Accrual-based and real earnings management before and after IFRS adoption: the case of Greece

Purpose – The purpose of this study is to examine the use of accrual-based vs real earnings management (EM) by Greek firms, before and after the mandatory adoption of International Financial Reporting Standards (IFRS). The research is motivated by the fact that past studies have indicated the existence of significant levels of EM for Greece in particular before IFRS. Design/methodology/approach – Accrual-based earnings management (AEM) is examined by assessing performance-adjusted discretionary accruals, while real earnings management (REM) is defined in terms of abnormal levels of production costs, discretionary expenses, and cash flows from operations, for a three-year period before and after the adoption of IFRS in 2005. Findings – The authors find evidence on a statistically significant shift from AEM to REM after the adoption of IFRS, indicating the replacement of one form of EM with the other. Research limitations/implications – The validity of the results depends on the ability of the empirical models used to efficiently capture the existence of AEM and REM. Practical implications – IFRS adoption aims to improve accounting quality, especially in countries with high need for such an improvement; however, the tendency to substitute one form of EM with another highlights unintended consequences of IFRS adoption, which do not improve the informational content of financial statements if EM continues under different forms. Originality/value – Under the expectation that IFRS adoption should lead to improvements in accounting quality, this study examines whether IFRS actually led to a reduction of EM practices for a country with exceptionally high levels of EM before IFRS, by accounting for all possible forms of EM.

The rise of the Golden Dawn in Greece

This report focuses on the rise of the Golden Dawn in the context of economic, social and political crisis, as well as the fascist character of the party.

Hydrogen-bonded interpolymer complexes. Formation, structure and applications

Noncovalent interactions play key roles in many natural processes leading to the self-assembly of molecules with the formation of supramolecular structures. One of the most important forces responsible for self-assembly is hydrogen bonding, which also plays an important role in the self-assembly of synthetic polymers in aqueous solutions. Proton-accepting polymers can associate with proton-donating polymers via hydrogen bonding in aqueous solutions and form polymer-polymer or interpolymer complexes. There has been an increased interest among researchers in hydrogen-bonded interpolymer complexes since the first pioneering papers were published in the early 1960s. Several hundred research papers have been published on various aspects of complex formation reactions in solutions and interfaces, properties of interpolymer complexes and their potential applications. This book focuses on the latest developments in the area of interpolymer complexation via hydrogen bonding. It represents a collection of original and review articles written by recognized experts from Germany, Greece, Kazakhstan, Poland, Romania, Russia, UK, Ukraine, and the USA. It highlights many important applications of interpolymer complexes, including the stabilization of colloidal systems, pharmaceuticals, and nanomaterials.

Determining nugget: sill ratios of standardized variograms from aerial photographs to krige sparse soil data

Maps of kriged soil properties for precision agriculture are often based on a variogram estimated from too few data because the costs of sampling and analysis are often prohibitive. If the variogram has been computed by the usual method of moments, it is likely to be unstable when there are fewer than 100 data. The scale of variation in soil properties should be investigated prior to sampling by computing a variogram from ancillary data, such as an aerial photograph of the bare soil. If the sampling interval suggested by this is large in relation to the size of the field there will be too few data to estimate a reliable variogram for kriging. Standardized variograms from aerial photographs can be used with standardized soil data that are sparse, provided the data are spatially structured and the nugget:sill ratio is similar to that of a reliable variogram of the property. The problem remains of how to set this ratio in the absence of an accurate variogram. Several methods of estimating the nugget:sill ratio for selected soil properties are proposed and evaluated. Standardized variograms with nugget:sill ratios set by these methods are more similar to those computed from intensive soil data than are variograms computed from sparse soil data. The results of cross-validation and mapping show that the standardized variograms provide more accurate estimates, and preserve the main patterns of variation better than those computed from sparse data.

The opening of Plutarch's Life of Themistokles

Plutarch begins the biography by selecting incidents and an epigram that anticipate the basic themes of Themistocles' life--his greatness, sometimes ambiguous, and his benefactions to all of Greece.

Parchment codices in a new text of Galen

An article proposing that the recently discovered Peri Alupias of Galen contains important evidence about the adoption and use of the codex book form.

Effects of biosolids from tomato processing on soil fertility and wheat growth in a Greek alfisol

The effects of biosolids from tomato processing on soil properties and wheat growth were investigated in an Alfisol from central Greece. Biosolids were mixed with soil from the surface (Ap) or subsurface (Bt) horizon in plastic containers at rates of 1%, 5%, and 10% by dry weight (d.w.; equivalent to 10, 50, and 100 Mg ha–1). Biosolid treatments were compared to an NH4Cl application (50 mg N kg–1) and an untreated control in (1) a 102 d incubation experiment at 28°C to determine biosolid nitrification potential and (2) a 45 d outdoor experiment to evaluate effects on soil fertility and wheat growth. Mineralization of biosolids in the incubation experiment resulted in accumulation of nitrate-N and indicated that biosolids were able to supply N that was in excess of crop needs in treatments of 5% and 10%. After 45 d of wheat growth, available soil nutrients (N, P) and P uptake by wheat were distinctly lower in the Bt than in the Ap horizon. However, soil pH, electrical conductivity, organic matter, total N, nitrate-N, extractable P, and exchangeable K increased with increasing rate of biosolid application in both soils. These were followed by corresponding increases in wheat nutrient uptake and biomass production, thus demonstrating the importance of this organic material for sustaining production in soils of low immediate fertility. Compared to the NH4Cl treatment (50 kg N ha–1 equivalent), biosolid application rates of 5% and 10% had higher available soil nutrients, similar or higher nutrient uptake and higher wheat biomass. But only an application of 10% biosolids provided sufficient N levels for wheat in the surface soil, and even higher applications were required for providing sufficient N and P in the Bt horizon.

An ex-ante evaluation of the economic impact of Bt cotton adoption by spanish farmers facing the EU cotton sector reform

Cotton production in the European Union (EU) is limited to areas of Greece and Southern Spain (Andalusia). The 2004 reform of the EU cotton policy severely affected the profitability of the crop. In this article we analyze how the introduction of genetically modified (GM), insect-resistant cotton varieties (Bt cotton) might help EU cotton farmers to increase profitability and therefore face the cotton policy reform. We first study farmers’ attitudes toward adoption of Bt cotton varieties through a survey conducted in Andalusia (Southern Spain). The results show a positive attitude of Andalusian cotton farmers toward the Bt cotton varieties. Second, we perform an ex-ante analysis of the effects of introducing Bt cotton in Andalusia. Finally, we integrate the analysis of the effects of Bt cotton with the analysis of the EU cotton reform. Our results show that despite the significant economic benefits of Bt cotton, the current policy reform is likely to jeopardize the profitability of cotton production in the EU.