Impact of financial crisis on earnings management in listed companies of Portugal and UK

Firm’s financial information is essential to stakeholders’ decision making. Although not always financial statements show the firm’s real image. This study examines listed firms from Portugal and UK. Firms have different purposes to manipulate earnings: some strive for influencing investors’ perception about a particular company, some try to provide better position for gaining finance from credit institutions or paying less tax to tax authorities. Usually, this behaviour is induced when firms have financial problems. Consequently, the study also aims to see the impact of financial crisis on earnings management. We try to answer question how does extent of firms’ involvement in earnings management change when the world undergoes financial crisis. Furthermore, we also compare two countries with different legal forces in terms of quality of accounting to see the main differences. We used a panel data methodology to analyse financial data from 2004 till 2014 of listed firms from Portugal and UK. Beneish (1999) model was applied to categorize manipulator and non-manipulator firms. Analysing accounting information according to Beneish’s ratios, findings suggest that financial crisis had certain impact on firms’ tendency to manipulate financial results in UK although it is not statistically significant. Moreover, besides the differences between Portugal and UK, results contradict the common view of legal systems’ quality, as UK firms tend to apply more accounting techniques for manipulation than the Portuguese ones. Our main results also confirm that some UK firms manipulate ratios of receivables’ days, asset quality index, depreciation index, leverage, sales and general administrative expenses whereas Portuguese firms manipulate only receivables’ days. Finally, we also find that the main reason to manipulate results is not to influence the cost of obtained funds neither to minimize tax burden since net profit does not explain the ratios used in the Beneish model. Results suggest that the main concern to listed firms manipulate results is to influence financial investors perception.

Lake Tiefer See varve microfacies, bulk geochemistry, µ-XRF, vegetation openness and Cladocera record

The Holocene sediment record of Lake Tiefer See exhibits striking alternations between well-varved and non-varved intervals. Here we present a high resolution multi-proxy record for the past ~6000 years and discuss possible causes for the observed sediment variability. This approach comprises of microfacies, geochemical and microfossil analyses as well as of a multiple dating concept including varve counting, tephrochronology and radiocarbon dating. Four periods of predominantly well-varved sediment were identified at 6000-3950 cal. a BP, 3100-2850 cal. a BP, 2100-750 cal. a BP and AD 1924-present. Except of sub-recent varve formation, these periods are considered to reflect reduced lake circulation and consequently, stronger anoxic bottom water conditions. In contrast, intercalated intervals of poor varve preservation or even extensively mixed non-varved sediments indicate strengthened lake circulation. Sub-recent varve formation since AD 1924 is, in addition to natural forcing, influenced by enhanced lake productivity due to modern anthropogenic eutrophication. The general increase in periods of intensified lake circulation in Lake Tiefer See since ~4000 cal. a BP presumably is caused by gradual changes in Northern Hemisphere orbital forcing, leading to cooler and windier conditions in Central Europe. Superimposed decadal to centennial scale variability of the lake circulation regime likely is the result of additional human-induced changes of the catchment vegetation. The coincidence of major non-varved periods at Lake Tiefer See and intervals of bioturbated sediments in the Baltic Sea implies a broader regional significance of our findings.

The IJK Ride Indicator, 1976

State highway engineers realized a need for a numerical quality index and began planning for a research project of this type in 1951. The Present Serviceability Index was developed through the AASHO (now AASHTO) Road Test near Ottawa, Illinois, from 1956 to 1962.1 longitudinal profile and physical deterioration such as cracking, patching, and rut depth (for flexible pavements) were considered in deriving these Present Serviceability Index (PSI) equations

