Mandatory and voluntary information disclosure and the effects on financial analysts: evidence from China

Purpose – This paper aims to make a comparison, different from existing literature solely focusing on voluntary earnings forecasts and ex post earnings surprise, between the effects of mandatory earnings surprise warnings and voluntary information disclosure issued by management teams on financial analysts in terms of the number of followings and the accuracy of earnings forecasts. Design/methodology/approach – This paper uses panel data analysis with fixed effects on data collected from Chinese public firms between 2006 and 2010. It uses an exogenous regulation enforcement to minimise the endogeneity problem. Findings – This paper finds that financial analysts are less likely to follow firms which mandatorily issue earnings surprise warnings ex ante than those voluntarily issue earnings forecasts. Moreover, ex post, they issue less accurate and more dispersed forecasts on former firms. The results support Brown et al.’s (2009) finding in the USA and suggest that the earnings surprise warnings affect information asymmetries. Practical implications – This paper justifies the mandatory earnings surprise warnings policy issued by Chinese Securities Regulatory Commission in 2006. Originality/value – Mandatory earnings surprise is a unique practical regulation for publicly listed firms in China. This paper, for the first time, provides empirical evaluation on the effectiveness of a mandatory information disclosure policy in China. Consistent with existing literature on information disclosure by public firms in other countries, this paper finds that, in China, voluntary information disclosure captures more private information than mandatory information disclosure on corporate earnings ability.

Use of a predictive model for food insecurity estimates in Brazil

In 2004 the National Household Survey (Pesquisa Nacional par Amostras de Domicilios - PNAD) estimated the prevalence of food and nutrition insecurity in Brazil. However, PNAD data cannot be disaggregated at the municipal level. The objective of this study was to build a statistical model to predict severe food insecurity for Brazilian municipalities based on the PNAD dataset. Exclusion criteria were: incomplete food security data (19.30%); informants younger than 18 years old (0.07%); collective households (0.05%); households headed by indigenous persons (0.19%). The modeling was carried out in three stages, beginning with the selection of variables related to food insecurity using univariate logistic regression. The variables chosen to construct the municipal estimates were selected from those included in PNAD as well as the 2000 Census. Multivariate logistic regression was then initiated, removing the non-significant variables with odds ratios adjusted by multiple logistic regression. The Wald Test was applied to check the significance of the coefficients in the logistic equation. The final model included the variables: per capita income; years of schooling; race and gender of the household head; urban or rural residence; access to public water supply; presence of children; total number of household inhabitants and state of residence. The adequacy of the model was tested using the Hosmer-Lemeshow test (p=0.561) and ROC curve (area=0.823). Tests indicated that the model has strong predictive power and can be used to determine household food insecurity in Brazilian municipalities, suggesting that similar predictive models may be useful tools in other Latin American countries.

Package models and the information crisis of prebiotic evolution

The coexistence between different types of templates has been the choice solution to the information crisis of prebiotic evolution, triggered by the finding that a single RNA-like template cannot carry enough information to code for any useful replicase. In principle, confining d distinct templates of length L in a package or protocell, whose Survival depends on the coexistence of the templates it holds in, could resolve this crisis provided that d is made sufficiently large. Here we review the prototypical package model of Niesert et al. [1981. Origin of life between Scylla and Charybdis. J. Mol. Evol. 17, 348-353] which guarantees the greatest possible region of viability of the protocell population, and show that this model, and hence the entire package approach, does not resolve the information crisis. In particular, we show that the total information stored in a viable protocell (Ld) tends to a constant value that depends only on the spontaneous error rate per nucleotide of the template replication mechanism. As a result, an increase of d must be followed by a decrease of L, so that the net information gain is null. (C) 2008 Elsevier Ltd. All rights reserved.

