bluuebunny/crossref_metadata_2025 huggingface dataset:
Incidence and risk factors of biliary fistulation from a hepatic hydatid cyst in clinically asymptomatic patients
Authors: Akkapulu Nezih , Aytac H Ozgur , Arer Ilker M , Kus Murat , Yabanoglu Hakan
Published: July 2017

Biliary fistulation from a hepatic hydatid cyst is its most frequent complication. If unrecognised, this may cause difficulties during and after surgical intervention. Our study looked into its incidence and also the possible risk factors in a retrospective investigation of 60 patients (34 women) who had undergone surgery or percutaneous treatment. Demographics and anatomical characteristics, such as cyst type, location, number, diameter and laboratory findings were examined. A full 50% had biliary fistulation, with increased risk if the cyst diameter was ≥8.8 cm.
Rheological studies of functional polyurethane composite
Authors: Bakhtiyarov Sayavur I , Oxley Jimmie C , Smith James L , Baldovi Philipp M
Published: July 2017

The rheological dynamic characteristics of the functional Polyurethane composite as well as its compounds ( triethanolamine (TEOA) and toluene-2,4-diisocyanate (TDI)) with and without solid additives (aluminum flakes) were experimentally measured using a computer-controlled mechanical spectrometer (rheometer) ARES-G2. Rheological studies showed that both components behave as viscous Newtonian fluids. TEOA exhibits a strong temperature-thickening behavior. TEOA with aluminum flake additives behaves as a viscous Newtonian fluid. The effective viscosity of the two-phase mixture increases with the concentration of the aluminum additive and decreases with the temperature rise. The rheometric tests showed that the effective viscosity of the TDI/Al mixture increases with the aluminum content. The mixture exhibits thermal-thickening and shear-thinning behaviors with the yield stress. The system can be described with the Bingham plastic model. It is determined that TEOA/TDI composite exhibits a strong time-thickening and shear-thinning behaviors. The rheological behavior of this composite can be described with the power-law generalized non-Newtonian fluid model. The effective viscosity of TEOA/TDI/Al composite increases with both the testing time (exponentially) and the aluminum content (polynomial) in the mixture. However, these shear-thinning composites obey the power-law generalized non-Newtonian fluid model, and their flow curves can be described by the logarithmic law.
“A Shelter Can Tip the Scales Sometimes”: Disinvestment, Gentrification, and the Neighborhood Politics of Homelessness in 1980s New York City
Authors: Eisenberg Ariel
Published: July 2017

In the 1980s, visible homelessness became one of the most pressing problems in New York City. While most New Yorkers expressed sympathy for the homeless, many of them also resisted efforts to site shelters and service facilities in their neighborhoods. But far from being simply a case of NIMBY (not-in-my-back-yard) sentiment, protests over the placement of these facilities arose in the context of decades-long neighborhood movements against urban disinvestment and the beginning of gentrification in some New York City neighborhoods. I argue that understanding this history is crucial to parsing the complex politics of anti-homeless facility protests in the 1980s and to understanding the rise of “quality of life” policies that would govern many neoliberal urban spaces by the 1990s.
Problems of Oil Exploration in Israel
Authors: Mandel S.
Published: July 2017

Oil exploration in Israel scored important successes during the 1950s and 1960s. During the last two decades, however, it achieved only few, moderate successes interspersed with many failures. The paper presents a summary of the geologic background as well as of drilling activities, and comes to the conclusion that neglect of hydrodynamic factors is the major cause of failures to locate oil. A systematic search for secondary, hydrodynamic oil traps at medium depths is advocated.
Confronting Impediments to Enterprise: A Legal Perspective
Authors: Adlam J.G.
Published: July 2017

This paper is an edited version of a paper presented to the New Zealand Oil Exploration Conference at Wairakei, New Zealand, 1–3 July, 1987. The paper is an overview of the New Zealand legal environment as it affects petroleum explorers and their operations in New Zealand. It includes a brief summary of the New Zealand legal system and identifies the business structures commonly used and recognised under New Zealand law. It continues with an outline of the significant legal requirements governing petroleum exploration, including the Petroleum Act and Regulations (rights and obligations of Licensees), environmental and conservation laws. Overseas Investment Act and Regulations, Commerce Act. Fair Trading Act. taxation aspects of operations in New Zealand, the no-fault Accident Compensation scheme and other operational requirements. The paper concludes with comment on government participation, current government policy, the legal and administrative framework in which that policy is implemented and some comment on prospects for the future.
An Overview of Taranaki Region Geology, New Zealand
Authors: King P.R. , Robinson P.H.
Published: July 2017

Recent revisions to the paleontologic dating and lithologic correlation of the late Cretaceous and Cenozoic sediments in many wells have improved the chronostratigraphic framework for the Taranaki Basin. When combined with detailed seismic mapping and results of a study of basement trends, refinements to the timing of major structural and sedimentary events in the basin's history can be made. A resultant series of paleogeographic maps is presented.

