Distress risk, growth and earnings quality

We extend and complement prior work by investigating the earnings quality of firms with different financial health characteristics and growth prospects. By using three alternative measures of default likelihood and two alternative measures of growth options, without being limited to a specific event, we provide a more comprehensive setup for analysing the earnings characteristics of the universe of firms than examining distressed firms with persistent losses, dividend reductions or bankruptcy-filings. Our dataset consists of 15,049 healthy U.S. firms over the period 1990-2004. Results show that the relation between earnings quality and financial health is not monotonic. Distressed firms have a low level of earnings timeliness for bad news and a high level for good news, and manage earnings toward a positive target more frequently than healthy firms. On the other hand, healthy firms have a high level of earnings timeliness for bad news. Growth aspects play an important role in a firm's ability to manage earnings. In contrast to the findings of prior studies, growth firms have greater earnings timeliness for bad news, whereas value firms manage earnings toward a positive target more frequently than growth firms. © 2011 The Authors. Abacus© 2011 Accounting Foundation, The University of Sydney.

Why (and When) are Preferences Convex? Threshold Effects and Uncertain Quality

It is often assumed (for analytical convenience, but also in accordance with common intuition) that consumer preferences are convex. In this paper, we consider circumstances under which such preferences are (or are not) optimal. In particular, we investigate a setting in which goods possess some hidden quality with known distribution, and the consumer chooses a bundle of goods that maximizes the probability that he receives some threshold level of this quality. We show that if the threshold is small relative to consumption levels, preferences will tend to be convex; whereas the opposite holds if the threshold is large. Our theory helps explain a broad spectrum of economic behavior (including, in particular, certain common commercial advertising strategies), suggesting that sensitivity to information about thresholds is deeply rooted in human psychology.

Reciprocally Exclusive Contracts and Endogenous Quality

Our paper investigates exclusive dealing and purchasing in successive duopolies. First we show that using a limited set of feasible contracts, exclusive dealing and purchasing is going to be preferred, regardless of the level of product differentiation. In the next step, we make the choice of quality endogenous and derive the equilibrium conditions for qualities under the aforementioned contractual arrangement. Our final proposition shows that in this case the choice of quality depends exclusively on the valuation of the median consumer.

Irradiance and spectral quality affect Asian tropical rain forest tree seedling development

Iridescent blue leaf coloration in four Malaysian rain forest understory plants, Diplazium tomentosum Bl. (Athyriaceae), Lindsaea lucida Bi. (Lindsaeaceae), Begonia pavonina Ridl. (Begoniaceae), and Phyllagathis rotundifolia Bl. (Melastoma- taceae) is caused by a physical effect, constructive interference of reflected blue light. The ultrastructural basis for this in D. tomentosum and L. lucida is multiple layers of cellulose microfibrils in the uppermost cell walls of the adaxial epidermis. The helicoidal arrangement of these fibrils is analogous to that which produces a similar color in arthropods. In B. pavonina and P. rotundifolia the blue-green coloration is caused by parallel lamellae in specialized plastids adjacent to the abaxial wall of the adaxial epidermis. The selective advantage of this color production, if any, is unknown.

Effects of irradiance and spectral quality on leaf structure and function in seedlings of two Southeast Asian Hopea species

We studied the development of leaf characters in two Southeast Asian dipterocarp forest trees under different photosynthetic photon flux densities (PFD) and spectral qualities (red to far-red, R:FR). The two species, Hopea helferi and H. odorata, are taxonomically closely related but differ in their ecological requirements; H. helferi is more drought tolerant and H. odorata more shade tolerant. Seedlings were grown in replicated shadehouse treatments of differing PFD and R:FR. We measured or calculated (1) leaf and tissue thicknesses; (2) mesophyll parenchyma, air space, and lignified tissue volumes; (3) mesophyll air volumes (Vmes/Asurf) and surfaces (Ames/Asurf); (4) palisade cell length and width; (5) chlorophyll/cm2 and a/ b; (6) leaf absorption; and (7) attenuance/absorbance at 652 and 550 nm. These characters varied in response to light conditions in both taxa. Characters were predominantly affected by PFD, and R:FR slightly influenced many characters. Leaf characters of H. odorata were more plastic in response to treatment conditions. Characters were correlated with each other in a complex fashion. Variation in leaf anatomy is most likely a consequence of increasing leaf thickness in both taxa, which may increase mechanical strength and defense against herbivory in more exposed environments. Variation in leaf optical properties was most likely affected by pigment photo-bleaching in treatments of more intense PFD and was not correlated with Amax. The greater plasticity of leaf responses in H. odorata helps explain the acclimation over the range of light conditions encountered by this shade-tolerant taxon. The dense layer of scales on the leaf undersurface and other anatomical characters in H. helferi reduced gas exchange and growth in this drought-tolerant tree.

