Search results for: earnings response coefficient (ERC)

Authors: Daniil Karzanov

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This paper studies the effect of quarterly earnings reports on the stock price. The profitability of the stock is modeled by geometric Brownian diffusion and the Constant Elasticity of Variance model. We fit several variations of stochastic differential equations to the pre-and after-report period using the Maximum Likelihood Estimation and Grid Search of parameters method. By examining the change in the model parameters after reports’ publication, the study reveals that the reports have enough evidence to be a structural breakpoint, meaning that all the forecast models exploited are not applicable for forecasting and should be refitted shortly.

Keywords: stock market, earnings reports, financial time series, structural breaks, stochastic differential equations

Procedia PDF Downloads 190

Authors: I. Martinez-Conesa, E. Garcia-Meca, M. Barradas-Quiroz

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The objective of this study is to assess the impact on earnings management of latest two Hofstede cultural dimensions: long-term orientation and indulgence. Long-term orientation represents the alignment of a society towards the future and indulgence expresses the extent to which a society exhibits willingness, or restrain, to realise their impulses. Additionally, this paper tests if there are relevant differences by testing the moderating role of the legal tradition, Continental versus Anglo-Saxon. Our sample comprises 15 countries: Belgium, Canada, Germany, Spain, France, Great Britain, Hong Kong, India, Japan, Korea, Netherlands, Philippines, Portugal, Sweden, and Thailand, with a total of 12,936 observations from 2003 to 2013. Our results show that managers in countries with high levels of long-term orientation reduce their levels of discretionary accruals. The findings do not confirm the effect of indulgence on earnings management. In addition, our results confirm previous literature regarding the effect of individualism, noting that firms in countries with high levels of collectivism might be more inclined to use earnings discretion to protect the welfare of the collective group of firm stakeholders. Uncertainty avoidance results in downwards earnings management as well as high disclosure, suggesting that less manipulation takes place when transparency is higher. Indulgence is the cultural dimension that confronts wellbeing versus survival; dimension is formulated including happiness, the perception of live control and the importance of leisure. Indulgence shows a weak negative correlation with power distance indicating a slight tendency for more hierarchical societies to be less indulgent. Anglo-Saxon countries are a positive effect of individualism and a negative effect of masculinity, uncertainty avoidance, and disclosure. With respect to continental countries, we can see a significant and positive effect of individualism and a significant and negative effect of masculinity, long-term orientation, and indulgence. Therefore, we observe the negative effect on earnings management provoked by higher disclosure and uncertainty avoidance only happens in Anglo-Saxon countries. Meanwhile, the improvement in reporting quality motivated by higher long-term orientation and higher indulgence is dominant in Continental countries. Our results confirm that there is a moderating effect of the legal system in the association between culture and earnings management. This effect is especially relevant in the dimensions related to uncertainty avoidance, long term orientation, indulgence, and disclosure. The negative effect of long-term orientation on earnings management only happens in those countries set in continental legal systems because of the Anglo-Saxon legal systems is supported by the decisions of the courts and the traditions, so it already has long-term orientation. That does not occur in continental systems, depending mainly of contend of the law. Sensitivity analysis used with Jones modified CP model, Jones Standard model and Jones Standard CP model confirm the robustness of these results. This paper collaborates towards a better understanding on how earnings management, culture and legal systems relate to each other, and contribute to previous literature by examining the influence of the two latest Hofstede’s dimensions not previously studied in papers.

Keywords: Hofstede, long-term-orientation, earnings management, indulgence

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Authors: Fatemeh Rouhi, Hadi Nassiri