The Taranaki Basin has developed primarily within an extensional tectonic regime, with a compressional overprint occurring variously in places from early Miocene to Pliocene. An overall transgressive sedimentary cycle existed from the late Cretaceous to early Miocene. Thereafter a generally regressive trend has continued to the present day. Subsidence patterns were broadly similar across the basin until the late Miocene, whereupon tectonic controls on basin morphology and sedimentation became more diverse.
The Pacific Rim; A Global and Regional Energy Outlook
Authors: O'Brien D.J.
Published: July 2017

The Asia Pacific region consumes about 13million b/d with the U.S. West Coast and Japan accounting for 70%. While oil demand growth in general has not reached expectation, that for transportation fuels has increased considerably eg. jet fuels 6% pa, diesel 4% pa. Oil demand growth is linked to the economies of Asia's newly industrialised countries and Japan where growth has depended on successful export trade strategies. An 11 country survey has indicated that demand growth to 1990 could be as high as 9% pa. The balance between inter-regional production and imports, largely from the Middle East, is not likely to change drastically, and refining capacity is expected to remain in surplus.
Review and Outlook for U.S. Refiners
Authors: Turner Malcolm M.
Published: July 2017

As government control has lessened, refiners are dealing with a market driven industry which will result in refineries offering gasoline of a higher octane rating. 89 octane was regarded as a target for 1992, but that level might prove non-competitive because some majors are already marketing 93 octane premium gasoline. (It is reasonable to expect that automobile manufacturers will react by offering higher perfomance engines). On a basis of a 1% annual growth rate in gasoline demand for the higher octane fuels, US refiners surplus gasoline supply capability will be exhausted in 1990. This projected shortfall is not likely to be alleviated through imports. US refiners should have good opportunity to plan for changes in an orderly manner and for stable profits.
Financing Requirements for the Oil and Gas Industry - North America
Authors: Grove A.F.
Published: July 2017

The characteristics of good energy company borrowers are strong management, integrity, diversification, flexibility, a sound financial basis and business acumen. Acceptable reasons for borrowing include requirements for working capital, plant expansion, modernisation, oil and gas field development and the manufacturing of oil tools and related products. Security for loans is based on the company's reserves, the duration of the debt and priority over other indebtedness. Most loans are evaluated on the grounds of general corporate credit, that is, the overall credit standing of the borrower.
Generating Hydroelectric Power in Quebec: Past and Future
Authors: Carpentier J. M.
Published: July 2017

Most of Quebec's electricity generation, installed capacity 26,839 MW in January 1992, is from hydroelectric installations. Present development is directed at the James Bay region of Hudson Bay – Phase 1 of the La Grande complex delivers 10,200 MW into the Hydro-Québec system and Phase 2 will add another 3,400 MW. Future development is planned the Grande-Baleine (Great Whale) and the Nottaway-Broadback-Rupert (NBR) complex. This added capacity, planned for the next 10 years will add about 12,000 MW to the system.
Quebec's Electricity Exports
Authors: Averyt W.F.
Published: July 2017

In 1987 Hydro-Québec exported over 16 TWh to New England and New York and it plans to export 3.500 MW of firm power, not interruptible, by the early 2000's. It estimates that the northeast US market has an additional potential of 9,000 MW. The export market has become more difficult than anticipated. The federal/state regulatory framework for electricity generation was changing – it encouraged small scale generation, cogeneration and conservation which decreased demand. Demand for power imports has also been influenced by pricing judgements and avoided costs. Environmental concerns and Native protest have become increasingly important factors affecting future export sales and hence the proposed James Bay developments. Regulatory changes affecting supply and pricing, concerns about continental impacts, about further development of electrical sources together with Native requirements will further complicate the Quebec-US electricity trade.
Regulatory Regime for the Gas Sector
Authors: Smith A.
Published: July 2017

As in many parts of the world, the New Zealand gas industry was subject to State intervention, both through ownership and heavy regulation. Policies of recent Governments have been for the State to withdraw from ownership of gas enterprises, and where possible remove regulations so as to open the industry up to greater competition. A new “light-handed” regulatory regime is now being introduced which is designed specifically to deal with the problems associated with those parts of the industry where there is limited scope for competition – in access to pipelines and the pricing of gas transmission and distribution. The new approach is seen as having the potential to bring significant long run advantages to both producers and consumers of gas.
Energy Market Opportunities Post-Maui
Authors: Saha G.
Published: July 2017

As supply from the Maui and other existing producing fields decline, petroleum explorers and developers need to address the question Who will be the indigenous oil and gas customers post Maui?

This paper discusses major macro- and micro-environmental trends which will influence likely market opportunities. Two sub-markets are examined. First, what trends impact on current oil and gas customers. Second, what other new customers might arise.

