Mandatory and voluntary information disclosure and the effects on financial analysts: evidence from China

Purpose – This paper aims to make a comparison, different from existing literature solely focusing on voluntary earnings forecasts and ex post earnings surprise, between the effects of mandatory earnings surprise warnings and voluntary information disclosure issued by management teams on financial analysts in terms of the number of followings and the accuracy of earnings forecasts. Design/methodology/approach – This paper uses panel data analysis with fixed effects on data collected from Chinese public firms between 2006 and 2010. It uses an exogenous regulation enforcement to minimise the endogeneity problem. Findings – This paper finds that financial analysts are less likely to follow firms which mandatorily issue earnings surprise warnings ex ante than those voluntarily issue earnings forecasts. Moreover, ex post, they issue less accurate and more dispersed forecasts on former firms. The results support Brown et al.’s (2009) finding in the USA and suggest that the earnings surprise warnings affect information asymmetries. Practical implications – This paper justifies the mandatory earnings surprise warnings policy issued by Chinese Securities Regulatory Commission in 2006. Originality/value – Mandatory earnings surprise is a unique practical regulation for publicly listed firms in China. This paper, for the first time, provides empirical evaluation on the effectiveness of a mandatory information disclosure policy in China. Consistent with existing literature on information disclosure by public firms in other countries, this paper finds that, in China, voluntary information disclosure captures more private information than mandatory information disclosure on corporate earnings ability.

Becoming a region, becoming global, becoming imperceptable: territorialising salmon in Chilean Patagonia

Our article focuses on the region of Chilean Patagonia and considers how it has developed as a leading producer of salmon for global food markets. It addresses the problem of how to decentre conventional views of the forces driving regional development that give primacy to the role of capital and technology, instead giving due recognition to the knowledge and practices of situated actors and to the relationships that form between human and non-human entities in food producing regions. As an alternative, we ask whether an assemblage approach can improve our understanding of regional transformation. To explore this question, we present original ethnographic data on constitutive practices that have transformed the Patagonian region, from the territorialization of Salmonidae species to experimentation in ocean ranching and sea water fish farming, and finally the development of a global industry. The evidence leads us to argue that in a complex globalised world, assemblage theory offers a valuable approach for understanding how regional potential is realised. In the case of Chilean Patagonia, it is apparent that forms of bio-power generate new relations between life, agency and nature, stimulating contemporary regional transformations in ways overlooked by the lineal logic of capital objectification discourses. Applying an assemblage approach enables the significance of new contemporary human – non-human relationships and inter-subjectivities to come to the fore, keeping the social in view as potential for regional transformation and new power asymmetries continuously emerge.

Monitoring scan asymmetry of microwave humidity sounding channels using simultaneous all angle collocations (SAACs)

Simultaneous all angle collocations (SAACs) of microwave humidity sounders (AMSU-B and MHS) on-board polar orbiting satellites are used to estimate scan-dependent biases. This method has distinct advantages over previous methods, such as that the estimated scan-dependent biases are not influenced by diurnal differences between the edges of the scan and the biases can be estimated for both sides of the scan. We find the results are robust in the sense that biases estimated for one satellite pair can be reproduced by double differencing biases of these satellites with a third satellite. Channel 1 of these instruments shows the least bias for all satellites. Channel 2 has biases greater than 5 K, thus needs to be corrected. Channel 3 has biases of about 2 K and more and they are time varying for some of the satellites. Channel 4 has the largest bias which is about 15 K when the data are averaged for 5 years, but biases of individual months can be as large as 30 K. Channel 5 also has large and time varying biases for two of the AMSU-Bs. NOAA-15 (N15) channels are found to be affected the most, mainly due to radio frequency interference (RFI) from onboard data transmitters. Channel 4 of N15 shows the largest and time varying biases, so data of this channel should only be used with caution for climate applications. The two MHS instruments show the best agreement for all channels. Our estimates may be used to correct for scan-dependent biases of these instruments, or at least used as a guideline for excluding channels with large scan asymmetries from scientific analyses.