Leadership power bases related to satisfaction, compliance, and program quality

The dissertation examined prekindergarten teachers' perceptions of their supervisory relationship with their educational specialist, and the effect of the prekindergarten teachers' perceptions on the quality of the High/Scope prekindergarten program. The High/Scope educational specialists use their leader power bases (reward, coercive, legitimate, referent, expert and informational) to influence teachers' perceptions of satisfaction and compliance, as well as teachers' actual compliance with the High/Scope prekindergarten program standards. The correlational relationships between the variables were examined using Analysis of Variance and Multivariate Analysis of Variance. Path Analysis was utilized to analyze variables to determine the validity of the correlational model. Expert, legitimate, referent, and informational power bases of the High/Scope educational specialist were found to be the most influential on attitudinal and behavioral compliance of teachers. ^

Effects of hydrologic and water quality drivers on periphyton dynamics in the southern Everglades

Everglades periphyton mats are tightly-coupled autotrophic (algae and cyanobacteria) and heterotrophic (eubacteria, fungi and microinvertebrates) microbial assemblages. We investigated the effect of water column total phosphorus and nitrogen concentrations, water depth and hydroperiod on periphyton of net production, respiration, nutrient content, and biomass. Our study sites were located along four transects that extended southward with freshwater sheetflow through sawgrass-dominated marsh. The water source for two of the transects were canal-driven and anchored at canal inputs. The two other transects were rain-driven (ombrotrophic) and began in sawgrass-dominated marsh. Periphyton dynamics were examined for upstream and downstream effects within and across the four transects. Although all study sites were characterized as short hydroperiod and phosphorus-limited oligotrophic, they represent gradients of hydrologic regime, water source and water quality of the southern Everglades. Average periphyton net production of 1.08 mg C AFDW−1 h−1 and periphyton whole system respiration of 0.38 mg C AFDW−1 h−1 rates were net autotrophic. Biomass was generally highest at ombrotrophic sites and sites downstream of canal inputs. Mean biomass over all our study sites was high, 1517.30 g AFDW m−2. Periphyton was phosphorus-limited. Average periphyton total phosphorus content was 137.15 μg P g−1 and average periphyton total N:P ratio was 192:1. Periphyton N:P was a sensitive indicator of water source. Even at extremely low mean water total phosphorus concentrations ( ≤ 0.21 μmol l−1), we found canal source effects on periphyton dynamics at sites adjacent to canal inputs, but not downstream of inflows. These canal source effects were most pronounced at the onset of wet season with initial rewetting. Spatial and temporal variability in periphyton dynamics could not solely be ascribed to water quality, but was often associated with both hydrology and water source.

The Influence of Social Responsibility Image Relative to Product and Service Quality on Brand Loyalty: An Exploratory Study of Quick-service Restaurants

Social responsibility (SR) is becoming an increasingly significant component of many firms’ strategic planning decisions. Research has shown that consumers tend to reward socially responsible behavior. However, there has been little testing of the construct in the hospitality industry. Additionally, when other important variables that influence consumer brand loyalty are considered, will brand social responsibility image (BSRI) still play a significant role? This study investigates the importance of SR and its impact on brand loyalty, relative to product quality and service quality in the quick-service restaurant industry. The authors were also interested to learn whether BSRI impacted consumers' image of product and service quality. It was found that BSRI had a positive impact on brand loyalty, product quality, and service quality. However, product quality was a significantly stronger predictor of brand loyalty than BSRI. Where the vast majority of studies of SR have utilized scenario analysis of hypothetical firms, this study utilizes consumers' perceptions of a real-world firm.

Visual pollution: advertising, signage and environmental quality

Book review - Visual pollution: advertising, signage and environmental quality, by Adriana Portella, Farnham, Ashgate, 2014, 316 pp., £70 (hardback).

Prospective Estimation of Radiation Dose and Image Quality for Optimized CT Performance

X-ray computed tomography (CT) is a non-invasive medical imaging technique that generates cross-sectional images by acquiring attenuation-based projection measurements at multiple angles. Since its first introduction in the 1970s, substantial technical improvements have led to the expanding use of CT in clinical examinations. CT has become an indispensable imaging modality for the diagnosis of a wide array of diseases in both pediatric and adult populations [1, 2]. Currently, approximately 272 million CT examinations are performed annually worldwide, with nearly 85 million of these in the United States alone [3]. Although this trend has decelerated in recent years, CT usage is still expected to increase mainly due to advanced technologies such as multi-energy [4], photon counting [5], and cone-beam CT [6].