The macro-environment trends cover important economic, political, legislation, socio-economic and technical parameters. The micro-environment trends cover energy market structures and pricing parameters.
An Enviromental Code of Practice for the New Zealand Petroleum Industry: Is One Needed?
Authors: Stickley D C
Published: July 2017

All phases of the New Zealand petroleum industry (exploration, production, transportation, storage and distribution) are governed by various overlapping, if not conflicting, pieces of legislation. The separate treatment of petroleum under the Crown Minerals Act 1991 was a recognition that ownership and grants of right to mineral resources was a function of government that is distinct from protection of the environment. Nevertheless, the Resource Management Act 1991 is the central statute which co-ordinates conditions for prevention of marine pollution under the Marine Safety Authorities Act, Dangerous Goods Act, and the proposed Hazardous Substances and New Organisms legislation.

On-the-ground compliance has largely been delegated to local authorities. The adoption of regional and district plans recognising petroleum exploration and production as a permitted activity subject to resource consent requirements presents the opportunity for the New Zealand petroleum industry to put forward a code of practice that integrates a system of compliance to meet many, if not all, statutory requirements and ease the administration of this legislation by local authorities.
Research for the Upstream Petroleum Sector: The Crown Research Institute Concept
Authors: Beggs J M
Published: July 2017

New Zealand's scientific institutions have been restructured so as to be more responsive to the needs of the economy. Exploration for and development of oil and gas resources depend heavily on the geological sciences. In New Zealand, these activities are favoured by a comprehensive, open-file database of the results of previous work, and by a historically publicly funded, in-depth knowledge base of the extensive sedimentary basins. This expertise is now only partially funded by government research contracts, and increasingly undertakes contract work in a range of scientific services to the upstream petroleum sector, both in New Zealand and overseas. By aligning government-funded research programmes with the industry's knowledge needs, there is maximum advantage in improving the understanding of the occurrence of oil and gas resources. A Crown Research Institute can serve as an interface between advances in fundamental geological sciences, and the practical needs of the industry. Current publicly funded programmes of the Institute of Geological and Nuclear Sciences include a series of regional basin studies, nearing completion; and multi-disciplinary team studies related to the various elements of the petroleum systems of New Zealand: source rocks and their maturation, migration and entrapment as a function of basin structure and tectonics, and the distribution and configuration of reservoir systems.
Corporate Concentration in the Western Canadian Coal Industry
Authors: Jamieson Eric D.
Published: July 2017

The Western Canadian coal industry went into crisis in 1992 as a result of the attritional effects of several years of low international prices for metallurgical and thermal coal products in a buyers' market. The adverse marketing conditions for producers were exacerbated by growing financial burdens imposed by increasing capital charges and high operating costs as well as operating problems stemming from a general lack of investment for development and equipment renewal. The crisis led to massive write-downs by several companies and bankruptcy of the largest producer in British Columbia. Co-incidentally with the financial crisis one of the less affected companies became involved in a prolonged strike so that the overall production loss for 1992 amounted to 8.5 Mt or 33% or normal BC coal output.

As a result of these events the industry underwent comprehensive restructuring from which four diversified Canadian coal and mining companies emerged with substantially reduced collective capital liabilities as the new backbone of the industry. In the two years since the crisis, recovery of lost markets and redevelopment of the affected BC mines have restored production to 85% of pre-1992 levels on a much-improved financial basis, and expansion plans for 1995 call for a full return to pre-crisis production levels. However, the longer term outlook is grim for two operations and doubtful for a third as existing 15-year contracts expire in 1998 and are unlikely to be renewed under equivalent terms. Closure of the mines involved is a distinct possibility with permanent loss of 6–8 Mtpy of Western Canadian export capability.
On the Value of Options in Exploration Economics
Authors: MacKay J. A. , Lerche I.
Published: July 2017

Representations are given of the value of optioning a buy-in position to an exploration project based on both the Cozzolino risk adjusted value (RAV) formula as well as on the parabolic RAV formula; numerical illustrations indicate that there is little difference between maximal option values based on either formula. For deterministic values of success probability, ps, gain, G, costs. C, corporate risk tolerance, RT, and working interest, W, illustrations are given of the maximum option value in relation to the RAV. In addition, when probability distributions for Ps, G, C, RT and W are taken to represent ±10% or ±20% variations around fixed mean parameter values, it is shown that the corresponding cumulative probability distributions for maximum option value are remarkably similar when based on either the Cozzolino or parabolic RAV formula. It is also shown that contributions of equal fractional variations of ps, G, C, RT and W to the variance in the maximum option value are extremely unequal in relative importance and, further, increasing the variations from ± 10% to ± 20% not only causes a four-fold increase of the volatility around the mean option value, but also causes a 20% decrease in the mean, as well as re-ordering the relative importance of factors contributing to the variance around the mean option value.

For massive variations of ps, G, C, or RT, which occur outside of initial estimated ranges, it is shown that the maximum option value (or the desired working interest) has to be adjusted either to keep total project costs at a fixed level or, if the working interest is fixed, then while the total project costs increase, the RAV decreases faster than the maximum potential value, so that the maximum option value increases.

