The effect of timeliness and credit ratings on the information content of earnings announcements

Abstract: This paper investigates the impact of timeliness and credit ratings on the information content of the earnings announcements of Greek listed firms from 2001 to 2008. Using the classical event study methodology and regression analysis, we find that firms tend to release good news on time and are inclined to delay the release of bad news. We also provide evidence that the level of corporate risk differentiates the information content of earnings according to the credit rating category. Specifically, firms displaying high creditworthiness enjoy positive excess returns on earnings announcement dates. In contrast, firms with low creditworthiness undergo significant share price erosions on earnings announcement days. We also observe a substitution effect between timeliness and credit ratings in relation to the information content of earnings announcements. Specifically, we find that as the credit category of earnings-announcing firms improves, the informational role of timeliness is mitigated.

Using Reengineering Techniques for Distance Study Course Improvement

The paper analyses the reengineering concept as it comes from software engineering and management fields. We combine two viewpoints and apply them to solve a problem of reengineering of a distance study system, in general, and the unit of learning, in particular. We propose a framework for reengineering of unit of learning, based on general model of software reengineering, and present a case study, in which we describe, how one topic of distance study course was reengineered, considering triple consistency principle and requirements for computer science. The proposed framework contributes to increasing quality, effectiveness and systematization of delivering distance studies.

The effect of past earnings and dividend patterns on the information content of dividends when earnings are reduced

This study pursues two objectives: first, to provide evidence on the information content of dividend policy, conditional on past earnings and dividend patterns prior to an annual earnings decline; second, to examine the effect of the magnitude of low earnings realizations on dividend policy when firms have more-or-less established dividend payouts. The information content of dividend policy for firms that incur earnings reductions following long patterns of positive earnings and dividends has been examined (DeAngelo et al., 1992, 1996; Charitou, 2000). No research has examined the association between the informativeness of dividend policy changes in the event of an earnings drop, relative to varying patterns of past earnings and dividends. Our dataset consists of 4,873 U.S. firm-year observations over the period 1986-2005. Our evidence supports the hypotheses that, among earnings-reducing or loss firms, longer patterns of past earnings and dividends: (a) strengthen the information conveyed by dividends regarding future earnings, and (b) enhance the role of the magnitude of low earnings realizations in explaining dividend policy decisions, in that earnings hold more information content that explains the likelihood of dividend cuts the longer the past earnings and dividend patterns. Both results stem from the stylized facts that managers aim to maintain consistency with respect to historic payout policy, being reluctant to proceed with dividend reductions, and that this reluctance is higher the more established is the historic payout policy. © 2010 The Authors. Journal compilation © 2010 Accounting Foundation, The University of Sydney.

Programs of Study. Florida International University. North Miami Campus. [1977/06-1977/08]

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Negative relationships between the nutrient and carbohydrate content of the seagrass Thalassia testudinum

This study documents relationships between plant nutrient content and rhizome carbohydrate content of a widely distributed seagrass species, Thalassia testudinum, in Florida. Five distinct seagrass beds were sampled for leaf nitrogen, leaf phosphorus, and rhizome carbohydrate content from 1997 to 1999. All variables displayed marked intra- and inter- regional variation. Elemental ratios (mean N:P ± S.E.) were lowest for Charlotte Harbor (9.9 ± 0.2) and highest for Florida Bay (53.5 ± 0.9), indicating regional shifts in the nutrient content of plant material. Rhizome carbohydrate content (mean ± S.E.) was lowest for Anclote Keys (21.8 ± 1.6 mg g−1 FM), and highest for Homosassa Bay (40.7 ± 1.7 mg g−1 FM). Within each region, significant negative correlations between plant nutrient and rhizome carbohydrate content were detected; thus, nutrient-replete plants displayed low carbohydrate content, while nutrient-deplete plants displayed high carbohydrate content. Spearman's rank correlations between nutrient and carbohydrate content varied from a minimum in Tampa Bay (ρ = −0.2) to a maximum in Charlotte Harbor (ρ = −0.73). Linear regressions on log-transformed data revealed similar trends. This consistent trend across five distinct regions suggests that nutrient supply may play an important role in the regulation of carbon storage within seagrasses. Here we present a new hypothesis for studies which aim to explain the carbohydrate dynamics of benthic plants.