Despite the significant clinical benefits, concerns have been raised regarding the population-based radiation dose associated with CT examinations [7]. From 1980 to 2006, the effective dose from medical diagnostic procedures rose six-fold, with CT contributing to almost half of the total dose from medical exposure [8]. For each patient, the risk associated with a single CT examination is likely to be minimal. However, the relatively large population-based radiation level has led to enormous efforts among the community to manage and optimize the CT dose.

As promoted by the international campaigns Image Gently and Image Wisely, exposure to CT radiation should be appropriate and safe [9, 10]. It is thus a responsibility to optimize the amount of radiation dose for CT examinations. The key for dose optimization is to determine the minimum amount of radiation dose that achieves the targeted image quality [11]. Based on such principle, dose optimization would significantly benefit from effective metrics to characterize radiation dose and image quality for a CT exam. Moreover, if accurate predictions of the radiation dose and image quality were possible before the initiation of the exam, it would be feasible to personalize it by adjusting the scanning parameters to achieve a desired level of image quality. The purpose of this thesis is to design and validate models to quantify patient-specific radiation dose prospectively and task-based image quality. The dual aim of the study is to implement the theoretical models into clinical practice by developing an organ-based dose monitoring system and an image-based noise addition software for protocol optimization.

More specifically, Chapter 3 aims to develop an organ dose-prediction method for CT examinations of the body under constant tube current condition. The study effectively modeled the anatomical diversity and complexity using a large number of patient models with representative age, size, and gender distribution. The dependence of organ dose coefficients on patient size and scanner models was further evaluated. Distinct from prior work, these studies use the largest number of patient models to date with representative age, weight percentile, and body mass index (BMI) range.

With effective quantification of organ dose under constant tube current condition, Chapter 4 aims to extend the organ dose prediction system to tube current modulated (TCM) CT examinations. The prediction, applied to chest and abdominopelvic exams, was achieved by combining a convolution-based estimation technique that quantifies the radiation field, a TCM scheme that emulates modulation profiles from major CT vendors, and a library of computational phantoms with representative sizes, ages, and genders. The prospective quantification model is validated by comparing the predicted organ dose with the dose estimated based on Monte Carlo simulations with TCM function explicitly modeled.

Chapter 5 aims to implement the organ dose-estimation framework in clinical practice to develop an organ dose-monitoring program based on a commercial software (Dose Watch, GE Healthcare, Waukesha, WI). In the first phase of the study we focused on body CT examinations, and so the patient’s major body landmark information was extracted from the patient scout image in order to match clinical patients against a computational phantom in the library. The organ dose coefficients were estimated based on CT protocol and patient size as reported in Chapter 3. The exam CTDIvol, DLP, and TCM profiles were extracted and used to quantify the radiation field using the convolution technique proposed in Chapter 4.

With effective methods to predict and monitor organ dose, Chapters 6 aims to develop and validate improved measurement techniques for image quality assessment. Chapter 6 outlines the method that was developed to assess and predict quantum noise in clinical body CT images. Compared with previous phantom-based studies, this study accurately assessed the quantum noise in clinical images and further validated the correspondence between phantom-based measurements and the expected clinical image quality as a function of patient size and scanner attributes.

Chapter 7 aims to develop a practical strategy to generate hybrid CT images and assess the impact of dose reduction on diagnostic confidence for the diagnosis of acute pancreatitis. The general strategy is (1) to simulate synthetic CT images at multiple reduced-dose levels from clinical datasets using an image-based noise addition technique; (2) to develop quantitative and observer-based methods to validate the realism of simulated low-dose images; (3) to perform multi-reader observer studies on the low-dose image series to assess the impact of dose reduction on the diagnostic confidence for multiple diagnostic tasks; and (4) to determine the dose operating point for clinical CT examinations based on the minimum diagnostic performance to achieve protocol optimization.

Chapter 8 concludes the thesis with a summary of accomplished work and a discussion about future research.

Land Use and Water Quality Correlations in Miami-Dade, Florida

South Florida continues to become increasingly developed and urbanized. My exploratory study examines connections between land use and water quality. The main objectives of the project were to develop an understanding of how land use has affected water quality in Miami-Dade canals, and an economic optimization model to estimate the costs of best management practices necessary to improve water quality. Results indicate Miami-Dade County land use and water quality are correlated. Through statistical factor and cluster analysis, it is apparent that agricultural areas are associated with higher concentrations of nitrogen, while urban areas commonly have higher levels of phosphorous than agricultural areas. The economic optimization model shows that urban areas can improve water quality by lowering fertilizer inputs. Agricultural areas can also implement methods to improve water quality although it may be more expensive than urban areas. It is important to keep solutions in mind when looking towards future water quality improvements in South Florida.

