Losses, dividend reductions, and market reaction associated with past earnings and dividends patterns

This paper examines investors' reactions to dividend reductions or omissions conditional on past earnings and dividend patterns for a sample of eighty-two U.S. firms that incurred an annual loss. We document that the market reaction for firms with long patterns of past earnings and dividend payouts is significantly more negative than for firms with lessestablished past earnings and dividends records. Our results can be explained by the following line of reasoning. First, consistent with DeAngelo, DeAngelo, and Skinner (1992), a loss following a long stream of earnings and dividend payments represents an unreliable indicator of future earnings. Thus, established firms have higher loss reliability than less-established firms. Second, because current earnings and dividend policy are a substitute source of means of forecasting future earnings, lower loss reliability increases the information content of dividend reductions. Therefore, given the presence of a loss, the longer the stream of prior earnings and dividend payments, (1) the lower the loss reliability and (2) the more reliably dividend cuts are perceived as an indication that earnings difficulties will persist in the future.

Application of Oribatid mites as indicators

This review discusses the connection between quantitative changes of environmental factors and oribatid communities. With the overview of available studies, it can be clearly explored how various characteristics of Oribatid communities are modified due to changes in moisture, temperature, heavy metal concentration, organic matter content and level of disturbance. The most important question concerning the application of Oribatids as indicators is to clarify what kind of information content does natural Oribatid coenological patterns possess from the aspect of bioindication. Most of the variables listed above can be directly measured, since rapid methods are available to quantify parameters of the soil. Responses of Oribatids are worth to study in a more complex approach. Even now we have an expansive knowledge on how communities change due to modifications of different factors. These pieces of information necessitate the elaboration of such methods which render Oribatid communities suitable for the task to prognosticate what extent the given site can be considered near-natural or degraded, based on the Oribatid composition of a single sample taken from the given area. Answering this problem needs extensive and coordinated work.

The market value implications of pension asset allocation

Pension funds have been part of the private sector since the 1850's. Defined Benefit pension plans [DB], where a company promises to make regular contributions to investment accounts held for participating employees in order to pay a promised lifelong annuity, are significant capital markets participants, amounting to 2.3 trillion dollars in 2010 (Federal Reserve Board, 2013). In 2006, Statement of Financial Accounting Standards No.158 (SFAS 158), Employers' Accounting for Defined Benefit Pension and Other Postemployment Plans, shifted information concerning funding status and pension asset/liability composition from disclosure in the footnotes to recognition in the financial statements. I add to the literature by being the first to examine the effect of recent pension reform during the financial crisis of 2008-09. This dissertation is comprised of three related essays. In my first essay, I investigate whether investors assign different pricing multiples to the various classes of pension assets when valuing firms. The pricing multiples on all classes of assets are significantly different from each other, but only investments in bonds and equities were value-relevant during the recent financial crisis. Consistent with investors viewing pension liabilities as liabilities of the firm, the pricing multiples on pension liabilities are significantly larger than those on non-pension liabilities. The only pension costs significantly associated with firm value are actual rate of return and interest expense. In my second essay, I investigate the role of accruals in predicting future cash flows, extending the Barth et al. (2001a) model of the accrual process. Using market value of equity as a proxy for cash flows, the results of this study suggest that aggregate accounting amounts mask how the components of earnings affect investors' ability to predict future cash flows. Disaggregating pension earnings components and accruals results in an increase in predictive power. During the 2008-2009 financial crisis, however, investors placed a greater (and negative) weight on the incremental information contained in the individual components of accruals. The inferences are robust to alternative specifications of accruals. Finally, in my third essay I investigate how investors view under-funded plans. On average, investors: view deficits arising from under-funded plans as belonging to the firm; reward firms with fully or over-funded pension plans; and encourage those funds with unfunded pension plans to become funded. Investors also encourage conservative pension asset allocations to mitigate firm risk, and smaller firms are perceived as being better able to handle the risk associated with underfunded plans. During the financial crisis of 2008-2009 underfunded status had a lower negative association with market value. In all three models, there are significant differences in pre- and post- SFAS 158 periods. These results are robust to various scenarios of the timing of the financial crisis and an alternative measure of funding.

