The effect of timeliness and credit ratings on the information content of earnings announcements

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.

Understanding the IT-related attitudes and needs of persons with age-related macular degeneration:a case study

In the UK, 20 per cent of people aged 75 years and over are living with sight loss; this percentage is expected to increase as the population ages (RNIB, 2011). Age-Related Macular Degeneration (AMD) is the UK’s leading cause of severe visual impairment amongst the elderly. It accounts for 16,000 blind/partial sight registrations per year and is the leading cause of blindness among people aged 55 years and older in western countries (Bressler, 2004). Our ultimate goal is to develop an assistive mobile application to support accurate and convenient diet data collection on which basis to then provide customised dietary advice and recommendations in order to help support individuals with AMD to mitigate their ongoing risk and retard the progression of the disease. In this paper, we focus on our knowledge elicitation activities conducted to help us achieve a deep and relevant understanding of our target user group. We report on qualitative findings from focus groups and observational studies with persons with AMD and interviews with domain experts which enable us to fully appreciate the impact that technology may have on our intended users as well as to inform the design and structure of our proposed mobile assistive application.

Links and Hubs of Scientific Information – the Case of the MTMT

We present the Hungarian National Scientific Bibliography project: the MTMT. We argue that presently available commercial systems cannot be used as a comprehensive national bibliometric tool. The new database was created from existing databases of the Hungarian Academy of Sciences, but expected to be re-engineered in the future. The data curation model includes harvesting, the work of expert bibliographers and author feedback. MTMT will work together with the other services in the web of scientific information, using standard protocols and formats, and act as a hub. It will present the scientific output of Hungary together with the repositories containing the full text, wherever available. The database will be open, but not freely harvestable, and only for non-commercial use.

Learning by Doing in the Context of Modern Information and Media Literacy of Students in “Library and Information Management” in ULSIT Using the Digital Collection “Bulgarian Revival”

The purpose of this article is to evaluate the effectiveness of learning by doing as a practical tool for managing the training of students in "Library Management" at the ULSIT, Sofia, Bulgaria, by using the creation of project 'Data Base “Bulgarian Revival Towns” (CD), financed by Bulgarian Ministry of Education, Youth and Science (1/D002/144/13.10.2011) headed by Prof. DSc Ivanka Yankova, which aims to create new information resource for the towns which will serve the needs of scientific researches. By participating in generating the an array in the database through searching, selection and digitization of documents from these period, at the same time students get an opportunity to expand their skills to work effectively in a team, finding the interdisciplinary, a causal connection between the studied items, objects and subjects and foremost – practical experience in the field of digitization, information behavior, strategies for information search, etc. This method achieves good results for the accumulation of sustainable knowledge and it generates motivation to work in the field of library and information professions.

The effect of past earnings and dividend patterns on the information content of dividends when earnings are reduced

This study pursues two objectives: first, to provide evidence on the information content of dividend policy, conditional on past earnings and dividend patterns prior to an annual earnings decline; second, to examine the effect of the magnitude of low earnings realizations on dividend policy when firms have more-or-less established dividend payouts. The information content of dividend policy for firms that incur earnings reductions following long patterns of positive earnings and dividends has been examined (DeAngelo et al., 1992, 1996; Charitou, 2000). No research has examined the association between the informativeness of dividend policy changes in the event of an earnings drop, relative to varying patterns of past earnings and dividends. Our dataset consists of 4,873 U.S. firm-year observations over the period 1986-2005. Our evidence supports the hypotheses that, among earnings-reducing or loss firms, longer patterns of past earnings and dividends: (a) strengthen the information conveyed by dividends regarding future earnings, and (b) enhance the role of the magnitude of low earnings realizations in explaining dividend policy decisions, in that earnings hold more information content that explains the likelihood of dividend cuts the longer the past earnings and dividend patterns. Both results stem from the stylized facts that managers aim to maintain consistency with respect to historic payout policy, being reluctant to proceed with dividend reductions, and that this reluctance is higher the more established is the historic payout policy. © 2010 The Authors. Journal compilation © 2010 Accounting Foundation, The University of Sydney.