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Earning forecast is a key element in economic decisions but there are some situations, such as conflicts of interest in financial reporting, complexity and lack of direct access to information has led to the phenomenon of information asymmetry among individuals within the organization and external investors and creditors that appear. The adverse selection and moral hazard in the investor's decision and allows direct assessment of the difficulties associated with data by users makes. In this regard, the role of trustees in corporate governance disclosure is crystallized that includes controls and procedures to ensure the lack of movement in the interests of the company's management and move in the direction of maximizing shareholder and company value. Therefore, the earning forecast of companies in the capital market and the need to identify factors influencing this study was an attempt to make relationship between moral hazard and corporate governance with earning forecast quality companies operating in the capital market and its impact on Earnings Forecasts quality by the company to be established. Getting inspiring from the theoretical basis of research, two main hypotheses and sub-hypotheses are presented in this study, which have been examined on the basis of available models, and with the use of Panel-Data method, and at the end, the conclusion has been made at the assurance level of 95% according to the meaningfulness of the model and each independent variable. In examining the models, firstly, Chow Test was used to specify either Panel Data method should be used or Pooled method. Following that Housman Test was applied to make use of Random Effects or Fixed Effects. Findings of the study show because most of the variables are positively associated with moral hazard with earnings forecasts quality, with increasing moral hazard, earning forecast quality companies listed on the Tehran Stock Exchange is increasing. Among the variables related to corporate governance, board independence variables have a significant relationship with earnings forecast accuracy and earnings forecast bias but the relationship between board size and earnings forecast quality is not statistically significant.

Keywords: corporate governance, earning forecast quality, moral hazard, financial sciences

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Authors: K. K. Saijaand, K. Prabhakaran Nair

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This study aims to determine change in optimal lo-cations of dual trailing-edge flaps for various thrust coefficient to solidity (Ct /σ) ratios of helicopter to achieve minimum hub vibration levels, with low penalty in terms of required trailing-edge flap control power. Polynomial response functions are used to approximate hub vibration and flap power objective functions. Single objective and multi-objective optimization is carried with the objective of minimizing hub vibration and flap power. The optimization results shows that the inboard flap location at low Ct/σ ratio move farther from the baseline value and at high Ct/σ ratio move towards the root of the blade for minimizing hub vibration.

Keywords: helicopter rotor, trailing-edge flap, thrust coefficient to solidity (Ct /σ) ratio, optimization

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Authors: Pradyumna Mohanty

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The paper aims to explore whether accounting information of Indian companies in the Steel sector are value relevant or not. Ohlson’s model which usually takes into consideration book value per share (BV) and earnings per share (EARN) has been used and the same has been expanded to include two more variables such as cash flow from operations (CFO) and return on equity (ROE). The data were collected from CMIE-Prowess data base in respect of BSE-listed steel companies and the time frame spans from 2010 to 2014. OLS regression has been used to test the value relevance of these accounting numbers. Results indicate that both CFO and BV are having significant influence on the stock price in two out of five years of study. But, BV is emerging as the most significant and highly value relevant of all the four variables during the entire period of study.

Keywords: value relevance, accounting information, book value per share, earnings per share

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Authors: Vojko Kilar, Boris Azinović, David Koren

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Recently, an increasing trend of passive and low-energy buildings transferring form non earthquake-prone to earthquake-prone regions has thrown out the question about the seismic safety of such buildings. The paper describes the most commonly used thermal insulating materials and the special details, which could be critical from the point of view of earthquake resistance. The most critical appeared to be the cases of buildings founded on the RC foundation slab lying on a thermal insulation (TI) layer made of extruded polystyrene (XPS). It was pointed out that in such cases the seismic response of such buildings might differ to response of their fixed based counterparts. The main parameters that need special designers’ attention are: the building’s lateral top displacement, the ductility demand of the superstructure, the foundation friction coefficient demand, the maximum compressive stress in the TI layer and the percentage of the uplifted foundation. The analyses have shown that the potentially negative influences of inserting the TI under the foundation slab could be expected only for slender high-rise buildings subjected to severe earthquakes. Oppositely it was demonstrated for the foundation friction coefficient demand which could exceed the capacity value yet in the case of low-rise buildings subjected to moderate earthquakes. Some suggestions to prevent the horizontal shifts are also given.

