The effect of financial leverage on real and accrual-based earnings management

Past research has documented a substitution effect between real earnings management (RM) and accrual-based earnings management (AM), depending on relative costs. This study contributes to this research by examining whether levels of (and changes in) financial leverage have an impact on this empirically documented trade-off. We hypothesise that in the presence of high leverage, firms that engage in earnings manipulation tactics will exhibit a preference for RM due to a lower possibility—and subsequent costs—of getting caught. We show that leverage levels and increases positively and significantly affect upward RM, with no significant effect on income-increasing AM, while our findings point towards a complementarity effect between unexpected levels of RM and AM for firms with very high leverage levels and changes. This is interpreted as an indication that high leverage could attract heavy outsider scrutiny, making it necessary for firms to use both forms of earnings management in order to achieve earnings targets. Furthermore, we document that equity investors exhibit a significantly stronger penalising reaction to AM vs. RM, indicating that leverage-induced RM is not as easily detectable by market participants as debt-induced AM, despite the fact that the former could imply deviation from optimal business practices.

Effect of seed addition on SnO2-based varistors for low voltage application

The effect of seed addition on the microstructure and non-ohmic properties of the SnO2 + 1%CoO + 0.05%Nb2O5 ceramic-based system was analyzed. Two classes of seeds were prepared: 99% SnO2 + 1%CuO and 99% SnO2 + 1%CoO (mol%); both classes were added to the ceramic-based system in the amount of 1%, 5%, and 10%. The two systems containing 1% of seeds resulted in a larger grain size and a lower breakdown voltage. The addition of 1% copper seeds produces a breakdown voltage (V b) of ∼ 37 V and a leakage current (fic) of 29 μA. On the other hand, the addition of 1% cobalt seeds produced a breakdown voltage of 57 V and a leakage current of 70 μA. Both systems are of great technological interest for low voltage varistor applications, by means of appropriate strategies to reduce the leakage current. Using larger amounts of seeds was not effective since the values of breakdown voltage in both cases are close to a system without seeds. To our knowledge, there are no reports in the literature regarding the use of seeds in the SnO2 system for low voltage applications. A potential barrier model which illustrates the formation of oxygen species (O′2(ads), O′ads, and O″ads) at the expense of clusters near the interface between grains is proposed. © 2012 The American Ceramic Society.

Effect of tank colour on larval performance of the Amazon River prawn Macrobrachium amazonicum

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

EFFECT OF THERMAL TREATMENT ON THE CHEMICAL CHARACTERISTICS OF WOOD FROM Eucalyptus grandis W. Hill ex Maiden UNDER DIFFERENT ATMOSPHERIC CONDITIONS

Thermal treatment (thermal rectification) is a process in which technological properties of wood are modified using thermal energy, the result of Which is often value-added wood. Thermally treated wood takes on similar color shades to tropical woods and offers considerable resistance to destructive microorganisms and climate action, in addition to having high dimensional stability and low hygroscopicity. Wood samples of Eucalyptus grandis were subjected to various thermal treatments, as performed in presence (140 degrees C; 160 degrees C; 180 degrees C) or in absence of oxygen (160 degrees C; 180 degrees C; 200 degrees C) inside a thermal treatment chamber, and then studied as to their chemical characteristics. Increasing the maximum treatment temperatures led to a reduction in the holocellulose content of samples as a result of the degradation and volatilization of hemicelluloses, also leading to an increase in the relative lignin content. Except for glucose, all monosaccharide levels were found to decrease in samples after the thermal treatment at a maximum temperature of 200 degrees C. The thermal treatment above 160 degrees C led to increased levels of total extractives in the wood samples, probably ascribed to the emergence of low molecular weight substances as a result of thermal degradation. Overall, it was not possible to clearly determine the effect of presence or absence of oxygen in the air during thermal treatment on the chemical characteristics of the relevant wood samples.

Effect of N-acetylcysteine on pulmonary cell death in a controlled hemorrhagic shock model in rats

PURPOSE: To evaluate the effect of N-acetylcysteine (NAC) combined with fluid resuscitation on pulmonary cell death in rats induced with controlled hemorrhagic shock (HS). METHODS: Two arteries (MAP calculation and exsanguination) and one vein (treatments) were catheterized in 22 anesthetized rats. Two groups of male albino rats were induced with controlled HS at 35mmHg MAP for 60 min. After this period, the RL group was resuscitated with Ringer's lactate and the RL+NAC group was resuscitated with Ringer's lactate combined with 150mg/Kg NAC. The control group animals were cannulated only. The animals were euthanized after 120 min of fluid resuscitation. Lung tissue samples were collected to evaluate the following: histopathology, TUNEL and imunohistochemical expression of caspase 3. RESULTS: RL showed a greater number of cells stained by TUNEL than RL + NAC, but there was no change in caspase 3 expression in any group. CONCLUSION: N-acetylcysteine associate to fluid resuscitation, after hemorrhagic shock, decreased cell death attenuating lung injury.

