971 resultados para Earnings per share.
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From 1988 to 1995, when trade liberalization was implemented in Brazil, relative earnings of skilled workers decreased. In this paper, we investigate the role of trade liberalization in explaining these relative earnings movements, by checking all the steps predicted by the HeckscherOhlin- style trade transmission mechanism. We find that: i) employment shifted from skilled to unskilled intensive sectors, and each Sector increased its relative share of skilled labor; ii) relative prices fell in skill intensive sectors; iii) tariff changes across sectors were not related to skill intensities, but the pass-through from tariffs to prices was stronger in skill intensive sectors; iv) the decline in skilled eamings differentials mandated by the price variation predicted by trade is very elose to the observed one. The results are compatible with trade liberalization, accounting for the observed rei ative eamings changes in Brazil.
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This paper examines the current global scene of distributional disparities within-nations. There are six main conclusions. First, about 80 per cent of the world’s population now live in regions whose median country has a Gini not far from 40. Second, as outliers are now only located among middle-income and rich countries, the ‘upwards’ side of the ‘Inverted-U’ between inequality and income per capita has evaporated (and with it the statistical support there was for the hypothesis that posits that, for whatever reason, ‘things have to get worse before they can get better’). Third, among middle-income countries Latin America and mineral-rich Southern Africa are uniquely unequal, while Eastern Europe follows a distributional path similar to the Nordic countries. Fourth, among rich countries there is a large (and growing) distributional diversity. Fifth, within a global trend of rising inequality, there are two opposite forces at work. One is ‘centrifugal’, and leads to an increased diversity in the shares appropriated by the top 10 and bottom 40 per cent. The other is ‘centripetal’, and leads to a growing uniformity in the income-share appropriated by deciles 5 to 9. Therefore, half of the world’s population (the middle and upper-middle classes) have acquired strong ‘property rights’ over half of their respective national incomes; the other half, however, is increasingly up for grabs between the very rich and the poor. And sixth, Globalisation is thus creating a distributional scenario in which what really matters is the income-share of the rich — because the rest ‘follows’ (middle classes able to defend their shares, and workers with ever more precarious jobs in ever more ‘flexible’ labour markets). Therefore, anybody attempting to understand the within-nations disparity of inequality should always be reminded of this basic distributional fact following the example of Clinton’s campaign strategist: by sticking a note on their notice-boards saying “It’s the share of the rich, stupid”.
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Introduction The Netherlands Antilles is an autonomous entity within the Kingdom of the Netherlands and comprises a federation of five Caribbean islands: Bonaire and Curacao (the Leeward islands) which comprise 80 per cent of the population of 211,000 and Saba, St. Eustatius and the southern part of St. Maarten (the Windward islands). Like the other countries in the Kingdom, it enjoys full autonomy in internal matters as, for example, education, public health, justice and customs. It has a per capita income of about US$ 12,000. The Leeward Islands and the Windward Islands account for about 75 per cent (Curacao (70 per cent) and Bonaire (5 per cent)) and 25 percent respectively of the economy of the Netherlands Antilles. The Netherlands Antilles has its own currency, the Netherlands guilder, which is pegged to the United States dollar at a fixed rate since 1971. The economy has some unique features that stem from its close relations with the Netherlands, its undiversified nature and heavy dependence on tourism, offshore finance, oil refining and shipping, the high share of trade (exports of goods and services of about 75 per cent of GDP), its geographical characteristics, its common border with the French Republic on St. Maarten, its duty-free access for imports from Aruba, its de facto free trade zone (FTZ), partial dollarization, especially for the Windward Islands, and its highly regulated labor market (1). Adverse economic shocks in the last two decades affected particularly the offshore financial sector and the oil refinery and, to a lesser extent, tourism. The repeal of withholding taxes in the United States in the 1980s indirectly caused the collapse of a number of highly profitable offshore financial activities in Curacao, leading to significant drops in government revenue and contributions to foreign exchange earnings. The withdrawal of Shell from Curacao in 1986 and the (temporary) closure of the oil refinery which had been a mainstay of the Curacao economy for almost three quarters of a century was the second major shock. It