Miracle-dz/UniFAR-FTUs huggingface dataset:
Earnings Management, Conservatism, and Earnings Quality

This monograph reviews economic models that study earnings management and conservatism in an information economics framework. Both introduce a deliberate or a mandatory bias in financial reports. The fundamental issue this monograph addresses is what economic effects these biases have on earnings quality. We focus on models of managers in firms interacting with rational capital market participants, and briefly consider some contracting models. The models allow us to analyze earnings management and rational inferences by market participants in equilibrium in a variety of settings and to pinpoint costs and benefits of earnings management. We discuss how investors can elicit the maximum information from the biased reports and what potential remedies actually achieve in equilibrium. For example, accounting standards that reduce discretion for earnings management may be detrimental from a welfare point of view. In rational expectations models earnings quality can be defined as the information content in reported earnings. We discuss the earnings response coefficient, value relevance, and accounting-based earnings quality measures and how they reflect changes in earnings quality. Further, we review analytical work on conservatism of accounting standards and why conservatism can be welfare-enhancing even though it introduces a bias in the earnings reports. It is exactly through this bias that the benefit arises. Therefore, a differentiated view of earnings management and conservatism is warranted; neither is principally desirable or undesirable, but this depends on the circumstances. The benefit of equilibrium models is that they offer a rigorous explanation for the phenomena and show that sometimes conventional wisdom does not apply. There exist subtle interactions between accounting standards, the institutional environment, and earnings management that lead to several insights that challenge conventional wisdom. The models describe the economics behind these results and the particular circumstances.
The mitochondrial cytochrome oxidase II gene in Bacillus stick insects: ancestry of hybrids, androgenesis, and phylogenetic relationships.

Sequencing of a cytochrome oxidase II (COII) gene fragment in Bacillus taxa provided evidence that the bisexual B. rossius is the maternal ancestor of the hybridogenetic B. rossius-grandii strains and revealed the same ancestry for both parthenogenetic hybrids: the diploid B. whitei (B. rossius/grandii grandii) and the triploid B. lynceorum (B. rossius/grandii grandii/atticus). Present data clearly demonstrate that all Bacillus unisexuals arose through asymmetrical hybridization events and realized a paraphyletic derivation from the B. rossius redtenbacheri subspecies. The invention of B. rossius mitochondrial DNA haplotypes in specimens with B. grandii grandii nuclear genomes revealed the occurrence of androgenesis in nature. Natural androgens represent a peculiar escape from hybridity and can help maintain the hybridogenetic system through the production of the fathering taxon via hybrid females. Results from the COII gene support the phyletic relationships among taxa suggested by previous taxonomical approaches, but also indicate a departure of B. grandii subspecies from the established taxonomy. Assuming the existence of a molecular clock, the evaluated substitution rate brings the splitting between B. rossius and B. grandii/B. atticus back to 22.79 +/- 2.65 myr before present, while the origin of hybrids appears to be much more recent (1.06 +/- 0.53 myr).
Risk management practices of German firms

Identifies some gaps in corporate risk management research and presents a study of risk management practices in large, non‐financial German firms. Compares the perceived relevance of different types of risk with the intensity of their management and reports that no respondents admitted major difficulty in developing a risk management system. Finds that firm survival is rated as the top goal of risk management, that respondents are closer to risk‐neutral than risk‐averse for financial risks, that around half centralize treasury management and 88 per cent use derivatives. Ranks the types of derivatives used and the importance of associated problems; shows how foreign exchange risk, US $ exposure and interest rate risk are managed; and assesses attitudes towards foreign exchange and interest rate risk management. Considers consistency with other research and calls for more.
A neonate with generalised bullae and pyloric atresia.

In July 2011, a 1.82-kg full-term male was delivered by caesarean section at a regional hospital. The parents were a consanguineous Pakistani couple and this was their firstborn. At birth, the baby exhibited generalised ruptured bullae (Fig 1), but there was no family history of any bullous disorder. The boy’s nails were not dystrophic. New blisters continued to develop spontaneously, without any apparent trauma. The abdomen was soft. Serial abdominal radiographs revealed absence of distal bowel gas (Fig 2). An operation was performed on day 4 of life; the suspected diagnosis of pyloric atresia (PA) was confirmed intra-operatively, and a gastroduodenostomy performed. Feeding was commenced on day 10 of life. Microscopic examination of a punch skin biopsy showed detached epidermis with blistering at the dermoepidermal junction (Fig 3). Collagen VII stain was positive, in keeping with the clinical diagnosis of certain types of epidermolysis bullosa (EB).
Wealth Accumulation of Canadian and Foreign-Born Households in Canada

