Search results for: earnings manipulation

Authors: Sana Masmoudi, Yosra Makni

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Regulators highlight the importance of the Audit Committee (AC) as a key internal corporate governance mechanism. One of the most important roles of this committee is to oversee the financial reporting process. The purpose of this paper is to examine the link between the characteristics of an audit committee and the financial reporting quality by investigating whether the formation of audit committees and their characteristics are associated with improved financial reporting quality. This study provides empirical evidence of the association between audit committee independence, financial expertise, gender diversity, and meetings and Real Earnings Management (REM) as a proxy of financial reporting quality. Using data from, with a sample of 80 companies listed on the Amsterdam Stock Exchange during 2010-2017, the study finds that independence and AC Gender diversity are strongly related to financial reporting quality. In fact, these two characteristics constrain REM. The results also suggest that AC-financial expertise reduces to some extent, the likelihood of engaging in REM. These conclusions provide support then to the audit committee requirement under the Dutch Corporate Governance Code rules regarding gender diversity and AC meetings.

Keywords: audit committee, financial expertise, independence, real earnings management

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Authors: K. D. R. Jagath-Kumara, D. D. Dias

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The sea waves carry thousands of GWs of power globally. Although there are a number of different approaches to harness offshore energy, they are likely to be expensive, practically challenging and vulnerable to storms. Therefore, this paper considers using the near shore waves for generating mechanical and electrical power. It introduces two new approaches, the wave manipulation and using a variable duct turbine, for intercepting very wide wave fronts and coping with the fluctuations of the wave height and the sea level, respectively. The first approach effectively allows capturing much more energy yet with a much narrower turbine rotor. The second approach allows using a rotor with a smaller radius but captures energy of higher wave fronts at higher sea levels yet preventing it from totally submerging. To illustrate the effectiveness of the approach, the paper contains a description and the simulation results of a scale model of a wave manipulator. Then, it includes the results of testing a physical model of the manipulator and a single duct, axial flow turbine, in a wave flume in the laboratory. The paper also includes comparisons of theoretical predictions, simulation results and wave flume tests with respect to the incident energy, loss in wave manipulation, minimal loss, brake torque and the angular velocity.

Keywords: near-shore sea waves, renewable energy, wave energy conversion, wave manipulation

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Authors: Mujeeb Saif Mohsen Al-Absy, Ku Nor Izah Ku Ismail, Sitraselvi Chandren

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This study examines whether corporate governance (CG) mechanisms in firms that have a whistle-blowing policy (WHBLP) are more effective in constraining earnings management (EM), than those without. A sample of 288 Malaysian firms for the years 2013 to 2015, amounting to 864 firm-years were grouped into firms with and without WHBLP. Results show that for firms without WHBLP, the board chairman tenure would minimize EM activities. Meanwhile, for firms with WHBLP, board chairman independence, board chairman tenure, audit committee size, audit committee meeting and women in the audit committees are found to be associated with less EM activities. Further, it is found that ownership concentration and Big 4 auditing firms help to reduce EM activities in firms with WHBLP, while not in firms without WHBLP. Hence, functional and effective governance can be achieved by having a WHBLP, which is in line with agency and resource dependent theories. Therefore, this study suggests that firms should have a WHBLP in place, and policymakers should come up with enhanced criteria to strengthen the mechanisms of WHBLP.

Keywords: corporate governance, earnings management, whistle-blowing policy, audit committee, board of directors

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Authors: Nadeem Munawar, Tariq Mahmood

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Habitat manipulation is an important technique that can be used for controlling rodent damage in agricultural ecosystems. It involves intentionally manipulation of vegetation cover in adjacent habitats around the active burrows of rodents to reduce shelter, food availability and to increase predation pressure. The current study was conducted in the Pothwar Plateau during the respective non-crop period of wheat-groundnut (post-harvested and un-ploughed/non-crop fallow lands) with the aim to assess the impact of the reduction in vegetation height of adjacent habitats (field borders) on rodent’s richness and abundance. The study area was divided into two sites viz. treated and non-treated. At the treated sites, habitat manipulation was carried out by removing crop cache, and non-crop vegetation’s over 10 cm in height to a distance of approximately 20 m from the fields. The trapping sessions carried out at both treated and non-treated sites adjacent to wheat-groundnut fields were significantly different (F 2, 6 = 13.2, P = 0.001) from each other, which revealed that a maximum number of rodents were captured from non-treated sites. There was a significant difference in the overall abundance of rodents (P < 0.05) between crop stages and between treatments in both crops. The manipulation effect was significantly observed on damage to crops, and yield production resulted in the reduction of damage within the associated croplands (P < 0.05). The outcomes of this study indicated a significant reduction of rodent population at treated sites due to changes in vegetation height and cover which affect important components, i.e., food, shelter, movements and increased risk sensitivity in their feeding behavior; therefore, they were unable to reach levels where they cause significant crop damage. This method is recommended for being a cost-effective and easy application.

