Essays on Financial Analyst Forecasts and Recommendations

The trade of the financial analyst is currently a much-debated issue in today’s media. As a large part of the investment analysis is conducted under the broker firms’ regime, the incentives of the financial analyst and the investor do not always align. The broker firm’s commercial incentives may be to maximise its commission from securities trading and underwriting fees. The purpose of this thesis is to extend our understanding of the work of a financial analyst, the incentives he faces and how these affect his actions. The first essay investigates how the economic significance of the coverage of a particular firm impacts the analysts’ accuracy of estimation. The hypothesis is that analysts put more effort in analysing firms with a relatively higher trading volume, as these firms usually yield higher commissions. The second essay investigates how analysts interpret new financial statement information. The essay shows that analysts underreact or overreact to prior reported earnings, depending on the short-term pattern in reported earnings. The third essay investigates the possible investment value in Finnish stock recommendations, issued by sell side analysts. It is established that consensus recommendations issued on Finnish stocks contain investment value. Further, the investment value in consensus recommendations improves significantly through the exclusion of recommendations issued by banks. The fourth essay investigates investors’ behaviour prior to financial analysts’ earnings forecast revisions. Lately, the financial press have reported cases were financial analysts warn their preferred clients of possible earnings forecast revisions. However, in the light of the empirical results, it appears that the problem of analysts leaking information to some selected customers does not appear systematically on the Finnish stock market.

Impact of dust on solar photovoltaic (PV) performance: Research status, challenges and recommendations

The peaking of most oil reserves and impending climate change are critically driving the adoption of solar photovoltaic's (PV) as a sustainable renewable and eco-friendly alternative. Ongoing material research has yet to find a breakthrough in significantly raising the conversion efficiency of commercial PV modules. The installation of PV systems for optimum yield is primarily dictated by its geographic location (latitude and available solar insolation) and installation design (tilt, orientation and altitude) to maximize solar exposure. However, once these parameters have been addressed appropriately, there are other depending factors that arise in determining the system performance (efficiency and output). Dust is the lesser acknowledged factor that significantly influences the performance of the PV installations. This paper provides an appraisal on the current status of research in studying the impact of dust on PV system performance and identifies challenges to further pertinent research. A framework to understand the various factors that govern the settling/assimilation of dust and likely mitigation measures have been discussed in this paper. (C) 2010 Elsevier Ltd. All rights reserved.

Recommendations for driver licensing and traffic law enforcement in India aiming to improve road safety

During the last decade, developing countries such as India have been exhibiting rapid increase in human population and vehicles, and increase in road accidents. Inappropriate driving behaviour is considered one of the major causes of road accidents in India as compared to defective geometric design of pavement or mechanical defects in vehicles. It can result in conditions such as lack of lane discipline, disregard to traffic laws, frequent traffic violations, increase in crashes due to self-centred driving, etc. It also demotivates educated drivers from following good driving practices. Hence, improved driver behaviour can be an effective countermeasure to reduce the vulnerability of road users and inhibit crash risks. This article highlights improved driver behaviour through better driver education, driver training and licensing procedures along with good on-road enforcement; as an effective countermeasure to ensure road safety in India. Based on the review and analysis, the article also recommends certain measures pertaining to driver licensing and traffic law enforcement in India aimed at improving road safety.

Definition of the halogen bond (IUPAC Recommendations 2013)

This recommendation proposes a definition for the term ``halogen bond'', which designates a specific subset of the inter- and intramolecular interactions involving a halogen atom in a molecular entity.

South and South-East Asian coastal fisheries: their status and directions for improved management: conference synopsis and recommendations

As a step to address the problems of coastal fisheries in Asia, the WorldFish Center joined forces with fisheries agencies from eight developing Asian countries (Bangladesh, India, Indonesia, Malaysia, The Philippines, Sri Lanka, Thailand and Vietnam) and the Asian Development Bank, to implement a project entitled “Sustainable Management of Coastal Fish Stocks in Asia” (also known as the “TrawlBase” project). The project was implemented between 1998 and 2001. The main achievements of this partnership were: (a) Development of a database called “Fisheries Resource Information System and Tools” (FiRST), which contains trawl research survey data and socioeconomic information for selected fisheries, and facilitates its analysis; (b) Evaluation of the extent of resource decline and over-fishing, both biological and economic, in the region; (c) Identification of the measures needed to manage coastal fisheries in the participating countries, resulting in draft strategies and action plans; and (d) Strengthening of national capacity in coastal fisheries assessment, planning and management.