Effect of a video on developing skills in undergraduate nursing students for the management of totally implantable central venous access ports

Background: Handling Totally Implantable Access Ports (TIAP) is a nursing procedure that requires skill and knowledge to avoid adverse events. No studies addressing this procedure with undergraduate students were identified prior to this study. Communication technologies, such as videos, have been increasingly adopted in the teaching of nursing and have contributed to the acquisition of competencies for clinical performance. Objective: To evaluate the effect of a video on the puncture and heparinization of TIAP in the development of cognitive and technical competencies of undergraduate nursing students. Method: Quasi-experimental study with a pretest-posttest design. Results: 24 individuals participated in the study. Anxiety scores were kept at levels 1 and 2 in the pretest and posttest. In relation to cognitive knowledge concerning the procedure, the proportion of correct answers in the pretest was 0.14 (SD=0.12) and 0.90 in the posttest (SD=0.05). After watching the video, the average score obtained by the participants in the mock session was 27.20. Conclusion: The use of an educational video with a simulation of puncture and heparinization of TIAP proved to be a strategy that increased both cognitive and technical knowledge. This strategy is viable in the teaching-learning process and is useful as a support tool for professors and for the development of undergraduate nursing students. (C) 2011 Elsevier Ltd. All rights reserved.

New insight into the mechanisms associated with the rapid effect of T-3 on AT1R expression

The angiotensin II type 1 receptor (AT1R) is involved in the development of cardiac hypertrophy promoted by thyroid hormone. Recently, we demonstrated that triiodothyronine (T-3) rapidly increases AT1R mRNA and protein levels in cardiomyocyte cultures. However, the molecular mechanisms responsible for these rapid events are not yet known. In this study, we investigated the T-3 effect on AT1R mRNA polyadenylation in cultured cardiomyocytes as well as on the expression of microRNA-350 (miR-350), which targets AT1R mRNA. The transcriptional and translational actions mediated by T-3 on AT1R levels were also assessed. The total content of ubiquitinated proteins in cardiomyocytes treated with T-3 was investigated. Our data confirmed that T-3 rapidly raised AT1R mRNA and protein levels, as assessed by real-time PCR and western blotting respectively. The use of inhibitors of mRNA and protein synthesis prevented the rapid increase in AT1R protein levels mediated by T-3. In addition, T-3 rapidly increased the poly-A tail length of the AT1R mRNA, as determined by rapid amplification of cDNA ends poly-A test, and decreased the content of ubiquitinated proteins in cardiomyocytes. On the other hand, T-3 treatment increased miR-350 expression. In parallel with its transcriptional and translational effects on the AT1R, T-3 exerted a rapid posttranscriptional action on AT1R mRNA polyadenylation, which might be contributing to increase transcript stability, as well as on translational efficiency, resulting to the rapid increase in AT1R mRNA expression and protein levels. Finally, these results show, for the first time, that T-3 rapidly triggers distinct mechanisms, which might contribute to the regulation of AT1R levels in cardiomyocytes. Journal of Molecular Endocrinology (2012) 49, 11-20

Effect of thermal treatment on the chemical characteristics of wood from Eucalyptus grandis W. Hill ex Maiden under different atmospheric conditions

Thermal treatment (thermal rectification) is a process in which technological properties of wood are modified using thermal energy, the result of which is often value-added wood. Thermally treated wood takes on similar color shades to tropical woods and offers considerable resistance to destructive microorganisms and climate action, in addition to having high dimensional stability and low hygroscopicity. Wood samples of Eucalyptus grandis were subjected to various thermal treatments, as performed in presence (140ºC; 160ºC; 180ºC) or in absence of oxygen (160ºC; 180ºC; 200ºC) inside a thermal treatment chamber, and then studied as to their chemical characteristics. Increasing the maximum treatment temperatures led to a reduction in the holocellulose content of samples as a result of the degradation and volatilization of hemicelluloses, also leading to an increase in the relative lignin content. Except for glucose, all monosaccharide levels were found to decrease in samples after the thermal treatment at a maximum temperature of 200ºC. The thermal treatment above 160ºC led to increased levels of total extractives in the wood samples, probably ascribed to the emergence of low molecular weight substances as a result of thermal degradation. Overall, it was not possible to clearly determine the effect of presence or absence of oxygen in the air during thermal treatment on the chemical characteristics of the relevant wood samples.