Changes in mass and nutrient content of wood during decomposition in a south Florida mangrove forest

1. Large pools of dead wood in mangrove forests following disturbances such as hurricanes may influence nutrient fluxes. We hypothesized that decomposition of wood of mangroves from Florida, USA (Avicennia germinans, Laguncularia racemosa and Rhizophora mangle), and the consequent nutrient dynamics, would depend on species, location in the forest relative to freshwater and marine influences and whether the wood was standing, lying on the sediment surface or buried. 2. Wood disks (8–10 cm diameter, 1 cm thick) from each species were set to decompose at sites along the Shark River, either buried in the sediment, on the soil surface or in the air (above both the soil surface and high tide elevation). 3. A simple exponential model described the decay of wood in the air, and neither species nor site had any effect on the decay coefficient during the first 13 months of decomposition. 4. Over 28 months of decomposition, buried and surface disks decomposed following a two-component model, with labile and refractory components. Avicennia germinans had the largest labile component (18 ± 2% of dry weight), while Laguncularia racemosa had the lowest (10 ± 2%). Labile components decayed at rates of 0.37–23.71% month−1, while refractory components decayed at rates of 0.001–0.033% month−1. Disks decomposing on the soil surface had higher decay rates than buried disks, but both were higher than disks in the air. All species had similar decay rates of the labile and refractory components, but A. germinans exhibited faster overall decay because of a higher proportion of labile components. 5. Nitrogen content generally increased in buried and surface disks, but there was little change in N content of disks in the air over the 2-year study. Between 17% and 68% of total phosphorus in wood leached out during the first 2 months of decomposition, with buried disks having the greater losses, P remaining constant or increasing slightly thereafter. 6. Newly deposited wood from living trees was a short-term source of N for the ecosystem but, by the end of 2 years, had become a net sink. Wood, however, remained a source of P for the ecosystem. 7. As in other forested ecosystems, coarse woody debris can have a significant impact on carbon and nutrient dynamics in mangrove forests. The prevalence of disturbances, such as hurricanes, that can deposit large amounts of wood on the forest floor accentuates the importance of downed wood in these forests.

The relationship of aptitude, course grades, and program length, to performance on a standards based test (NCLEX -RN)

The purpose of this study was threefold: first, to investigate variables associated with learning, and performance as measured by the National Council Licensure Examination for Registered Nurses (NCLEX-RN). The second purpose was to validate the predictive value of the Assessment Technologies Institute (ATI) achievement exit exam, and lastly, to provide a model that could be used to predict performance on the NCLEX-RN, with implications for admission and curriculum development. The study was based on school learning theory, which implies that acquisition in school learning is a function of aptitude (pre-admission measures), opportunity to learn, and quality of instruction (program measures). Data utilized were from 298 graduates of an associate degree nursing program in the Southeastern United States. Of the 298 graduates, 142 were Hispanic, 87 were Black, non-Hispanic, 54 White, non-Hispanic, and 15 reported as Others. The graduates took the NCLEX-RN for the first time during the years 2003–2005. This study was a predictive, correlational design that relied upon retrospective data. Point biserial correlations, and chi-square analyses were used to investigate relationships between 19 selected predictor variables and the dichotomous criterion variable, NCLEX-RN. The correlation and chi square findings indicated that men did better on the NCLEX-RN than women; Blacks had the highest failure rates, followed by Hispanics; older students were more likely to pass the exam than younger students; and students who passed the exam started and completed the nursing program with a higher grade point average, than those who failed the exam. Using logistic regression, five statistical models that used variables associated with learning and student performance on the NCLEX-RN were tested with a model adapted from Bloom's (1976) and Carroll's (1963) school learning theories. The derived model included: NCLEX-RNsuccess = f (Nurse Entrance Test and advanced medical-surgical nursing course grade achieved). The model demonstrates that student performance on the NCLEX-RN can be predicted by one pre-admission measure, and a program measure. The Assessment Technologies Institute achievement exit exam (an outcome measure) had no predictive value for student performance on the NCLEX-RN. The model developed accurately predicted 94% of the student's successful performance on the NCLEX-RN.

