Future Earnings Growth Volatility and the Value Premium

The value premium is well established in empirical asset pricing, but to date there is little understanding as to its fundamental drivers. We use a stochastic earnings valuation model to establish a direct link between the volatility of future earnings growth and firm value. We illustrate that risky earnings growth affects growth and value firms differently. We provide empirical evidence that the volatility of future earnings growth is a significant determinant of the value premium. Using data on individual firms and characteristic-sorted test portfolios, we also find that earnings growth volatility is significant in explaining the cross-sectional variation of stock returns. Our findings imply that the value premium is the rational consequence of accounting for risky earnings growth in the firm valuation process.

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.

Pileated Woodpecker Occupancy and the Occurrence and Recruitment of Key Habitat Attributes in a Managed Forest

Thesis (Master's)--University of Washington, 2016-08

Earnings management nas instituições particulares de solidariedade social

A manipulação contabilística constitui-se como uma problemática atual, relatada sob os mais diversos contextos. Este estudo descritivo pretende verificar a existência de Earnings Management no contexto das Instituições Particulares de Solidariedade Social (IPSS) e averiguar as razões (motivações) que levam a estas práticas. A amostra para este estudo é constituída por 14 instituições portuguesas, num total de 58 observações situadas entre os anos 2009 e 2014. Para a análise dos dados foi utilizada uma abordagem quantitativa, primeiramente através de estatística descritiva e correlacional. Para testar a existência de Earnings Management utilizou-se um modelo baseado no estudo de accruals agregados (Modelo de Jones - 1991) e um modelo complementar baseado na distribuição de frequência de resultados (Burgstahler e Dichev -1997). Os resultados permitem inferir a existência destas práticas neste setor e as motivações estarão relacionadas com a rendibilidade das instituições.

Optimal Budget-Constrained Sample Allocation for Selection Decisions with Multiple Uncertain Attributes

A decision-maker, when faced with a limited and fixed budget to collect data in support of a multiple attribute selection decision, must decide how many samples to observe from each alternative and attribute. This allocation decision is of particular importance when the information gained leads to uncertain estimates of the attribute values as with sample data collected from observations such as measurements, experimental evaluations, or simulation runs. For example, when the U.S. Department of Homeland Security must decide upon a radiation detection system to acquire, a number of performance attributes are of interest and must be measured in order to characterize each of the considered systems. We identified and evaluated several approaches to incorporate the uncertainty in the attribute value estimates into a normative model for a multiple attribute selection decision. Assuming an additive multiple attribute value model, we demonstrated the idea of propagating the attribute value uncertainty and describing the decision values for each alternative as probability distributions. These distributions were used to select an alternative. With the goal of maximizing the probability of correct selection we developed and evaluated, under several different sets of assumptions, procedures to allocate the fixed experimental budget across the multiple attributes and alternatives. Through a series of simulation studies, we compared the performance of these allocation procedures to the simple, but common, allocation procedure that distributed the sample budget equally across the alternatives and attributes. We found the allocation procedures that were developed based on the inclusion of decision-maker knowledge, such as knowledge of the decision model, outperformed those that neglected such information. Beginning with general knowledge of the attribute values provided by Bayesian prior distributions, and updating this knowledge with each observed sample, the sequential allocation procedure performed particularly well. These observations demonstrate that managing projects focused on a selection decision so that the decision modeling and the experimental planning are done jointly, rather than in isolation, can improve the overall selection results.

Assessing earnings management in european publicly traded firms

We investigate if investors may benefit from using the accruals quality measure to assess the level of earnings management exercised by firms when preparing their accounting statements. More earnings management is expected to be associated with high information asymmetry among stock market participants because it makes earnings information less precise, thus providing an information advantage to informed investors relative to liquidity traders. Our results based on a sample of European publicly traded firms are consistent with a positive association between earnings management and information asymmetry. However, given some previous studies suggesting that accruals based measures may be noisy indicators of earnings management we further develop and test a method to enhance the performance of accruals quality in detecting earnings management.

Assessing Earnings Management in European Publicly Traded Firms

We investigate if investors may benefit from using the accruals quality measure to assess the level of earnings management exercised by firms when preparing their accounting statements. More earnings management is expected to be associated with high information asymmetry among stock market participants because it makes earnings information less precise, thus providing an information advantage to informed investors relative to liquidity traders. Our results based on a sample of European publicly traded firms are consistent with a positive association between earnings management and information asymmetry. However, given some previous studies suggesting that accruals based measures may be noisy indicators of earnings management we further develop and test a method to enhance the performance of accruals quality in detecting earnings management

Supplement to employment, hours, and earnings, states and areas, data for ... /

"Establishment survey data."

