out of poverty. Higher educational attainment for a household head significantly reduces the probability of being poor (see Sections 5 and 7).

Pará has made progress in education and in 2002, more than 95 percent of children and youth aged 7-14 were in school. Since the number of those under age 14 is not growing (see Section 2), Pará has been presented with an excellent opportunity to increase access of the poor above fourth grade and improve the quality of primary education. At both the national and state level, governments have raised education’s share of the public budget and introduced policy changes aimed at improving access to primary education, increasing enrollment in secondary school, and diminishing regional disparities. Although progress has been made in increasing educational attainment over time, gaps remain for the poor Indians, blacks, and pardos.

38
The program's 262 percent SDI for 1995 is high compared to other programs reviewed in this report. However, the SDI measures the percent increase in the current interest rate required for the program to become self-sustaining. Thus P4K's high SDI is primarily due to the fact that the program's current interest rate of about 27 percent on an annual declining balance basis is extremely low in

# **Table** 28

Estimate of Subsidy Dependency Indexa and Required Interest Rates to Cover Program Costs for P4K Program

|||Cale|ndar Y|ear||
|---|---|---|---|---|---|
||**1991**|**11992**|1993|19924|**1995**|
|Lower bound estitiatc for SDI with full<br>prograin costs (percent)|1598|520|209|234|262|
|<br>Lower bound estimatefor SDI withdirect<br>costs onlv (percent)|108|7_303_|<br>125|184|218|
|<br>Estimated currcnt average annual interest<br>ratC(percent)b<br>|<br>27<br>|<br>27<br> <br>|<br>27<br> <br>|<br>27<br> <br>|<br>27<br> <br>|
|Estimated average interest rate required to|461|<br>168|<br>84|<br>91|<br>98|
|fund fiull program cost (percent)||_||||
|Estimiiated<br>average intcrcst rate required to|<br>322|<br>109|<br>61|<br>77|<br>86|
|<br>fund direct program costs (percent)||||||

a/ The percent incrcasc in the intercst rate that is required if the program were to operate witlhout subsidics.

b/ Annual average interest rate calculated on declining balance basis including forced savings requirements.

comparison to other programs'. Thus, this high SDI implies that the program would have to charge an interest rate of about 98 percent to be fully self supporting. This figure is less than onehalf that required for PHBK and LKP.

Furthermore, the program was reorganized within the Ministry of Agriculture which led to additional training costs in locations in which the program had been operating for some time. Also, like PHBK, P4K is expanding its geographic coverage. Thus a significant share of its expenditures represent start up costs for new regions. Therefore, it is likely that the program's subsidy will decline in the coming years.

Currently, many P4K groups retain voluntary member savings at the group level and lend these funds out to group members. Groups lending out their own funds typically charge an interest rate of 5 percent "flat" per month. This is equivalent to 154 percent per year on a declining balance basis. The volume of loans made with groups' own funds is very small. However, the high interest rates charged on these loans indicate that if the program were to reduce its current subsidy by charging higher interest rates on loans, it is likely that many current clients could afford the higher costs.

71