The purpose of these computations has been to illustrate explicitly how one can quantify uncertainty in option decisions at the start of an exploration project, when information is normally inaccurate and imprecise, and also how one can use later unanticipated changes in success probability, costs, gains, or corporate risk tolerance to immediately re-evaluate both the RA V of the project, the maximum worth of the option, and a new working interest to minimize or hold constant total project costs including the option cost.
Flaming Eruptions and Ejections from Mud Volcanoes in Azerbaijan: Statistical Risk Assessment from the Historical Records
Authors: Bagirov E. , Nadirov R. , Lerche I.
Published: July 2017

Information from approximately 220 mud volcanoes in Azerbaijan over the last 183 years has been used to assess the likelihood of: (a) new mud volcano formation; (b) new gryphon or salse formation: (c) mud flow parameters; (d) flame production and flame height distribution. These computations have been undertaken to provide a risk assessment for offshore rig siting based on historical information, with the offshore Chirag area, of major interest to oil exploration corporations, being used as an example of probable hazard evaluation.

The results show that: over the past 100 years only four new mud volcanoes have been observed onshore in Azerbaijan. Furthermore, newly-formed mud volcanoes are usually very small, and their eruptions do not present a serious hazard. The most probable waiting time for the formation of a new volcano in the Chirag area is about 1600 years. The probability that a new volcano will not form in this area over the next 100 years is greater than 90%.

The formation of new gryphons and salses is probable. These gryphons usually lie within the area of the crater field and along faults. In the volcanoes studied the average diameter of the crater field is about 120 m. The most probable waiting time for a first eruption is about 95 years, and for a powerful or average-strength eruption is about 270 years.

On land there is a 95% probability that the length of mud flow from an eruptive center is less than about 340 m, and that the mud width does not exceed 260 m; the average values of these parameters are 74 m and 56 m, respectively. For the marine environment establishing the corresponding values presents particular hydrodynamic problems.

The gas volume distribution during eruptions can be described by an exponential distribution with an average value of about 590 × 106m3. Small volumes of gas are also given off by degassing of volcanic breccia, but the mean value is only about 560 m3, many orders of magnitude lower than the gas volume emitted during the eruptive phase. The gas composition is mostly methane (averaging 95%), with smaller amounts of carbon dioxide (3.5%), and minor quantities of nitrogen, ethane, heavy hydrocarbons, hydrogen and helium. The hydrogen sulfide content is extremely low, of order of 10−5%.

Gas ignition depends both on volume and on the rate at which gas moves along exit channels and is emitted from such channels. The ignition coefficient, characterizing the probability that the gas will self-ignite during an eruption, is about 42% which is the average likelihood that gas will flame spontaneously. The flame height, which can reach hundreds of meters, averages 77 m, and there is a 95% probability that a flame will be in the range 60 m to 100 m, although in the majority of eruptions there is no flame recorded.
Earthquakes, Mud Volcano Eruptions, and Fracture Formation Hazards in the South Caspian Basin: Statistical Inferences from the Historical Record
Authors: Bagirov E. , Nadirov R. , Lerche I.
Published: July 2017

Based on data since 1832 from 533 earthquakes and 220 mud volcanoes in the Azerbaijan region, an analysis is given of: (a) the occurrence likelihood of weak, medium and strong earthquakes, the latter capable of causing significant damage; (b) the likely directions from which damaging earthquake waves can arrive; (c) the likelihood of a mud volcano hazard (ejected breccia and/or mud flows and/or flame ignition) in temporal association with an earthquake; and (d) the likelihood of fracture formation associated with mud volcanic eruptions.

The Chirag region of the South Caspian Basin is used to illustrate application of the methods because of the potential significance of the region for hydrocarbon exploration involving rigs susceptible to the above hazards.

The statistical information would indicate that the occurrence likelihood for a 7-balls or higher damaging earthquake in the Chirag region corresponds to an average waiting time of around 5,000 yrs; a medium strength (6-balls or higher) earthquake should occur, on average, in the region every 1,200 yrs, while a weak earthquake (5-balls or higher) is likely to occur, on average, every 110 years.

The most likely direction of longitudinal seismic waves from earthquakes of sufficient strength to cause significant damage in the Chirag region, be the earthquake epicenter in the region or at a remote focus, is roughly east and west, with a slight prevalence for a westward origin.

There is some correlation between earthquake actively and mud volcano activity, suggesting that mud volcanoes occur between zero to five years prior to earthquakes. But the correlation is not sharply delineated due to the paucity and quality of currently available data.

For surface fractures, associated with mud volcano eruptions, which can be meters wide and can stretch for a kilometer or more, only volcanoes with five or more eruptions were used to estimate the likelihood of fracture occurrence, yielding an average of about 30% chance of occurrence. The low number and low quality of data did not permit any more detailed investigation of fracture parameters – such as average width, length or offset.