Relógios biológicos, apetite e sono

Um ritmo circadiano normal, hábitos alimentares saudáveis, prática de exercício físico regular e uma boa higiene de sono constituem fatores imprescindíveis para o bom funcionamento do organismo e para a prevenção de diversas doenças. Os universitários constituem uma população bastante vulnerável a ritmos circadianos anormais, hábitos alimentares pouco saudáveis, sedentarismo e problemas de sono, provenientes das alterações no seu estilo de vida bem como alterações a nível comportamental. O objetivo deste estudo é identificar o cronótipo (matutino, intermédio ou vespertino), os hábitos alimentares e de sono dos alunos universitários. Neste sentido utilizou-se uma amostra de 302 estudantes da Universidade Fernando Pessoa, no qual 238 são do sexo feminino e os restantes 64 são do sexo masculino. Com a finalidade da recolha de dados foi elaborado um questionário através do Formulários do Google. Para avaliar o tipo de cronótipo dos universitários aplicou-se o Morningness-Eveningness Questionnaire (MEQ) e os hábitos de sono foram avaliados a partir do Pittsburgh Sleep Quality Index (PSQI) e da Epworth Sleepiness Scale (ESS). Para avaliar os hábitos alimentares dos participantes formulou-se um conjunto de questões tendo em conta este objetivo. Estes dados foram recolhidos on-line, tendo sido enviado o questionário a todos os alunos da Universidade Fernando Pessoa através do respetivo correio eletrónico institucional. No final desta investigação, foi possível concluir que a maioria dos alunos universitários apresenta um cronótipo intermédio (50 pontos ± 9,43), hábitos alimentares saudáveis e equilibrados e apresenta ainda uma má qualidade de sono (8 pontos ± 2,86) e padrões de sono irregulares, no entanto, não exibem sonolência diurna excessiva (8 pontos ± 3,96).

Suivi stationnel de l’herbier à Zostera noltei de la masse d’eau FRFT8 Bidassoa – 2014 - Bassin Hydrographique Adour-Garonne

The new protocol established by Auby et al. (2012) was applied in 2014 to the seagrass monitoring in the Water body FRFT8 – Bidassoa - Type T03. Based on 3 metrics ("taxonomy", "extension" and "abundance"), the quality index of this water body for the angiosperm indicator, was "good". The displacement of the seagrass bed led us to adapt the sampling grid in 2014

Influência do uso e ocupação do solo na qualidade da água e no processo erosivo da bacia de captação do Rio Barro Preto, Coronel Vivida-PR

This study was developed in objecting to investigate the use and occupation of land in 1999, 2005, 2011 e 2015 and estimate soil degradation by laminar erosion and the relation with water quality in 2015 in the catchment basin of the Barro Preto river, Coronel Vivida – PR. For multitemporal analysis of use and occupation of land in the basin used in the Landsat 5, 7 and 8 images and Geographic Information System. The laminar erosion was estimated by the Universal Soil Loss Equation through the systematization of calculations of the factors that compose the equation in SPRING/INPE. The water quality of the studied river section was evaluated according to the Water Quality Idex and the Resolution CONAMA n. 357/2005. The multitemporal analysis of the use and occupation of land has demonstrated that basin is predominantly agricultural in all years studied, as well as the permanent preservation area presents it not regularized during the period in accordance with the Brazilian Forest Code in force. In relation the quantification of laminar soil erosion in the study period, the rainfall and runoff factor was estimated considering the rainfall data from 1986 to 2014 and resulted in a value of 11.573,47 MJ/ha.mm/a. The Dystrophic Red Latosol, Dystrophic Red Nitisol, Fluvisol and Leptosol soil erodibility factor were 0,0138, 0,0137, 0,0207, 0,0196 t.ha.h/ha.MJ.mm/a, respectively. The topographical factor has demonstrated that the catchment basin has the rough terrain because the moderate and moderate strong classes are dominant in the study area. The cover and management and support practice factors were estimated according to the multitemporal analysis of the use and occupation of land in the basin and the values ranged from 0,0006 to 0,0688. The soil losses by laminar erosion were simulated with agriculture areas with corn and soybeans in no-till. The soil losses with maize crop in no-till in 1999, 2005, 2011 and 2015 were 9.782,75, 10.592,71, 9.636,61 e 11.058,26 t/year, respectively, and soybeans crops in no-till were 15.140,01, 16.645,20, 14.662,14 e 17.049,85 t/year, respectively. In relation with water quality of the section studied river, the average of Water Quality Index during the season were 55,47, 53,09 and 49,72, for the first, second and third sample point, respectively. Indication a decrease in water quality since the source to the last sample point. It is concluded that the use and occupation of land in the catchment basin interferes in the water quality, as well as in soil degradation.