Caracterização de células de lugar no hipocampo e de suas relações com oscilações do potencial de campo local

The main inputs to the hippocampus arise from the entorhinal cortex (EC) and form a loop involving the dentate gyrus, CA3 and CA1 hippocampal subfields and then back to EC. Since the discovery that the hippocampus is involved in memory formation in the 50's, this region and its circuitry have been extensively studied. Beyond memory, the hippocampus has also been found to play an important role in spatial navigation. In rats and mice, place cells show a close relation between firing rate and the animal position in a restricted area of the environment, the so-called place field. The firing of place cells peaks at the center of the place field and decreases when the animal moves away from it, suggesting the existence of a rate code for space. Nevertheless, many have described the emergence of hippocampal network oscillations of multiple frequencies depending on behavioral state, which are believed to be important for temporal coding. In particular, theta oscillations (5-12 Hz) exhibit a spatio-temporal relation with place cells known as phase precession, in which place cells consistently change the theta phase of spiking as the animal traverses the place field. Moreover, current theories state that CA1, the main output stream of the hippocampus, would interplay inputs from EC and CA3 through network oscillations of different frequencies, namely high gamma (60-100 Hz; HG) and low gamma (30-50 Hz; LG), respectively, which tend to be nested in different phases of the theta cycle. In the present dissertation we use a freely available online dataset to make extensive computational analyses aimed at reproducing classical and recent results about the activity of place cells in the hippocampus of freely moving rats. In particular, we revisit the debate of whether phase precession is due to changes in firing frequency or space alone, and conclude that the phenomenon cannot be explained by either factor independently but by their joint influence. We also perform novel analyses investigating further characteristics of place cells in relation to network oscillations. We show that the strength of theta modulation of spikes only marginally affects the spatial information content of place cells, while the mean spiking theta phase has no influence on spatial information. Further analyses reveal that place cells are also modulated by theta when they fire outside the place field. Moreover, we find that the firing of place cells within the theta cycle is modulated by HG and LG amplitude in both CA1 and EC, matching cross-frequency coupling results found at the local field potential level. Additionally, the phase-amplitude coupling in CA1 associated with spikes inside the place field is characterized by amplitude modulation in the 40-80 Hz range. We conclude that place cell firing is embedded in large network states reflected in local field potential oscillations and suggest that their activity might be seen as a dynamic state rather than a fixed property of the cell.

Estudo da transição de fase da percolação através da entropia da informação

Various physical systems have dynamics that can be modeled by percolation processes. Percolation is used to study issues ranging from fluid diffusion through disordered media to fragmentation of a computer network caused by hacker attacks. A common feature of all of these systems is the presence of two non-coexistent regimes associated to certain properties of the system. For example: the disordered media can allow or not allow the flow of the fluid depending on its porosity. The change from one regime to another characterizes the percolation phase transition. The standard way of analyzing this transition uses the order parameter, a variable related to some characteristic of the system that exhibits zero value in one of the regimes and a nonzero value in the other. The proposal introduced in this thesis is that this phase transition can be investigated without the explicit use of the order parameter, but rather through the Shannon entropy. This entropy is a measure of the uncertainty degree in the information content of a probability distribution. The proposal is evaluated in the context of cluster formation in random graphs, and we apply the method to both classical percolation (Erd¨os- R´enyi) and explosive percolation. It is based in the computation of the entropy contained in the cluster size probability distribution and the results show that the transition critical point relates to the derivatives of the entropy. Furthermore, the difference between the smooth and abrupt aspects of the classical and explosive percolation transitions, respectively, is reinforced by the observation that the entropy has a maximum value in the classical transition critical point, while that correspondence does not occurs during the explosive percolation.

Estudo da transição de fase da percolação através da entropia da informação

Various physical systems have dynamics that can be modeled by percolation processes. Percolation is used to study issues ranging from fluid diffusion through disordered media to fragmentation of a computer network caused by hacker attacks. A common feature of all of these systems is the presence of two non-coexistent regimes associated to certain properties of the system. For example: the disordered media can allow or not allow the flow of the fluid depending on its porosity. The change from one regime to another characterizes the percolation phase transition. The standard way of analyzing this transition uses the order parameter, a variable related to some characteristic of the system that exhibits zero value in one of the regimes and a nonzero value in the other. The proposal introduced in this thesis is that this phase transition can be investigated without the explicit use of the order parameter, but rather through the Shannon entropy. This entropy is a measure of the uncertainty degree in the information content of a probability distribution. The proposal is evaluated in the context of cluster formation in random graphs, and we apply the method to both classical percolation (Erd¨os- R´enyi) and explosive percolation. It is based in the computation of the entropy contained in the cluster size probability distribution and the results show that the transition critical point relates to the derivatives of the entropy. Furthermore, the difference between the smooth and abrupt aspects of the classical and explosive percolation transitions, respectively, is reinforced by the observation that the entropy has a maximum value in the classical transition critical point, while that correspondence does not occurs during the explosive percolation.