Keywords: earthquake response, extruded polystyrene (XPS), low-energy buildings, foundations on thermal insulation layer

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Authors: K. Roushanger, A. Soleymanzadeh

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Weirs are structures often used in irrigation techniques, sewer networks and flood protection. However, the hydraulic behavior of this type of weir is complex and difficult to predict accurately. An accurate flow prediction over a weir mainly depends on the proper estimation of discharge coefficient. In this study, the Genetic Expression Programming (GEP) approach was used for predicting trapezoidal and rectangular sharp-crested side weirs discharge coefficient. Three different performance indexes are used as comparing criteria for the evaluation of the model’s performances. The obtained results approved capability of GEP in prediction of trapezoidal and rectangular side weirs discharge coefficient. The results also revealed the influence of downstream Froude number for trapezoidal weir and upstream Froude number for rectangular weir in prediction of the discharge coefficient for both of side weirs.

Keywords: discharge coefficient, genetic expression programming, trapezoidal weir

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Authors: Fatemeh Noughani, Seyd Mehdi Sadat

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Medical tourism or travel therapy is travelling from one country to another to be under medical treatment, utilizing the health factors of natural sector like mineral water springs and so on. From 1990s medical tourism around the world developed and grew because of different factors like globalization and free trade in the fields of health services, changes in exchange rates in the world economy (which caused the desirability of Asian countries as a medical tourist attraction) in a way that currently there is a close competition in this field among famous countries in medical services to make them find a desirable place in medical tourism market of the world as a complicated and growing industry in a short time. Perhaps tourism is an attractive industry and a good support for the economy of Iran, if we try to merge oil earnings and tourism industry it would be better and more constructive than putting them in front of each other. Moving from oil toward tourism economy especially medical tourism, must be one of the prospects of Iran's government for the oil industry to provide a few percent of the yearly earnings of the country. Among the achievements in medical tourism we can name the prevention of brain drain to other countries and an increase in employment rate for healthcare staff, increase in foreign exchange earnings of the country because of the tourists' staying and followed by increasing the quality of life and cultural transmission as well as empowering the medical human resources.

Keywords: developing countries, health tourism, quality of life, cultural transmission

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Authors: I. Diaz Sanchez, I. M. Martinez-Conesa, M. Illueca

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Accounting conservatism is a desirable quality of earnings that is positively associated with the stridency of regulatory and supervisory regimen and high market discipline. But how these three pillars interact each other is the main research question that is not empirically solved. We analyze how regulatory and supervisory regimes interact with the market discipline measures, such as listing status, ownership and market concentration using a sample of 14,651 bank-year observations covering 54 countries over the period 1997-2009. We evidence that regulation a supervision and extend on which they are enforcement is a strong mechanism to achieved accounting conservatism in those countries or situations where the market discipline fails. Generally, the supervisory power reinforces the effect of listing status, ownership and concentration on conservatism, while capital regulatory mitigates the effect of market discipline on conservatism. This paper may contribute to debate about the mechanism introduced by Basel III that strongly increases the regulation, his enforcement, and the supervisory power after long deregulation period. Although Market discipline is relevant to achieve the financial stability, strong Pillar I and II can ensure the quality of the accounting earnings to prevent bank failures.

Keywords: accounting conservatism, bank regulation, bank supervision, loan loss recognition, market discipline

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Authors: Ali Reza Ghanbarnezhad Ghazvini, Seyyed Hamid Reza Mosayyebi

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In recent years, an earthquake has occurred approximately every five years in certain regions of Iran. To mitigate the impact of these seismic events, it is crucial to identify and thoroughly assess the vulnerability of buildings and infrastructure, ensuring their safety through principled reinforcement. By adopting new methods of risk assessment, we can effectively reduce the potential risks associated with future earthquakes. In our research, we have observed that the coefficient of behavior in the fourth chapter is 1.65 for the initial structure and 1.72 for the Superframe structure. This indicates that the Superframe structure can enhance the strength of the main structural members by approximately 10% through the utilization of super beams. Furthermore, based on the comparative analysis between the two structures conducted in this study, we have successfully designed a stronger structure with minimal changes in the coefficient of behavior. Additionally, this design has allowed for greater energy dissipation during seismic events, further enhancing the structure's resilience to earthquakes. By comprehensively examining and reinforcing the vulnerability of buildings and infrastructure, along with implementing advanced risk assessment techniques, we can significantly reduce casualties and damages caused by earthquakes in Iran. The findings of this study offer valuable insights for civil engineering professionals in the field of structural engineering, aiding them in designing safer and more resilient structures.