This study focuses on the role of foreign‐born households in Canada's asset market. An empirical analysis of wealth accumulation is conducted for a large sample of Canadian households circa 1977–84. This study period reflects a change in Canada's immigration policy which resulted in immigration Rows switching from Europe to Asia. A life‐cycle framework is used to examine wealth accumulation behaviour of the foreign‐born vis‐a‐vis Canadian‐born households. The empirical results confirm the existence of an inverted ‘U’‐shaped wealth‐age profile for both Canadian and immigrant households. However, the 1977 results show that the rate of wealth accumulation is higher for the immigrant household than the Canadian‐born household in pre‐retirement years, while the 1984 results reveal the opposite. After retirement, the rate of wealth dissipation is slower for Canadians than for foreign‐born households. Only the 1984 results indicate that public social security wealth displaces household savings for both the Canadian‐born and the foreign‐born by a small amount. Finally, an immigrant household exhibits a stronger transfer motive within a family than a Canadian‐born household regardless of year tested.
Risk-Return Measures of Ex Post Portfolio Performance

Risk continues to be a widely discussed topic within the field of finance. Academicians add risk variables to their quantitative models, while financial practitioners include risk considerations in their qualitative deliberations. In both contexts, risk — together with some measure of profit or return — generally comprise a dual or composite criteria for investment decision-making purposes. Whereas the decisionmaking situation can be described as ex ante, this article deals with risk in an ex post context. In particular, it reports an investigation of alternative risk-return measures which are designed to rank and evaluate the ex post performance of investment portfolios. Section I reviews three composite measures of performance and examines their interrelationships. A fourth alternative measure is also suggested. In Section II, the measures are used to rank the portfolio performance of a sample of mutual funds. Some difficulties in making performance comparisons of these funds against the market are discussed in Section III. The final section briefly explores the implications of the study and suggests areas for subsequent research.
Executive functioning in high-IQ adults with ADHD

Background To examine the association between psychological tests of executive functioning and functional outcomes among high-IQ adults with attention deficit hyperactivity disorder (ADHD). Method Subjects were high-IQ adults with (n=64) and without ADHD (n=53). Subjects were administered a battery of neuropsychological tests assessing executive functioning. Results High-IQ adults with ADHD performed less well than those without ADHD on several psychological tests of executive functioning, including the Wisconsin Card Sorting Test (WCST), Stroop Color and Word Test, Rey–Osterrieth Complex Figure Test (ROCF), California Verbal Learning Test (CVLT) and an auditory continuous performance test (CPT). Test performance in the high-IQ adult ADHD group, however, was average. In the entire sample, performance on several tests of executive functioning including the ROCF and the CVLT were significant predictors of real-world functioning. Conclusions High-IQ adults with ADHD perform less well on tests of executive functioning relative to high-IQ control participants. Performance on several tests of executive functioning was a significant predictor of functioning.
Lubricin in human achilles tendon: The evidence of intratendinous sliding motion and shear force in achilles tendon

Achilles tendon is one of the most commonly injured tendons. Mechanical force is regarded as a major causative factor. However, the biomechanics of Achilles tendon and mechanical mechanism of the injuries are unclear. Lubricin expresses at regions exposed to sliding motion and shear force in a number of tissues. This study investigated the distribution and concentration of lubricin in human Achilles tendons for better understanding the biomechanics of Achilles tendon. Achilles tendons were harvested from nine cadavers. Lubricin was extracted from various locations proximal to the calcaneal insertion and quantified with ELISA. The distribution of lubricin was investigated with immunohistochemistry. Lubricin was mainly identified at the interfaces of tendon fascicles, especially in the mid‐portion of the tendon. The concentration of lubricin in Achilles tendons varied by individual and the distance from its calcaneal insertion. The distal portion of the tendon had a higher concentration of lubricin than the proximal regions of the tendon. This study suggests the presence of intratendinous sliding motion of fascicles and shear force at interfaces of fascicles in human Achilles tendon. Shear force could be an important mechanical factor for the development of Achilles tendinopathy and rupture. © 2015 Orthopaedic Research Society. Published by Wiley Periodicals, Inc. J Orthop Res 33:932–937, 2015.
It's All Good: Corporate Social Responsibility Reduces Negative and Promotes Positive Responses to Service Failures among Value-Aligned Customers

The present research investigates whether corporate social responsibility (CSR) reduces negative and promotes positive responses to service failures among value-aligned customers. Study 1 shows that customers are less likely to experience anger and spread negative word of mouth following a service failure when a firm engages in high (donating 15% of profits to environmental conservation) but not low (donating 2% of profits) levels of environmental CSR, but only if customers are high in environmental concern. In Study 2, the authors explore the benefits of CSR policies that target a broader range of beneficiaries versus policies that offer customers a choice over the firm's CSR allocations. Compared with a no-CSR policy, CSR with choice has a stronger effect on customers' emotions and intentions by enhancing perceived value alignment, reducing anger and regret over choosing the firm, and increasing guilt over harming the firm. These emotions subsequently reduce negative word of mouth and increase positive word of mouth and repurchase intentions. The results support the benefits of value-aligned and choice-based CSR policies in the wake of service failures.
Trends in the age pattern of fertility, 1995–2005, in the context of the child support grant in South Africa