was subsequently leased to the Venezuelan State Company, Petroleos de Venezuela Sociedad Anonima (PDVSA), which resumed operations and preserved employment. In the 1990s, the Windward Islands were bit by several devastating hurricanes, which destroyed much of the economic infrastructure on the islands, including about half of the number of available hotel rooms in St Maarten. Further negative shocks were related to the discontinuation of certain trade privileges on European markets for Overseas Countries and Territories (OCTs), the withdrawal by the Netherlands of certain tax privileges for Dutch pensioners residing in the Netherlands Antilles and disruptions in the availability of Solidarity Fund resources for the smaller islands. National income has been on the decline since 1997. GDP declined by about 6 per cent between 1997 and 1999. Underlying fiscal imbalances and structural weaknesses have also impacted negatively on the economy. In recent years, with recession high unemployment and migration have been experienced (2). The Netherlands Antilles has been able to survive thanks to additional aid from the Netherlands, large-scale spontaneous emigration (mostly to the Netherlands), some drop in international reserves, an increase in domestic debt and arrears and reduced outlays for the maintenance of public assets. From 1986 onwards, successive efforts at restoring macroeconomic balance, particularly with regard to public finance, were made, but were unsuccessful. Adjustment was also attempted in 1996 and 1997, but failed to meet the desired targets. In 1999, the government launched a new National Recovery Plan" (NRP). The NRP contains important medium-term structural adjustment measures aimed at restoring macroeconomic balance and conditions for revitalizing the economy. The NRP subsequently served as an important input into a comprehensive adjustment plan drawn up with the assistance of the International Monetary Fund (IMF) and reflected in the government's Memorandum of Economic Policies dated 15 September 2000. Beyond restoring macroeconomic balance and reforming the economic incentive framework, the government aims at establishing a Comprehensive Development Framework (CDF) for the formulation and implementation of a sustainable long-term growth strategy. It is against the above background that this study is undertaken. Its main objective is to assess the integration options facing the Netherlands Antilles (3) vis-a-vis the Caribbean Community (CARICOM). A secondary objective is to examine the above taking into account, inter alia, the level of trade between the Netherlands Antilles and CARICOM, the barriers to trade between the two groups of countries and the requirements for increasing trade between the two groups of countries. The Consultant was given an initial Draft Terms of Reference (Annex 1) with the intention of modifying it in the course of the interviews with all the stakeholders. The main idea that emerged from these interviews was a concern with some possible form of association with CARICOM. The Consultant was asked to exam the costs and benefits of various forms of association and to recommend an option. This adjustment of the Terms of Reference (TOR) was substantial and involved the Consultant having to do some interviews and collect documentation in CARICOM. The study essentially revolves around the search for a road map for the Netherlands Antilles. It is tackled in the first instance by describing the existing system of trade of the Netherlands Antilles with a view to determining the import and export structures and the specific nature and extent of trade in goods and services between the Netherlands Antilles and CARICOM. 1 Netherlands Antilles: Elements of a Strategy for Economic Recovery and Sustainable Growth. Interim Report of the World Bank Mission, 5-20 December 2000. 2 IMF, IMF Country Report No. 01/73 Kingdom of the Netherlands-Netherlands Antilles-Recent Development, Selected Issues and Statistical Appendix. May 2001 3 The Netherlands Antilles is a country within the Kingdom of the Netherlands. It contains five islands. Curacao and Bonaire (Leewards) and St Eustatius, Saba and St Maarten (The Windwards)"
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Beet soil-borne mosaic virus (BSBMV) and Beet necrotic yellow vein virus (BNYVV) are members of Benyvirus genus. BSBMV has been reported only in the United States while BNYVV has a worldwide distribution. Both viruses are vectored by Polymyxa betae, possess similar host ranges, particles number and morphology. Both viruses are not serologically related but have similar genomic organizations. Field isolates consist of four RNA species but some BNYVV isolates contain a fifth RNA. RNAs 1 and 2 are essential for infection and replication while RNAs 3 and 4 play important roles on plant and vector interactions, respectively. Nucleotide and amino acid analyses revealed BSBMV and BNYVV are different enough to be classified in two different species. Additionally in BNYVV/BSBMV mixed infections, a competition was previous described in sugar beet, where BNYVV infection reduces BSBMV accumulation in both susceptible and resistant cultivars. Considering