Keywords: modal pushover analysis, response modification factor, high-strength concrete, concrete shear walls, high-rise building

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Authors: Hamidreza Bayat, Arash Mirabdolah Lavasani, Meysam Bolhasani, Sajad Moosavi

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Flow around a flat tube is studied numerically. Reynolds number is defined base on equivalent circular tube and it is varied in range of 100 to 300. Equations are solved by using finite volume method and results are presented in form of drag and lift coefficient. Results show that drag coefficient of flat tube is up to 66% lower than circular tube with equivalent diameter. In addition, by increasing l/D from 1 to 2, the drag coefficient of flat tube is decreased about 14-27%.

Keywords: laminar flow, flat-tube, drag coefficient, cross-flow, heat exchanger

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Authors: Oh Hyeon Jeon, WooYoung Jung

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In this study, seepage analysis was performed by the level difference between upstream and downstream of weir structure for safety evaluation of weir structure against flooding. Monte Carlo Simulation method was employed by considering the probability distribution of the adjacent ground parameter, i.e., permeability coefficient of weir structure. Moreover, by using a commercially available finite element program (ABAQUS), modeling of the weir structure is carried out. Based on this model, the characteristic of water seepage during flooding was determined at each water level with consideration of the uncertainty of their corresponding permeability coefficient. Subsequently, fragility function could be constructed based on this response from numerical analysis; this fragility function results could be used to determine the weakness of weir structure subjected to flooding disaster. They can also be used as a reference data that can comprehensively predict the probability of failur,e and the degree of damage of a weir structure.

Keywords: weir structure, seepage, flood disaster fragility, probabilistic risk assessment, Monte-Carlo simulation, permeability coefficient

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Authors: Un-Hwan Park, Jun-Hyeok Heo, In-Sung Lee, Tae-Hyeon Oh, Dae-Kyu Park

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Sound absorbing material is used as automotive interior material. Sound absorption coefficient should be predicted to design it. But it is difficult to predict sound absorbing coefficient because it is comprised of several material layers. So, its targets are achieved through many experimental tunings. It causes a lot of cost and time. In this paper, we propose the process to estimate the sound absorption coefficient with multi-layer structure. In order to estimate the coefficient, physical properties of each material are used. These properties also use predicted values by Foam-X software using the sound absorption coefficient data measured by impedance tube. Since there are many physical properties and the measurement equipment is expensive, the values predicted by software are used. Through the measurement of the sound absorption coefficient of each material, its physical properties are calculated inversely. The properties of each material are used to calculate the sound absorption coefficient of the multi-layer material. Since the absorption coefficient of multi-layer can be calculated, optimization design is possible through simulation. Then, we will compare and analyze the calculated sound absorption coefficient with the data measured by scaled reverberation chamber and impedance tubes for a prototype. If this method is used when developing automotive interior materials with multi-layer structure, the development effort can be reduced because it can be optimized by simulation. So, cost and time can be saved.

Keywords: sound absorption material, sound impedance tube, sound absorption coefficient, optimization design

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Authors: F. A. F. da Ponte, J. Q. Malveira, I. A. Maciel, M. C. G. Albuquerque

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In this work aviation, biofuel production was studied by fatty acids (C6 to C16) esterification. The process variables in heterogeneous catalysis were evaluated using an experimental design. Temperature and reaction time were the studied parameters, and the methyl esters content was the response of the experimental design. An ion exchange resin was used as a heterogeneous catalyst. The process optimization was carried out using response surface methodology (RSM) and polynomial model of second order. Results show that the most influential variables on the linear coefficient of each effect studied were temperature and reaction time. The best result of methyl esters conversion in the experimental design was under the conditions: 10% wt of catalyst; 100 °C and 4 hours of reaction. The best-achieved conversion was 96.5% wt of biofuel.