The effect of study skills instruction on the study strategies and attitudes of college students with learning disabilities

The purpose of this study was to determine the effects of participating in an existing study skills course, developed for use with a general college population, on the study strategies and attitudes of college students with learning disabilities. This study further investigated whether there would be differential effectiveness for segregated and mainstreamed sections of the course.^ The sample consisted of 42 students with learning disabilities attending a southeastern university. Students were randomly assigned to either a segregated or mainstreamed section of the study skills course. In addition, a control group consisted of students with learning disabilities who received no study skills instruction.^ All subjects completed the Learning and Study Strategies Inventory (LASSI) before and after the study skills course. The subjects in the segregated group showed significant improvement on six of the 10 scales of the LASSI: Time Management, Concentration, Information Processing, Selecting Main Ideas, Study Aids, and Self Testing. Subjects in the mainstreamed section showed significant improvement on five scales: Anxiety, Selecting Main Ideas, Study Aids, Self Testing, and Test Strategies. The subjects in the control group did not significantly improve on any of the scales.^ This study showed that college students with learning disabilities improved their study strategies and attitudes by participating in a study skills course designed for a general student population. Further, these students benefitted whether by taking the course only with other students with learning disabilities, or by taking the course in a mixed group of students with or without learning disabilities. These results have important practical implications in that it appears that colleges can use existing study skills courses without having to develop special courses and schedules of course offerings targeted specifically for students with learning disabilities. ^

The Effect of Mobile Technology as an Active Student Response System on the Acquisition of U.S. History Content of Secondary Students with Specific Learning Disabilities

Students with specific learning disabilities (SLD) typically learn less history content than their peers without disabilities and show fewer learning gains. Even when they are provided with the same instructional strategies, many students with SLD struggle to grasp complex historical concepts and content area vocabulary. Many strategies involving technology have been used in the past to enhance learning for students with SLD in history classrooms. However, very few studies have explored the effectiveness of emerging mobile technology in K-12 history classrooms. This study investigated the effects of mobile devices (iPads) as an active student response (ASR) system on the acquisition of U.S. history content of middle school students with SLD. An alternating treatments single subject design was used to compare the effects of two interventions. There were two conditions and a series of pretest probesin this study. The conditions were: (a) direct instruction and studying from handwritten notes using the interactive notebook strategy and (b) direct instruction and studying using the Quizlet App on the iPad. There were three dependent variables in this study: (a) percent correct on tests, (b) rate of correct responses per minute, and (c) rate of errors per minute. A comparative analysis suggested that both interventions (studying from interactive notes and studying using Quizlet on the iPad) had varying degrees of effectiveness in increasing the learning gains of students with SLD. In most cases, both interventions were equally effective. During both interventions, all of the participants increased their percentage correct and increased their rate of correct responses. Most of the participants decreased their rate of errors. The results of this study suggest that teachers of students with SLD should consider a post lesson review in the form of mobile devices as an ASR system or studying from handwritten notes paired with existing evidence-based practices to facilitate students’ knowledge in U.S. history. Future research should focus on the use of other interactive applications on various mobile operating platforms, on other social studies subjects, and should explore various testing formats such as oral question-answer and multiple choice.

Transformational learning-environments in the post-secondary classroom: through the experience of indigenous women

This study investigated the physical, mental, emotional, and spiritual aspects of transformational learning, including the elements, attributes, factors, and catalysis of the transformational learning environment, as Indigenous women experienced them in the Indigenous Studies 3040H: The Meaning of Work in the Contemporary World (INDG 3040H) course at Trent University. Using a holistic model developed in connection with the Medicine Wheel an Indigenous epistemology is integrated into the study. Qualitative interviews were conducted with eight Indigenous women. The data collected from the interviews indicated that for Indigenous women, the transformational learning environment of the post-secondary classroom is heavily connected to the relationship students develop with themselves, their peers, and the faculty member alongside the content of the course.