Simulating decadal variability in the North Atlantic Ocean

Observations and climate models suggest significant decadal variability within the North Atlantic subpolar gyre (NA SPG), though observations are sparse and models disagree on the details of this variability. Therefore, it is important to understand 1) the mechanisms of simulated decadal variability, 2) which parts of simulated variability are more faithful representations of reality, and 3) the implications for climate predictions. Here, we investigate the decadal variability in the NA SPG in the state-of-the-art, high resolution (0.25◦ ocean resolution), climate model ‘HadGEM3’. We find a decadal mode with a period of 17 years that explains 30% of the annual variance in related indices. The mode arises due to the advection of heat content anomalies, and shows asymmetries in the timescale of phase reversal between positive and negative phases. A negative feedback from temperature-driven density anomalies in the Labrador Sea (LS) allows for the phase reversal. The North Atlantic Oscillation (NAO), which exhibits the same periodicity, amplifies the mode. The atmosphere-ocean coupling is stronger during positive rather than negative NAO states, explaining the asymmetry. Within the NA SPG, there is potential predictability arising partly from this mode for up to 5 years. There are important similarities between observed and simulated variability, such as the apparent role for the propagation of heat content anomalies. However, observations suggest interannual LS density anomalies are salinity-driven. Salinity control of density would change the temperature feedback to the south, possibly limiting real-world predictive skill in the southern NA SPG with this model. Finally, to understand the diversity of behaviours, we analyse 42 present-generation climate models. Temperature and salinity biases are found to systematically influence the driver of density variability in the LS. Resolution is a good predictor of the biases. The dependence of variability on the background state has important implications for decadal predictions.

Precession and nutation in the eta Carinae binary system: evidence from the X-ray light curve

It is believed that eta Carinae is actually a massive binary system, with the wind-wind interaction responsible for the strong X-ray emission. Although the overall shape of the X-ray light curve can be explained by the high eccentricity of the binary orbit, other features like the asymmetry near periastron passage and the short quasi-periodic oscillations seen at those epochs have not yet been accounted for. In this paper we explain these features assuming that the rotation axis of eta Carinae is not perpendicular to the orbital plane of the binary system. As a consequence, the companion star will face eta Carinae on the orbital plane at different latitudes for different orbital phases and, since both the mass-loss rate and the wind velocity are latitude dependent, they would produce the observed asymmetries in the X-ray flux. We were able to reproduce the main features of the X-ray light curve assuming that the rotation axis of eta Carinae forms an angle of 29 degrees +/- 4 degrees with the axis of the binary orbit. We also explained the short quasi-periodic oscillations by assuming nutation of the rotation axis, with an amplitude of about 5 degrees and a period of about 22 days. The nutation parameters, as well as the precession of the apsis, with a period of about 274 years, are consistent with what is expected from the torques induced by the companion star.

The role of predator overlap in the robustness and extinction of a four species predator-prey network

Predators and preys often form species networks with asymmetric patterns of interaction. We study the dynamics of a four species network consisting of two weakly connected predator-prey pairs. We focus our analysis on the effects of the cross interaction between the predator of the first pair and the prey of the second pair. This is an example where the predator overlap, which is the proportion of predators that a given prey shares with other preys, is not uniform across the network due to asymmetries in patterns of interaction. We explore the behavior of the system under different interaction strengths and study the dynamics of survival and extinction. In particular, we consider situations in which the four species have initial populations lower than their long-term equilibrium, simulating catastrophic situations in which their abundances are reduced due to human action or environmental change. We show that, under these reduced initial conditions, and depending on the strength of the cross interaction, the populations tend to oscillate before re-equilibrating, disturbing the community equilibrium and sometimes reaching values that are only a small fraction of the equilibrium population, potentially leading to their extinction. We predict that, contrary to one`s intuition, the most likely scenario is the extinction of the less predated preys. (C) 2010 Elsevier B.V. All rights reserved.