Keywords: esterification, ion-exchange resins, response surface methodology, biofuel

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Authors: Zhaofeng Li, Jun Kang Chow, Yu-Hsing Wang

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This paper attempts to bridge the soil properties and the mechanical response of soil in the discrete element method (DEM) simulation. The artificial neural network (ANN) was therefore adopted, aiming to reproduce the stress-strain-volumetric response when soil properties are given. 31 biaxial shearing tests with varying soil parameters (e.g., initial void ratio and interparticle friction coefficient) were generated using the DEM simulations. Based on these 45 sets of training data, a three-layer neural network was established which can output the entire stress-strain-volumetric curve during the shearing process from the input soil parameters. Beyond the training data, 2 additional sets of data were generated to examine the validity of the network, and the stress-strain-volumetric curves for both cases were well reproduced using this network. Overall, the ANN was found promising in predicting the soil behavior and reducing repetitive simulation work.

Keywords: artificial neural network, discrete element method, soil properties, stress-strain-volumetric response

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Authors: Rahul Srivastava, Priti Pundir, Y. R. Sood, Rajnish Shrivastava

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For the interpretation of the signatures of sweep frequency response analysis(SFRA) of transformer different types of statistical techniques serves as an effective tool for doing either phase to phase comparison or sister unit comparison. In this paper with the discussion on SFRA several statistics techniques like cross correlation coefficient (CCF), root square error (RSQ), comparative standard deviation (CSD), Absolute difference, mean square error(MSE),Min-Max ratio(MM) are presented through several case studies. These methods require sample data size and spot frequencies of SFRA signatures that are being compared. The techniques used are based on power signal processing tools that can simplify result and limits can be created for the severity of the fault occurring in the transformer due to several short circuit forces or due to ageing. The advantages of using statistics techniques for analyzing of SFRA result are being indicated through several case studies and hence the results are obtained which determines the state of the transformer.

Keywords: absolute difference (DABS), cross correlation coefficient (CCF), mean square error (MSE), min-max ratio (MM-ratio), root square error (RSQ), standard deviation (CSD), sweep frequency response analysis (SFRA)

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Authors: I. F. Ejim, F. L. Kamen

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Aims: In this experiment, algae oil extraction with a combination of n-hexane and ethanol was investigated. The effects of extraction solvent concentration, extraction time and temperature on the yield and quality of oil were studied using Response Surface Methodology (RSM). Experimental Design: Optimization of algae oil extraction using Box-Behnken design was used to generate 17 experimental runs in a three-factor-three-level design where oil yield, specific gravity, acid value and saponification value were evaluated as the response. Result: In this result, a minimum oil yield of 17% and maximum of 44% was realized. The optimum values for yield, specific gravity, acid value and saponification value from the overlay plot were 40.79%, 0.8788, 0.5056 mg KOH/g and 180.78 mg KOH/g respectively with desirability of 0.801. The maximum point prediction was yield 40.79% at solvent concentration 66.68 n-hexane, temperature of 40.0°C and extraction time of 4 hrs. Analysis of Variance (ANOVA) results showed that the linear and quadratic coefficient were all significant at p<0.05. The experiment was validated and results obtained were with the predicted values. Conclusion: Algae oil extraction was successfully optimized using RSM and its quality indicated it is suitable for many industrial uses.

Keywords: algae oil, response surface methodology, optimization, Box-Bohnken, extraction

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Authors: Farizy Yunaz, Catur Sasongko

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This research aims to provide the empirical evidence regarding cost stickiness behavior and its determinants on listed manufacturing companies. Hypothesis testing is performed using pooled least square method. The result concludes that there is cost stickiness behavior in selling, general and administrative costs. In term of determinants, firm-specific adjustment costs measured by asset intensity and employee intensity have significant positive impact on the level of cost stickiness. Meanwhile, earnings target and leverage have significant negative impact on the level of cost stickiness. However, the management empire building incentives measured by free cash flow has no significant positive impact.

Keywords: adjustment cost, cost behavior, cost stickiness, earnings target, leverage, management empire building incentive

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Authors: S. Bangphan, P. Bangphan, C. Ketsombun, T. Sammana

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Optimization of response surface methodology (RSM) was employed to study the effects of three factor (rubber of clearance, spindle of speed, and rice of moisture) in brown rice peeling machine of the optimal good rice yield (99.67, average of three repeats). The optimized composition derived from RSM regression was analyzed using Regression analysis and Analysis of Variance (ANOVA). At a significant level α=0.05, the values of Regression coefficient, R2 adjust were 96.55% and standard deviation were 1.05056. The independent variables are initial rubber of clearance, spindle of speed and rice of moisture parameters namely. The investigating responses are final rubber clearance, spindle of speed and moisture of rice.