Site n°5. The Pertuis Breton (Bay of Biscay) France

1.This report presents the results of a field study conducted in the ECASA test site nOS in the Pertuis Breton, France. The site is located on the Atlantic West coasts. It is open to the bay of Biscay, but is slightly protected against westerly winds. The bay has been exploited by intertidal mussels culture for centuries. 2. Within the bay, mussels (Mytilus edulis) are cultivated either by the traditional pole technique, around the bay or on longlines in the centre of the bay. The area occupied by these longline s represents 250 ha, and the resulting annual production is 1 000 tonnes of mussels. The average depth at mid tide is of 13.8 m. The sediment is sandy, with a small fraction of mud. 3. The site is subject to several regular monitoring through the local implementation of national networks aiming at protecting the environment and marine resources, on pollutants (RNO), microbiological quality of the waters (REMI), phytoplanktonic toxic species (REPHY) and growth and mortality of molluscs (REMORA). Benthic macrofauna was studied in 1976. 4. Five sampling sations were chosen along a line, starting under the longlines, and at distances of 50, 100, 200, and 400 metres from the area cultivated. A reference station was chosen in a different direction at 2300 metres of the cultivated area. Sampling methods are described in the text. _Sediments were sampled for different analyses: grain size, content in organic matter, total organic carbon and nitrogen, and phytic pigments (chlorophyll a and phaeopigments). Redox were measured in cores. The macrofauna living into the sediment was also sampled. The water column was sampled for physical (temperature, transparency) and chemical parametres, including oxygen content, salinity, organic matter, dissolved nitrogen forms, phosphates and silicates. Results from benthic macrofauna surveys indicate that there were no significant differences between the different stations and the reference station, all being classified as slightly disturbed. The bay is submitted to freshwater runoffs from two adjacent rivers. 7. The sediment is slightly modified by the culture of bivalves. Total organic carbon, total nitrogen, Eh values and pheopigments were significantly higher under the trestles than in any other stations. Other stations often did not differ from the reference station. 8. The effects of shellfish culture on the water column were. However, it was observed a small decrease of the food available to the molluscs near the rearing 9. The DEB model was able to describe and predict adequately the growth of oysters, both in the Baie des Veys and in the Loch Creran. The parametres for its use in other environment are given, but a tuning of one parametre should be performed with the help of authors. 10. Among the indicators and models for use in are as of intertidal bivalve culture, it is recommended to use the sediment quality index, TOC (Total Organic Carbon), redox and pheopigments, in surficial sediment, AMBI for the macrofauna, chlorophyll a contents and nitrogen forms in the water column, and models describing the carrying capacity, filtration rate of molluscs, and a DEB model to predict the growth of molluscs.

DESENVOLVIMENTO INICIAL E QUALIDADE DE MUDAS DE Copaifera langsdorffii Desf. SOB DIFERENTES NÍVEIS DE SOMBREAMENTO

As florestas de galeria vêm sendo fragmentadas, levando à perda de sua elevada diversidade, tornando-se imprescindíveis estudos que avaliem o comportamento ecológico de suas espécies arbóreas. O presente estudo teve como objetivo testar a hipótese de que a produção de mudas de Copaifera langsdorffii é influenciada pela luminosidade do ambiente, apresentando maior qualidade e desenvolvimento inicial em níveis intermediários de luz. As plantas foram testadas em pleno sol, 30%, 50%, 70% e 90% de sombreamento, avaliando-se número de folhas, altura e diâmetro aos 60, 90, 120 e 191 dias após a emergência (DAE) e massa seca aérea e radicular e, índice de qualidade de Dickson ao final do experimento (191 DAE). O efeito dos níveis de sombreamento foi analisado por meio de análise de regressão. As plantas apresentaram boa plasticidade de crescimento nos diferentes níveis de luminosidade, mas com melhor desenvolvimento e qualidade (IQD) em 50% de sombreamento, corroborando a hipótese testada. A luminosidade ou sombreamento excessivo devem ser evitados para garantir a produção de mudas mais vigorosas de Copaifera langsdorffii. Assim, recomenda-se a produção de mudas desta espécie sob 50% de sombreamento para favorecer a sua qualidade e possivelmente garantir melhor sobrevivência em campo.