Changes of a mutualistic network over time: reanalysis over a 10-year period

We analyzed the structure of a multispecific network or interacting ants and plants bearing extrafloral nectaries recorded in 1990 and again in 2000 in La Mancha, Veracruz, Mexico. We assessed the replicability of the number of interactions found among species and also whether there had been changes in the network structure associated with appearance of new ant and plant species during. that 10-year period. Our results show that the nested topology of the network was similar between sampling dates, group dissimilarity increased, mean number of interactions for ant species increased, the frequency distribution of standardized degrees reached higher values for plant species, more ant species and fewer plant species constituted the core of the more recent network, and the presence of new ant and plant species increased while their contribution to nestedness remained the same. Generalist species (i.e., those with the most links or interactions) appeared to maintain the stability of the network because the new species incorporated into the communities were linked to this core of generalists. Camponotus planatus was the most extreme generalist ant species (the one with the most links) in both networks, followed by four other ant species; but other species changed either their position along the continuum of generalists relative to specialists or their presence or absence within the network. Even though new species moved into the area during the decade between the surveys, the overall network structure remained unmodified.

Analysis of a hyper-diverse seed dispersal network: modularity and underlying mechanisms

Mutualistic interactions involving pollination and ant-plant mutualistic networks typically feature tightly linked species grouped in modules. However, such modularity is infrequent in seed dispersal networks, presumably because research on those networks predominantly includes a single taxonomic animal group (e.g. birds). Herein, for the first time, we examine the pattern of interaction in a network that includes multiple taxonomic groups of seed dispersers, and the mechanisms underlying modularity. We found that the network was nested and modular, with five distinguishable modules. Our examination of the mechanisms underlying such modularity showed that plant and animal trait values were associated with specific modules but phylogenetic effect was limited. Thus, the pattern of interaction in this network is only partially explained by shared evolutionary history. We conclude that the observed modularity emerged by a combination of phylogenetic history and trait convergence of phylogenetically unrelated species, shaped by interactions with particular types of dispersal agents.

Automatic attention lateral asymmetry in visual discrimination tasks

There is evidence that automatic visual attention favors the right side. This study investigated whether this lateral asymmetry interacts with the right hemisphere dominance for visual location processing and left hemisphere dominance for visual shape processing. Volunteers were tested in a location discrimination task and a shape discrimination task. The target stimuli (S2) could occur in the left or right hemifield. They were preceded by an ipsilateral, contralateral or bilateral prime stimulus (S1). The attentional effect produced by the right S1 was larger than that produced by the left S1. This lateral asymmetry was similar between the two tasks suggesting that the hemispheric asymmetries of visual mechanisms do not contribute to it. The finding that it was basically due to a longer reaction time to the left S2 than to the right S2 for the contralateral S1 condition suggests that the inhibitory component of attention is laterally asymmetric.

Restoring the azimuthal symmetry of lateral distributions of charged particles in the range of the KASCADE-Grande experiment

The reconstruction of Extensive Air Showers (EAS) observed by particle detectors at the ground is based on the characteristics of observables like the lateral particle density and the arrival times. The lateral densities, inferred for different EAS components from detector data, are usually parameterised by applying various lateral distribution functions (LDFs). The LDFs are used in turn for evaluating quantities like the total number of particles or the density at particular radial distances. Typical expressions for LDFs anticipate azimuthal symmetry of the density around the shower axis. The deviations of the lateral particle density from this assumption arising from various reasons are smoothed out in the case of compact arrays like KASCADE, but not in the case of arrays like Grande, which only sample a smaller part of the azimuthal variation. KASCADE-Grande, an extension of the former KASCADE experiment, is a multi-component Extensive Air Shower (EAS) experiment located at the Karlsruhe Institute of Technology (Campus North), Germany. The lateral distributions of charged particles are deduced from the basic information provided by the Grande scintillators - the energy deposits - first in the observation plane, then in the intrinsic shower plane. In all steps azimuthal dependences should be taken into account. As the energy deposit in the scintillators is dependent on the angles of incidence of the particles, azimuthal dependences are already involved in the first step: the conversion from the energy deposits to the charged particle density. This is done by using the Lateral Energy Correction Function (LECF) that evaluates the mean energy deposited by a charged particle taking into account the contribution of other particles (e.g. photons) to the energy deposit. By using a very fast procedure for the evaluation of the energy deposited by various particles we prepared realistic LECFs depending on the angle of incidence of the shower and on the radial and azimuthal coordinates of the location of the detector. Mapping the lateral density from the observation plane onto the intrinsic shower plane does not remove the azimuthal dependences arising from geometric and attenuation effects, in particular for inclined showers. Realistic procedures for applying correction factors are developed. Specific examples of the bias due to neglecting the azimuthal asymmetries in the conversion from the energy deposit in the Grande detectors to the lateral density of charged particles in the intrinsic shower plane are given. (C) 2011 Elsevier B.V. All rights reserved.