Keywords: brown rice, response surface methodology (RSM), peeling machine, optimization, paddy husker

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Authors: Takeshi Takemoto, Naoya Suzuki, Naohisa Takagaki, Satoru Komori, Masako Terui, George Truscott

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Drag coefficient is an important parameter in order to correctly estimate the air-sea momentum flux. However, The parameterization of the drag coefficient hasn’t been established due to the variation in the field data. Instead, a number of drag coefficient model formulae have been proposed, even though almost all these models haven’t discussed the extreme wind speed range. With regards to such models, it is unclear how the drag coefficient changes in the extreme wind speed range as the wind speed increased. In this study, we investigated the effect of the drag coefficient models concerning the air-sea momentum flux in the extreme wind range on a global scale, comparing two different drag coefficient models. Interestingly, one model didn’t discuss the extreme wind speed range while the other model considered it. We found that the difference of the models in the annual global air-sea momentum flux was small because the occurrence frequency of strong wind was approximately 1% with a wind speed of 20m/s or more. However, we also discovered that the difference of the models was shown in the middle latitude where the annual mean air-sea momentum flux was large and the occurrence frequency of strong wind was high. In addition, the estimated data showed that the difference of the models in the drag coefficient was large in the extreme wind speed range and that the largest difference became 23% with a wind speed of 35m/s or more. These results clearly show that the difference of the two models concerning the drag coefficient has a significant impact on the estimation of a regional air-sea momentum flux in an extreme wind speed range such as that seen in a tropical cyclone environment. Furthermore, we estimated each air-sea momentum flux using several kinds of drag coefficient models. We will also provide data from an observation tower and result from CFD (Computational Fluid Dynamics) concerning the influence of wind flow at and around the place.

Keywords: air-sea interaction, drag coefficient, air-sea momentum flux, CFD (Computational Fluid Dynamics)

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Authors: M. A. Ansari, A. Hussain, A. Uddin

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A side weir is a flow diversion structure provided in the side wall of a channel to divert water from the main channel to a branch channel. The trapezoidal labyrinth weir is a special type of weir in which crest length of the weir is increased to pass higher discharge. Experimental and numerical studies related to the coefficient of discharge of trapezoidal labyrinth weir in an open channel have been presented in the present study. Group Method of Data Handling (GMDH) with the transfer function of quadratic polynomial has been used to predict the coefficient of discharge for the side trapezoidal labyrinth weir. A new model is developed for coefficient of discharge of labyrinth weir by regression method. Generalized models for predicting the coefficient of discharge for labyrinth weir using Group Method of Data Handling (GMDH) network have also been developed. The prediction based on GMDH model is more satisfactory than those given by traditional regression equations.

Keywords: discharge coefficient, group method of data handling, open channel, side labyrinth weir

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Authors: Christian H. Sanabria-Montaña, Rodrigo Huerta-Quintanilla

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A lattice network is a special type of network in which all nodes have the same number of links, and its boundary conditions are periodic. The most basic lattice network is the ring, a one-dimensional network with periodic border conditions. In contrast, the Cartesian product of d rings forms a d-dimensional lattice network. An analytical expression currently exists for the clustering coefficient in this type of network, but the theoretical value is valid only up to certain connectivity value; in other words, the analytical expression is incomplete. Here we obtain analytically the clustering coefficient expression in d-dimensional lattice networks for any link density. Our analytical results show that the clustering coefficient for a lattice network with density of links that tend to 1, leads to the value of the clustering coefficient of a fully connected network. We developed a model on criminology in which the generalized clustering coefficient expression is applied. The model states that delinquents learn the know-how of crime business by sharing knowledge, directly or indirectly, with their friends of the gang. This generalization shed light on the network properties, which is important to develop new models in different fields where network structure plays an important role in the system dynamic, such as criminology, evolutionary game theory, econophysics, among others.