Circumpolar Landscape Units, links to GeoTIFFs

Requirements for space based monitoring of permafrost features had been already defined within the IGOS Cryosphere Theme Report at the start of the IPY in 2007 (IGOS, 2007). The WMO Polar Space Task Group (PSTG, http://www.wmo.int/pages/prog/sat/pstg_en.php) identified the need to review the requirements for permafrost monitoring and to update these requirements in 2013. Relevant surveys with focus on satellite data are already available from the ESA DUE Permafrost User requirements survey (2009), the United States National Research Council (2014) and the ESA - CliC - IPA - GTN -P workshop in February 2014. These reports have been reviewed and specific needs discussed within the community and a white paper submitted to the WMO PSTG. Acquisition requirements for monitoring of especially terrain changes (incl. rock glaciers and coastal erosion) and lakes (extent, ice properties etc.) with respect to current satellite missions have been specified. About 50 locations ('cold spots') where permafrost (Arctic and Antarctic) in situ monitoring has been taking place for many years or where field stations are currently established have been identified. These sites have been proposed to the WMO Polar Space Task Group as focus areas for future monitoring by high resolution satellite data. The specifications of these sites including meta-data on site instrumentation have been published as supplement to the white paper (Bartsch et al. 2014, doi:10.1594/PANGAEA.847003). The representativity of the 'cold spots' around the arctic has been in the following assessed based on a landscape units product which has been developed as part of the FP7 project PAGE21. The ESA DUE Permafrost service has been utilized to produce a pan-arctic database (25km, 2000-2014) comprising Mean Annual Surface Temperature, Annual and summer Amplitude of Surface Temperature, Mean Summer (July-August) Surface Temperature. Surface status (frozen/unfrozen) related products have been also derived from the ESA DUE Permafrost service. This includes the length of unfrozen period, first unfrozen day and first frozen day. In addition, SAR (ENVISAT ASAR GM) statistics as well as topographic parameters have been considered. The circumpolar datasets have been assessed for their redundancy in information content. 12 distinct units could be derived. The landscape units reveal similarities between North Slope Alaska and the region from the Yamal Peninsula to the Yenisei estuary. Northern Canada is characterized by the same landscape units like western Siberia. North-eastern Canada shows similarities to the Laptev coast region. This paper presents the result of this assessment and formulates recommendations for extensions of the in situ monitoring networks and categorizes the sites by satellite data requirements (specifically Sentinels) with respect to the landscape type and related processes.

Adaptive Brain-Computer Interface Systems For Communication in People with Severe Neuromuscular Disabilities

Brain-computer interfaces (BCI) have the potential to restore communication or control abilities in individuals with severe neuromuscular limitations, such as those with amyotrophic lateral sclerosis (ALS). The role of a BCI is to extract and decode relevant information that conveys a user's intent directly from brain electro-physiological signals and translate this information into executable commands to control external devices. However, the BCI decision-making process is error-prone due to noisy electro-physiological data, representing the classic problem of efficiently transmitting and receiving information via a noisy communication channel.

This research focuses on P300-based BCIs which rely predominantly on event-related potentials (ERP) that are elicited as a function of a user's uncertainty regarding stimulus events, in either an acoustic or a visual oddball recognition task. The P300-based BCI system enables users to communicate messages from a set of choices by selecting a target character or icon that conveys a desired intent or action. P300-based BCIs have been widely researched as a communication alternative, especially in individuals with ALS who represent a target BCI user population. For the P300-based BCI, repeated data measurements are required to enhance the low signal-to-noise ratio of the elicited ERPs embedded in electroencephalography (EEG) data, in order to improve the accuracy of the target character estimation process. As a result, BCIs have relatively slower speeds when compared to other commercial assistive communication devices, and this limits BCI adoption by their target user population. The goal of this research is to develop algorithms that take into account the physical limitations of the target BCI population to improve the efficiency of ERP-based spellers for real-world communication.

In this work, it is hypothesised that building adaptive capabilities into the BCI framework can potentially give the BCI system the flexibility to improve performance by adjusting system parameters in response to changing user inputs. The research in this work addresses three potential areas for improvement within the P300 speller framework: information optimisation, target character estimation and error correction. The visual interface and its operation control the method by which the ERPs are elicited through the presentation of stimulus events. The parameters of the stimulus presentation paradigm can be modified to modulate and enhance the elicited ERPs. A new stimulus presentation paradigm is developed in order to maximise the information content that is presented to the user by tuning stimulus paradigm parameters to positively affect performance. Internally, the BCI system determines the amount of data to collect and the method by which these data are processed to estimate the user's target character. Algorithms that exploit language information are developed to enhance the target character estimation process and to correct erroneous BCI selections. In addition, a new model-based method to predict BCI performance is developed, an approach which is independent of stimulus presentation paradigm and accounts for dynamic data collection. The studies presented in this work provide evidence that the proposed methods for incorporating adaptive strategies in the three areas have the potential to significantly improve BCI communication rates, and the proposed method for predicting BCI performance provides a reliable means to pre-assess BCI performance without extensive online testing.