In view of the potential hazards for oil rigs in the offshore South Caspian Basin, it would seem that organized, high quality, data collection both offshore and onshore should be rapidly undertaken as a vital adjunct to drilling operations in order to sharpen the assessments of risk factors presented here.
Sequence Stratigraphic Features of Weathered Carbonate Residuum Reservoirs
Authors: Rufeng Li , Zhidong Bao , Xiongqi Pang , Zhijun Jin
Published: July 2017

Studies on the sequence stratigraphic features of carbonate weathered residuum reveal that the key factor which makes the karstification possible is the permeability paths that occurred, controlled by the exposure events which resulted from drops in the sea level. The formation of carbonate weathered residuum was diagenetically associated with different interfaces of syndepositional sequences. Studies on the weathering degree (diagenetic maturation) of the parasequences in the sedimentary systems have come to the conclusion that the development maturation of the weathered residuum basically represents the increase or decrease of accommodation space. Ideally, a relevant model between sequence stratigraphy and weathered residuum is established. Introducing the theory of sequence stratigraphy into the study of the carbonate reservoirs within the weathered residuum led to the belief that sequence stratigraphic feature analysis of the carbonate weathered residuum is actually a relationship between the different interface natures and reservoir physical properties. By comparing relevant information all over the world, the authors hold that parasequences of neritic carbonates usually represent a small part of sedimentation, and the exposure period makes up about half the period of cycling. Weathered residuum reservoirs occurred dominantly within two temporal ranges: 30–120 Ma, corresponding to megasequences or mesosequences; and 0.01–0.5 Ma, corresponding to parasequences.
Discussion—The Role of “Other Information” in the Valuation of Foreign Income for U.S. Multinationals
Authors: Radhakrishnan Suresh
Published: July 2017

The value-relevance of earnings components is an important issue for accounting regulators because it can help them assess the benefit of mandating disclosures with respect to value-relevant earnings components (see, e.g., Barth et al. [2001]). Hope and Kang (hereafter HK) examine the value-relevance of earnings components—specifically, foreign and domestic earnings—by building on Bodnar and Weintrop (1997; hereafter BW). BW show that while both domestic and foreign earnings are value- relevant, the foreign earnings response coefficient is higher than the domestic earnings response coefficient. They also find that the foreign earnings response coefficient is higher than the domestic earnings response coefficient because of higher growth opportunities in foreign operations relative to domestic operations. The objective of HK is to provide an alternative explanation for BW's finding. Specifically, they argue that BW's result could be a statistical artifact due to the omission of an explanatory variable that is correlated with the foreign earnings in BW's research design. HK make the case for the omission of “other information” that is correlated with foreign earnings in BW's research design. They include a variable for “other information” based on analysts' future earnings forecasts in BW's research design and find that the foreign and domestic earnings response coefficients are similar in magnitude.

My discussion centers, first, on certain limitations of the research design and proxy for other information employed by HK; second, I will then interpret the results in light of these limitations. For highlighting the limitations of the research design and proxies employed, I begin by providing a simple framework of stock valuation that provides insights into the drivers of earnings response coefficients. Finally, I will state my conclusions and suggest future research directions.
The Valuation of Biotech IPOs
Authors: Guo Re-Jin , Lev Baruch , Zhou Nan
Published: July 2017

The valuation of initial public offerings (IPOs) is of considerable interest, given the important role these enterprises play in economic growth and investors' decisions. IPO valuation is particularly challenging due to the meager information available about new enterprises at offering dates. We extend the research on IPO valuation in various directions. First, we penetrate deep beyond the traditional proxies for value drivers, such as R&D expenditures and cash flows, by defining and testing a host of specific product-related and competitive environment value drivers; second, we examine IPO valuations at three distinct phases of the going-public process; third, we employ both the direct valuation and relative valuation approaches; and fourth, we round up the analysis by examining the long-term performance of IPOs. Based on a sample of biotech IPOs from the 1990s, we document the overwhelming importance of product-related and intellectual property fundamentals, as well as the irrelevance of several key signals, such as venture capital backing and the quality of underwriters, which played prominent roles in previous research.
Successful Audit Workpaper Review Strategies in Electronic Environments
Authors: Rosman Andrew , Biggs Stanley , Graham Lynford , Bible Lynn
Published: July 2017

In a prior paper by Bible, Graham, and Rosman (2005), the authors provided a theory to predict that electronic work environments were more cognitively complex than traditional paper environments and found evidence consistent with the theory. Auditors reviewing workpapers in an electronic work environment were less able to identify seeded errors than auditors who were working in a traditional paper environment. This paper uses detailed concurrent verbal protocols for a subset of the participants in the previous paper to extend this line of research. Specifically, it examines how strategies in electronic work environments would differ from those in traditional paper environments to accommodate the greater complexity of electronic work environments. Of particular interest are the strategies that are applied by those who performed well in each environment, because they provide insight into the type of behavior to be modeled. Consistent with the theoretical frameworks of audit task complexity (Bonner [1994]), cognitive load (Sweller, van Merriënboer, & Paas [1998]; Ayres [2001]; Kester, Kirschner, van Merriënboer, & Baumer [2001]), and the adaptive decision maker (Newell & Simon [1972]; Payne, Bettman, & Johnson [1993]), the results show that successful auditors tended to navigate less (e.g., plan and acquire information) and process more (e.g., rehearse, corroborate, and confirm information that was in memory) in the electronic environment. The implication of these findings for practice is that auditors can use strategies that appropriately reflect or adapt to the complexity of the task environment.
Reference-Day Risk and the Use of Monthly Returns Data
Authors: Acker Daniella , Duck Nigel W.
Published: July 2017