The effect of adding features on product attractiveness: the role of product perceived congruity

Technological progress has been enabling companies to add disparate features to their existing products. This research investigates the effect of adding more features on consumers’ evaluation of the product, by examining in particular the role of the congruity of the features added with the base product as a variable the moderates the effect of increasing the number of features. Grounding on schema-congruity theory, I propose that the cognitive elaboration associated with the product congruity of the features added explains consumers’ evaluation as the number of new features increases. In particular, it is shown that consumers perceive a benefit from increasing the number of features only when these features are congruent with the product. The underlying mechanisms that explains this finding predicts that when the number of incongruent features increases the cognitive resources necessary to elaborate such incongruities increase and consumers are not willing to spend such resources. However, I further show that when encouraged to consider the new features thoughtfully, consumers do seem able to infer value from increasing the number of moderately incongruent features. Nonetheless, this finding does not apply for those new features that are extremely incongruent with the product. Further evidence for consumers’ ability to resolve the moderate incongruity associated with adding more features is also shown, by studying the moderating role of temporal construal. I propose that consumers perceive an increase in product evaluation as the number of moderately incongruent features increases when consumers consider purchasing the product in the distant future, whereas such an increase is not predicted for the near future scenario. I verify these effect in three experimental studies. Theoretical and managerial implications, and possible avenues of future research are also suggested.

The Effect of Product Classifications on the Formulation of Export Unit Value Indices: A Comparison of Export Unit Value Indices based on SITC and HS

With the globalization of economic activity, the relative weight of foreign trade in national economic activities has increased, and the question of how to measure trends in the value and quantity of international trade has become an important issue for policy-makers and economists. This paper compares the chain-linked indices formulated by Masato Kuroko, based on HS this fiscal year for individual industry categories and countries with chain-linked indices based on SITC-R1 codes, in order to study how changes in the quality composition of the same products, which cannot be considered using unit value indices based on SITC-R1 codes, can be considered using unit value indices based on the more detailed HS product classifications.

Effect of import time on export patterns

This study examines how the importing process time affects export patterns at an establishment level. We first theoretically discuss the effects of import time on not only exports but also export shipment frequency and exports per shipment. Then, we derive some propositions regarding those effects. Next, by employing highly detailed customs data for Thailand from 2007 to 2011, we empirically investigate those propositions. In this study, the time to import is measured at an establishment level using the difference between the dates on which import shipments arrived in ports and then were released from the container yard. Our main finding is that a longer time reduces total exports, particularly through decreasing export frequency. Significantly negative effects on exports per shipment appear in some specific cases. A longer time to import also reduces total imports, particularly through decreasing import frequency.