Sistemas curriculares para la gestión de información y conocimiento institucional. Estudio de caso

La organización del conocimiento en el contexto de las Ciencias de la Información tiene como esencia la información y el conocimiento debidamente documentado o registrado. La organización del conocimiento como proceso, envuelve tanto la descripción física como de los contenidos de los objetos informacionales. Y el producto de ese proceso descriptivo es la representación de los atributos de un objeto o conjunto de objetos. Las representaciones son construidas por lenguajes elaborados específicamente para los objetivos de la organización en los sistemas de información. Lenguajes que se subdividen en lenguajes que describen el documento (el soporte físico del objeto) y lenguajes que describen la información (los contenidos).A partir de esta premisa la siguiente investigación tiene como objetivo general analizarlos sistemas de Gestión de Información y Conocimiento Institucional principalmente los que proponen utilizar el Currículum Vitae del profesor como única fuente de información, medición y representación de la información y el conocimiento de una organización. Dentro delos principales resultados se muestra la importancia de usar el currículo personal como fuente de información confiable y normalizada; una síntesis de los principales sistemas curriculares que existen a nivel internacional y regional; así como el gráfico del modelo de datos del caso de estudio; y por último, la propuesta del uso de las ontologías como principal herramienta para la organización semántica de la información en un sistema de gestión de información y conocimiento.

Accounting Earnings Announcements, Institutional Investor Concentration, and Common Stock Returns

[Excerpt] This study examines the relation between the level of institutional investor ownership and the magnitude of security price variability at quarterly earnings announcement dates. Prior research consistently documents a negative association between firm size and announcement-date return variability. One explanation for this finding is that as more timely, alternative information becomes available on large firms prior to an announcement date, their security prices become informative, thereby reducing the information content of the earnings announcement. Large firms are closely followed by institutional investors. These investors dedicate substantial resources to information search. Therefore, the link between size and information production may be attributable to the influence of institutional investors on the information production process. Because institutional trades can also affect security prices, however, the precise impact of institutional following on the variability of prices at quarterly earnings dates is not evident.

Effects of unilateral visual deprivation on the developing avian brain

The effect of varying states of visual deprivation on the development of the optic lobes and cerebral hemispheres has been studied in the chick where the visual pathways are totally crossed over. Unilateral eye extirpation of the new hatched chick resulted in arrested development of the contralateral but not ipsilateral lobe, as measured by weight, protein content and acetylcholinesterase activity. Similar effects but of smaller magnitude were observed in the cerebral hemispheres. Histologic and enzymic evidence revealed the absence of significant degeneration in the optic lobe contralateral to an eye removed 17 days previously. These results were observed in the optic lobes of operated animals maintained either in light of in darkness between 3 and 17 days after hatch. However, in the inpaired cerebral hemispheres, differences could only be detected in birds kept the light. The effects of unilateral eyelid suturing on the development of chick brain regions were also examined. In this group, all asymmetrical differences observed within paired brain regions were totally light dependent and confined to the cerebral hemispheres. The hemisphere contralateral to the sutured eye weighed less and had less acetylcholinesterase activity than its paired hemisphere. The cerebral hemispheres of monocularly treated birds manifested effects of similar magnitude whether the treatment was enucleation or suturing. This suggests that the complete development of the associative centers in avian cerebral hemispheres is dependent on both intact innervation and on the information content of the visual input. © 1969.

Diversity and path coefficient analysis of Southern African maize hybrids

Detailed knowledge on genetic diversity among germplasm is important for hybrid maize ( Zea mays L.) breeding. The objective of the study was to determine genetic diversity in widely grown hybrids in Southern Africa, and compare effectiveness of phenotypic analysis models for determining genetic distances between hybrids. Fifty hybrids were evaluated at one site with two replicates. The experiment was a randomized complete block design. Phenotypic and genotypic data were analyzed using SAS and Power Marker respectively. There was significant (p < 0.01) variation and diversity among hybrid brands but small within brand clusters. Polymorphic Information Content (PIC) ranged from 0.07 to 0.38 with an average of 0.34 and genetic distance ranged from 0.08 to 0.50 with an average of 0.43. SAH23 and SAH21 (0.48) and SAH33 and SAH3 (0.47) were the most distantly related hybrids. Both single nucleotide polymorphism (SNP) markers and phenotypic data models were effective for discriminating genotypes according to genetic distance. SNP markers revealed nine clusters of hybrids. The 12-trait phenotypic analysis model, revealed eight clusters at 85%, while the five-trait model revealed six clusters. Path analysis revealed significant direct and indirect effects of secondary traits on yield. Plant height and ear height were negatively correlated with grain yield meaning shorter hybrids gave high yield. Ear weight, days to anthesis, and number of ears had highest positive direct effects on yield. These traits can provide good selection index for high yielding maize hybrids. Results confirmed that diversity of hybrids is small within brands and also confirm that phenotypic trait models are effective for discriminating hybrids.