all this observations we hypothesized that BNYVV and BSBMV crossed study, exploiting their similarities and divergences, can improve investigation of molecular interactions between sugar beets and Benyviruses. The main achievement of our research is the production of a cDNA biologically active clones collection of BNYVV and BSBMV RNAs, from which synthetic copies of both Benyviruses can be transcribed. Moreover, through recombination experiments we demonstrated, for the first time, the BNYVV RNA 1 and 2 capability to trans-replicate and encapsidate BSBMV RNA 3 and 4, either the BSBMV RNA 1 and 2 capability to replicate BNYVV RNA2 in planta. We also demonstrated that BSBMV RNA3 support long-distance movement of BNYVV RNA 1 and 2 in B. macrocarpa and that 85 foreign sequence as p29HA, GFP and RFP, are successfully expressed, in C. quinoa, by BSBMV RNA3 based replicon (RepIII) also produced by our research. These results confirm the close correlation among the two viruses. Interestingly, the symptoms induced by BSBMV RNA-3 on C. quinoa leaves are more similar to necrotic local lesions caused by BNYVV RNA-5 p26 than to strongly chlorotic local lesions or yellow spot induced by BNYVV RNA- 3 encoded p25. As previous reported BSBMV p29 share 23% of amino acid sequence identity with BNYVV p25 but identity increase to 43% when compared with sequence of BNYVV RNA-5 p26. Based on our results the essential sequence (Core region) for the longdistance movement of BSBMV and BNYVV in B. macrocarpa, is not only carried by RNA3s species but other regions, perhaps located on the RNA 1 and 2, could play a fundamental role in this matter. Finally a chimeric RNA, composed by the 5’ region of RNA4 and 3’ region of RNA3 of BSBMV, has been produced after 21 serial mechanically inoculation of wild type BSBMV on C. quinoa plants. Chimera seems unable to express any protein, but it is replicated and transcript in planta. It could represent an important tool to study the interactions between Benyvirus and plant host. In conclusion different tools, comprising a method to study synthetic viruses under natural conditions of inoculum through P. Betae, have been produced and new knowledge are been acquired that will allow to perform future investigation of the molecular interactions between sugar beets and Benyviruses.
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“Naturally occurring cancers in pet dogs and humans share many features, including histological appearance, tumour genetics, molecular targets, biological behaviour and response to conventional therapies. Studying dogs with cancer is likely to provide a valuable perspective that is distinct from that generated by the study of human or rodent cancers alone. The value of this opportunity has been increasingly recognized in the field of cancer research for the identification of cancer-associated genes, the study of environmental risk factors, understanding tumour biology and progression, and, perhaps most importantly, the evaluation and development of novel cancer therapeutics”.(Paoloni and Khanna, 2008) In last years, the author has investigated some molecular features of cancer in dogs. The Thesis is articulated in two main sections. In section 1, the preliminary results of a research project aimed at investigating the role of somatic mutations of Ataxia-Telangiectasia mutated (ATM) gene in predisposing to cancer in boxer dogs, are presented. The canine boxer breed may be considered an unique opportunity to disclose the role of ATM somatic mutation since boxer dogs are known to be dramatically susceptible to cancer and since they may be considered a closed gene pool. Furthermore, dogs share with human the some environment. Overall, the abovementioned features could be considered extremely useful for our purposes. In the section 2, the results of our studies aimed at setting up accurate and sensitive molecular assays for diagnosing and assessing minimal residual disease in lymphoproliferative disorders of dogs, are presented. The results of those molecular assay may be directly translated in the field of Veterinary practice as well as the may be used to improve our objective evaluation of new investigational drugs effectiveness in canine cancer trials.
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La contraccezione è un diritto fondamentale dell’uomo per il suo ruolo sulla salute, sulla qualità della vita e sul benessere della persona. La pianificazione familiare è uno dei principali strumenti che dà la possibilita’ a uomini e donne di condividere le proprie responsabilità sulla scelta contraccettiva e di decidere nella stessa misura della propria vita riproduttiva. Sin dall’introduzione della contraccezione femminile, la responsabilita’ della pianificazione familiare è ricaduta unicamente sulla donna. Attualmente infatti vi sono pochissimi metodi contraccettivi a disposizione degli uomini anche se vi e’ un rinnovato interesse da parte di questi ultimi nel sostenere le proprie partner nella scelta contraccettiva. Questo lavoro riassume i principali studi effettuati negli ultimi 10 allo scopo di sviluppare un contraccettivo che sia sicuro, efficace, reversibile e accettabile per l’uomo.