Investment practitioners and the empirical finance literature make extensive use of monthly stock returns, where a monthly return is based on the change in stock price between one particular day of the calendar month—the reference day—and the corresponding day of the following month. We show that the choice of reference day seriously affects estimates of the properties of monthly returns, including their means, medians, variances, correlations, and betas. We find these effects both in individual stocks and in market indexes. Our evidence indicates the effects are generally unsystematic and are caused by sampling variation but are sufficiently pervasive and serious to suggest that studies that use estimates of the properties of monthly returns as inputs, and portfolio decisions based on such estimates, should be tested for robustness against different reference days.
Did Adoption of Forward-Looking Valuation Methods Improve Valuation Accuracy in Shareholder Litigation?
Authors: Chen Feng , Yee Kenton K. , Yoo Yong Keun
Published: July 2017

Before 1984, Delaware judges relied exclusively on the Delaware Block method—an appraisal formula based on trailing earnings and liquidation value—to price shares in shareholder litigation. In 1984, the Delaware Supreme Court changed the law to permit its judges to use any valuation method they deem appropriate. As a result, judges and litigants began switching from the Block method and adopting forward-looking valuation techniques based on cash flow and earnings forecasts. While the use of forward-looking methods potentially improves valuation accuracy by incorporating forecast information, the use of forecasts allows more room for subjective manipulation. Did the adoption of forward-looking methods improve or reduce valuation accuracy in shareholder litigation? We address this question using a comprehensive hand-collected sample of all Delaware corporate “appraisal-remedy” cases published between 1966 and 2002 in Lexis-Nexis. The sample identifies, on a case-by-case basis, the plaintiff's, the defendant's, and the judge's valuation methods and resulting valuation estimates. We show that the adoption of forward-looking valuation methods improves litigants' valuation accuracy on average.
Accounting for Product Wearout Cost
Authors: Balachandran K. R. , Maschmeyer Richard A.
Published: July 2017

Maintenance agreements typically take effect when products have survived their warranty periods and begun to wear out. This paper proposes a stochastic model that both describes the breakdown phenomena that affect products and facilitates estimating repair costs during a maintenance agreement period. The model, thus, may be used for pricing decisions. The usefulness of the approach in estimating costs during an arbitrary accounting period is illustrated.
Earnings Management Under Pension Accounting Standards: SFAS 87 versus APB 8
Authors: Ali Ashiq , Kumar Krishna R.
Published: July 2017

This study presents evidence indicating a greater influence of accounting incentives on reported pension cost under the current pension accounting standard, Statement of Financial Accounting Standards Number 87 (SFAS 87), relative to the preceding standard, Accounting Principles Board Opinion Number 8 (APB 8). Accounting incentives refer to managerial incentives arising from income smoothing and contractual arrangements that use accounting numbers. This study uses the difference between the income reported under SFAS 87 and APB 8 in the adoption year as a measure that incorporates the difference between the discretionary components of pension cost under the two regimes and shows that this difference is associated with proxies for managers' accounting incentives.

This finding has important implications for accounting regulatory agencies. Even though SFAS 87 appears to have been successful in moving pension accounting away from cash basis and toward accrual basis, the increased influence of accounting incentives may have hampered the comparability across firms of the reported pension numbers and hence their usefulness.
The Auditor's Consideration of the Going Concern Assumption: A Diagnostic Model
Authors: Cormier Denis , Magnan Michel , Morard Bernard
Published: July 2017

A central tenet of audited financial statements is the assumption that the reporting firm will remain in business for the foreseeable future, that is, it is a going concern. However, recent years have seen a wave of highly visible corporate failures that have greatly reduced investors' confidence in auditors' work. This paper develops a tool to evaluate the going concern risk of an audit client, within the risk analysis framework suggested by the auditing literature. The study is innovative along four dimensions. First, new developments in financial statement analysis research are applied to auditing. Second, in addition to quantitative indicators reflecting trends in financial statements, the model also includes qualitative corporate governance characteristics suggested by current audit practice. Third, the concept of going concern failure is broadened and is not restricted to legal bankruptcy. Finally, complementary multivariate classification techniques, logit, linear discriminant analysis, and recursive partitioning are used to provide predictive and interpretative guidance to auditors. Results suggest that a systematic interpretation of financial statements and an evaluation of investment and accounting decisions made by managers would allow auditors to classify firms before the advent of any economic loss. Furthermore, some ratios provide consistent signals about going concern failures. Implications about audit work are then discussed.
The Effects of Lowballing on Audit Quality: An Experimental Markets Study
Authors: Dopuch Nicholas , King Ronald R.
Published: July 2017

The purpose of this study is to investigate the potential effects of low-balling on audit quality. Critics of the audit industry often allege that the practice of lowballing (charging fees below the marginal cost of an audit) provides a potential incentive for auditors to reduce their audit quality in order to be retained for future engagements with a client.

