Accounting Earnings Announcements, Institutional Investor Concentration, and Common Stock Returns

[Excerpt] This study examines the relation between the level of institutional investor ownership and the magnitude of security price variability at quarterly earnings announcement dates. Prior research consistently documents a negative association between firm size and announcement-date return variability. One explanation for this finding is that as more timely, alternative information becomes available on large firms prior to an announcement date, their security prices become informative, thereby reducing the information content of the earnings announcement. Large firms are closely followed by institutional investors. These investors dedicate substantial resources to information search. Therefore, the link between size and information production may be attributable to the influence of institutional investors on the information production process. Because institutional trades can also affect security prices, however, the precise impact of institutional following on the variability of prices at quarterly earnings dates is not evident.

Locus de controle e a efetividade empresarial em microempresários do estado do Rio Grande do Norte

Entrepreneurs are individuals who can transform economic and social realities by promoting development, so it became important tools in generating externalities in regions where they operate. In Brazil, 59.9% of new ventures do not reach the fourth year of life, the mortality rate of new ventures is high. The causes of mortality are numerous, and within the behavioral aspects, one is the locus of control. This study determines the degree of association between internal locus of control and achieving business success of entrepreneurs in Rio Grande do Norte who participated in the workshop EMPRETEC. The approach that studies the behavior entrepreneurs agreed that there are psychological characteristics associated with a set of values, attitudes and needs that determine the behavior and induce the entrepreneur to achieve success. Among these features is the locus of control, a skill that individuals must identify in their actions, or lack of them, the causes of their successes and failures. The locus is external when the individual attributes to factors outside themselves as causes of their results, and is built in when you can identify the actions that led to success. We surveyed 223 entrepreneurs statewide who answered the questionnaire for assessing the scale of locus of control, selfassessment questionnaire of entrepreneurial characteristics of EMPRETEC and a questionnaire assessing the business success. 71.9% were identified as having success. Among the behavioral characteristics strongest in the group of entrepreneurs are setting goals and commitment. Was found for locus of control mean value of 7.35, confidence interval between 7.05 and 7.66. Showing that the locus of control group is predominantly internal. We also found a correlation between the locus and commitment, between setting goals and commitment; calculated risks and information search; search of information and commitment, and between commitment and independence and self confidence. Dependence was not identified among the set of features and business success, determining the absence of an ideal profile. However, logistic regression significant association was found indicating that the smaller the individual's locus of control increased the likelihood of it achieving business success

Consumer perceived risk, risk reduction strategies and transaction intentions in online marketplaces

Even though online commerce has garnered vast academic interest during the recent years, theoretical grounds for consumer behavior online still remains ambiguous. Despite the globally rapid growth of online commerce, only a fraction of Internet browsers end up purchasing goods online. This is argued to be caused by the intangible and distant nature of the Internet, causing overwhelming perceived risks for consumers and negatively affecting transaction intentions. To combat perceived risks, consumers may actively or passively seek to relieve those risks to tolerable level. These risk reduction strategies refer to both institutional mechanisms as well as consumer risk reduction strategies. The objective of this thesis is to provide further understanding upon the relationships between consumer perceived risk, risk reduction strategies and transaction intentions in online marketplaces. To serve the objectives of the present thesis, a quantitative approach was chosen as the method for conducting empirical research. The data was collected with an online survey through discussion board, using a random sample approach. The proposed research model was examined with a set of hierarchical regression analyses. Results revealed several direct relationships as well as moderating interaction effects. The key finding of this thesis is that institutional risk reduction mechanisms significantly contribute to consumer perceived risks. These mechanisms have the potential to reduce perceived risks, and therefore may stimulate transaction intentions. Additionally, it was observed that risk reduction strategies moderate the relationship between intermediary provided risk relievers, consumer perceived risks and transaction intentions. Retailer related risk reduction strategies were also shown to enforce the effectiveness of payment methods; however feedback and monitoring mechanism was shown to have a diminishing effect of perceived risk only when consumers did not rely on product related risk reduction strategies. The present thesis also illustrates the importance of effective information search, as those consumers are more willing to transact as the perceived risks become less significant. For managerial purposes, the importance of well-functioning institutional mechanisms cannot be emphasized enough.

NONDISCLOSURE – A GOOD NEWS SIGNAL?

I examine the implications of nondisclosure in a setting where there is a credible signal as to the proprietary nature of the undisclosed information. Specifically, I investigate the market and analysts' response to firms’ application to the Securities and Exchange Commission (SEC) for a confidential treatment order (CTO), which allows firms to redact required disclosures from SEC filings when the redacted information is proprietary. I find that the market and analysts react favorably to the voluntary nondisclosure of proprietary information using the SEC confidential treatment process. Market and analysts reactions are more favorable to the redaction of information that is more likely to have proprietary value, such as information related to research and development. In addition, I show that the redacting firms experience superior accounting performance compared to their peers in the years following the redaction, consistent with the market and analysts’ response to the redaction. However, I find that analysts engage in more intense private information search in response to a CTO redaction. This finding suggests that, although a CTO redaction can signal the nature of undisclosed information, analysts believe that the signal is not fully revealing of the economic magnitude of the undisclosed information. Overall, this study’s findings indicate that a firm's willingness to submit to the CTO approval process serves as a credible signal of the proprietary nature of the withheld information. The results of this study suggest a possible role for a credible signaling channel to facilitate communication between insiders and outsiders regarding the nature of withheld information.