NUCEL (Cell and Molecular Therapy Center): A multidisciplinary center for translational research in Brazil

Social and economical development is closely associated with technological innovation and a well-developed biotechnological industry. In the last few years, Brazil`s scientific production has been steadily increasing; however, the number of patents is lagging behind, with technological and translational research requiring governmental incentive and reinforcement. The Cell and Molecular Therapy Center (NUCEL) was created to develop activities in the translational research field, addressing concrete problems found in biomedical and veterinary areas and actively searching for solutions by employing a genetic engineering approach to generate cell lines over-expressing recombinant proteins to be transferred to local biotech companies, aiming at furthering the development of a national competence for local production of biopharmaceuticals of widespread use and of life-saving importance. To this end, mammalian cell engineering technologies were used to generate cell lines over-expressing several different recombinant proteins of biomedical and biotechnological interest, namely, recombinant human Amylin/IAPP for diabetes treatment, human FVIII and FIX clotting factors for hemophilia, human and bovine FSH for fertility and reproduction, and human bone repair proteins (BMPs). Expression of some of these proteins is also being sought with the baculovirus/insect cell system (BEVS) which, in many cases, is able to deliver high-yield production of recombinant proteins with biological activity comparable to that of mammalian systems, but in a much more cost-effective manner. Transfer of some of these recombinant products to local Biotech companies has been pursued by taking advantage of the Sao Paulo State Foundation (FAPESP) and Federal Government (FINEP, CNPq) incentives for joint Research Development and Innovation partnership projects.

Community College Student and Faculty Information Needs and Information Seeking: an Ethnographic Study

This presentation was offered as part of the CUNY Library Assessment Conference, Reinventing Libraries: Reinventing Assessment, held at the City University of New York in June 2014.

Candidate Quality and Voter Response in U.S. House Elections

We propose and test the implications of a two-dimensional concept of candidate quality in U.S. House elections. Strategic quality is composed of the skills and resources necessary to wage an effective campaign; personal quality is composed of the characteristics most ordinary citizens value in their leaders and representatives, such as personal integrity and dedication to public service. We employ district informants in studies of the 1998 and 2002 congressional elections to measure these qualities in candidates, and we merge mass survey data with the district informant indicators to assess constituents’ awareness and evaluation of House candidates, and voting choice. We find that awareness tends to be responsive to candidates’ strategic quality, and that incumbent evaluation is remarkably responsive to variation in personal quality, even taking into account the quality of challenger emergence. These and other findings appear to support a more positive view of citizen capacity than is common in the congressional elections literature, especially in light of the electoral security of House incumbents.

Incumbency Reconsidered: Prospects, Strategic Entry, and Incumbent Quality in U.S. House Elections

Efforts to estimate the magnitude of the incumbency effect in U.S. House elections and assess its political meaning have been complicated by two omitted-variables problems. First, in the absence of an adequate measure of incumbent prospects, estimates of the magnitude of the incumbency effect fail to control for selection effects associated with the decision incumbents make about whether to run for reelection. Strategic incumbents enter races they think they can win and withdraw when they expect to lose. The consequence is an upward bias in estimates of incumbents’ electoral advantages. Second, the normative implications of high reelection rates cannot be assessed without measuring incumbent quality, since a possible explanation for their electoral success is that incumbents are of high quality and doing a good job. We propose a strategy for measuring incumbent prospects and quality, demonstrate the strategic nature of incumbent and challenger entry, re-estimate the incumbency effect, and show that incumbent quality has an impact on electoral outcomes. Our conclusion is that incumbents’ advantages in House elections have been over estimated while the positive basis of incumbent safety is typically under appreciated.