We investigated this issue using experimental methods that had subjects (verifiers) providing a verification service for sellers of assets. Our results indicate that lowballing did not materially reduce service quality, relative to benchmark settings without lowballing when subjects interacted in markets. However, lowballing did have a material effect in a setting with the combined conditions of a high degree of lowballing and no competitive market for the services.
Audit Scheduling and the Control of Travel Costs Using an Optimization Model for Multinational and Multinational Audits
Authors: Chan K. Hung , Lam Shui F. , Cheng Shijun
Published: July 2017

Auditor travel can significantly complicate the scheduling process and have an important impact on audit cost, especially for audits of multinational companies. This paper formulates an optimization model that specifically incorporates auditor travel time and costs in the determination of the overall optimal audit schedule. From a more theoretical perspective, this research extends the method of cost control by proposing a method by which a sequence-dependent setup cost (i.e., travel cost) and an associated variable cost (i.e., out-of-town cost) can be programmed into an optimization process for audit planning. The proposed model provides an optimal schedule considering such costs in a multiple nonidentical manpower (i.e., different auditors) environment. Previous research on manpower scheduling has not dealt with sequence-dependent travel costs. The out-of-town time and cost elements are unique for manpower scheduling and not applicable for machine scheduling. An implementation of the model to an actual empirical audit is presented.
The Use of a Simplified Standardized Hyperalimentation Formula
Authors: Seltzer Murray H. , Asaadi Mokhtar , Coco Albert , Lucchino Edward T. , Catena Anna L.
Published: July 2017

The use of a standardized hyperalimentation solution that can be modified is discussed. A comparison of in‐hospital addition of electrolytes with factor addition of electrolytes is presented, in which both solutions are acceptable to patients and in which the labor and cost to the pharmacy are decreased in the factory‐mixed additives.
The Hypocholesterolemic Effects of β‐Glucan in Oatmeal and Oat Bran M.H. DAVIDSON, L.D. DUGAN, J.H. BURNS, J. BOVA, K. STORY, K.B. DRENNAN JAMA 265:1833–1839, 1991
Authors: Heimburger Douglas C.
Published: July 2017

This study addresses the important issue of whether oat bran has an effect on serum cholesterol levels, independent of and additive to, that of a low‐fat diet. Patients were maintained on the American Heart Association Step 1 diet for at least 8 weeks. This allowed stability to the low‐fat, low‐cholesterol diet. Two hundred eleven patients entered the initial 8‐week dietary instruction/ stabilization phase. After the initial 8‐week period, two qualifying serum lipid profiles were determined within 1 week. One hundred fifty‐six men and women volunteers, ages 30 to 65 years, with mild to moderate hypercholesterolemia, as defined by LDL‐cholesterol levels greater than 4.14 mmol/L (160 mg/dL) or between 3.37 and 4.14 mmol/L (130 and 160 mg/dL), qualified for entering the study. Patients were randomized in a parallel fashion into seven equal groups. Three groups received oat bran in either 1‐, 2‐, or 3‐oz doses per day; three groups received oatmeal in either 1‐, 2‐, and 3‐oz doses per day; and one control group received 1 oz of dry farina per day. All groups were followed for 6 weeks on the dietary supplements, with serum lipid measurements carried out after 3 and 6 weeks. After this, supplements were discontinued and serum lipid profiles were determined after a 6‐week “washout” period.

Of the 156 randomized patients, 148 completed the 12‐week study (dropout rate: 5%). The data from eight patients who completed the study were not analyzed because of less than 80% compliance. Therefore, 140 patients were used for data analysis. After 6 weeks of treatment, there were significant decreases in total and low‐density lipoprotein cholesterol levels in all groups receiving oat bran or oatmeal, when compared with the farina (control) group. A significant dose‐response relationship was observed between total β‐glucan intake, whether from oat bran or oatmeal, and change in low‐density lipoprotein cholesterol level from baseline. The 2‐oz oat bran and 3‐oz oatmeal supplements seemed to produce maximal effect, with the 3‐oz oat bran supplementation resulting in no additional cholesterol lowering. There was no change in cholesterol levels in the control group. During the 6 weeks after discontinuation of the supplement, cholesterol levels returned to their prestudy levels in all patient groups. Nutrient analysis showed no difference in dietary fat content among the treatment groups. The authors thus concluded that the higher β‐glucan content of oat bran most likely resulted in the significantly greater reduction in serum low‐density lipoprotein cholesterol levels.
Effects of a Knee Brace With a Patellar Hole Versus Without a Patellar Hole in Patients With Knee Osteoarthritis: A Double-Blind, Randomized Controlled Trial
Authors: Added Marco Aurélio Nemitalla , Added Caroline , Kasawara Karina Tamy , Rotta Viviane Perez , de Freitas Diego Galace
Published: July 2017

