Initial losses, corporate governance and earnings management

This thesis examines the relationship between initial loss events and the corporate governance and earnings management behaviour of these firms. This is done using four years of corporate governance information spanning the report of an initial loss for companies listed on the UK Stock Exchange. An industry- and sizematched control sample is used in a difference-in-difference analysis to isolate the impact of the initial loss event during the period. It is reported that, in general, an initial loss motivates an improvement in corporate governance in those loss firms where a relative weakness existed prior to the loss and that these changes mainly occur before the initial loss is announced. Firms with stronger (i.e. better quality) corporate governance have less need to alter it in response to the loss. It is also reported that initial loss firms use positive abnormal accruals in the year before the loss in an attempt to defer/avoid the loss — the weaker corporate governance the more likely is it that loss firms manage earnings in this manner. Abnormal accruals are also found to be predictive of an initial loss and when used as a conditioning variable, the quality of corporate governance is an important mitigating factor in this regard. Once the loss is reported, loss firms unwind these abnormal accruals although no evidence of big-bath behaviour is found. The extent to which these abnormal accruals are subsequently unwound are also found to be a function of both the quality of corporate governance as well as the severity of the initial loss.

Public evaluations of novel food technologies: a qualitative citizen-scientist deliberative discourse approach

This qualitative research expands understanding of how information about a range of Novel Food Technologies (NFTs) is used and assimilated, and the implications of this on the evolution of attitudes and acceptance. This work enhances theoretical and applied understanding of citizens’ evaluative processes around these technologies. The approach applied involved observations of interactive exchanges between citizens and information providers (i.e. food scientists), during which they discussed a specific technology. This flexible, yet structured, approach revealed how individuals construct meaning around information about specific NFTs. A rich dataset of 42 ‘deliberate discourse’ and 42 postdiscourse transcripts was collected. Data analysis encompassed three stages: an initial descriptive account of the complete dataset based on the top-down bottom-up (TDBU) model of attitude formation, followed by inductive and deductive thematic analysis across the selected technology groups. The hybrid thematic analysis undertaken identified a Conceptual Model, which represents a holistic perspective on the influences and associated features directing ‘sense-making’ and ultimate evaluations around the technology clusters. How individuals make sense of these technologies is shaped by: their beliefs, values and personal characteristics; their perceptions of power and control over the application of the technology; and, the assumed relevance of the technology and its applications within different contexts. These influences form the frame for the creation of sense-making around the technologies. Internal negotiations between these influences are evident and evaluations are based on the relative importance of each influence to the individual, which tend to contribute to attitude ambivalence and instability. The findings indicate the processes of forming and changing attitudes towards these technologies are: complex; dependent on characteristics of the individual, technology, application and product; and, impacted by the nature and forms of information provided. Challenges are faced in engaging with the public about these technologies, as levels of knowledge, understanding and interest vary.

Shipping information pipeline: initial design principles

This paper presents a design science approach to solving persistent problems in the international shipping eco system by creating the missing common information infrastructures. Specifically, this paper reports on an ongoing dialogue between stakeholders in the shipping industry and information systems researchers engaged in the design and development of a prototype for an innovative IT-artifact called Shipping Information Pipeline which is a kind of “an internet” for shipping information. The instrumental aim is to enable information seamlessly to cross the organizational boundaries and national borders within international shipping which is a rather complex domain. The intellectual objective is to generate and evaluate the efficacy and effectiveness of design principles for inter-organizational information infrastructures in the international shipping domain that can have positive impacts on global trade and local economies.

Equal IgG antibody response to pneumococcal vaccination in all stages of human immunodeficiency virus disease.