The drivers for entry and expansion modes of U.S.- based MNES in Brazil

The drivers for entry and expansion modes of multinational enterprises (MNEs) have been studied by several authors over the last decades but empirical results have been historically mixed. More recently, Hennart (2009) argued that the reason for the inconsistent results to date resided in the fact that prior theories assumed that local markets could be freely accessed based on a unilateral decision by the MNEs, and then proposes an alternative framework in which the entry and expansion modes of MNEs in foreign countries are a solution based on the relative efficiency of both markets. In this study, the proposed framework is tested against the prior theories based on investments made by U.S.-based MNEs in Brazil from 2005 to 2010. The results suggest that the local market characteristics, more specifically the concentration ratio at the firm and asset levels, are indeed important to influence the entry and expansion mode of U.S.-based MNEs in Brazil, reinforcing the argument against MNEs-centric theories. However, differently from Hennart’s proposition, we were not able to confirm the hypotheses that the MNEs skills are relevant to influence the final solution. We have also tested whether the difference in growth rate between the two countries could be a driver for MNEs to favor acquisition over greenfield given the opportunity cost of postponing the investments. The test result, based on our sample, was not able to confirm this hypothesis.

Legislação de rotulagem nutricional: instrumento de informação na promoção de escolhas alimentares - Natal-RN

Resolutions of the Board of numbers 359 and 360, of December 23, 2003, relating to Nutrition Labelling for Packaged Foods, establish quality standards and provide the education activities for health consumption, since one of the factors that enable the selection of healthier foods are the food labels as an important part in nutrition education. This is a descriptive study with a cross-sectional design. To calculate sample size, it was considered a margin of error of 20%, confidence level of 95% and prevalence of 52.5% for verifying nutritional information in a pilot study conducted in 2007. A total of 145 subjects were interviewed, resulting in 371 consumers in Natal, Rio Grande do Norte, Brazil, in order to determine prevalence of consulting nutritional information contained on food labels as a nutritional guideline for consumers and its association with sociodemographic variables as well as identify the intervention measures suggested by intervieweds so that this information can be better used to select healthy foods. Twenty-five of the 69 supermarkets belonging to the Supermarket Association of Rio Grande do Norte (ASSURN) were randomly selected. Data collection relied on interviews and extensive direct observation, using a semi-structured form composed of eight closed questions, some of which were multiple choice, and ten open questions. The chi-square test was performed for statistical analysis, using Statistical Package for Social Sciences (SPSS) 15.0 software. Label information most consulted was: expiry date (91.6%); product brand (49.4%); nutritional information (47.0%); zero trans fat (32.9%); zero sugar content (12.8%); zero fat content (3.0%); rich in fibers (2.7%); whether light or diet (30.4%); list of ingredients (16.8%); whether the product contained gluten or not (4.1%). When asked about the importance of nutritional information, 96.8% of the subjects responded important or very important ; of these 46.6% and 3.8% reported partially or totally understanding the information presented. It was found that 41.6% of the consumers consulted nutritional information for dietary reasons related to nontransmissible chronic diseases and 35.7% to be able to choose healthier foods. The data show a significant association between motivation to choose healthier foods and higher family income and schooling (p<0.0001). The intervention measures mentioned to make nutritional information better understood and used were: information and orientation about nutritional information, provided by qualified professionals in the supermarkets, the commercial establishment or the product manufacturer (73.9%) and media disclosure about the nature, importance and purpose of nutritional information (42.9%). In despite of communication noises the consumers use the nutrition claim for the nutritional guidance, showing association with some demographic variables. However, they desire the implementation of intervention measures that can be contextualized in the political construction of nutrition education to promote healthy food choices

Soil erosion fragility assessment using an impact model and geographic information system

A study was taken in a 1566 ha watershed situated in the Capivara River basin, municipality of Botucatu, São Paulo State, Brazil. This environment is fragile and can be subjected to different forms of negative impacts, among them soil erosion by water. The main objective of the research was to develop a methodology for the assessment of soil erosion fragility at the various different watershed positions, using the geographic information system ILWIS version 3.3 for Windows. An impact model was created to generate the soil's erosion fragility plan, based on four indicators of fragility to water erosion: land use and cover, slope, percentage of soil fine sand and accumulated water flow. Thematic plans were generated in a geographic information system (GIS) environment. First, all the variables, except land use and cover, were described by continuous numerical plans in a raster structure. The land use and cover plan was also represented by numerical values associated with the weights attributed to each class, starting from a pairwise comparison matrix and using the analytical hierarchy process. A final field check was done to record evidence of erosive processes in the areas indicated as presenting the highest levels of fragility, i.e., sites with steep slopes, high percentage of soil fine sand, tendency to accumulate surface water flow, and sites of pastureland. The methodology used in the environmental problems diagnosis of the study area can be employed at places with similar relief, soil and climatic conditions.