Development, characterization and use of genomic SSR markers for assessment of genetic diversity in some Saudi date palm ( Phoenix dactylifera L.) cultivars

Background: The present study was undertaken towards the development of SSR markers and assessing genetic relationships among 32 date palm ( Phoenix dactylifera L.) representing common cultivars grown in different geographical regions in Saudi Arabia. Results: Ninety-three novel simple sequence repeat markers were developed and screened for their ability to detect polymorphism in date palm. Around 71% of genomic SSRs were dinucleotide, 25% tri, 3% tetra and 1% penta nucleotide motives. Twenty-two primers generated a total of 91 alleles with a mean of 4.14 alleles per locus and 100% polymorphism percentage. A 0.595 average polymorphic information content and 0.662 primer discrimination power values were recorded. The expected and observed heterozygosities were 0.676 and 0.763 respectively. Pair-wise similarity values ranged from 0.06 to 0.89 and the overall cultivars averaged 0.41. The UPGMA cluster analysis recovered by principal coordinate analysis illustrated that cultivars tend to group according to their class of maturity, region of cultivation, and fruit color. Analysis of molecular variations (AMOVA) revealed that genetic variation among and within cultivars were 27% and 73%, respectively according to geographical distribution of cultivars. Conclusions: The developed microsatellite markers are additional values to date palm characterization tools that can be used by researchers in population genetics, cultivar identification as well as genetic resource exploration and management. The tested cultivars exhibited a significant amount of genetic diversity and could be suitable for successful breeding program. Genomic sequences generated from this study are available at the National Center for Biotechnology Information (NCBI), Sequence Read Archive (Accession numbers. LIBGSS_039019).

SSR genetic diversity assessment of popular pigeonpea varieties in Malawi reveals unique fingerprints

Background: Pigeonpea ( Cajanus cajan L. Millsp.) is a drought tolerant legume of the Fabaceae family and the only cultivated species in the genus Cajanus. It is mainly cultivated in the semi-arid tropics of Asia and Oceania, Africa and America. In Malawi, it is grown as a source of food and income and for soil improvement in intercropping systems. However, varietal contamination due to natural outcrossing causes significant quality reduction and yield losses. In this study, 48 polymorphic SSR markers were used to assess the diversity among all pigeonpea varieties cultivated in Malawi to determine if a genetic fingerprint could be identified to distinguish the popular varieties. Results: A total of 212 alleles were observed with an average of 5.58 alleles per marker and a maximum of 14 alleles produced by CCttc019 (Marker 40). Polymorphic information content (PIC), ranged from 0.03 to 0.89 with an average of 0.30. A neighbor-joining tree produced 4 clusters. The most commonly cultivated varieties, which include released varieties and cultivated land races, were well-spread across all the clusters observed, indicating that they generally represented the genetic diversity available in Malawi, although substantial variation was evident that can still be exploited through further breeding. Conclusion: Screening of the allelic data associated with the five most popular cultivated varieties, revealed 6 markers – CCB1, CCB7, Ccac035, CCttc003, Ccac026 and CCttc019 – which displayed unique allelic profiles for each of the five varieties. This genetic fingerprint can potentially be applied for seed certification to confirm the genetic purity of seeds that are delivered to Malawi farmers.

Desarrollo de un catálogo digital multimedia para la venta de productos a través de dispositivos móviles

El presente proyecto se embarca en la investigación de los conceptos que están asociados con las nuevas tecnologías en el campo de las publicaciones digitales, en los procesos que se siguen para desarrollar contenido en los dispositivos móviles enmarcado en un contexto actual. Además de aprovechar estos medios alternativos como opciones de distribución de contenido informativo de productos o servicios de una empresa. También se busca presentar, al diseñador, alternativas viables que contribuyan al desarrollo de productos multimedia, de una manera más asequible y no limitada por conceptos, ni herramientas desvinculadas con nuestra área profesional. La meta es la consecución de un prototipo de catálogo digital que pueda ser presentado al cliente como componente innovador y nuevo recurso para la empresa Ecuavida