To evaluate the immunogenicity and safety of a 23-valent pneumococcal vaccine in human immunodeficiency virus (HIV)-seropositive patients, 80 men and 18 women received 1 dose of the vaccine (Pneumo 23; Pasteur Mérieux MSD, Brussels). The total IgG antibody response against all 23 Streptococcus pneumoniae capsular antigens was measured. Antibody levels were expressed in arbitrary units per microliter, referring to a standard curve. Geometric mean titers of the total IgG capsular antibodies on the day of vaccination and 30-45 days later were compared. The ratios of titers after and before vaccination in patients with > 500, 200-500, and < 200 CD4 lymphocytes/microL were 10, 10, and 12.6, respectively. Nonresponse (ratio < 4) occurred in 17% of patients and was unrelated to CD4 cell count. The vaccine was well tolerated; no serious side effects occurred. In 83% of the patients with HIV infection, the total antipneumococcal IgG level was higher after vaccination.

In vivo guidance and assessment of liver radio-frequency ablation with acoustic radiation force elastography.

The initial results from clinical trials investigating the utility of acoustic radiation force impulse (ARFI) imaging for use with radio-frequency ablation (RFA) procedures in the liver are presented. To date, data have been collected from 6 RFA procedures in 5 unique patients. Large displacement contrast was observed in ARFI images of both pre-ablation malignancies (mean 7.5 dB, range 5.7-11.9 dB) and post-ablation thermal lesions (mean 6.2 dB, range 5.1-7.5 dB). In general, ARFI images provided superior boundary definition of structures relative to the use of conventional sonography alone. Although further investigations are required, initial results are encouraging and demonstrate the clinical promise of the ARFI method for use in many stages of RFA procedures.

Improvement in visual search with practice: mapping learning-related changes in neurocognitive stages of processing.

Practice can improve performance on visual search tasks; the neural mechanisms underlying such improvements, however, are not clear. Response time typically shortens with practice, but which components of the stimulus-response processing chain facilitate this behavioral change? Improved search performance could result from enhancements in various cognitive processing stages, including (1) sensory processing, (2) attentional allocation, (3) target discrimination, (4) motor-response preparation, and/or (5) response execution. We measured event-related potentials (ERPs) as human participants completed a five-day visual-search protocol in which they reported the orientation of a color popout target within an array of ellipses. We assessed changes in behavioral performance and in ERP components associated with various stages of processing. After practice, response time decreased in all participants (while accuracy remained consistent), and electrophysiological measures revealed modulation of several ERP components. First, amplitudes of the early sensory-evoked N1 component at 150 ms increased bilaterally, indicating enhanced visual sensory processing of the array. Second, the negative-polarity posterior-contralateral component (N2pc, 170-250 ms) was earlier and larger, demonstrating enhanced attentional orienting. Third, the amplitude of the sustained posterior contralateral negativity component (SPCN, 300-400 ms) decreased, indicating facilitated target discrimination. Finally, faster motor-response preparation and execution were observed after practice, as indicated by latency changes in both the stimulus-locked and response-locked lateralized readiness potentials (LRPs). These electrophysiological results delineate the functional plasticity in key mechanisms underlying visual search with high temporal resolution and illustrate how practice influences various cognitive and neural processing stages leading to enhanced behavioral performance.

Music for Three Stages: Performance Preparation for Opera, Operetta and Recital

Music for Three Stages: Performance Preparation for Opera, Operetta and Recital began as three stand-alone performances: two operas, Albert Herring and Die Fledermaus, as assigned by my opera program, and a recital of music by composers who wrote operas, art songs and non-operatic large-scale works, which I programmed. Upon starting the process of preparing for these three performances, I hypothesized that each would require unique preparation techniques. What I discovered, however, was that instead of each being unique and isolated in preparation, each performance, along with other performances that I had throughout the year, highly informed my approach to each piece. Through the preparation of program notes, included in this dissertation, as well as the musical preparation of each performance, I concluded that preparing for these performances was a long arc over the course of the year, with much give and take among the styles of music and an integrated style of preparation, instead of the individualized preparations that I expected.