Randomised controlled trial of short bursts of a potent topical corticosteroid versus prolonged use of a mild preparation for children with mild or moderate atopic eczema

Objective To determine whether a three day burst of a potent corticosteroid is more effective than a mild preparation used for seven days in children with mild or moderate atopic eczema. Design Randomised, double blind, parallel group study of 18 weeks' duration. Setting 13 general practices and a teaching hospital in the Nottingham area. Participants 174 children with mild or moderate atopic eczema recruited from general practices and 33 from a hospital outpatient clinic. Interventions 0.1% betamethasone valerate applied for three days followed by the base ointment for four days versus 1% hydrocortisone applied for seven days. Main outcome measures Primary outcomes were total number of scratch­free days and number of relapses. Secondary outcomes were median duration of relapses, number of undisturbed nights, disease severity (six area, six sign atopic dermatitis severity scale), scores on two quality of life measures (children's life quality index and dermatitis family impact questionnaire), and number of patients in whom treatment failed in each arm. Results No differences were found between the two groups. This was consistent for all outcomes. The median number of scratch­free days was 118.0 for the mild group and 117.5 for the potent group (difference 0.5, 95% confidence interval - 2.0 to 4.0, P = 0.53). The median number of relapses for both groups was 1.0. Both groups showed clinically important improvements in disease severity and quality of life compared with baseline. Conclusion A short burst of a potent topical corticosteroid is just as effective as prolonged use of a milder preparation for controlling mild or moderate atopic eczema in children.

Suivi stationnel de l’herbier à Zostera noltei de la masse d’eau FRFT8 Bidassoa - 2015 - Bassin Hydrographique Adour-Garonne

Based on 3 metrics ("taxonomy", "extension" and "abundance"), the quality index of the water body FRFT8 – Bidassoa - Type T03 for the angiosperm indicator, was "good", the same as 2014. As last year, the seagrass bed moved and the grid will probably be displaced in 2016.

Effects of a rhythmic and choreographic program in obese and overweight participants

Introduction: Currently there is a growing trend in the prevalence of overweight and obesity. This increased prevalence trend leads to an increase in the costs of health care. Objective: The aim of the present study was to analyze the effects on physical fitness and bone mineral density through an intervention program of physical activity based on rhythmic and choreographic activities in an overweight and obese population. Method: An 8-month physical activity based on rhythmic and choreographic activities was conducted in overweight and obese people. Thirty-four participants aged 50.43 ± 10.57 with a body mass index (BMI) 38.37 ± 4.82 took part in the physical activity program. This study assesses the effects of fitness, percentage of body fat and bone mineral density (BMD). Results: After an 8-month physical activity intervention program based on rhythmic and choreographic activities, significant differences were found in: percentage of body fat (p = 0.004), aerobic capacity (p = 0.023), flexibility of the lower limbs (flexibility in the right leg p = 0.029 and left leg p = 0.002), balance (p < 0.001), strength in lower limbs (p = 0..003) and strength in upper limbs (p < 0.001). Besides that, significant differences were found in parameters related with BMD such as T-Score (p = 0.025) and Z-Score (p = 0.012), Bone Quality Index (BQI) (p = 0.026) and an increase in Broadband Ultrasound Attenuation (BUA) although not a statistically significant one (p = 0.939). Conclusions: These findings suggest that a physical activity program based on rhythmic and choreographic activities can act as a preventive method of mobility and fragility, as well as preventing bone loss.

Effects of oat bran and nutrition counseling on the lipid and glucose profile and anthropometric parameters of hypercholesterolemia patients

Background: In order to prevent chronic, non communicable disease, it is essential that lifestyle is modified to include a diet high in fiber. Aim: To assess the effect oat bran (OB) in conjunction with nutrition counseling (NC) have on lipid and glucose profile, anthropometric parameters, quality of diet, and ingestion of ultraprocessed foods (UPF) and additives in hypercholesterolemia sufferers. Method: This was a 90-day, double-blind, placebo-controlled, block-randomized trial undertaken on 132 men and women with LDL-c ≥ 130 mg/dL. The participants were sorted into two groups: OB Group (OBG) and Placebo Group (PLG), and were given NC and 40g of either OB or rice flour, respectively. Lipid and glucose profile were assessed, as were the anthropometric data, quality of diet (Diet Quality Index revised for the Brazilian population - DQI-R) and whether or not UPF or additives were consumed. Results: Both groups showed a significant decrease in anthropometric parameters and blood pressure, as well as a significant reduction in total and LDL cholesterol. There was also an improvement in DQI-R in both groups and a decrease in consumption of UPF. Blood sugar, HOMA-IR and QUICKI values were found to be significantly lower only in the OBG. Conclusion: Our findings in lipid profile and anthropometric parameters signify that NC has a beneficial effect, which is attributable to the improved quality of diet and reduced consumption of UPF. Daily consumption of 40 g of OB was found to be of additional benefit, in decreasing insulin-resistance parameters.