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Relazione del lavoro di creazione e implementazione della piattaforma software che sviluppa l’archivio del progetto SATNET. I satelliti universitari hanno un tempo di vista della propria Stazione di Terra di pochi minuti al giorno: SATNET risponde all’esigenza di comunicare con un satellite universitario in orbita bassa per più dei pochi minuti al giorno che una singola Stazione di Terra permette. Questo avviene grazie a una rete di Stazioni di Terra Satellitari collegate da specifiche missioni comuni che mettono in condivisione dati ricevuti da uno o più satelliti, aumentando il rendimento dati/giorno di questi e permettendo una migliore fruizione delle Stazioni di Terra stesse. Il network sfrutta Internet come canale di connessione, e prevede la presenza di un archivio nel quale memorizzare i dati ricevuti, per poi renderne possibile la consultazione e il recupero. Oggetto di questo lavoro di tesi è stato lo sviluppo e l’implementazione di tale archivio: utilizzando un sito web dinamico, il software risponde a tutte le richieste evidenziate nel paragrafo precedente, permettendo a utenti autenticati di inserire dati e ad altri di poterne avere accesso. Il software è completo e funzionante ma non finito, in quanto manca la formulazione di alcune richieste; per esempio non è stato specificato il tipo di informazioni che è possibile caricare in upload, né il tipo di campi richiesti nel modulo di registrazione dei vari utenti. In questi casi sono stati inseriti campi generici, lasciando all’utente la possibilità di modificarli in seguito. Il software è stato dunque concepito come facilmente personalizzabile e modificabile anche da utenti inesperti grazie alla sola lettura della tesi, che rappresenta quindi una vera e propria guida per l’utilizzo, l’installazione, la personalizzazione e la manutenzione della piattaforma software. La tesi evidenzia gli obiettivi e le richieste, mostrando l’aspetto del sito web e le sue funzionalità, e spiega passo per passo il procedimento per la modifica dell’aspetto delle pagine e di alcuni parametri di configurazione. Inoltre, qualora siano necessarie modifiche sostanziali al progetto, introduce i vari linguaggi di programmazione necessari allo sviluppo e alla programmazione web e aiuta l’utente nella comprensione della struttura del software. Si conclude con alcuni suggerimenti su eventuali modifiche, attuabili solo a seguito di un lavoro di definizione degli obiettivi e delle specifiche richieste. In futuro ci si aspetta l’implementazione e la personalizzazione del software, nonché l’integrazione dell’archivio all’interno del progetto SATNET, con l’obiettivo di migliorare e favorire la diffusione e la condivisione di progetti comuni tra diverse Università Europee ed Extra-Europee.
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Estrazione e analisi di dati (like, commenti, share) relativi alle APT regionali per contesti di promozione turistica
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BACKGROUND: The aim of this study was to determine the rates of outpatient cataract surgery (ROCS) in ten European countries and to find country-specific health indicators explaining the differences. METHODS: Using data from the Survey of Health, Ageing and Retirement in Europe (SHARE), 251 eligible respondents were identified for which cataract surgery was the last surgical procedure. The ROCS of ten countries were compared using logistic regression. The influence of the public expenditure on health as per cent of the total expenditure on health, of the number of acute care beds per 1,000 population, and of the number of practicing physicians per 1,000 population, was studied by multiple logistic regression. Additional information was obtained from country-specific opinion leaders in the field of cataract surgery. RESULTS: The ROCS differed significantly between the ten analysed European countries where Denmark had the highest (100%) and Austria the lowest (0%) rate of day care surgery. A decrease in the density of acute care beds (p < 0.0000001) and in the density of practicing physicians (p < 0.05) and an increase in the public expenditure on health as per cent of the total health expenditure (p < 0.01) lead to an increase in the ROCS. According to the opinion leaders, regulations and financial incentives also have a strong influence on the ROCS. CONCLUSIONS: The outpatient rate of cataract surgery in the ten European countries was mainly influenced by the acute-care beds density, but also by the density of practicing physicians, and by the public expenditure on health.