(Table, Appendix C) Metal content of nodules at Sea Scope stations based upon XRF analyses at the Ore Microscopy Laboratory, Washington State Unicersity, USA

New information on possible resource value of sea floor manganese nodule deposits in the eastern north Pacific has been obtained by a study of records and collections of the 1972 Sea Scope Expedition. Nodule abundance (percent of sea floor covered) varies greatly, according to photographs from eight stations and data from other sources. All estimates considered reliable are plotted on a map of the region. Similar maps show the average content of Ni, Cu, Mn and Co at 89 stations from which three or more nodules were analyzed. Variations in nodule metal content at each station are shown graphically in an appendix, where data on nodule sizes are also given. Results of new analyses of 420 nodules from 93 stations for mn, fe, ni, cu, CO, and zn are listed in another appendix. Relatively high Ni + Cu content is restricted chiefly to four groups of stations in the equatorial region, where group averages are 1.86, 1.99, 2.47, and 2.55 weight-percent. Prepared for United States Department of the Interior, Bureau of Mines. Grant no. GO284008-02-MAS. - NTIS PB82-142571.

(Table 3) Reduced inorganic sulphur, d34S and nickel content of ODP Leg 165 sites

Leg 165 of the Ocean Drilling Program afforded a unique opportunity to investigate organic and inorganic geochemistry across a wide gradient of sediment compositions and corresponding chemical pathways. The solid fractions at Sites 998, 999, 1000, and 1001 reveal varying proportions of reactive carbonate species, a labile volcanic ash fraction occurring in discrete layers and as a dispersed component, and detrital fluxes that derive from continental weathering. The relative proportions and reactivities of these end-members strongly dictate the character of the diagenetic profiles observed during the pore-water work of Leg 165. In addition, alteration of the well-characterized basaltic basement at Site 1001 has provided a strong signal that is reflected in many of the dissolved components. The relative effects of basement alteration and diagenesis within the sediment column are discussed in terms of downcore relationships for dissolved calcium and magnesium. With the exception of Site 1002 in the Cariaco Basin, the sediments encountered during Leg 165 were uniformly deficient in organic carbon (typically <0.1 wt%). Consequently, rates of organic oxidation were generally low and dominated by suboxic pathways with subordinate levels of bacterial sulfate reduction and methanogenesis. The low rates of organic remineralization are supported by modeled rates of sulfate reduction. Site 1000 provided an exception to the generally low levels of microbially mediated redox cycling. At this site the sediment is slightly more enriched in organic phases, and externally derived thermogenic hydrocarbons appear to aid in driving enhanced levels of redox diagenesis at great depths below the seafloor. The entrapment of these volatiles corresponds with a permeability seal defined by a pronounced Miocene minimum in calcium carbonate concentration recognized throughout the basin and with a dramatic downcore increase in the magnitude of limestone lithification. The latter has been tentatively linked to increases in alkalinity associated with microbial oxidation of organic matter and gaseous hydrocarbons. Recognition and quantification of previously unconstrained large volumes and frequencies of Eocene and Miocene silicic volcanic ash within the Caribbean Basin is one of the major findings of Leg 165. High frequencies of volcanic ash layers manifest as varied but often dominant controls on pore-water chemistry. Sulfur isotope results are presented that speak to secondary metal and sulfur enrichments observed in ash layers sampled during Leg 165. Ultimately, a better mechanistic understanding of these processes and the extent to which they have varied spatially and temporally may bear on the global mass balances for a range of major and minor dissolved components of seawater.

Body measurements and blood plasma lipid, PCB and OH-PCB content of polar bear (U. maritimus) mothers and cubs, Svalbard

The aim of this study was to examine the plasma concentrations and prevalence of polychlorinated biphenyls (PCBs) and hydroxylated PCB-metabolites (OH-PCBs) in polar bear (Ursus maritimus) mothers (n = 26) and their 4 months old cubs-of-the-year (n = 38) from Svalbard to gain insight into the mother-cub transfer, biotransformation and to evaluate the health risk associated with the exposure to these contaminants. As samplings were performed in 1997/1998 and 2008, we further investigated the differences in levels and pattern of PCBs between the two sampling years. The plasma concentrations of Sum(21)PCBs (1997/1998: 5710 ± 3090 ng/g lipid weight [lw], 2008: 2560±1500 ng/g lw) and Sum(6)OH-PCBs (1997/1998: 228 ± 60 ng/g wet weight [ww], 2008: 80 ± 38 ng/g ww) in mothers were significantly lower in 2008 compared to in 1997/1998. In cubs, the plasma concentrations of Sum(21)PCBs (1997/1998: 14680 ± 5350 ng/g lw, 2008: 6070 ± 2590 ng/g lw) and Sum(6)OH-PCBs (1997/1998: 98 ± 23 ng/g ww, 2008: 49 ± 21 ng/g ww) were also significantly lower in 2008 than in 1997/1998. Sum(21)PCBs in cubs was 2.7 ± 0.7 times higher than in their mothers. This is due to a significant maternal transfer of these contaminants. In contrast, Sum(6)OH-PCBs in cubs were approximately 0.53 ± 0.16 times the concentration in their mothers. This indicates a lower maternal transfer of OH-PCBs compared to PCBs. The majority of the metabolite/precursor-ratios were lower in cubs compared to mothers. This may indicate that cubs have a lower endogenous capacity to biotransform PCBs to OH-PCBs than polar bear mothers. Exposure to PCBs and OH-PCBs is a potential health risk for polar bears, and the levels of PCBs and OH-PCBs in cubs from 2008 were still above levels associated with health effects in humans and wildlife.

