The effect of financial leverage on real and accrual-based earnings management

Past research has documented a substitution effect between real earnings management (RM) and accrual-based earnings management (AM), depending on relative costs. This study contributes to this research by examining whether levels of (and changes in) financial leverage have an impact on this empirically documented trade-off. We hypothesise that in the presence of high leverage, firms that engage in earnings manipulation tactics will exhibit a preference for RM due to a lower possibility—and subsequent costs—of getting caught. We show that leverage levels and increases positively and significantly affect upward RM, with no significant effect on income-increasing AM, while our findings point towards a complementarity effect between unexpected levels of RM and AM for firms with very high leverage levels and changes. This is interpreted as an indication that high leverage could attract heavy outsider scrutiny, making it necessary for firms to use both forms of earnings management in order to achieve earnings targets. Furthermore, we document that equity investors exhibit a significantly stronger penalising reaction to AM vs. RM, indicating that leverage-induced RM is not as easily detectable by market participants as debt-induced AM, despite the fact that the former could imply deviation from optimal business practices.

Verifiable Visualization for Isosurface Extraction

Visual representations of isosurfaces are ubiquitous in the scientific and engineering literature. In this paper, we present techniques to assess the behavior of isosurface extraction codes. Where applicable, these techniques allow us to distinguish whether anomalies in isosurface features can be attributed to the underlying physical process or to artifacts from the extraction process. Such scientific scrutiny is at the heart of verifiable visualization - subjecting visualization algorithms to the same verification process that is used in other components of the scientific pipeline. More concretely, we derive formulas for the expected order of accuracy (or convergence rate) of several isosurface features, and compare them to experimentally observed results in the selected codes. This technique is practical: in two cases, it exposed actual problems in implementations. We provide the reader with the range of responses they can expect to encounter with isosurface techniques, both under ""normal operating conditions"" and also under adverse conditions. Armed with this information - the results of the verification process - practitioners can judiciously select the isosurface extraction technique appropriate for their problem of interest, and have confidence in its behavior.

Superoxide Dismutase 1-mediated Production of Ethanol- and DNA-derived Radicals in Yeasts Challenged with Hydrogen Peroxide MOLECULAR INSIGHTS INTO THE GENOME INSTABILITY OF PEROXIREDOXIN-NULL STRAINS

Peroxiredoxins are receiving increasing attention as defenders against oxidative damage and sensors of hydrogen peroxide-mediated signaling events. In the yeast Saccharomyces cerevisiae, deletion of one or more isoforms of the peroxiredoxins is not lethal but compromises genome stability by mechanisms that remain under scrutiny. Here, we show that cytosolic peroxiredoxin-null cells (tsa1 Delta tsa2 Delta) are more resistant to hydrogen peroxide than wildtype (WT) cells and consume it faster under fermentative conditions. Also, tsa1 Delta tsa2 Delta cells produced higher yields of the 1-hydroxyethyl radical from oxidation of the glucose metabolite ethanol, as proved by spin-trapping experiments. A major role for Fenton chemistry in radical formation was excluded by comparing WT and tsa1 Delta tsa2 Delta cells with respect to their levels of total and chelatable metal ions and of radical produced in the presence of chelators. The main route for 1-hydroxyethyl radical formation was ascribed to the peroxidase activity of Cu, Zn-superoxide dismutase (Sod1), whose expression and activity increased similar to 5- and 2-fold, respectively, in tsa1 Delta tsa2 Delta compared with WT cells. Accordingly, overexpression of human Sod1 in WT yeasts led to increased 1-hydroxyethyl radical production. Relevantly, tsa1 Delta tsa2 Delta cells challenged with hydrogen peroxide contained higher levels of DNA-derived radicals and adducts as monitored by immuno-spin trapping and incorporation of (14)C from glucose into DNA, respectively. The results indicate that part of hydrogen peroxide consumption by tsa1 Delta tsa2 Delta cells is mediated by induced Sod1, which oxidizes ethanol to the 1-hydroxyethyl radical, which, in turn, leads to increased DNA damage. Overall, our studies provide a pathway to account for the hypermutability of peroxiredoxin-null strains.