Extracting Patterns from Educational Traces via Clustering and Associated Quality Metrics

Clustering algorithms, pattern mining techniques and associated quality metrics emerged as reliable methods for modeling learners’ performance, comprehension and interaction in given educational scenarios. The specificity of available data such as missing values, extreme values or outliers, creates a challenge to extract significant user models from an educational perspective. In this paper we introduce a pattern detection mechanism with-in our data analytics tool based on k-means clustering and on SSE, silhouette, Dunn index and Xi-Beni index quality metrics. Experiments performed on a dataset obtained from our online e-learning platform show that the extracted interaction patterns were representative in classifying learners. Furthermore, the performed monitoring activities created a strong basis for generating automatic feedback to learners in terms of their course participation, while relying on their previous performance. In addition, our analysis introduces automatic triggers that highlight learners who will potentially fail the course, enabling tutors to take timely actions.

Seasonal changes in broodstock spawning performance and egg quality in ballan wrasse (Labrus bergylta)

Sea lice continue to be one of the largest issues for the salmon farming industry and the use of ballan wrasse (Labrus bergylta) as a biological control is considered to be one of the most sustainable solutions in development. Broodstock management has proved challenging in the initial phases due to the significant lack of understanding of basic reproductive physiology and behaviour in the species. The aim of the study was to monitor captive breeding populations throughout a spawning season to examine timing and duration of spawning,quantify egg production, and look at seasonal changes in egg quality parameters as well as investigate the parental contribution to spawning events. A clear spawning rhythm was shown with 3-5 spawning periods inclusive of spawning windows lasting 1-9 days followed by inter spawning intervals of 8-12 days. Fertilization rate remained consistently high (> 87.5%) over the spawning season and did not differ significantly between spawning populations. Hatch rate was variable (0-97.5 %), but peaked in the middle of the spawning season. Meanoocyte diameter and gum layer thickness decreased slightly over the spawning season with no significant differences between spawning populations. Fatty acid (FA) profile of eggs remained consistent throughout the season and with the exception of high levels of ARA (3.8 ± 0.5 % of total FA) the FA profile was similar to that observed in other marine fish species. Parental contribution analysis showed 3 out of 6 spawning events to be single paired mating while the remaining 3 had contributions from multiple parents. Furthermore, the proposed multiple batch spawning nature of this species was confirmed with proof of a single femalecontributing to two separate spawning events. Overall this work represents the first comprehensive data set of spawning activity of captive ballan wrasse, and as such and will be helpful in formulating sustainable broodstock management plans for the species.

Carcass and meat quality characteristics of Arsi-Bale goats supplemented with different levels of air-dried Moringa stenopetala leaf

This study was conducted to assess the effect of air-dried Moringa stenopetala leaf (MSL) supplementation on carcass components and meat quality in Arsi-Bale goats. A total of 24 yearling goats with initial body weight of 13.6+/-0.25 kg were randomly divided into four treatments with six goats each. All goats received a basal diet of natural grass hay ad libitum and 340 g head^(−1) d^(−1) concentrate. The treatment diets contain a control diet without supplementation (T1) and diets supplemented with MSL at a rate of 120 g head^(−1) d^(−1) (T2), 170 g head^(−1) d^(−1) (T3) and 220 g head^(−1) d^(−1) (T4). The results indicated that the average slaughter weight of goats reared on T3 and T4 was 18.2 and 18.3 kg, respectively, being (P<0.05) higher than those of T1 (15.8 kg) and T2 (16.5 kg). Goats fed on T3 and T4 diets had higher (P<0.05) daily weight gain compared with those of T1 and T2. The hot carcass weight in goats reared on T3 and T4 diets was 6.40 and 7.30 kg, respectively, being (P<0.05) higher than those of T1 (4.81 kg) and T2 (5.06 kg). Goats reared on T4 had higher (P<0.05) dressing percentage than those reared in other treatment diets. The rib-eye area in goats reared on T2, T3 and T4 diets was higher (P<0.05) than those of T1. The protein content of the meat in goats reared on T3 and T4 was 24.0 and 26.4%, respectively being significantly higher than those of T1 (19.1%) and T2 (20.1%). In conclusion, the supplementation of MSL to natural grass hay improved the weight gain and carcass parts of Arsi-Bale goats indicating Moringa leaves as alternative protein supplements to poor quality forages.