Qualidade do sono e trabalho por turnos

O estilo de vida, atualmente, tem bastante influência na higiene do sono. São diversos os fatores que contribuem tanto para a sua manutenção como para a sua falha. O trabalho por turnos está frequentemente associado a elevadas cargas de stresse e fadiga devido a situações imprevisíveis e perigosas que possam advir da área profissional, da rotatividade do horário laboral, a um sono deficiente, à falta de atividades desportivas e de lazer, bem como à má alimentação. Estilo de vida, este, que reduz a qualidade de vida em geral e aumenta drasticamente a probabilidade de surgir doenças quer ao nível físico como mental. O sono, por sua vez, é um fenómeno universal de grande importância para o desenvolvimento humano. A qualidade do sono é determinada por vários fatores, entre eles as rotinas de sono. Torna-se, assim, importante estudar as rotinas de forma a incrementar o conhecimento sobre este determinante. A alternância do dia-noite –claro/escuro -, os horários de trabalho, os horários de lazer, as atividades familiares são todos fatores exógenos que sincronizam o ciclo sono-vigília. Estudar a qualidade de sono em profissionais que trabalham por turnos é de extrema relevância visto tratar-se de uma população cada vez mais em risco e em que se considera que o sono seja um dos fatores mais comprometidos. O presente estudo tem como objetivo caraterizar e avaliar a qualidade do sono em profissionais, em função dos horários de trabalho. A metodologia utilizada é quantitativa e centrou-se na aplicação do questionário IQSP – Índice de Qualidade do Sono de Buysse et al. (1989), adaptado e traduzido para português. O questionário foi aplicado a 50 indivíduos pertencentes à Polícia Marítima, na Zona Norte de Portugal Continental, na maioria (92%) homens com idades compreendidas entre os 36 e os 55 anos. Do total de participantes, 76% (n=38) encontra-se a trabalhar por turnos. A análise dos dados foi efetuada através do Statistical Package for the Social Sciences, versão 22, tendo sido realizadas análises descritivas, inferenciais e correlacionais. Com maior relevância, no presente estudo, conclui-se que não existem diferenças estatisticamente significativas na qualidade do sono entre aqueles que trabalham por turnos e os que têm horário fixo, bem como, que a qualidade do sono também não se diferencia em função da idade, do tempo de profissão e da existência de filhos pequenos. Conclui-se, ainda, que a qualidade do sono parece estar relacionada com a satisfação com o horário de trabalho.

La posición socio económica en el campo de la actividad física y su relación con la imagen corporal: Aproximación desde el enfoque determinantes/ determinación social de la salud

El presente trabajo analiza la definición de la categoría posición socioeconómica (PSE) y las variables con las cuales se representa en los productos académicos del campo de la actividad física, además de su relación con la categoría de imagen corporal. Para lograr el objetivo, se rastrean elementos que permiten dar cuenta si los documentos de investigación se abordan desde alguno de los dos contextos: determinantes (DDSS) o determinación social de la salud (DSS). Se inicia con un rastreo global por medio de los motores de búsqueda, las bases de datos y los repositorios institucionales. Posteriormente se parametriza la ruta, desde las categorías imagen corporal (IC) y PSE. Las investigaciones pretenden dar cuenta de la evaluación a 15 años del programa "Salud para Todos" de la ONU de 2001, en el marco de los Objetivos Del Milenio. Se revisaron resúmenes de los productos, descartando aquellos donde la categoría PSE o sus descriptores asociados tuvieran un papel secundario. Se limitó a Latinoamérica y España por su tradición histórica colonizadora; con el ánimo de conocer la postura de esta comunidad frente al proceso globalizado de la salud en el mundo. Al grupo final se le aplican criterios parametrizados a partir de la revisión teórica, para responder los interrogantes basados en las implicaciones que tiene la PSE en el pensamiento actual de la producción científica en el campo de la actividad física; y cómo las otras categorías de análisis se ven o no manifiestas. El índice de calidad científica CASPe, determina la pertinencia de los textos. En el aspecto teórico, se encuentra que la categoría PSE, a pesar de ser muy utilizada, tiene una conceptualización difusa. Por tal motivo, se propone una definición de PSE sustentada en el pensamiento sociológico. En el aspecto empírico, al rastrear las variables con que se reemplaza la PSE en las investigaciones, se encuentran grandes diferencias y el uso de múltiples y disímiles subcategorías.