MATERIALS EDUCATION AND INNOVATION: GLOBALIZATION OPENS NEW FRONTIERS, OPPORTUNITIES AND CHALLENGES

In this paper we consider evolutionary pressures that will influence materials education and its role in the present scenario of Globalization: Challenges, Opportunities and needs. The main evolutionary pressures are related to some major control variables: increase of global population, new emerging technologies such as nanotechnology, alternative energies related to climate change, multimedia convergence in global communications, health, hunger, economic asymmetries and violence. Of course, many other factors could be identified, but this paper considers these as an adequate minimum basis for strategic considerations related to current materials education planning for the 21st century. In conclusion, we propose an International Network Program for Materials Education Strategy, thinking globally but acting regionally.

Inferring Contagion in Regulatory Networks

Several gene regulatory network models containing concepts of directionality at the edges have been proposed. However, only a few reports have an interpretable definition of directionality. Here, differently from the standard causality concept defined by Pearl, we introduce the concept of contagion in order to infer directionality at the edges, i.e., asymmetries in gene expression dependences of regulatory networks. Moreover, we present a bootstrap algorithm in order to test the contagion concept. This technique was applied in simulated data and, also, in an actual large sample of biological data. Literature review has confirmed some genes identified by contagion as actually belonging to the TP53 pathway.

Corporate capital structure revisited: incomplete markets and default

After Modigliani and Miller (1958) presented their capital structure irrelevance proposition, analysis of corporate Önancing choices involving debt and equity instruments have generally followed two trends in the literature, where models either incorporate informational asymmetries or introduce tax beneÖts in order to explain optimal capital structure determination (Myers, 2002). None of these features is present in this paper, which develops an asset pricing model with the purpose of providing a positive theory of corporate capital structure by replicating main aspects of standard contractual practice observed in real markets. Alternatively, the imperfect market structure of the economy is tailored to match what is most common in corporate reality. Allowance for default on corporate debt with an associated penalty of seizure of Örmís future cash áows by creditors is introduced, for instance. In this context, a qualitative assessment of Önancial managersídecisions is carried out through numerical procedures.

Instrumentos de apoio financeiro específicos a empresas localizadas em arranjos produtivos locais: um estudo de caso do APL de Nova Friburgo

In the last decade, the debate concerning more adequate means of promoting social and economic development, through policies of firm supporting, has been gaining strength. Among several means of support, there is one that addresses issues related to credit and funding. At the same time, interest on the phenomenon of firm agglomeration, known by clustering, is increasing, as well as one of its advantages - facilitating the development and strengthening of its firms. Additionally, there can be spotted advantages on clustering that allow tailoring financial instruments, specifically to firms in it, based on collective solutions, with better conditions. This dissertation focuses on how the capture of these opportunities is being done, in the presence of specific financial products to Brazilian clusters. The present analysis is conducted from the cluster located in Nova Friburgo and Region, specialized in women underwear. This study sought to capture advantages from three main collective solutions: information systems, guarantees systems, alternative funding. These solutions address to the following issues: information asymmetries, absence of guarantees from the credit taker, limited sources of funding. Semi-structured interviews were made with members of the cluster, when it was possible to identify that the capture of advantages is in its early stages, being limited by other issues, such as: adequate degree of human capital, governance framework and process inefficiencies.

Estratrégias empresariais no setor avícola: estudo comparativo de duas regiões produtoras

Essa tese analisa dois temas muito relevantes: o processo estratégico enfrentado pelas firmas líderes do segmento produtor de aves durante os anos 80 e a possibilidade de firmas emergentes situadas em regiões que experimentaram intensos processos desenvolvimentistas alcançarem a fronteira tecnológica a partir de 'Janelas de oportunidades" específicas. A idéia desenvolvida foi a de comparar as condições de emergência e desenvolvimento das indústrias de aves da região Sul com aquelas que deram origem à implantação de projetos avícolas na porção sulmatogrossense.