Keywords: clustering coefficient, criminology, generalized, regular network d-dimensional

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Authors: Gonzalez Carlos, Martinez Fransisco

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There are various types of analysis that allow us to involve seismic phenomena that cause strong requirements for structures that are designed by society; one of them is a probabilistic analysis which works from prediction equations that have been created based on metadata seismic compiled in different regions. These equations form models that are used to describe the 5% damped pseudo spectra response for the various zones considering some easily known input parameters. The biggest problem for the creation of these models requires data with great robust statistics that support the results, and there are several places where this type of information is not available, for which the use of alternative methodologies helps to achieve adjustments to different models of seismic prediction.

Keywords: GMPM, 5% damped pseudo-response spectra, models of seismic prediction, PSHA

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Authors: Kevin Smith

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Publicly traded company in the US are legally obligated to host earnings calls that discuss their most recent financial reports. During these calls, investors are able to ask these companies questions about these financial reports and on the future direction of the company. This paper examines whether common institutional owners use these calls as a way to indirectly signal to companies in their portfolio to not take actions that could hurt the common owner's interests. This paper uses transcripts taken from the earnings calls of the six largest health insurance companies in the US from 2014 to 2019. This data is analyzed using text analysis and sentiment analysis to look for patterns in the statements made by common owners. The analysis found that common owners where more likely to recommend against direct price competition and instead redirect the insurance companies towards more passive actions, like investing in new technologies. This result indicates a mechanism that common owners use to reduce competition in the health insurance market.

Keywords: common ownership, text analysis, sentiment analysis, machine learning

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Authors: K. Ebrahimi, Sh. Shahid, M. Mohammadi Ghaleni, M. H. Omid

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The longitudinal dispersion coefficient is a crucial parameter for 1-D water quality analysis of riverine flows. So far, different types of empirical equations for estimation of the coefficient have been developed, based on various case studies. The main objective of this paper is to develop an empirical equation for estimation of the coefficient for a riverine flow. For this purpose, a set of tracer experiments was conducted, involving salt tracer, at three sections located in downstream of a lengthy canal. Tracer data were measured in three mixing lengths along the canal including; 45, 75 and 100m. According to the results, the obtained coefficients from new developed empirical equation gave an encouraging level of agreement with the theoretical values.

Keywords: coefficients, dispersion, river, tracer, water quality

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Authors: Chiara De Amicis, Sonia Falconieri, Mesut Tastan

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In this study, we analyze the language employed by Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) during earnings conference calls from a gender perspective. We find evidences that conference calls held by female CEOs and/or CFOs exhibit a higher level of optimism compared to conference calls held by male CEOs and/or CFOs. Moreover, female managers tend to present and discuss firm performances with less vagueness as compared to their male colleagues. We then observe the market reaction around each earnings conference call: while manager optimism is perceived as a good signal by investors, manager vagueness significantly dampens the market reaction around the call. Whether the gender of the CEO and/or the CFO delivering the conference call affects investors’ perceptions about the firm performance is still an open question. Some evidences show that the language employed by female managers conveys more valuable information for market participants as compared to the language employed by their male counterparts. This study contributes to a growing literature in finance and accounting that uses textual analysis to assess the informativeness of corporate disclosure. To our knowledge, this is the first paper that aims at answering the question whether the gender of firm’s top managers does matter when it comes to assess the informativeness of corporate spoken communication. We believe that our results will be of relevance for future research in the field. Moreover, our evidence may be used in support of the debate if a larger participation by women in the management of companies should be encouraged or not.

Keywords: conference calls, even study, gender, market reaction, textual analysis

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Authors: C. Iihoshi, G. A. MacRae, G. W. Rodgers, J. G. Chase

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Slab Sliding System (SSS) with Coulomb friction interface between slab and supporting frame is a passive structural vibration control technology. The system can significantly reduce the slab acceleration and accompanied lateral force of the frame. At the same time it is expected to cause the slab displacement magnification by sliding movement. To obtain the general comprehensive seismic response of a single story structure, inelastic response spectra were computed for a large ensemble of ground motions and a practical range of structural periods and friction coefficient values. It was shown that long period structures have no trade-off relation between force reduction and displacement magnification with respect to elastic response, unlike short period structures. For structures with the majority of mass in the slab, the displacement magnification value can be predicted according to simple inelastic displacement relation for in elastically responding SDOF structures because the system behaves elastically to a SDOF structure.