Sewage sludge levels on the development and nutrition of sunflower plants

This study aimed to evaluate the effect of substituting chemical nitrogen (N) fertilization for equivalent N levels from sewage sludge of Wastewater Treatment Plant (WTP) on sunflower plant development. Nutrient levels in physiologically mature leaves and seeds, besides nutrient exportation during a 130-day assay, were also assessed. The experiment was carried out in 100 m(2) permanent plots at Sao Manuel Farm, which belongs to School of Agronomical Sciences, São Paulo State University-UNESP, Botncatu, São Paulo State, Brazil. The farm is located in the municipality of Sao Manuel, São Paulo State. Experimental design was in randomized blocks including 5 treatments and 5 replicates. Treatments were: T1 - chemical N fertilization according to the recommendation for the culture; T2 - 50% N from sewage sludge and 50% N from chemical fertilization; T3 - 100% N from sewage sludge; T4 - 150% N from sewage sludge; T5 - 200% N from sewage sludge. For all treatments, equal amounts of P and K fertilization were applied. Treatments differed for plant height from 21 to 64 days, stern diameter from 28 to 57 days, and leaf number from 21 to 38 days. Seed nutrient levels slightly varied; however, the quantities of exported N, P, Mg, Fe and Zn varied as sewage sludge levels increased.

Archival information and organic information: a conceptual analysis of the Brazilian literature

Information has increasingly become a crucial resource for organizations that want to remain competitive in the market. For this reason, analysis and a correct understanding of informational types that are present in these environments become relevant to achieving the highest levels of performance. The aim of this paper is to review the literature of the concepts of organic and archival information within the organizational context/business environments. This is still an emerging theoretical field and therefore is conducive to intense discussions. We point out elements that help to characterize and distinguish these two types of information.

Occurrence of coagulase-positive Staphylococcus in various food products commercialized in Botucatu, SP, Brazil and detection of toxins from food and isolated strains

The aim of this work was to assess the microbiological quality of commercialized desserts, sandwiches and finger food in Botucatu, SP, for human consumption. A total of 172 food samples were analyzed for fecal coliforms and coagulase-positive Staphylococcus and 69 (40.1%) were in disagreement with the standards established by Decree No. 12 (Brazilian Food Sanitation Standard, 2001). Coagulase-positive Staplylococcus was isolated from 26 (15.1%) samples. Toxins were not isolated directly from foods but 27 (54%) coagulase-positive Staphylococcus strains were enterotoxigenic, and toxin type C was the most frequently detected. These results suggest that these products may act as an important vehicle of transmission for well-established pathogens. (c) 2006 Elsevier Ltd. All rights reserved.

Theoretical estimates of consumable food and probability of acquiring food in larvae of Chrysomya putoria (Diptera: Calliphoridae)

An indirect estimate of consumable food and probability of acquiring food in a blowfly species, Chrysomya putoria, is presented. This alternative procedure combines three distinct models to estimate consumable food in the context of the exploitative competition experienced by immature individuals in blowfly populations. The relevant parameters are derived from data for pupal weight and survival and estimates of density-independent larval mortality in twenty different larval densities. As part of this procedure, the probability of acquiring food per unit of time and the time taken to exhaust the food supply are also calculated. The procedure employed here may be valuable for estimations in insects whose immature stages develop inside the food substrate, where it is difficult to partial out confounding effects such as separation of faeces. This procedure also has the advantage of taking into account the population dynamics of immatures living under crowded conditions, which are particularly characteristic of blowflies and other insects as well.

Diversity and Adaptation of Human Respiratory Syncytial Virus Genotypes Circulating in Two Distinct Communities: Public Hospital and Day Care Center

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)