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Dos elementos permiten reflexionar sobre el futuro de los seres humanos: La buena noticia es que a través de la ciencia los seres humanos pueden vivir más de 80 años. La noticia negativa es que de acuerdo con las estadísticas, entre los 60 y 80 años de edad las personas van a sufrir algún tipo de discapacidad. Esta situación hace que muchos países trabajen hoy para hacer una contribución, por pequeña que parezca, que ayude a mantener los aspectos sanitarios susceptibles a la enfermedad. Estas contribuciones están directamente vinculadas a las acciones de atención primaria, educación en salud oral en las instituciones educativas que reúnen a los niños con discapacidad, sus familias y profesores, y teniendo en cuenta que los bebés y los niños con discapacidad se encuentran en vulnerabilidad desde la salud oral. Los objetivos de este trabajo son: compartir experiencias de educación para la salud oral en instituciones educativas especiales en Perú y Argentina y proporcionar recursos didácticos a través de herramientas educativas que permitan ayudar a los niños, maestros, padres y comunidad en el aprendizaje del cuidado de la salud oral en especial las instituciones educativas de ambos países. Desde la población en estudio se seleccionó una muestra aleatoria entre 2.010 escuelas especiales en la región de Lima, Perú y Mendoza, Argentina. Se acordaron temas básicos de promoción de la salud bucal como: higiene bucal, salud bucal, enfermedades prevalentes, caries, enfermedad periodontal, maloclusión, medidas de prevención, nutrición, etc. y se realizó una encuesta entre los padres para evaluar los conocimientos en los tópicos mencionados y el grado de compromiso de los maestros para aplicar estrategias de higiene en el ámbito escolar. Conclusión: La creación de espacios comunitarios para insertar la salud oral es un desafío. Ambos países desarrollan metodologías similares, resultando muy rica la experiencia de compartir las actividades que realizan cada uno de ellos. La premisa “Lo normal es ser diferente" es compartida por nosotros desde la idea de personalizar e individualizar las acciones con un fin común. En Promoción de la Salud Bucal para niños especiales Perú y Argentina se encuentran en la misma dirección.
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Literature on agency problems arising between controlling and minority owners claim that separation of cash flow and control rights allows controllers to expropriate listed firms, and further that separation emerges when dual class shares or pyramiding corporate structures exist. Dual class share and pyramiding coexisted in listed companies of China until discriminated share reform was implemented in 2005. This paper presents a model of controller to expropriate behavior as well as empirical tests of expropriation via particular accounting items and pyramiding generated expropriation. Results show that expropriation is apparent for state controlled listed companies. While reforms have weakened the power to expropriate, separation remains and still generates expropriation. Size of expropriation is estimated to be 7 to 8 per cent of total asset at mean. If the "one share, one vote" principle were to be realized, asset inflation could be reduced by 13 percent.
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La riduzione dei consumi di combustibili fossili e lo sviluppo di tecnologie per il risparmio energetico sono una questione di centrale importanza sia per l’industria che per la ricerca, a causa dei drastici effetti che le emissioni di inquinanti antropogenici stanno avendo sull’ambiente. Mentre un crescente numero di normative e regolamenti vengono emessi per far fronte a questi problemi, la necessità di sviluppare tecnologie a basse emissioni sta guidando la ricerca in numerosi settori industriali. Nonostante la realizzazione di fonti energetiche rinnovabili sia vista come la soluzione più promettente nel lungo periodo, un’efficace e completa integrazione di tali tecnologie risulta ad oggi impraticabile, a causa sia di vincoli tecnici che della vastità della quota di energia prodotta, attualmente soddisfatta da fonti fossili, che le tecnologie alternative dovrebbero andare a coprire. L’ottimizzazione della produzione e della gestione energetica d’altra parte, associata allo sviluppo di tecnologie per la riduzione dei consumi energetici, rappresenta una soluzione adeguata al problema, che può al contempo essere integrata all’interno di orizzonti temporali più brevi. L’obiettivo della presente tesi è quello di investigare, sviluppare ed applicare un insieme di strumenti numerici per ottimizzare la progettazione e la gestione di processi energetici che possa essere usato per ottenere una riduzione dei consumi di combustibile ed un’ottimizzazione dell’efficienza energetica. La metodologia sviluppata si appoggia su un approccio basato sulla modellazione numerica dei sistemi, che sfrutta le capacità predittive, derivanti da una rappresentazione matematica dei processi, per sviluppare delle strategie di ottimizzazione degli stessi, a fronte di condizioni di