The effect of acoustic screens on orchestra musicians

La Directiva 2003/10/CE del Parlamento Europeo y del Consejo, del 6 de febrero de 2003, específica con arreglo al apartado 1 del artículo 16 de la Directiva 89/391/CEE las disposiciones mínimas de seguridad y de salud relativas a la exposición de los trabajadores a los riesgos derivados de los agentes físicos (ruido). En la industria musical, y en concreto en los músicos de orquesta, una exposición de más de ocho horas al día a un nivel de presión sonora de 80dB(A) o más es algo muy común. Esta situación puede causar a los trabajadores daños auditivos como la hiperacusia, hipoacusia, tinitus o ruptura de la membrana basilar entre otros. Esto significa que deben tomarse medidas para implementar las regulaciones de la forma más razonable posible para que la interpretación del músico, la dinámica y el concepto musical que se quiere transmitir al público se vea lo menos afectada posible. Para reducir la carga auditiva de los músicos de orquesta frente a fuertes impactos sonoros provenientes de los instrumentos vecinos, se está investigando sobre el uso de unos paneles acústicos que colocados en puntos estratégicos de la orquesta pueden llegar a reducir el impacto sonoro sobre el oído hasta 20dB. Los instrumentos de viento metal y de percusión son los responsables de la mayor emisión de presión sonora. Para proteger el oído de los músicos frente a estos impactos, se colocan los paneles en forma de barrera entre dichos instrumentos y los músicos colocados frente a ellos. De esta forma se protege el oído de los músicos más afectados. Para ver el efecto práctico que producen estos paneles en un conjunto orquestal, se realizan varias grabaciones en los ensayos y conciertos de varias orquestas. Los micrófonos se sitúan a la altura del oído y a una distancia de no más de 10cm de la oreja de varios de los músicos más afectados y de los músicos responsables de la fuerte emisión sonora. De este modo se puede hacer una comparación de los niveles de presión sonora que percibe cada músico y evaluar las diferencias de nivel existentes entre ambos. Así mismo se utilizan configuraciones variables de los paneles para comparar las diferencias de presión sonora que existen entre las distintas posibilidades de colocarlos y decidir así sobre la mejor ubicación y configuración de los mismos. A continuación, una vez obtenidos las muestras de audio y los diferentes archivos de datos medidos con un analizador de audio en distintas posiciones de la orquesta, todo ello se calibra y analiza utilizando un programa desarrollado en Matlab, para evaluar el efecto de los paneles sobre la percepción auditiva de los músicos, haciendo especial hincapié en el análisis de las diferencias de nivel de presión sonora (SPL). Mediante el cálculo de la envolvente de las diferencias de nivel, se evalúa de un modo estadístico el efecto de atenuación de los paneles acústicos en los músicos de orquesta. El método está basado en la probabilidad estadística de varias muestras musicales ya que al tratarse de música tocada en directo, la dinámica y la sincronización entre los músicos varía según el momento en que se toque. Estos factores junto con el hecho de que la partitura de cada músico es diferente dificulta la comparación entre dos señales grabadas en diferentes puntos de la orquesta. Se necesita por lo tanto de varias muestras musicales para evaluar el efecto de atenuación de los paneles en las distintas configuraciones mencionadas anteriormente. El estudio completo del efecto de los paneles como entorno que influye en los músicos de orquesta cuando están sobre el escenario, tiene como objetivo la mejora de sus condiciones de trabajo. Abstract For several years, the European Union has been adopting many laws and regulations to protect and give more security to people who are exposed to some risk in their job. Being exposed to a loud sound pressure level during many hours in the job runs the risk of hearing damage. Particularly in the field of music, the ear is the most important working tool. Not taking care of the ear can cause some damage such as hearing loss, tinnitus, hyperacusis, diplacusis, etc. This could have an impact on the efficiency and satisfaction of the musicians when they are playing, which could also cause stress problems. Orchestra musicians, as many other workers in this sector, are usually exposed to a sound level of 80dB(A) or more during more than eight hours per day. It means that they must satisfy the law and their legal obligations to avoid health problems proceeding from their job. Putting into practice the new regulations is a challenge for orchestras. They must make sure that the repertoire, with its dynamic, balance and feeling, is not affected by the reduction of sound levels imposed by the law. This study tries to investigate the benefits and disadvantages of using shields as a hearing protector during rehearsals and orchestral concerts.

A study on the lateralization of the effect of musical imagery on spontaneous otoacoustic emissions

It has been suggested that different pathways through the brain are followed depending on the type of information that is being processed. Although it is now known that there is a continuous exchange of information through both hemispheres, language is considered to be processed by the left hemisphere, where Broca?s and Wernicke?s areas are located. On the other hand, music is thought to be processed mainly by the right hemisphere. According to Sininger Y.S. & Cone- Wesson, B. (2004), there is a similar but contralateral specialization of the human ears; due to the fact that auditory pathways cross-over at the brainstem. A previous study showed an effect of musical imagery on spontaneous otoacoustic emissions (SOAEs) (Perez-Acosta and Ramos-Amezquita, 2006), providing evidence of an efferent influence from the auditory cortex on the basilar membrane. Based on these results, the present work is a comparative study between left and right ears of a population of eight musicians that presented SOAEs. A familiar musical tune was chosen, and the subjects were trained in the task of evoking it after having heard it. Samples of ear-canal signals were obtained and processed in order to extract frequency and amplitude data on the SOAEs. This procedure was carried out before, during and after the musical image creation task. Results were then analyzed to compare the difference between SOAE responses of left and right ears. A clear asymmetrical SOAEs response to musical imagery tasks between left and right ears was obtained. Significant changes of SOAE amplitude related to musical imagery tasks were only observed on the right ear of the subjects. These results may suggest a predominant left hemisphere activity related to a melodic image creation task.

The effect of innovation on hotel market value

The purpose of this article is to analyze the effect of hotel innovations on firm value. Specifically, this study fills a research gap in the previous literature by examining this effect through market value and by distinguishing the potentially different impacts of distinct innovation types: product, process, organization and marketing. This research contributes to consolidating the empirical evidence of hotel innovation and performance by analyzing whether distinct types of innovation lead to different levels of results. The findings show that innovations are perceived to have a positive impact on the future sales of the company: in a four-day period (0,+3), there is an increase in stock exchange returns of 1.53%. In terms of innovation types, process and marketing innovations are found to have a higher positive effect on hotel market value than product and organization innovations; which is explained by potential cost differences among innovations.