Comunicação de risco em saúde : a importância do eWOM

Os surtos de doenças infeciosas estão atualmente no topo das preocupações relacionadas com riscos de saúde, devido à grande capacidade de disseminação e difusão que as caracteriza e, não menos importante, por causa da eventual possibilidade de evolução dos surtos para o nível de pandemia. A nível global, os Governos e as organizações oficiais de saúde estão empenhados em criar planos para lidar com os riscos de saúde, de forma a mitigar e controlar os efeitos nefastos provocados pelas doenças infeciosas na população. O mundo mudou, devido às novas tecnologias, tornou-se globalmente digital. As pessoas, hoje, têm um novo estatuto, são atores sociais, unidos por laços sociais no seio das redes digitais, dentro das quais, têm acesso a uma vasta panóplia de informação - acerca de assuntos de saúde por exemplo, que flui livremente através da rede e diminui os limites entre o cidadão comum e os profissionais e os peritos acerca dos mais diversos temas. O utilizador atual de internet, é um "prosumer". A tecnologia permite-lhe pesquisar a informação que procura e, adicionalmente, compartilhar e comentar o resultado das suas pesquisas e da sua própria experiência pessoal. No contexto dos riscos de saúde, a comunicação é um elemento preponderante em qualquer estratégia de planeamento de risco. Por sua vez, a internet, os novos media digitais e as redes sociais online, são ferramentas postas à disposição dos consumidores, que lhes possibilitam a procura a partilha e o armazenamento de informação. Em virtude da importância que assume a comunicação nos cenários de crise, no âmbito deste trabalho, centraremos o foco da nossa atenção, nos fenómenos de comunicação, conhecidos por “passa-palavra” e “passa-palavra eletrónico” (WOM e WOM), revelando a sua influência na participação dos consumidores na dinâmica comportamental de partilha de eWOM, dentro do grupo restrito de cada indivíduo (eWOM dentro do grupo). Para produzir o nosso modelo concetual, usaram-se medidas adaptadas de outros construtos retirados da literatura, nomeadamente, “Credibilidade da fonte”; “Credibilidade de informação” e “eWOM Dentro do Grupo”.

Self-regulated learning in higher education : strategies adopted by computer programming students

Trabalho apresentado em PAEE/ALE’2016, 8th International Symposium on Project Approaches in Engineering Education (PAEE) and 14th Active Learning in Engineering Education Workshop (ALE)

Locus de controle e a efetividade empresarial em microempresários do estado do Rio Grande do Norte

Entrepreneurs are individuals who can transform economic and social realities by promoting development, so it became important tools in generating externalities in regions where they operate. In Brazil, 59.9% of new ventures do not reach the fourth year of life, the mortality rate of new ventures is high. The causes of mortality are numerous, and within the behavioral aspects, one is the locus of control. This study determines the degree of association between internal locus of control and achieving business success of entrepreneurs in Rio Grande do Norte who participated in the workshop EMPRETEC. The approach that studies the behavior entrepreneurs agreed that there are psychological characteristics associated with a set of values, attitudes and needs that determine the behavior and induce the entrepreneur to achieve success. Among these features is the locus of control, a skill that individuals must identify in their actions, or lack of them, the causes of their successes and failures. The locus is external when the individual attributes to factors outside themselves as causes of their results, and is built in when you can identify the actions that led to success. We surveyed 223 entrepreneurs statewide who answered the questionnaire for assessing the scale of locus of control, selfassessment questionnaire of entrepreneurial characteristics of EMPRETEC and a questionnaire assessing the business success. 71.9% were identified as having success. Among the behavioral characteristics strongest in the group of entrepreneurs are setting goals and commitment. Was found for locus of control mean value of 7.35, confidence interval between 7.05 and 7.66. Showing that the locus of control group is predominantly internal. We also found a correlation between the locus and commitment, between setting goals and commitment; calculated risks and information search; search of information and commitment, and between commitment and independence and self confidence. Dependence was not identified among the set of features and business success, determining the absence of an ideal profile. However, logistic regression significant association was found indicating that the smaller the individual's locus of control increased the likelihood of it achieving business success