impiego realistiche. Nello sviluppo di queste procedure, particolare enfasi viene data alla necessità di derivare delle corrette strategie di gestione, che tengano conto delle dinamiche degli impianti analizzati, per poter ottenere le migliori prestazioni durante l’effettiva fase operativa. Durante lo sviluppo della tesi il problema dell’ottimizzazione energetica è stato affrontato in riferimento a tre diverse applicazioni tecnologiche. Nella prima di queste è stato considerato un impianto multi-fonte per la soddisfazione della domanda energetica di un edificio ad uso commerciale. Poiché tale sistema utilizza una serie di molteplici tecnologie per la produzione dell’energia termica ed elettrica richiesta dalle utenze, è necessario identificare la corretta strategia di ripartizione dei carichi, in grado di garantire la massima efficienza energetica dell’impianto. Basandosi su un modello semplificato dell’impianto, il problema è stato risolto applicando un algoritmo di Programmazione Dinamica deterministico, e i risultati ottenuti sono stati comparati con quelli derivanti dall’adozione di una più semplice strategia a regole, provando in tal modo i vantaggi connessi all’adozione di una strategia di controllo ottimale. Nella seconda applicazione è stata investigata la progettazione di una soluzione ibrida per il recupero energetico da uno scavatore idraulico. Poiché diversi layout tecnologici per implementare questa soluzione possono essere concepiti e l’introduzione di componenti aggiuntivi necessita di un corretto dimensionamento, è necessario lo sviluppo di una metodologia che permetta di valutare le massime prestazioni ottenibili da ognuna di tali soluzioni alternative. Il confronto fra i diversi layout è stato perciò condotto sulla base delle prestazioni energetiche del macchinario durante un ciclo di scavo standardizzato, stimate grazie all’ausilio di un dettagliato modello dell’impianto. Poiché l’aggiunta di dispositivi per il recupero energetico introduce gradi di libertà addizionali nel sistema, è stato inoltre necessario determinare la strategia di controllo ottimale dei medesimi, al fine di poter valutare le massime prestazioni ottenibili da ciascun layout. Tale problema è stato di nuovo risolto grazie all’ausilio di un algoritmo di Programmazione Dinamica, che sfrutta un modello semplificato del sistema, ideato per lo scopo. Una volta che le prestazioni ottimali per ogni soluzione progettuale sono state determinate, è stato possibile effettuare un equo confronto fra le diverse alternative. Nella terza ed ultima applicazione è stato analizzato un impianto a ciclo Rankine organico (ORC) per il recupero di cascami termici dai gas di scarico di autovetture. Nonostante gli impianti ORC siano potenzialmente in grado di produrre rilevanti incrementi nel risparmio di combustibile di un veicolo, è necessario per il loro corretto funzionamento lo sviluppo di complesse strategie di controllo, che siano in grado di far fronte alla variabilità della fonte di calore per il processo; inoltre, contemporaneamente alla massimizzazione dei risparmi di combustibile, il sistema deve essere mantenuto in condizioni di funzionamento sicure. Per far fronte al problema, un robusto ed efficace modello dell’impianto è stato realizzato, basandosi sulla Moving Boundary Methodology, per la simulazione delle dinamiche di cambio di fase del fluido organico e la stima delle prestazioni dell’impianto. Tale modello è stato in seguito utilizzato per progettare un controllore predittivo (MPC) in grado di stimare i parametri di controllo ottimali per la gestione del sistema durante il funzionamento transitorio. Per la soluzione del corrispondente problema di ottimizzazione dinamica non lineare, un algoritmo basato sulla Particle Swarm Optimization è stato sviluppato. I risultati ottenuti con l’adozione di tale controllore sono stati confrontati con quelli ottenibili da un classico controllore proporzionale integrale (PI), mostrando nuovamente i vantaggi, da un punto di vista energetico, derivanti dall’adozione di una strategia di controllo ottima.
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Abstract: This paper investigates the impact of timeliness and credit ratings on the information content of the earnings announcements of Greek listed firms from 2001 to 2008. Using the classical event study methodology and regression analysis, we find that firms tend to release good news on time and are inclined to delay the release of bad news. We also provide evidence that the level of corporate risk differentiates the information content of earnings according to the credit rating category. Specifically, firms displaying high creditworthiness enjoy positive excess returns on earnings announcement dates. In contrast, firms with low creditworthiness undergo significant share price erosions on earnings announcement days. We also observe a substitution effect between timeliness and credit ratings in relation to the information content of earnings announcements. Specifically, we find that as the credit category of earnings-announcing firms improves, the informational role of timeliness is mitigated.