Evaluation of low vision services on the quality of life of individuals with age-related macular degeneration

Background: Age-related macular degeneration (ARMD) is a major cause of irreversible visual loss in the elderly and a significant threat to their quality of life. Although low vision services often improve the functional outcomes of individuals with macular disease, it remains unclear whether or not they have any impact on quality of life. The principal aim of this study was to determine the effect of a hospital-based low vision clinic on the quality of life of individuals with ARMD. Methods: Forty patients with ARMD attended the low vision clinic at Milton Keynes University Hospital. Quality of life was measured with the vision-specific Low Vision Quality of Life (LVQOL) questionnaire and the general health EuroQol (EQ-5D-5L) questionnaire. Measures were completed at baseline (time zero, T0), and at three- (T3) and six-month (T6) follow-up visits. Results: The near visual acuity of individuals attending the low vision clinic for the first time improved significantly between visits T0 and T3 (p=0.005), reflecting the practiced use of their newly-dispensed low vision aids. As expected, there was no significant change in near acuity over this time period for existing patients. For both new and existing patients, a significant increase in LVQOL score was evident between visits T0 and T3, with a further significant improvement between T3 and T6. Similarly, there was a significant decrease in EQ-5D-5L questionnaire scores between visits T0 and T6. Conclusions: The higher LVQOL scores obtained at the end of the study period (T6) provide evidence that low vision services at Milton Keynes University Hospital served to improve patient quality of life. The reduction in EQ-5D-5L scores over the same time period suggests that low vision services also provide for an improvement in general health-related quality of life. Impact: The findings support the cause of low vision services to improve not only the vision and functional outcomes of individuals with macular disease but also their quality of life. Moreover, the findings suggest that a more efficient allocation of resources at low vision clinics may be possible through the standardisation of patient follow-up frequency.

Adatbányászati alkalmazások lehetőségei egy multinacionális vállalat magyarországi leányvállalatának információs rendszerében (Opportunities of datamining applications in the information system of a multinational company’s Hungarian subsidiary)

A tanulmány Magyarország egyik legnagyobb foglalkoztatójának megrendelésére készült abból a célból, hogy milyen megoldásokkal lehetne a vállalati működést hatékonyabbá tenni. Ennek keretében a szerzők megvizsgálták, hol tart ma a HR adatbányászati kutatás a világban. Milyen eszközök állnak rendelkezésre ahhoz, hogy a munkavállalói elmenetelt előre jelezzék, illetve figyeljék, valamint milyen lehetőség van a hálózati kutatások felhasználására a biztonság területén. Szerencsés, hogy a vállalkozói kérdések és erőforrások találkozhattak a kutatói szféra aktuális kutatási területeivel. A tanulmány szerzői úgy gondolják, hogy a cikkben megfogalmazott állítások, következtetések, eredmények a jövőben hasznosíthatók lesznek a vállalat és más cégek számára is. _____ The authors were pleased to take part in this research project initiated by one of Hungary’s largest employer. The goal of the project was to work out BI solutions to improve upon their business process. In the framework of the project first the authors made a survey on the current trends in the world of HR datamining. They reviewed the available tools for the prediction of employee promotion and investigated the question on how to utilize results achieved in social network analysis in the field of enterprise security. When real business problems and resources meet the mainstream research of the scientific community it is always a fortunate and it is rather fruitful. The authors are certain that the results published in this document will be beneficial for Foxconn in the near future. Of course, they are not done. There are continually new research perspectives opening up and huge amount of information is accumulating in the enterprises just waiting for getting discovered and analysed. Also the environment in which an enterprise operates is dynamically changing and thus the company faces new challenges and new type of business problems arise. The authors are in the hope that their research experience will help decision makers also in the future to solve real world business problems.

Consequences of interorganizational information systems: An empirical investigation of the effects of EDI use on interorganizational relationships in the retail industry