Report of Pendleton artificial reef studies with recommendations for constructing a kelp reef

(Document pdf contains 64 pages)

Coral Remote Sensing Workshop: Proceedings and Recommendations, 17-18 September, Sheraton, Brickell Ave, Miami FL

Coral reefs exist in warm, clear, and relatively shallow marine waters worldwide. These complex assemblages of marine organisms are unique, in that they support highly diverse, luxuriant, and essentially self-sustaining ecosystems in otherwise nutrient-poor and unproductive waters. Coral reefs are highly valued for their great beauty and for their contribution to marine productivity. Coral reefs are favorite destinations for recreational diving and snorkeling, as well as commercial and recreational fishing activities. The Florida Keys reef tract draws an estimated 2 million tourists each year, contributing nearly $800 million to the economy. However, these reef systems represent a very delicate ecological balance, and can be easily damaged and degraded by direct or indirect human contact. Indirect impacts from human activity occurs in a number of different forms, including runoff of sediments, nutrients, and other pollutants associated with forest harvesting, agricultural practices, urbanization, coastal construction, and industrial activities. Direct impacts occur through overfishing and other destructive fishing practices, mining of corals, and overuse of many reef areas, including damage from souvenir collection, boat anchoring, and diver contact. In order to protect and manage coral reefs within U.S. territorial waters, the National Oceanic and Atmospheric Administration (NOAA) of the U.S. Department of Commerce has been directed to establish and maintain a system of national marine sanctuaries and reserves, and to monitor the condition of corals and other marine organisms within these areas. To help carry out this mandate the NOAA Coastal Services Center convened a workshop in September, 1996, to identify current and emerging sensor technologies, including satellite, airborne, and underwater systems with potential application for detecting and monitoring corals. For reef systems occurring within depths of 10 meters or less (Figure 1), mapping location and monitoring the condition of corals can be accomplished through use of aerial photography combined with diver surveys. However, corals can exist in depths greater than 90 meters (Figure 2), well below the limits of traditional optical imaging systems such as aerial or surface photography or videography. Although specialized scuba systems can allow diving to these depths, the thousands of square kilometers included within these management areas make diver surveys for deeper coral monitoring impractical. For these reasons, NOAA is investigating satellite and airborne sensor systems, as well as technologies which can facilitate the location, mapping, and monitoring of corals in deeper waters. The following systems were discussed as having potential application for detecting, mapping, and assessing the condition of corals. However, no single system is capable of accomplishing all three of these objectives under all depths and conditions within which corals exist. Systems were evaluated for their capabilities, including advantages and disadvantages, relative to their ability to detect and discriminate corals under a variety of conditions. (PDF contains 55 pages)

Knowledge Exchange study: How Research Tools are of Value to Research: Use Cases and Recommendations

Research tools that are freely available and accessible via the Internet cover an emergent field in the worldwide research infrastructure. Clearly, research tools have increasing value for researchers in their research activities. Knowledge Exchange recently commissioned a project to explore use case studies to show research tools’ potential and relevance for the present research landscape. Makers of successful research tools have been asked questions such as: How are these research tools developed? What are their possibilities? How many researchers use them? What does this new phenomenon mean for the research infrastructure? Additional to the Use Cases, the authors offer observations and recommendations to contribute to effective development of a research infrastructure that can optimally benefit from research tools. the Use Cases are: •Averroes Goes Digital: Transformation, Translation, Transmission and Edition •BRIDGE: Tools for Media Studies Researchers •Multiple Researchers, Single Platform: A Virtual Tool for the 21st Century •The Fabric of Life •Games with A Purpose: How Games Are Turning Image Tagging into Child’s Play •Elmer: Modelling a Future •Molecular Modelling With SOMA2 •An Online Renaissance for Music: Making Early Modern Music Readable •Radio Recordings for Research: How A Million Hours of Danish Broadcasts Were Made Accessible •Salt Rot: A Central Space for Essential Research •Cosmos: Opening Up Social Media for Social Science A brief analysis by the authors can be found: •Some Observations Based on the Case Studies of Research Tools

