Earnings management and audit adjustments: An empirical study of IBEX 35 constituents

Doubts about the reliability of a company's qualitative financial disclosure increase market participant expectations from the auditor's report. The auditing process is supposed to serve as a monitoring device that reduces management incentives to manipulate reported earnings. Empirical research confirms that it could be an efficient device under some circumstancesand recognizes that our estimates of the informativeness of audit reports are unavoidably biased (e.g., because of a client's anticipation of the auditing process). This empirical study supports the significant role of auditors in the financial market, in particular in the prevention of earnings management practice. We focus on earnings misstatements, which auditors correct with anadjustment, using a sample of past and current constituents of the benchmark market index in Spain, IBEX 35, and manually collected audit adjustments reported over the 1997-2004 period (42 companies, 336 annual reports, 75 earnings misstatements). Our findings confirm that companies more often overstate than understate their earnings. An investor may foresee earningsmisreporting, as manipulators have a similar profile (e.g., more leveraged and with lower sales). However, he may receive valuable information from the audit adjustment on the size of earnings misstatement, which can be significantly large (i.e., material in almost all cases). We suggest that the magnitude of an audit adjustment depends, other things constant, on annual revenues and free cash levels. We also examine how the audit adjustment relates to the observed market price, trading volume and stock returns. Our findings are that earnings manipulators have a lower price and larger trading volume compared to their rivals. Their returns are positively associated with the magnitude of earnings misreporting, which is not consistent with the possible pricing of audit information.

The ethics of creative accounting

The term 'creative accounting' can be defined in a number ofways. Initially we will offer this definition: 'a processwhereby accountants use their knowledge of accounting rulesto manipulate the figures reported in the accounts of abusiness'.To investigate the ethical issues raised by creativeaccounting we will:- Explore some definitions of creative accounting.- Consider the various ways in which creative accounting can be undertaken.- Explore the range of reasons for a company's directors to engage in creative accounting.- Review the ethical issues that arise in creative accounting.- Report on surveys of auditors' perceptions of creative accounting in the UK, Spain and New Zealand.

Microscopic description of the twist mode in normal and superfluid trapped Fermi gases

We investigate the "twist" mode (rotation of the upper against the lower hemisphere) of a dilute atomic Fermi gas in a spherical trap. The normal and superfluid phases are considered. The linear response to this external perturbation is calculated within the microscopic Hartree-Fock-Bogoliubov approach. In the normal phase the excitation spectrum is concentrated in a rather narrow peak very close to the trapping frequency. In the superfluid phase the strength starts to be damped and fragmented and the collectivity of the mode is progressively lost when the temperature decreases. In the weak-pairing regime some reminiscence of the collective motion still exists, whereas in the strong-pairing regime the twist mode is completely washed out. The disappearance of the twist mode in the strong-pairing regime with decreasing temperature is interpreted in the framework of the two-fluid model.

Spermiogenesis and spermatozoon ultrastructure of the bothriocephalidean cestode Clestobothrium crassiceps (Rudolphi, 1819), a parasite of the teleost fish Merluccius merluccius (Gadiformes: Merlucciidae)

Spermiogenesis and the ultrastructure of the spermatozoon of the bothriocephalidean cestode Clestobothrium crassiceps (Rudolphi, 1819), a parasite of the teleost fish Merluccius merluccius (Linnaeus, 1758), have been studied by means of transmission electron microscopy. Spermiogenesis involves firstly the formation of a differentiation zone. It is characterized by the presence of two centrioles associated with striated rootlets, an intercentriolar body and an electron-dense material in the apical region of this zone. Later, two flagella develop from the centrioles, growing orthogonally in relation to the median cytoplasmic process. Flagella then undergo a rotation of 90° until they become parallel to the median cytoplasmic process, followed by the proximodistal fusion of the flagella with the median cytoplasmic process. The nucleus elongates and afterwards it migrates along the spermatid body. Spermiogenesis finishes with the appearance of the apical cone surrounded by the single helical crested body at the base of the spermatid. Finally, the narrowing of the ring of arched membranes detaches the fully formed spermatozoon. The mature spermatozoon of C. crassiceps is filiform and contains two axonemes of the 9 + '1' trepaxonematan pattern, a parallel nucleus, parallel cortical microtubules, and electron-dense granules of glycogen. The anterior extremity of the gamete exhibits a short electron-dense apical cone and one crested body, which turns once around the sperm cell. The first axoneme is surrounded by a ring of thick cortical microtubules that persist until the appearance of the second axoneme. Later, these thick cortical microtubules disappear and thus, the mature spermatozoon exhibits two bundles of thin cortical microtubules. The posterior extremity of the male gamete presents only the nucleus. Results are discussed and compared particularly with the available ultrastructural data on the former 'pseudophyllideans'. Two differences can be established between spermatozoa of Bothriocephalidea and Diphyllobothriidea, the type of spermatozoon (II vs I) and the presence/absence of the ring of cortical microtubules.