There has been concern in recent years about the impact of the child support grant on fertility in South Africa and probable changes in age-specific fertility rates. Specifically, it has been mooted that the grant may be increasing age-specific fertility rates among younger women. Using the Gompertz relational model and survey and census data, this study examines trends in the age pattern of fertility in South Africa during the period 1995–2005. The results indicate that there have been shifts in the age pattern of fertility. However, the factors responsible for the shifts are debatable. Policy-makers should therefore be cautious about drawing conclusions regarding the relationship between the child support grant and fertility in South Africa, as policies based on poorly informed conclusions could have major financial implications.
Agoraphobia without panic: clinical reappraisal of an epidemiologic finding.

OBJECTIVE In the United States, the consensus among clinicians and researchers, reflected in DSM-III-R, is that agoraphobia is a conditioned response to panic attacks and almost never occurs without panic attacks. The predominant view in the United Kingdom is that agoraphobia frequently occurs in the absence of panic. While clinicians report that they rarely see patients with agoraphobia who have no history of panic disorder, community studies report that agoraphobia without panic disorder is common. For example, the Epidemiologic Catchment Area (ECA) study found that 68% of 961 persons with agoraphobia had no history of panic attacks or disorder. METHOD To understand this discrepancy, 22 subjects who had been diagnosed as having agoraphobia without panic disorder or panic attacks in the ECA study were blindly reinterviewed 7-8 years later with the Schedule for Affective Disorders and Schizophrenia--Lifetime Version Modified for the Study of Anxiety Disorders; data from these interviews were blindly reviewed by a research psychiatrist who was not involved in the original data collection or the reinterview process. RESULTS On reappraisal, 19 of the 22 subjects had simple phobias or fears but not agoraphobia. One subject had probable agoraphobia without panic attacks, one had definite panic disorder with agoraphobia, and one had probable agoraphobia with limited symptom attacks. CONCLUSIONS Epidemiologic studies that used the Diagnostic Interview Schedule and lay interviewers, such as the ECA study, may have over-estimated the prevalence of agoraphobia without panic. Agoraphobia without panic attacks occurs but is uncommon, and the diagnostic boundary between agoraphobia and simple phobia is unclear.
The Effect of Unionization on Employment Growth of Canadian Companies

This longitudinal analysis of employment in 510 Canadian firms over the period 1980 to 1985 provides evidence that union firms in both the manufacturing and nonmanufacturing sectors experienced substantially slower employment growth than comparable nonunion firms. Controlling for industry sector, firm size, and firm age, the author finds that within the manufacturing sector, union firms grew 3.7% more slowly per year than nonunion firms, and within the nonmanufacturing sector, union firms grew 3.9% more slowly than nonunion firms. Small firms in both sectors, however, appear to have escaped any negative union effect on employment growth. Of the control variables, firm age appears to be much more important than firm size in explaining employment growth.
Corporate Behavior in Adjusting to Capital Structure and Dividend Targets: An Econometric Study

This study of financing decisions by U.S. corporations examines the issuance of long term debt, issuance of short term debt, maintenance of corporate liquidity, issuance of new equity, and payment of dividends. Given costs and imperfections inherent in markets, a firm's financial behavior is characterized as partial adjustment to long run financial targets. Individual firm data are used so that speeds of adjustment are allowed to vary by company and over time. The results suggest that financial decisions are interdependent and that firm size, interest rate conditions, and stock price levels affect speeds of adjustment. THIS STUDY OF FINANCING DECISIONS by U.S. corporations examines the issuance of long term debt, short term debt and equity, the maintenance of corporate liquidity, and the payment of dividends. The firm's financial behavior is characterized as partial adjustment to long run financial targets, and individual firm data (1966-1978) are used to estimate firm-specific, time varying speeds of adjustment. The results suggest that financial decisions are interdependent and that firm size, interest rate conditions, and stock price levels affect speeds of adjustment. Also, the estimated coefficients are more plausible than the very small (Taggart [28]) or very large (Spies [26]) values found in earlier studies. Section I of the paper introduces the general model. In Section II, a tractable empirical model is developed. Section III presents the data to be used in the study and discusses econometric issues. In Section IV, results and conclusions are offered.
Environmental Governance and Transnational Municipal Networks in Europe