Framework for a pro-poor regional strategy on sustainable aquatic resources management in Asia-Pacific: a statement of understanding and recommendations

This statement was prepared by the participants of the FAO/NACA-STREAM Workshop on Aquatic Resources and Livelihoods: Connecting Policy and People, 17-19 March 2005, in Los Baños, Laguna, Philippines. This was the concluding event of the FAO Technical Cooperation Program (TCP) project entitled “Assistance in Poverty Alleviation through Improved Aquatic Resources Management in Asia-Pacific.” The purpose of the workshop was to review and share experiences of the NACA-STREAM Initiative, build consensus on the value of livelihoods approaches in aquatic resources management and poverty alleviation, and identify ways of promoting livelihoods approaches throughout the region. (Pdf contains 2 pages).

The marine protected area planning process in Washington state: Recommendations for increased effectiveness

In Washington State, the Department of Natural Resources (WA DNR) is responsible for managing state-owned aquatic lands. Aquatic reserves are one of many Marine Protected Area (MPA) designations in WA State that aim to protect sensitive aquatic and ecological habitat. We analyzed the designation and early planning processes of WA State aquatic reserves, identified gaps in the processes, and recommend action to improve the WA State aquatic reserve early planning approach. (PDF contains 4 pages)

Survey of the shrimp stocks of the Sierra Leone inshore shelf : a summary report outlining objectives, observations and recommendations on the status of the Sierra Leone shrimp fishery

This report gives the species and catch-rates per hour of some commercial shrimp species caught in the course of a short survey of inshore shelf fishing grounds. Species seen in significant quantities were: Parapenneopsis atlantica, Parapenaeus longirostris, Penaeus kerathurus and Penaeus duorarum notialis

Special Sewage Problem : Report on the Sewage Problem of the City of Los Angeles with Conclusions and Recommendations

Not available.

River Lune processes. A study of change in the River Lune catchment and recommendations for flood defence management

There has been a perception of increasing river channel instability in north west rivers and the River Lune in particular in recent decades. This has been attributed variously to: (a) long-term trends in precipitation-runoff regime; (b) changes in land-use such as moor-draining and sub-soil draining such that the river is more flashy than previously, and (c) a change in the magnitude-frequency relationships of flow such that high discharges are occurring with increased frequency. Resources are available in the form of rainfall and runoff records, archived information on channel planform, land use statistics and local engineering experience which have not been jointly and fully evaluated. Effective interpretation of the nature of channel change through time with respect to this resource may enhance the Environment Agency's ability to manage the river channel efficiently in the future and will aid the development of effective policy. The results of this study will for the first time, provide robust guidance with respect to long-term channel adjustment and the appropriate management options. The research provides suggestions as to how policy might be developed taking account of other pertinent factors.

An overview of fisheries conflicts in South and Southeast Asia: Recommendations, challenges and directions

Fisheries conflicts are among the persistent problems affecting the security of food, livelihoods and fishing environments crucial to poor fishing communities in developing countries in South and Southeast Asia. Most conflicts arise from excessive fishing efforts due to increasing population and economic motivations. Conflicts are not all undesirable as some disputes become a catalyst for much needed reforms for policy and economic improvements. However, a framework for analyzing conflicts in fisheries is necessary to organize interventions relevant to the nature of conflicts, and the needs and capacities of fisheries stakeholders in the region. The WorldFish Center, together with research partners, conducted studies that identify a framework for managing fisheries conflicts. Thematic policy recommendations for managing fishing capacity and related conflicts in small-scale fisheries in the region are identified for further consideration by fisheries stakeholders.