Spermiogenesis and spermatozoon ultrastructure of the bothriocephalidean cestode Clestobothrium crassiceps (Rudolphi, 1819), a parasite of the teleost fish Merluccius merluccius (Gadiformes: Merlucciidae)

Spermiogenesis and the ultrastructure of the spermatozoon of the bothriocephalidean cestode Clestobothrium crassiceps (Rudolphi, 1819), a parasite of the teleost fish Merluccius merluccius (Linnaeus, 1758), have been studied by means of transmission electron microscopy. Spermiogenesis involves firstly the formation of a differentiation zone. It is characterized by the presence of two centrioles associated with striated rootlets, an intercentriolar body and an electron-dense material in the apical region of this zone. Later, two flagella develop from the centrioles, growing orthogonally in relation to the median cytoplasmic process. Flagella then undergo a rotation of 90° until they become parallel to the median cytoplasmic process, followed by the proximodistal fusion of the flagella with the median cytoplasmic process. The nucleus elongates and afterwards it migrates along the spermatid body. Spermiogenesis finishes with the appearance of the apical cone surrounded by the single helical crested body at the base of the spermatid. Finally, the narrowing of the ring of arched membranes detaches the fully formed spermatozoon. The mature spermatozoon of C. crassiceps is filiform and contains two axonemes of the 9 + '1' trepaxonematan pattern, a parallel nucleus, parallel cortical microtubules, and electron-dense granules of glycogen. The anterior extremity of the gamete exhibits a short electron-dense apical cone and one crested body, which turns once around the sperm cell. The first axoneme is surrounded by a ring of thick cortical microtubules that persist until the appearance of the second axoneme. Later, these thick cortical microtubules disappear and thus, the mature spermatozoon exhibits two bundles of thin cortical microtubules. The posterior extremity of the male gamete presents only the nucleus. Results are discussed and compared particularly with the available ultrastructural data on the former 'pseudophyllideans'. Two differences can be established between spermatozoa of Bothriocephalidea and Diphyllobothriidea, the type of spermatozoon (II vs I) and the presence/absence of the ring of cortical microtubules.

Central configurations of nested rotated regular tetrahedra

In this paper we prove that there are only two different classes of central configura- tions with convenient masses located at the vertices of two nested regular tetrahedra: either when one of the tetrahedra is a homothecy of the other one, or when one of the tetrahedra is a homothecy followed by a rotation of Euler angles = = 0 and = of the other one. We also analyze the central configurations with convenient masses located at the vertices of three nested regular tetrahedra when one them is a homothecy of the other one, and the third one is a homothecy followed by a rotation of Euler angles = = 0 and = of the other two. In all these cases we have assumed that the masses on each tetrahedron are equal but masses on different tetrahedra could be different.

Creación de alternativas productivas al modelo de la soja RR a partir de los criterios definidos por la población de Basavilbaso, Argentina

El consumo desmesurado de energía por parte de los países del Norte lleva a la creación de una deuda ecológica en los países del Sur. Ésta se debe, entre otros factores, al modelo agrario introducido con la “Nueva Revolución Verde”. En Argentina los monocultivos de sojaRR están potenciando la pérdida de la soberanía alimentaria en todo el país. Al mismo tiempo, las políticas energéticas europeas van a provocar una subida en la demanda de materias primas para la producción de biocombustible, lo que llevará a un aumento de la superficie de sojaRR en Argentina. El objetivo de este estudio es la creación de alternativas productivas mediante la implicación de la población de un municipio argentino. A través de la metodología de análisis social “CLIP” se han identificado los diferentes actores implicados en el modelo agrario que a lo largo del trabajo plantean propuestas de cambio para el sector agropecuario de su municipio. El resultado ha sido el planteamiento de cuatro grandes alternativas: la agricultura orgánica, la rotación de actividades, las producciones avícolas y apícolas y la diversificación de cultivos energéticos. Viendo que la tipología de consumo del Norte afecta directamente en la vida de los países del Sur, en todas las alternativas propuestas en este caso de estudio, se acaba por apostar por la creación de redes productivas y comerciales locales que potencien los beneficios en los países productores sin abandonar las posibilidades del mercado internacional.