Keywords: earthquake, isolation, slab, sliding

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Authors: Seyed Abolhassan Naeini, Hamed Yekehdehghan

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One of the factors that affect the constructions adjacent to a slope is stability. There are various methods for the stability of the slopes, one of which is the use of concrete group piles. This study, using FLAC3D software, has tried to investigate the changes in safety coefficient because of the use of concrete group piles. In this research, furthermore, the optimal position of the piles has been investigated and the results show that the group pile does not affect the toe of the slope. In addition, the effect of the piles' burial depth on the slope has been studied. Results show that by increasing the piles burial depth on a slope, the level of stability and as a result the safety coefficient increases. In the investigation of reducing the distance between the piles and increasing the depth of underground water, it was observed that the obtained safety coefficient increased. Finally, the effect of the resistance of the lower stabilizing layer of the slope on stabilization was investigated by the pile group. The results showed that due to the behavior of the pile as a deep foundation, the stronger the soil layers are in the stable part of a stronger slope (in terms of resistance parameters), the more influential the piles are in enhancing the coefficient of safety.

Keywords: safety coefficient, group pile, slope, stability, FLAC3D software

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Authors: Abisola Akinola, Akinsulere Femi

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The stock market has continually been a source of economic development in most developing countries. This study examined the relationship between investors’ ratio analysis and profitability of quoted companies in Nigeria using secondary data obtained from the annual reports of forty-two (42) companies. The study employed the multiple regression technique to analyze the relationship between investors’ ratio analysis (measured by dividend per share and earning per share) and profitability (measured by the return on equity). The results from the analysis show that investors’ ratio analysis, when measured by earnings per share, have a positive and significant impact on profitability. However, the study noted that investors’ ratio analysis, when measured by dividend per share, tend to have a positive impact on profitability but it is statistically insignificant. By implication, investors and other stakeholders that are interested in investing in stocks can predict the earning capacity of listed firms in the stock market.

Keywords: dividend per share, earnings per share, profitability, return on equity

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Authors: Katarzyna Baruch, Agata Szelag, Aleksandra Majchrzak, Tadeusz Kamisinski

Abstract:

Methodology of measurement of sound absorption coefficient in scaled models is based on the ISO 354 standard. The measurement is realised indirectly - the coefficient is calculated from the reverberation time of an empty chamber as well as a chamber with an inserted sample. It is crucial to maintain the atmospheric conditions stable during both measurements. Possible differences may be amended basing on the formulas for atmospheric attenuation coefficient α given in ISO 9613-1. Model studies require scaling particular factors in compliance with specified characteristic numbers. For absorption coefficient measurement, these are for example: frequency range or the value of attenuation coefficient m. Thanks to the possibilities of modern electroacoustic transducers, it is no longer a problem to scale the frequencies which have to be proportionally higher. However, it may be problematic to reduce values of the attenuation coefficient. It is practically obtained by drying the air down to a defined relative humidity. Despite the change of frequency range and relative humidity of the air, ISO 9613-1 standard still allows the calculation of the amendment for little differences of the atmospheric conditions in the chamber during measurements. The paper discusses a number of theoretical analyses and experimental measurements performed in order to obtain consistency between the values of attenuation coefficient calculated from the formulas given in the standard and by measurement. The authors performed measurements of reverberation time in a chamber made in a 1/8 scale in a corresponding frequency range, i.e. 800 Hz - 40 kHz and in different values of the relative air humidity (40% 5%). Based on the measurements, empirical values of attenuation coefficient were calculated and compared with theoretical ones. In general, the values correspond with each other, but for high frequencies and low values of relative air humidity the differences are significant. Those discrepancies may directly influence the values of measured sound absorption coefficient and cause errors. Therefore, the authors made an effort to determine an amendment minimizing described inaccuracy.

Keywords: air absorption correction, attenuation coefficient, dimensional analysis, model study, scaled modelling

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