Granulometry, mineralogy and organic matter content of permafrost core 5011-3

The combination of permafrost history and dynamics, lake level changes and the tectonical framework is considered to play a crucial role for sediment delivery to El'gygytgyn Crater Lake, NE Russian Arctic. The purpose of this study is to propose a depositional framework based on analyses of the core strata from the lake margin and historical reconstructions from various studies at the site. A sedimentological program has been conducted using frozen core samples from the 141.5 m long El'gygytgyn 5011-3 permafrost well. The drill site is located in sedimentary permafrost west of the lake that partly fills the El'gygytgyn Crater. The total core sequence is interpreted as strata building up a progradational alluvial fan delta. Four macroscopically distinct sedimentary units are identified. Unit 1 (141.5-117.0 m) is comprised of ice-cemented, matrix-supported sandy gravel and intercalated sandy layers. Sandy layers represent sediments which rained out as particles in the deeper part of the water column under highly energetic conditions. Unit 2 (117.0-24.25 m) is dominated by ice-cemented, matrix-supported sandy gravel with individual gravel layers. Most of the Unit 2 diamicton is understood to result from alluvial wash and subsequent gravitational sliding of coarse-grained (sandy gravel) material on the basin slope. Unit 3 (24.25-8.5 m) has ice-cemented, matrix-supported sandy gravel that is interrupted by sand beds. These sandy beds are associated with flooding events and represent near-shore sandy shoals. Unit 4 (8.5-0.0 m) is ice-cemented, matrix-supported sandy gravel with varying ice content, mostly higher than below. It consists of slope material and creek fill deposits. The uppermost metre is the active layer (i.e. the top layer of soil with seasonal freeze and thaw) into which modern soil organic matter has been incorporated. The nature of the progradational sediment transport taking place from the western and northern crater margins may be related to the complementary occurrence of frequent turbiditic layers in the central lake basin, as is known from the lake sediment record. Slope processes such as gravitational sliding and sheet flooding occur especially during spring melt and promote mass wasting into the basin. Tectonics are inferred to have initiated the fan accumulation in the first place and possibly the off-centre displacement of the crater lake.

(Table 1) Age, sex, length, girth and blubber thickness and content of ringed seals (Pusa hispida) in Kongsfjorden in 2000

This study of vertical fatty acid profiles, based on analysis of 58 fatty acids sampled at 3-mm intervals throughout the blubber column of a model marine mammal, the ringed seal (Pusa hispida), revealed three chemically distinct layers. The average depths of the outer and inner layers were quite consistent (~1.5 and ~1 cm, respectively). Consequently, the middle layer varied greatly in thickness, from being virtually absent in the thinnest animals to 2.5 cm thick in the fattest. The relative consistencies of the thickness and composition of the layers as well as the nature of the fatty acids making up each layer support the generally assumed function of the various layers: (1) the outer layer is primarily structural and thermoregulatory, (2) the inner layer is metabolically active with a fatty acid composition that is strongly affected by recent/ongoing lipid mobilization/deposition, and (3) the middle layer is a storage site that contracts and expands with food availability/consumption. The remarkable dynamics of the middle layer along with the discrete pattern of stratification found in the vertical fatty acid profiles have important implications for methodological sampling design for studies of foraging ecology and toxicology based on analyses of blubber of marine mammals.