Modelado de una cámara de onda milimétrica

En aquest projecte s'ha dissenyat i simulat una càmera d'ones mil·limètriques mitjançant "Spinning Reflectors" amb l'objectiu d'estudiar la qualitat de les imatges obtingudes, així com determinar la configuració de reflectors acceptable per a la nostra càmera. Per al seu disseny, s'ha realitzat el model d'una antena Cassegrain amb botzina alimentadora a FEKO i s'han simulat els diagrames de radiació corresponents als diferents angles de rotació d'ambdós reflectors al voltant de l'eix en el qual estan situats. Finalment, a partir del principi de funcionament de la nostra càmera, s'ha exposat la seva implementació física i s'ha representat en Matlab la seva PSF (Point Spread Function) i la imatge d'un objecte arbitrari d'acord amb les tècniques de formació d'imatges.

Estudi òptic dels minerals

El Grup Consolidat d’Innovació Docent de Mineralogia i òptica cristal·lina de la Universitat de Barcelona ha desenvolupat un CD interactiu que simula el funcionament d’un microscopi petrogràfic, per tal de facilitar a l’alumne un material d’autoaprenentatge, ha de servir per a reforçar els coneixements dels minerals formadors de roques en làmina prima. Aquest material te tres entrades diferents, en català, castellà i anglès. Cada mineral té una fitxa general amb les seves propietats òptiques i una complementaria amb les característiques cristal·logràfiques, camp d’estabilitat, diagrames de fases i característiques morfològiques del mineral a observar, les quals marquen els trets determinatius d’aquell mineral per tal de facilitar el seu reconeixement. Per tal de complementar les dades s’han introduït links directes amb la planes web: “webmineral” i “mindat” on hi ha les corresponents estructures i morfologies “interactives” de cadascun dels minerals que apareixen en el programa. En l’aplicació informàtica hi ha 169 filmacions corresponents a 43 dels principals minerals que formen les roques, una filmació correspon a la imatge només amb el polaritzador, i l'altre a la imatge amb el polaritzador més l'analitzador. Cadascuna d'aquestes imatges es presenta amb un gir de 360º; es pot aturar i després continuar girant, simulant el que veuríem al microscopi. D'aquesta manera es pot determinar el pleocroisme, la presència de macles, el color d'interferència i l'angle d'extinció.. S’ha intentat sempre que hi hagués diferents exemples d’un mateix mineral en diverses paragènesis. També s'incorpora una fitxa que l'usuari pot omplir amb les característiques texturals i òptiques del mineral agrupades segons les observacions que es fan, bé amb el polaritzador, amb el polaritzador i l'analitzador o bé amb les condicions específiques per veure la figura d'interferència i el signe òptic. Aquesta fitxa, un cop plena, es pot imprimir. En tot moment hi ha un menú d’ajuda on l’usuari pot remetre i fer la consulta adient per poder continuar.

Implementació de cursos d'Electrònica i Tècniques de Microscòpia en modalitat docent semipresencial amb estratègies de treball cooperatiu i avaluació continuada en entorn de programari lliure Moodle

L’objectiu principal del present projecte MQD és la implementació de cursos semipresencials en el campus virtual MOODLE per a la docència de les assignatures d’Electrònica troncals de l’ensenyament de Física que depenen del nostre departament i de l’assignatura Tècniques de Microscòpia, que és optativa i comuna als Màsters de Nanociència i Nanotecnologia i d’Enginyeria Física. Plantegem metodologies docents basades en: (1) reduir la presencialitat, (2) afavorir l'autoaprenentatge, (3) aplicar estratègies d’avaluació formativa i avaluació acreditativa continuada i (4) fer ús de les TIC com a suport a la docència. La versatilitat de la plataforma Moodle per compartir recursos permetrà generar un material docent accessible per altres professors. D’altra banda, la possibilitat de Moodle per a la gestió de grups, organització i revisió de tasques facilitarà el seguiment de l’activitat d’autoaprenentatge i de treball cooperatiu així com de l’avaluació final dels aprenentatges. Durant la duració d'aquest projecte MQD s'han implementat els segúents entorns: - Curs d'Electrònica Física, semipresencial, amb treball cooperatiu i amb implantació d'avaluació continuada - Entorn de Coordinació del Master de Nanociència i Nanotecnologia - Curs de l'assignatura optativa de Màster Oficial de Nanociència i Nanotecnologia "Tècniques de Microscòpia"