This dissertation examines the consequences of Electronic Data Interchange (EDI) use on interorganizational relations (IR) in the retail industry. EDI is a type of interorganizational information system that facilitates the exchange of business documents in structured, machine processable form. The research model links EDI use and three IR dimensions--structural, behavioral, and outcome. Based on relevant literature from organizational theory and marketing channels, fourteen hypotheses were proposed for the relationships among EDI use and the three IR dimensions.^ Data were collected through self-administered questionnaires from key informants in 97 retail companies (19% response rate). The hypotheses were tested using multiple regression analysis. The analysis supports the following hypothesis: (a) EDI use is positively related to information intensity and formalization, (b) formalization is positively related to cooperation, (c) information intensity is positively related to cooperation, (d) conflict is negatively related to performance and satisfaction, (e) cooperation is positively related to performance, and (f) performance is positively related to satisfaction. The results support the general premise of the model that the relationship between EDI use and satisfaction among channel members has to be viewed within an interorganizational context.^ Research on EDI is still in a nascent stage. By identifying and testing relevant interorganizational variables, this study offers insights for practitioners managing boundary-spanning activities in organizations using or planning to use EDI. Further, the thesis provides avenues for future research aimed at understanding the consequences of this interorganizational information technology. ^

Understanding the dynamics of information technology implementation: The case of clinical information systems

The ultimate intent of this dissertation was to broaden and strengthen our understanding of IT implementation by emphasizing research efforts on the dynamic nature of the implementation process. More specifically, efforts were directed toward opening the "black box" and providing the story that explains how and why contextual conditions and implementation tactics interact to produce project outcomes. In pursuit of this objective, the dissertation was aimed at theory building and adopted a case study methodology combining qualitative and quantitative evidence. Precisely, it examined the implementation process, use and consequences of three clinical information systems at Jackson Memorial Hospital, a large tertiary care teaching hospital.^ As a preliminary step toward the development of a more realistic model of system implementation, the study proposes a new set of research propositions reflecting the dynamic nature of the implementation process.^ Findings clearly reveal that successful implementation projects are likely to be those where key actors envision end goals, anticipate challenges ahead, and recognize the presence of and seize opportunities. It was also found that IT implementation is characterized by the systems theory of equifinality, that is, there are likely several equally effective ways to achieve a given end goal. The selection of a particular implementation strategy appears to be a rational process where actions and decisions are largely influenced by the degree to which key actors recognize the mediating role of each tactic and are motivated to action. The nature of the implementation process is also characterized by the concept of "duality of structure," that is, context and actions mutually influence each other. Another key finding suggests that there is no underlying program that regulates the process of change and moves it form one given point toward a subsequent and already prefigured end. For this reason, the implementation process cannot be thought of as a series of activities performed in a sequential manner such as conceived in stage models. Finally, it was found that IT implementation is punctuated by a certain indeterminacy. Results suggest that only when substantial efforts are focused on what to look for and think about, it is less likely that unfavorable and undesirable consequences will occur. ^

``This is your brain on drugs'': The public policy of anti -drug programming. An exploratory analysis of media and other sources of drug information for adolescents

In the 1980s, government agencies sought to utilize research on drug use prevention to design media campaigns. Enlisting the assistance of the national media, several campaigns were designed and initiated to bring anti-drug use messages to adolescents in the form of public service advertising. This research explores the sources of information selected by adolescents in grades 7 through 12 and how the selection of media and other sources of information relate to drug use behavior and attitudes and perceptions related to risk/harm and disapproval of friends' drug-using activities.^ Data collected from 1989 to 1992 in the Miami Coalition School Survey provided a random selection of secondary school studies. The responses of these students were analyzed using multivariate statistical techniques.^ Although many of the students selected media as the source for most of their information on the effects of drugs on the people who use them, the selection of media was found to be positively related to alcohol use and negatively related to marijuana use. The selection of friends, brothers, or sisters was a statistically significant source for adolescents who smoke cigarettes, use alcohol or marijuana.^ The results indicate that the anti-drug use messages received by students may be canceled out by media messages perceived to advocate substance use and that a more persuasive source of information for adolescents may be friends and siblings. As federal reports suggest that the economic costs of drug abuse will reach an estimated $150 billion by 1997 if current trends continue, prevention policy that addresses the glamorization of substance use remains a national priority. Additionally, programs that advocate prevention within the peer cluster must be supported, as peers are an influential source for both inspiring and possibly preventing drug use behavior. ^

Foundations of quantitative information flow: Channels, cascades, and the information order