CHARACTERIZATION OF POSTHARVEST PHYSIOLOGY ATTRIBUTES OF SIX COMMERCIALLY GROWN TOMATO VARIETIES IN KENYA

Tomato ( Lycopersicon esculentum Mill) is the leading vegetable in terms of production in Kenya. The Kenyan local market has a wide variety of tomato cultivars with a wide range of morphological and sensorial characteristics. However, information on the nutritional and postharvest quality of these varieties is lacking. The aim of this research was to investigate and identify tomato varieties of superior postharvest quality and recommend them to small and medium scale farmers. In this study, six tomato varieties were grown in a greenhouse and analyzed at three maturity stages (mature green, turning and red ripe). The tomatoes were analyzed at specific days after harvest and storage at room temperature (25o C). Percentage weight loss, color, respiration and ethylene production rates were analyzed to assess the postharvest quality of the tomatoes. The color was measured using a Minolta Chromameter while the respiration rate and ethylene production rates were determined using the static system approach. Color, weight loss, respiration and ethylene production rates were positively affected by storage time when harvested at the three maturity stages. The percentage weight loss of the tomato fruits was higher in the determinate varieties, and at the turning stage of maturity (3.8 %). Minor color changes were observed after storage of the tomatoes harvested at red stage for six days. Both rates of respiration and ethylene production were low, with the respiration rate ranging between 56-10 ml CO2 Kg-1h-1. The Chonto F1 variety had the highest rate of ethylene production (5.4 μL C2H4 Kg-1h-1) on the 4th day of storage after harvest at the red ripe stage. Overall, the indeterminate tomato varieties displayed better postharvest quality that can prolong the fruits shelf life for marketing. In turn, the turning stage of maturity proved to be a better stage to harvest tomatoes as the color development was more uniform.

First description of Candida nivariensis in Brazil: antifungal susceptibility profile and potential virulence attributes

This study evaluated the antifungal susceptibility profile and the production of potential virulence attributes in a clinical strain of Candida nivariensis for the first time in Brazil, as identified by sequencing the internal transcribed spacer (ITS)1-5.8S-ITS2 region and D1/D2 domains of the 28S of the rDNA. For comparative purposes, tests were also performed with reference strains. All strains presented low planktonic minimal inhibitory concentrations (PMICs) to amphotericin B (AMB), caspofungin (CAS), and voriconazole. However, our strain showed elevated planktonic MICs to posaconazole (POS) and itraconazole, in addition to fluconazole resistance. Adherence to inert surfaces was conducted onto glass and polystyrene. The biofilm formation and antifungal susceptibility on biofilmgrowing cells were evaluated by crystal violet staining and a XTT reduction assay. All fungal strains were able to bind both tested surfaces and form biofilm, with a binding preference to polystyrene (p < 0.001). AMB promoted significant reductions (≈50%) in biofilm production by our C. nivariensis strain using both methodologies. This reduction was also observed for CAS and POS, but only in the XTT assay. All strains were excellent protease producers and moderate phytase producers, but lipases were not detected. This study reinforces the pathogenic potential of C. nivariensis and its possible resistance profile to the azolic drugs generally used for candidiasis management.

Soil chemical attributes and leaf nutrients of Pacovan banana under two cover crops.

Banana is one of the most consumed fruits in the world, which is grown in most tropical countries. The objective of this work was to evaluate the main attributes of soil fertility in a banana crop under two cover crops and two root development locations. The work was conducted in Curaçá, BA, Brazil, between October 2011 and May 2013, using a randomized block design in split plot with five repetitions. Two cover crops were assessed in the plots, the cover 1 consisting of Pueraria phaseoloid es, and the cover 2 consisting of a crop mix with Sorghum bicolor, Ricinus commun is L., Canavalia ensiform is, Mucuna aterrima and Zea mays, and two soil sampling locations in the subplots, between plants in the banana rows (location 1) and between the banana rows (location 2). There were significant and independent effects for the cover crop and sampling location factors for the variables organic matter, Ca and P, and significant effects for the interaction between cover crops and sampling locations for the variables potassium, magnesium and total exchangeable bases. The cover crop mix and the between-row location presented the highest organic matter content. Potassium was the nutrient with the highest negative variation from the initial content and its leaf content was below the reference value, however not reducing the crop yield. The banana crop associated with crop cover using the crop mix provided greater availability of nutrients in the soil compared to the coverage with tropical kudzu.