The objective of this study was to observe the immediate effect of a knee brace with a patellar hole versus without a patellar hole on pain perception in patients with knee osteoarthritis. To accomplish this, a double-blind, randomized controlled trial enrolled 108 patients divided into two groups (knee brace with a patellar hole or without a patellar hole). Patients were evaluated by the Visual Analogue Scale (VAS) in order to measure their pain sensation, the Timed Up and Go (TUG) test was used to evaluate their ability to walk, and the 8-m walking test (8MWT) was used to estimate their walking speed. Both groups presented significant reduction in pain perception, higher function of the lower extremities, and greater mobility while wearing a knee brace. However, the patients who wore a knee brace without a patellar hole presented more favorable results than those who wore a knee brace with a patellar hole: a 1.6-point reduction was found versus 1.1 points in the VAS, the patients presented 0.7 s less time versus 0.4 s in the TUG, and the speed was reduced by 1.4 s versus 0.8 s in the 8MWT. Therefore, the knee brace without a patellar hole presented more favorable results when compared with the knee brace with a patellar hole.
Adsorption of Hydrocarbons on Air-Reacted Activated Carbons. II. High and Low Pressure Hysteresis
Authors: Linares-Solano A. , Rodríguez-Reinoso F. , Martín-Martínez J. M. , López-González J. de D.
Published: July 2017

The adsorption-desorption isotherms of N2 at 77 K and hydrocarbons (benzene, cyclohexane, 2,2-dimethylbutane, n-hexane and iso-octane) at 298 K have been determined on a series of carbons prepared by reaction of an activated carbon with dry air at 623 K. A detailed analysis of the evolution of high pressure hysteresis (HPH) and low pressure hysteresis (LPH) as a function of burn-off and the different factors conditioning their existence has been carried out. Both HPH and LPH increase with the extent of carbon burn-off; this increase in LPH has no antecedent in the literature and has been related, amongst other things, to the nature of the reaction gas, in this case air.
Adsorption of Aromatic Compounds from Solutions on Molecular Sieve 13X
Authors: Al-Zaid Khairya , Akashah Saed , Owaysi Fathi , Jeffreys G.V. , Eltekov Yu. A. , Mumford C.
Published: July 2017

Measurements of the equilibrium extent of adsorption of individual aromatic hydrocarbons: mono, di, trinuclear aromatic and heterocyclo compounds from iso-octane solutions by molecular sieves 13X were carried out at 303 and 343 K and at concentrations up to 5 wt.% The limiting values of adsorption were essentially determined by using modified Brunauer-Emmett-Teller equation (BET). The coverages and numbers of adsorbate molecules occupied in the unit cell of the molecular sieves were calculated at different temperatures. The isosteric heats of adsorption of aromatic hydrocarbons were also determined using Clausius-Clapeyron equation. It was found that the heats of adsorption of aromatic compounds varied from 4 to 60 kJ mol-1
High-Pressure Methane Adsorption in 5A Zeolite and the Nature of Gas-Solid Interactions
Authors: Mentasty L. , Faccio R.J. , Zgrablich G.
Published: July 2017

Experimental adsorption isotherms for methane in 5A zeolite over the pressure range 0–5 MPa have been obtained and analyzed using a statistical thermodynamical formulation which relates the observed macroscopic thermodynamic quantities to microscopic gas–solid interactions. The efficiency of the zeolite as a methane storage system has thus been evaluated.
A Novel Approach for Determining the Position of Primary Water-Adsorbing Centres within the Porous Structure of Active Carbons
Authors: Bailey A. , Lawrie G.A. , Williams M.R.
Published: July 2017

A novel application of adsorption isotherms has been developed to determine the position of the primary water-adsorbing centres within the porous structure of active carbons. Naphthalene was pre-adsorbed to partially fill the micropores. The number of primary adsorption centres was determined by application of the Langmuir and modified Dubinin–Serpinsky equations to water isotherm data measured on the pretreated carbons.
Adsorption Action of Phosphine Inhibitors on the Corrosion of Steel
Authors: Khamis E. , Kandil Sh. , Ibrahim A.K.
Published: July 2017

Phosphine compounds were investigated for their possible use as acid corrosion inhibitors. Electrochemical, weight loss and gasometry methods were employed to study the protective effect of triphenyl phosphine (TPP) and carboethoxy methylene triphenyl phosphorane (CMTPP). The inhibiting effect of TPP is estimated as 100% for an inhibitor concentration of 0.0005 M. Potentiodynamic polarization data indicate that both compounds act predominantly as cathodic inhibitors. The maximum inhibition efficiency was afforded by CMTPP at low concentrations, whereas at higher concentrations the protection efficiency of TPP increases. This was discussed on the basis of steric hindrance. The mode of adsorption of the inhibitors on the steel surface is proposed, as well as empirical kinetic equations based on the cathodic reaction. These were supported by fitting the experimental data to the Temkin adsorption isotherm and to the thermodynamic/kinetic model of adsorption. The free energy of adsorption, the binding constant, the lateral interaction and the number of active sites are reported and discussed.