Secrecy is fundamental to computer security, but real systems often cannot avoid leaking some secret information. For this reason, the past decade has seen growing interest in quantitative theories of information flow that allow us to quantify the information being leaked. Within these theories, the system is modeled as an information-theoretic channel that specifies the probability of each output, given each input. Given a prior distribution on those inputs, entropy-like measures quantify the amount of information leakage caused by the channel. ^ This thesis presents new results in the theory of min-entropy leakage. First, we study the perspective of secrecy as a resource that is gradually consumed by a system. We explore this intuition through various models of min-entropy consumption. Next, we consider several composition operators that allow smaller systems to be combined into larger systems, and explore the extent to which the leakage of a combined system is constrained by the leakage of its constituents. Most significantly, we prove upper bounds on the leakage of a cascade of two channels, where the output of the first channel is used as input to the second. In addition, we show how to decompose a channel into a cascade of channels. ^ We also establish fundamental new results about the recently-proposed g-leakage family of measures. These results further highlight the significance of channel cascading. We prove that whenever channel A is composition refined by channel B, that is, whenever A is the cascade of B and R for some channel R, the leakage of A never exceeds that of B, regardless of the prior distribution or leakage measure (Shannon leakage, guessing entropy leakage, min-entropy leakage, or g-leakage). Moreover, we show that composition refinement is a partial order if we quotient away channel structure that is redundant with respect to leakage alone. These results are strengthened by the proof that composition refinement is the only way for one channel to never leak more than another with respect to g-leakage. Therefore, composition refinement robustly answers the question of when a channel is always at least as secure as another from a leakage point of view.^

The Bankruptcy of Liberalism and Social Democracy in the Neoliberal Age

The increasing similarity between the economic policies of center-left and center-right political parties has effectively diminished the legitimacy of governments in relationship to their citizenry in Western Europe and the U.S. Capitalist democracies during the period of managed capitalism gained legitimacy by the appearance of the separation of capitalist ownership rights in the marketplace from the political institutions that govern capitalism. During this period, Social Democratic parties in Western Europe, and to a lesser extent the Democratic Party in the U.S., paid some amount of attention to labor unions and mass constituents in formulating their policy agendas. The era of neoliberalism (late 1970s to the present) has broken any such appearances, with the dominant political parties, regardless of party label, moving rightward to embrace many of the same economic policy agendas.

Integrated geoarchaeological methods for the determination of site activity areas : A study of a Viking Age house in Reykjavik, Iceland

Acknowledgements The excavation was funded by the City of Reykjavík, and the geoarchaeological research was funded by a SSHRCC Doctoral Fellowship from the government of Canada, an Overseas Research Studentship, the Cambridge Commonwealth Trust, Pelham Roberts and Muriel Onslow Research Studentships from Newnham College, Cambridge, and Canadian Centennial Scholarships from the Canadian High Commission in London. Garðar Guðmundsson took the micromorphology samples, and supervised sampling on site. The bones were counted by Clayton Tinsley, the thin sections were made by Julie Boreham, and Steve Boreham and his team in the Department of Geography, University of Cambridge, provided technical support for all of the bulk geochemical analyses that were conducted by K. Milek, except for ICP–AES, which was conducted by ALS Chemex. Our gratitude is extended to Charles French, Catherine Hills, Peter Jordan and two anonymous reviewers for their support and helpful comments on earlier drafts of this paper, and to Óskar Gísli Sveinbjarnarson for his assistance with the figures.

Integrated geoarchaeological methods for the determination of site activity areas : A study of a Viking Age house in Reykjavik, Iceland

Acknowledgements The excavation was funded by the City of Reykjavík, and the geoarchaeological research was funded by a SSHRCC Doctoral Fellowship from the government of Canada, an Overseas Research Studentship, the Cambridge Commonwealth Trust, Pelham Roberts and Muriel Onslow Research Studentships from Newnham College, Cambridge, and Canadian Centennial Scholarships from the Canadian High Commission in London. Garðar Guðmundsson took the micromorphology samples, and supervised sampling on site. The bones were counted by Clayton Tinsley, the thin sections were made by Julie Boreham, and Steve Boreham and his team in the Department of Geography, University of Cambridge, provided technical support for all of the bulk geochemical analyses that were conducted by K. Milek, except for ICP–AES, which was conducted by ALS Chemex. Our gratitude is extended to Charles French, Catherine Hills, Peter Jordan and two anonymous reviewers for their support and helpful comments on earlier drafts of this paper, and to Óskar Gísli Sveinbjarnarson for his assistance with the figures.