Defeitos de desenvolvimento do esmalte e respetivo tratamento

As estruturas dentárias são revestidas pelo esmalte dentário. O esmalte é um tecido de alta dureza, avascular e predominantemente branco. No entanto, distingue-se dos outros tecidos mineralizados do corpo pela sua incapacidade de remodelação. Devido a esse facto qualquer alteração que ocorra, quer ao longo da vida, quer no seu desenvolvimento fica, permanentemente, registada (Seow, 1997). Procurou-se nesta monografia aprofundar os conhecimentos sobre os mais comuns defeitos de desenvolvimento do esmalte existentes, assim como o respetivo tratamento. Para a realização desta monografia foram utilizados os seguintes motores de busca B-on, PubMed, Science Direct e Sci-elo, para a realização da pesquisa de informação, aplicando-se um critério de seleção temporal dos últimos 10 anos. As palavras-chaves e combinações de palavras utilizadas nos motores de busca referidos para a realização da pesquisa foram “Enamel”, “Enamel Development”, “Enamel Defects”, “Amelogenisis Imperfecta”, “Hypoplasia”. Dos 300 artigos encontrados nesta pesquisa, foram selecionados 68. O desenvolvimento dos tecidos dentários é um processo complexo conhecido por odontogénese, podendo ser simplisticamente dividido em três fases Fase de Botão, Fase de Capuz e por último a Fase de Campânula (Thesleff et al.,2009) Existem inúmeros defeitos de desenvolvimento do esmalte registados na literatura, não sendo mesmo possível em muitos casos enquadrar indubitavelmente o referido defeito numa categoria, ou até atribuir-lhe uma designação (Seow, 1997). Optou-se pela sua relevância e epidemiologia abordar nesta monografia os seguintes defeitos: Defeitos de desenvolvimento do esmalte; Opacidades; Opacidade difusa; Hipoplasia; Amelogenese imperfeita e todas as suas categorias; Fluorose e manchas por tetraciclinas assim como os seus respectivos tratamentos. Os defeitos de desenvolvimento de esmalte apresentam diversas características próprias e outras semelhantes entre si, verificando-se assim diversas possibilidades de tratamentos a realizar, uns mais invasivos e outros menos, que vão desde microabrasões na superfície do esmalte, à colocação de cerâmicas, dependendo sempre da preferência do paciente e do seu poder socioeconómico (Azevedo DT et al., 2011). Conclui-se que apesar de todos os problemas que acarretam quer a nível estético quer a nível funcional para os indivíduos nos quais não existe uma grande gravidade das lesões esses casos podem ser resolvidos por um Médico Dentista generalista desde que este tenha o conhecimento adequado dos protocolos de atuação.

Improving web database search incorporating users query information

The growing importance and need of data processing for information extraction is vital for Web databases. Due to the sheer size and volume of databases, retrieval of relevant information as needed by users has become a cumbersome process. Information seekers are faced by information overloading - too many result sets are returned for their queries. Moreover, too few or no results are returned if a specific query is asked. This paper proposes a ranking algorithm that gives higher preference to a user’s current search and also utilizes profile information in order to obtain the relevant results for a user’s query.

Automated gathering of Web information: An in-depth examination of agents interacting with search engines

The Web has become a worldwide repository of information which individuals, companies, and organizations utilize to solve or address various information problems. Many of these Web users utilize automated agents to gather this information for them. Some assume that this approach represents a more sophisticated method of searching. However, there is little research investigating how Web agents search for online information. In this research, we first provide a classification for information agent using stages of information gathering, gathering approaches, and agent architecture. We then examine an implementation of one of the resulting classifications in detail, investigating how agents search for information on Web search engines, including the session, query, term, duration and frequency of interactions. For this temporal study, we analyzed three data sets of queries and page views from agents interacting with the Excite and AltaVista search engines from 1997 to 2002, examining approximately 900,000 queries submitted by over 3,000 agents. Findings include: (1) agent sessions are extremely interactive, with sometimes hundreds of interactions per second (2) agent queries are comparable to human searchers, with little use of query operators, (3) Web agents are searching for a relatively limited variety of information, wherein only 18% of the terms used are unique, and (4) the duration of agent-Web search engine interaction typically spans several hours. We discuss the implications for Web information agents and search engines.

Personalised search – a hybrid approach for web information retrieval and its evaluation

Nowadays, everyone can effortlessly access a range of information on the World Wide Web (WWW). As information resources on the web continue to grow tremendously, it becomes progressively more difficult to meet high expectations of users and find relevant information. Although existing search engine technologies can find valuable information, however, they suffer from the problems of information overload and information mismatch. This paper presents a hybrid Web Information Retrieval approach allowing personalised search using ontology, user profile and collaborative filtering. This approach finds the context of user query with least user’s involvement, using ontology. Simultaneously, this approach uses time-based automatic user profile updating with user’s changing behaviour. Subsequently, this approach uses recommendations from similar users using collaborative filtering technique. The proposed method is evaluated with the FIRE 2010 dataset and manually generated dataset. Empirical analysis reveals that Precision, Recall and F-Score of most of the queries for many users are improved with proposed method.