Immunological Signatures Identifying Different Stages of Latent Mycobacterium tuberculosis Infection and Discriminating Latent from Active Tuberculosis in Humans

Objectives: One third of the world population is considered latently infected with Mycobacterium tuberculosis(LTBI) and sterilizing this reservoir of bacteria that may reactivate is required for tuberculosis (TB) elimination. Thegroup of individuals with LTBI is heterogeneous with some of them being more at risk to develop TB disease thanothers. Improved diagnosis of subjects with LTBI is needed, allowing to differentiate subjects with LTBI from thosewith active TB, and to select among LTBI subjects those who are more at risk to develop active TB. We havecharacterized at the cellular level both the quantitative and qualitative T cell responses to different mycobacterialantigens in selected populations of infected subjects in order to identify new biomarkers that could help to identify M.tuberculosis-infected subjects and to stratify them in risk groups for reactivation of the infection.Methods: Lymphoblast frequencies and cytokine production (IFN-γ, TNF-α, IL-2) among CD4+ and CD8+ T cellswere analyzed by flow cytometry after in vitro stimulation with the latency antigen heparin-binding haemagglutinin(HBHA) or early-secreted antigen Target-6 (ESAT-6) of peripheral blood mononuclear cells from clinically wellcharacterized M. tuberculosis-infected humans (28 LTBI, 22 TB disease,12 controls). The LTBI group definedaccording to the Center for Disease Control guidelines was subdivided into QuantiFERON-TB Gold in-Tube (QFT)positive and negative subgroups.Results: Similar to TB patients, QFT+ LTBI subjects had higher proportions of HBHA-induced TNF-αsingle+ CD4+lymphocytes than QFT- LTBI subjects (p<0.05). Compared to LTBI subjects, TB patients had higher frequencies ofESAT-6-induced CD8+ lymphoblasts (p<0.001), higher proportions of ESAT-6-induced IFN-γ+TNF-α+ CD4+ Tlymphocytes (p<0.05), and lower proportions of HBHA-induced IFN-γ+TNF-α+IL-2+ (p<0.05) CD4+ T lymphocytes.Conclusions: These data provide new biomarkers to discriminate active TB from LTBI, and more interestingly,help to identify LTBI subjects with increased likelihood to develop TB disease.

Research in statistical education — planning of an international survey

As announced in the November 2000 issue of MathStats&OR [1], one of the projects supported by the Maths, Stats & OR Network funds is an international survey of research into pedagogic issues in statistics and OR. I am taking the lead on this and report here on the progress that has been made during the first year. A paper giving some background to the project and describing initial thinking on how it might be implemented was presented at the 53rd session of the International Statistical Institute in Seoul, Korea, in August 2001 in a session on The future of statistics education research [2]. It sounded easy. I considered that I was something of an expert on surveys having lectured on the topic for many years and having helped students and others who were doing surveys, particularly with the design of their questionnaires. Surely all I had to do was to draft a few questions, send them electronically to colleagues in statistical education who would be only to happy to respond, and summarise their responses? I should have learnt from my experience of advising all those students who thought that doing a survey was easy and to whom I had to explain that their ideas were too ambitious. There are several inter-related stages in survey research and it is important to think about these before rushing into the collection of data. In the case of the survey in question, this planning stage revealed several challenges. Surveys are usually done for a purpose so even before planning how to do them, it is advisable to think about the final product and the dissemination of results. This is the route I followed.

Property development: Appraisal and finance

The book provides an overview to the context of property development so that academics, students and professionals can examine the stages of development in the process - from initial consideration, to site finding, general appraisal, valuation, funding, construction and marketing, with a focus on two key areas of the process: appraisal and finance. The Second Edition reflects the developing research interests of the authors by putting property development and appraisal in a wider economic environment and the appraisal process was treated in a more holistic manner. Secondly, more case studies were included and the chapters framed with clear objectives key terms and summaries. Thirdly, this edition examined in more detail the property development and appraisal process in relation to sustainability and other key issues such as climate change, the changing financial environment, planning design and global influences. Research on appraisal techniques is incorporated in chapters 3-5. Research on property finance based on the original Property Lending Surveys carried out by the author and incorporated in other texts (Property Finance, 1994, 2003) is included in chapters 6-8. Research on property companies and their capital structures in included in chapter 8. Analysis of the relationship between sustainability and design is included in chapter 9. This is a key text in the area of property development, sales of the First Edition and Second Edition have been in the thousands globally to academics, students and practitioners.