Towards a post-patriarchal gender order : Confronting the universality and the particularity of violence against women

The issues of gender equality and women’s human rights have become major spheres of academic debate, policy and activism in virtually every corner of the globe. Violence against women, a relative latecomer to the international gender agenda, has provided a particularly critical entry point in challenging long standing gender ideologies and taboos as well as the gender biased mainstream human rights framework that kept, until recently, the gender specific abuses women experience outside of public scrutiny.

Europeisk familjelycka : Om användandet av familjemetaforen i EU

The re-unification of a family of nations: usages of the family metaphor in the EU This article analyses usages of the family metaphor in the EU. It starts up with a scrutiny of feminist theories of the nation-as-family metaphor. Introducing the concept of domopolitics, the author infers that the family, on the one hand, connotes to feelings of security and homelyness and, on the other hand, fears of the well-known, of immanent threats to in-group cohesion. The significance of the family metaphor in the EU rhetoric connects to a renewed emphasis on distinct values, principles and norms that balance the otherwise technocratic image of the EU. He further applies the nation-as-family metaphor to contemporary EU rhetoric. In the analysis, he infers that all three dimensions of the metaphor (ethnic, civil and hierarchic) are manifest in the EU political language making its use an enterprise that strives at moving beyond, but not completely away from the nation-state paradigm.

Demokrati eller presidentdiktatur? : Konstitutionella vägval i postkommunistiska länder

While authoritarian presidents prevail under heavily president-oriented constitutions throughout the post-Soviet region, democracy along parliamentary lines triumphs in Central Europe. This article discusses the constitutional pattern among the post-communist countries on the basis of two general questions: First, how can we explain why strong presidential constitutions dominate throughout the post-Soviet region whereas constrained presidencies and governments anchored in parliament have become the prevailing option in Central Europe? Second, and interlinked with the first question, why have so many post-communist countries (in the post-Soviet region as well as in Central Europe) chosen neither parliamentarism nor presidentialism, but instead semi-presidential arrangements whereby a directly elected president is provided with considerable powers and coexists with a prime minister? The analysis indicates that both historical-institutional and actor-oriented factors are relevant here. Key factors have been regime transition, pre-communist era constitutions and leaders, as well as short-term economic and political considerations. With differing strengths and in partly different ways, these factors seem to have affected the actors’ preferences and final constitutional compromises.

Ukrainas konstitutionella sicksackande : Regimförändring och partiutveckling under semipresidentialism

Ukraine has repeatedly shifted between the two sub-types of semi-presidentialism, i.e. between premier-presidentialism and president-parliamentarism. The aim of this article is to discuss to what extent theoretical arguments against premier-presidential and president-parliamentary systems are relevant for understanding the shifting directions of the Ukrainian regime. As a point of departure, I formulate three main claims from the literature: 1) “President-parliamentarism is less conducive to democratization than premier-presidentialism.”; 2) “Semi-presidentialism in both its variants have built-in incitements for intra-executive conflict between the president and the prime minister.”; 3) “Semi-presidentialism in general, and president-parliamentarism in particular, encourages presidentialization of political parties.” I conclude from the study’s empirical overview that the president-parliamentary system– the constitutional arrangement with the most dismal record of democratization – has been instrumental in strengthening presidential dominance and authoritarian tendencies. The premier-presidential period 2006–2010 was by no means smooth and stable, but the presidential dominance weakened and the survival of the government was firmly anchored in the parliament. During this period, there were also indications of a gradual strengthening of institutional capacity among the main political parties and the parliament began to emerge as a significant political arena.

Health problems in elderly patients during the first post-stroke year

BACKGROUND: A wide range of health problems has been reported in elderly post-stroke patients. AIM: The aim of this study was to analyse the prevalence and timing of health problems identified by patient interviews and scrutiny of primary health care and municipality elderly health care records during the first post-stroke year. METHODS: A total of 390 consecutive patients, ≥65 years, discharged alive from hospital after a stroke event, were followed for 1 year post-admission. Information on the health care situation during the first post-stroke year was obtained from primary health care and municipal elderly health care records and through interviews with the stroke survivors, at 1 week after discharge, and 3 and 12 months after hospital admission. RESULTS: More than 90% had some health problem at some time during the year, while based on patient record data only 4-8% had problems during a given week. The prevalence of interview-based health problems was generally higher than record-based prevalence, and the ranking order was moderately different. The most frequently interview-reported problems were associated with perception, activity, and tiredness, while the most common record-based findings indicated pain, bladder and bowel function, and breathing and circulation problems. There was co-occurrence between some problems, such as those relating to cognition, activity, and tiredness. CONCLUSIONS: Almost all patients had a health problem during the year, but few occurred in a given week. Cognitive and communication problems were more common in interview data than record data. Co-occurrence may be used to identify subtle health problems.