Keywords: agricultural ecosystems, crop damage, habitat manipulation, rodents, trapping

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Authors: Eda Orhun

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Purpose: This paper analyzes a target firm’s decision to voluntarily disclose information during a takeover event and the effect of such disclosures on the outcome of the takeover. Such voluntary disclosures especially in the form of earnings forecasts made around takeover events may affect shareholders’ decisions about the target firm’s value and in return takeover result. This study aims to shed light on this question. Design/methodology/approach: The paper tries to understand the role of voluntary disclosures by target firms during a takeover event in the likelihood of takeover success both theoretically and empirically. A game-theoretical model is set up to analyze the voluntary disclosure decision of a target firm to inform the shareholders about its real worth. The empirical implication of model is tested by employing binary outcome models where the disclosure variable is obtained by identifying the target firms in the sample that provide positive news by issuing increasing management earnings forecasts. Findings: The model predicts that a voluntary disclosure of positive information by the target decreases the likelihood that the takeover succeeds. The empirical analysis confirms this prediction by showing that positive earnings forecasts by target firms during takeover events increase the probability of takeover failure. Overall, it is shown that information dissemination through voluntary disclosures by target firms is an important factor affecting takeover outcomes. Originality/Value: This study is the first to the author's knowledge that studies the impact of voluntary disclosures by the target firm during a takeover event on the likelihood of takeover success. The results contribute to information economics, corporate finance and M&As literatures.

Keywords: takeovers, target firm, voluntary disclosures, earnings forecasts, takeover success

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Authors: Andreas Aceranti, Guido Bighiani, Francesca Crotto, Marco Colorato, Stefania Zaghi, Marino Zanetti, Simonetta Vernocchi

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The management of eye parameters such as convergence, accommodation, and miosis is very complex; in fact, both the neurovegetative system and the complex Oculocephalgiria system come into play. We have found the effectiveness of the "highvelocity low amplitude" technique directed on C7-T1 (where the cilio-spinal nucleus of the budge is located) in improving the convergence parameter through the measurement of the point of maximum convergence. With this research, we set out to investigate whether the improvement obtained through the High Velocity Low Amplitude maneuver lasts over time, carrying out a pre-manipulation measurement, one immediately after manipulation and one month after manipulation. We took a population of 30 subjects with both refractive and non-refractive problems. Of the 30 patients tested, 27 gave a positive result after the High Velocity Low Amplitude maneuver, giving an improvement in the point of maximum convergence. After a month, we retested all 27 subjects: some further improved the result, others kept, and three subjects slightly lost the gain obtained. None of the re-tested patients returned to the point of maximum convergence starting pre-manipulation. This result opens the door to a multidisciplinary approach between ophthalmologists and osteopaths with the aim of addressing oculomotricity and convergence deficits that increasingly afflict our society due to the massive use of devices and for the conduct of life in closed and restricted environments.

Keywords: point of maximum convergence, HVLA, improvement in PPC, convergence

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Authors: Ugbede Onalo, Mohd Lizam, Ahmad Kaseri, Otache Innocent

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Giving the paucity of studies on IFRS adoption and quality of banks accounting quality, particularly in emerging economies, this study is motivated to investigate whether the Nigeria decision to adopt IFRS beginning from 1 January 2012 is associated with high quality accounting measures. Consistent with prior literatures, this study measure quality of financial statement information using earnings measurement, timeliness of loss recognition and value relevance. A total of twenty Nigeria banks covering a period of six years (2008-2013) divided equally into three years each (2008, 2009, 2010) pre adoption period and (2011, 2012, 2013) post adoption period were investigated. Following prior studies eight models were in all employed to investigate earnings management, timeliness of loss recognition and value relevance of Nigeria bank accounting quality for the different reporting regimes. Results suggest that IFRS adoption is associated with minimal earnings management, timely recognition of losses and high value relevance of accounting information. Summarily, IFRS adoption engenders higher quality of banks financial statement information compared to local GAAP. Hence, this study recommends the global adoption of IFRS and that Nigeria banks should embrace good corporate governance practices.

Keywords: IFRS, SAS, quality of accounting information, earnings measurement, discretionary accruals, non-discretionary accruals, total accruals, Jones model, timeliness of loss recognition, value relevance

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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

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Authors: Mohammed Aijaz

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In industries, to transfer fragile materials like glasses, a holding, lifting, and manipulation system are required. In this report, we designed and analysed a suction cup holding, lifting, and manipulation system that is attached to a head plate and must be able to grip/hold securely, the largest glass panel with 3m x 2.5m x 20mm thick with a mass of 115 kg. The system is able to rotate the panel through 180 degrees in the X, Y, and Z axis in any direction from the outer reach of the robotic arm. The structural analysis is performed to verify the structural strength of the suction cup’s head plate system.