The nature of environmental governance within Europe is increasingly considered to be multilevel – involving actors and institutions at local, national and international levels, and from public, private and civil society spheres. One interesting feature of the development of multilevel governance is the emergence of transnational municipal networks (TMNs). This article examines why and how TMNs have emerged in the arena of European environmental governance, and the ways in which they can be conceptualised. Some specific examples of TMNs concerned with urban sustainable development are examined in order to explore the structure and capacity of networks, the development of new forms of governance within such networks, and the nature of co-operation and competition between governments and networks. From these preliminary analyses, three key themes relating to the role of such networks in environmental governance emerge: the impact of networks on policy making; their influence in multilevel governance; and issues of representation and legitimacy. In the final section, issues for future research are considered.
The effect of LH supplementation to the GnRH antagonist protocol in advanced reproductive ageing women: a prospective randomized controlled study

Although the fundamental significance of both LH and FSH for adequate ovarian folliculogenesis and steroidogenesis has been extensively discussed, the clinical implication of recombinant (r) LH to rFSH for ovarian stimulation employing the GnRH antagonist protocol remains to be elucidated. The aim of this prospective randomized controlled study was to explore whether rLH supplementation to rFSH following GnRH antagonist has an added value to the late follicular ovarian steroidogenesis in the advanced reproductive aged women.
Sources of Growth in Post-Conflict Burundi: From Destruction to Production

Burundi, a small fragile economy, went through sporadic civil war since its independence in 1962 during which rampant insecurity had adverse impact on the country’s social and economic development. While Burundi is agriculturally rich, high rate of growth of rural population places overwhelming pressure on limited land resources. It is widely recognized that without significant growth in agriculture it will be virtually impossible to address poverty reduction. Given the high population density and limited off-farm employment opportunities, enhancing agriculture productivity is key for sustainable economic growth and improving the living standard of rural families. This paper highlights the importance of: - Improved technology packages (at the production, post-harvest, processing and marketing stages). - Building the capacity of producers’ organizations. - Irrigation development (marshland irrigation systems) and conservation measures. - Basic rural infrastructure (feeder roads). - Increasing the production and improving the processing and marketing of high value export crops (coffee and tea) and diversifying agricultural exports (horticulture). To examine the roles of aforementioned factors, the paper employs a structural composition model. In so doing, it provides quantitative evidence that Burundi’s economic growth is largely determined by total factor productivity (TFP), which in turn is affected by macroeconomic policies and stability, and infrastructural and institutional quality.
Explaining different paths of democratization: The Czech and Slovak republics

Since the ‘velvet divorce’ in January 1993, the Czech and Slovak Republics seem to have developed in completely different directions: towards a role model and a problematic case of post‐communist democracy, respectively. This supposedly sharp difference in development provides in itself a very interesting topic for study; it also offers a very useful means of evaluating the many theories that have been offered to explain (un)successful processes of democratization in Eastern Europe, by comparing the two countries in the light of their degree of ‘democratic consolidation’, thereby establishing in greater detail ways in which they differ. On this comparative basis the strengths of the main theories that have been put forward to explain different paths of democratization in the region more generally, and in these two republics in particular, can be tested. That experience shows how, relatively independently of existing social structures and institutions, political elites create and maintain a particular opportunity structure of political competition or conflict which, in turn, may develop its own momentum, which may endanger democracy.
Ethnic differences in the impact of parental myopia: findings from a population-based study of 12-year-old Australian children.

PURPOSE To examine the influences of ethnicity, parental myopia, and near work on spherical equivalent refraction (SER) and axial length (AL) in a population-based sample of 12-year-old Australian children. METHODS Year-7 children in the Sydney Myopia Study (n = 2353, 75.3% response) underwent an ophthalmic examination including cycloplegic autorefraction (1% cyclopentolate) and ocular biometry (IOLMaster; Carl Zeiss Meditec GmbH, Jena, Germany). Data for parental myopia, ethnicity, near work, and outdoor activities were derived from questionnaires and were available for 1781 children. Optical prescriptions of parents were sought if the spectacles were used. RESULTS The prevalence of myopia in the children increased with the number of myopic parents (7.6%, 14.9%, and 43.6% for no, one, or two myopic parents). In parallel, the mean SER (+/-SE of the mean) was more negative (0.70 +/- 0.08, 0.34 +/- 0.09, and -0.55 +/- 0.34 D), and the mean AL was longer (23.32 +/- 0.05, 23.44 +/- 0.06, and 23.62 +/- 0.16 mm) after adjustment for demographic and environmental factors. In multivariate analyses, odds of childhood myopia did not change with higher levels of near work (odds ratio [OR] = 1.01; 95% confidence interval [CI] = 0.99-1.03). Interactions between parental myopia and ethnicity were significant for SER and AL (both P < 0.0001), reflecting greater decreases in SER and greater increases in AL with the number of myopic parents in the children of East Asian ethnicity than in the children of European Caucasian ethnicity. In the nonmyopic children, there was no association between parental myopia and AL. CONCLUSIONS In this sample, parental myopia was associated with more myopic SER and longer AL, with significant ethnic interactions.