What a performance! Developing nurse teachers lecturing persona and identity: a performing arts perspective

Delivering lectures to large groups of students can provoke high levels of anxiety, particularly for new lecturers (Exley and Dennick, 2009). Further, to provide an informative and engaging lecture requires a teacher who is confident, has a sound knowledge and well developed teaching skills (Bentley-Davies, 2010). Thus, new lecturers often need experience and supervision to develop the tacit knowledge and insight into their own style and persona when teaching in order to feel confident when delivering a lecture (Quinn and Hughes, 2007). Considering this model, therefore, may potentially contribute to a lecturers’ development and performance in the classroom. This paper will present the results of the second phase of a two-stage mixed method study that investigated the similarities between lecturing and acting. Twelve in-depth interviews where undertaken with lecturers within one School of Nursing in The United Kingdom. Findings, established a model of ‘persona adoption’ that represents a series of stages that lecturers may go through to both develop and take on a persona when lecturing. This persona is often different from the way they lecturers present themselves in other parts of their working life. The first stage of this model of persona adoption is when the lecturer is subjected to a range of ‘influencing factors’ that provide not only the basic information about a lecture, but also the perceptual stimuli about giving a lecture on a specific subject, to a particular number of students, at a certain academic level. These influencing factors then inter-play with the ‘facets of the individual’, which represent the lecturer’s self-concept, subject knowledge base and philosophy of teaching. This may result in a cognitive dissonance between these ‘facets’ and the ‘influencing factors’, so affecting the lecturers’ perceptions, thoughts and feelings about having to give that particular lecture. This results in the lecturer undertaking specific ‘back stage preparation’ during which they decide on the content and modes of delivery to prepare in light of that discourse. It may result in delivering the information via single or multiple methods, which during the lecture will require various levels of interaction and participation from the students. Just prior to the lecture, the lecturer builds or ‘puts on their persona’ and gets into role, making their initial impact with the group. They use the ‘elements of acting’ as proposed by Tauber and Mester’s (1994) e.g. animated voice and body, space, props humour and suspense and surprise to portray and maintain their persona. This leads the to lecturer demonstrating either positive or negative ‘persona characteristics’ in terms of appearing confident, knowledgeable, fluent in the technical skills of delivering the lecture, being interesting and engendering interaction with the students, or not. These characteristics, may or may not, potentially heighten student interest, attention and attitudes to learning as suggested by Tauber and Mester (1994). This depends on whether the lecturer has successfully used the persona and if the lecturer has been able to engage students in the lecture, in competition with other factors that may be taking the students’ attention. Although the model suggests a linear process, to a great extent, the elements might be more interdependent and interrelated. This might suggest that depending on the lecturer’s perception of their effectiveness during the lecture, that they may decide to continue or adapt their persona and methods to appear more confident. Furthermore, depending on how successful the lecturer perceived the session to be, both their reflections ‘in’ and ‘on’ practice could influence how they teach in the future (Zwozdiak, 2011). Therefore, these reflections become part of the facets of the individual, via the ‘reflective feedback loop’, in the model, which then in turn influences progression through the model in subsequent lectures. This study concluded that these lecturers went through a process whereby they compare the demands of the lecture with their own knowledge base and skill, this resulted in them undertaking specific preparation in terms of content and delivery style, then they adopted their persona immediately prior to entering the lecture, maintain it throughout the lecture via the use of the elements of acting to achieve an informative interactive lecture. The results of which then feedback into their self-concept as a lecturer and consequently may affect the persona they project in future lectures. If lecturers, therefore, can take a step back to consider how they deliver lectures and the way they can deliberately, yet apparently naturally, use their voices, bodies, space and humour in meaningfully, they engage their students in lecture, it will not just result in them being perceived as a good lecturer, but also be a genuine act of education.