Diseño de una herramienta para la visualización de moleculas

L'objectiu d'aquest TFC consisteix a desenvolupar i implementar l'eina de visualització molecular opengl: HVM. Aquesta aplicació, que permet la visualització i la inspecció de molècules, és de gran utilitat en àrees com la química, la farmàcia, la docència, etc., i admet definicions de molècules mitjançant un fitxer d'entrada (una variació simplificada del format XMOL XYZ), construint-ne el model, cosa que afavoreix que s'hi pugui navegar, com també la selecció i la identificació dels seus elements i el càlcul de distàncies i angles de torsió entre ells. A més, permet la definició d'un eix sobre el qual es pot generar una rotació del model i gravar una seqüència de sortida.

Poverty and children's work in Spain and Latin America. Some preliminary remarks.

In the first part of this paper we try to test the relationship between mothers earnings, fertility and children's work in the Spanish (Catalan) context of the first third of the 20th century. Specific human capital investment of adult working women had as an outcome the sharp increase of their real wage and also the increase of the opportunity cost of time devoted to house work including child rearing. Fertility evolution is endogenous to the model and decreases as a result of women real wage increases. Human capital investment of labouring women and mandatory schooling of children shift the labour supply function to a new steady state in which the slope is steeper. According to recent papers this model applies to 20th century Spain and it causes the abolition of children's work. Nonetheless the model do not apply to 20th century Latin America. Despite the positive evolution of literacy and life expectancy in this region, other factors involved poor results of the educational human capital investment. In this paper we remark the role of the increasing share of the informal sector of the economy ruled on the bases of women's and children's work. Second we stress the role of high income inequality evolution and endogamic school supplies to explain the limits of increasing literacy on more remarkable human capital improvements.

The credit ratings game

The spectacular failure of top-rated structured finance products has broughtrenewed attention to the conflicts of interest of Credit Rating Agencies (CRAs). We modelboth the CRA conflict of understating credit risk to attract more business, and the issuerconflict of purchasing only the most favorable ratings (issuer shopping), and examine theeffectiveness of a number of proposed regulatory solutions of CRAs. We find that CRAs aremore prone to inflate ratings when there is a larger fraction of naive investors in the marketwho take ratings at face value, or when CRA expected reputation costs are lower. To theextent that in booms the fraction of naive investors is higher, and the reputation risk forCRAs of getting caught understating credit risk is lower, our model predicts that CRAs aremore likely to understate credit risk in booms than in recessions. We also show that, due toissuer shopping, competition among CRAs in a duopoly is less efficient (conditional on thesame equilibrium CRA rating policy) than having a monopoly CRA, in terms of both totalex-ante surplus and investor surplus. Allowing tranching decreases total surplus further.We argue that regulatory intervention requiring upfront payments for rating services (beforeCRAs propose a rating to the issuer) combined with mandatory disclosure of any ratingproduced by CRAs can substantially mitigate the con.icts of interest of both CRAs andissuers.

Simple holographic polarogram

A new technique capable of obtaining quantitative values of the rotation angle of the polarization vector by using holography is presented. This is a two-stage holographic process; during the recording stage a hologram of the object of interest is obtained. The reference beam is composed of two beams that form a small angle between them and keep their polarization states at right angles to each other. In the reconstruction stage of the hologram, two images from the hologram are obtained along two different angles. As a result of the interference between these two images, a set of parallel fringes is formed at the image plane. The fringe contrast on the reconstruction is related to the angle of the polarization vector of the light at each position on the image plane. Measurements of the rotation of the polarization angle of a fraction of a degree were obtained. The main application of this technique is in the study of transient phenomena, where single-shot measurements are the only means of obtaining reliable data.

All-sky search algorithms for monochromatic signals in bar gravitational wave detector data

In this paper we design and develop several filtering strategies for the analysis of data generated by a resonant bar gravitational wave (GW) antenna, with the goal of assessing the presence (or absence) therein of long-duration monochromatic GW signals, as well as the eventual amplitude and frequency of the signals, within the sensitivity band of the detector. Such signals are most likely generated in the fast rotation of slightly asymmetric spinning stars. We develop practical procedures, together with a study of their statistical properties, which will provide us with useful information on the performance of each technique. The selection of candidate events will then be established according to threshold-crossing probabilities, based on the Neyman-Pearson criterion. In particular, it will be shown that our approach, based on phase estimation, presents a better signal-to-noise ratio than does pure spectral analysis, the most common approach.