Towards Presidential Rule in Ukraine : Hybrid Regime Dynamics under Semi-Presidentialism

This article sets out to analyse recent regime developments in Ukraine in relation to semi-presidentialism. The article asks: to what extent and in what ways theoretical arguments against semi-presidentialism (premier-presidential and president-parliamentary systems) are relevant for understanding the changing directions of the Ukrainian regime since the 1990s? The article also reviews the by now overwhelming evidence suggesting that President Yanukovych is turning Ukraine into a more authoritarian hybrid regime and raises the question to what extent the president-parliamentary system might serve this end. The article argues that both kinds of semi-presidentialism have, in different ways, exacerbated rather than mitigated institutional conflict and political stalemate. The return to the president-parliamentary system in 2010 – the constitutional arrangement with the most dismal record of democratisation – was a step in the wrong direction. The premier-presidential regime was by no means ideal, but it had at least two advantages. It weakened the presidential dominance and it explicitly anchored the survival of the government in parliament. The return to the 1996 constitution ties in well with the notion that President Viktor Yanukovych has embarked on an outright authoritarian path.

Where did all these books come from? The Publishing Industry and American Intellectual Life

The American book publishing industry shapes the character of American intellectual life. While the newspaper and television industries have been accused of and investigated for bias and lowering America’s intellectual standards, book publishing has gone largely unexamined by scholars. The existing studies of the publishing industry have focused on finance, procedure and history. “There are few ‘theories’ of publishing – efforts to understand the ‘whys’ as well as the ‘hows.’ Few scholarly scientists have devoted significant scholarly attention to publishing” (Altbach and Hoshino, xiii). There are many possible reasons for this lacuna. First, there is a perception that books have always been around, that they are an “old” technology and therefore they don’t appear to have had as much of an impact on our society as television and other media (which were developed quickly and suddenly) seem to have had (Altbach and Hoshino, xiv). Also, despite books’ present and past popularity, television, radio, and now the internet reach more people more easily, and are therefore more topical points of study and observation. In studying the effects of mass media on everyday American life, television and the internet may be the most logical points of study. Regarding public intellectual life however, books play a much more important role. Public intellectual life has always been associated with independent thinkers publishing their work for the masses. For this reason, this I focus on trade publishing. Trade publishing produces fiction and non-fiction works for the general reading public, as opposed to technical manuals, textbooks, and other fiction and nonfiction books targeted to small and specific audiences. Although, quantitatively speaking, “the largest part of book publishing business is embodied in that great complex of companies and activities producing educational, business, scientific, technical, and reference books and materials,” (Tebbel 1987, 439) the trade industry publishes most of the books that most people read. It is the most public segment of the industry, and the most likely place to find public intellectualism. Trade publishing is not only the most public segment of the industry, but it is also the most susceptible to corruption and lowered intellectual standards. Unlike specialty publishing, which caters to a specific, known segment of society, trade publishers must compete with countless other publications, as well as with other forms of media, for the patronage of the general public. As John Tebbel (author of a widely referenced history of the publishing industry) puts it, “The textbook, scientific, or technical book is subjected to much more rigorous scrutiny by buyers and users, and in an intensively competitive market inferior products are quickly lost" (Tebbel 1987, xiv). Since the standards for trade publishing are not nearly as specific – trade books simply need to catch the attention of a significant number of readers, they don’t have to measure up to a given level of quality – the quality of trade books is much more variable. And yet, a successful trade publication can have a much greater impact on society than the most rigorously researched and edited textbook or scholarly study.

Media Coverage and Charitable Giving After the 2004 Tsunami

Media coverage of humanitarian crises is widely believed to influence charitable giving, yet this assertion has received little empirical scrutiny. Using Internet donations after the 2004 tsunami as a case study in a tobit framework, we show that media coverage of disasters increases charitable donations, with an additional minute of nightly news coverage increasing donations by 0.036 standard deviations from the mean. We repeat the analysis using instrumental variables in a tobit model to account for endogeneity, and the estimates are unchanged. We also show that the magnitude and sign of media impact vary by news source and relief agency.