Keywords: designing, mechanical, engineering, suction

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Authors: Khelfaoui Rachid, Chekifi Tawfiq, Dennai Brahim, Maazouzi A. Hak

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A numerical and experimental studies of passive micro drops production have been presented. This paper focuses on the modeling of micro-oscillators systems which are composed by passive amplifier without moving part. The micro-system modeling is based on geometrical oscillators form. An asymmetric micro-oscillator design that is based on a bistable fluidic amplifier is proposed. The characteristic size of the channels is generally about 35 microns of depth. The numerical results indicate that the production and manipulation of microdrops are possible with passive device within a typical oscillators chamber of 2.25 mm diameter and 0.20 mm length when the Reynolds number is Re = 490. The novel micro drops method that is presented in this study provides a simple solution about the production of microdrops problems in micro system. We undertake an experimental step. The first part is based on the realisation of sample oscillator; the second part is consisted of visualization, production and manipulation of microdrops.

Keywords: modelling, miscible, micro drops, production, oscillator sample, capillary

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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: 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: 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: K. T. Kohler

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Typically in war, force involves physical violence, though those who perpetrated the Holocaust expanded manipulation techniques to include mental violence. This qualitative research study was conducted to understand the effects that the music of the Women’s Orchestra of Auschwitz-Birkenau had on women prisoners during World War II. Over 100 testimonies from the USC Shoah Foundation’s Visual History Archive reveal that the orchestra’s music had a profoundly distressing effect on many of the women in the camp. Led by Gustav Mahler’s granddaughter, Alma Rosé, the orchestra rhythmed the life cycle of the camp, from marching to and from work, Sunday concerts, welcoming transports, to the prisoners’ walk to gas chambers. What surfaced from these testimonies was that the more technical the exposure a woman had to music before camp, the more disturbing its effect. The juxtaposition of beauty with the visible horror of the camp thrust them into an impossible state where suicide became a plausible alternative. By exploiting the Women’s Orchestra, the Nazis made music a critical component of manipulation within Auschwitz-Birkenau.

Keywords: Alma Rosé, Auschwitz-Birkenau, camp life, concert, Holocaust, music, Oświęcim, Poland, women’s orchestra

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Authors: Andreas Aceranti, Simonetta Vernocchi, Marco Colorato, Pozzaglio Carolina

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This work analyses the term sect or religious cult and the general traits of those groups and the people involved so as to better understand this unexpectedly popular reality. Some translations taken from research papers as well as academic articles are likewise taken into consideration. We have carried out an in-depth analysis of the topics presented. Firstly we defined magic related to religion and all the similarities and differences between magical thinking and religious thinking, religion, and superstition. Secondly, the term “sect” was defined, and the phenomenon was dealt with, along with the listing of all kinds of existing groups. Then we studied the recruitment process in general and recruitment according to the brainwashing theory. We then analysed the criminological aspects that entail their harmfulness with a particular focus on the structure of those religious communities and the theories regarding the people involved: leader, members, and the group, as it has its own pattern of behaviour and its conformism. Finally, we studied the ideology and the techniques of manipulation used, such as brainwashing, which got already introduced in previous chapters trying to explain this reality not only in theory but studying and trying to understand some of the most famous religious cults.

Keywords: psychological manipulation, brainwashing, love bombing, magic and religion

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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: Poojitha Vemula

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Understanding how we use image manipulation to communicate through an audience’s perceptions and conceive visual intelligence. With the use of many software and high-end skills, designers have developed a third eye to combine two different visuals and create the desired image by using photoshop and other software skills. The purpose of visual intelligence is to convey a message to the targeted audience. For instance, the images of models are retouched on their skin to make it more convincing and draw attention from the audience. There are many ways of manipulating an image, such as double exposure, retouching photography inks or paint airbrushing and piecing photos together, or enhancing the brightness and contrast. To understand visual intelligence, a questionnaire survey as well as research was conducted on how image manipulation is used by both the audience and the designers. This depends on the message that needs to be conveyed by the brands. For instance, Fair & Lovely, a brightening cream for ladies use a lot of retouching and effects to show the dramatic change the cream takes effect on dark or dusky faces. Thus the designer’s role is to use their third eye to incorporate the message into visuals. The research and questionnaire survey concludes the perceptions and manipulations used in visual communication. However this is all to make an effortless communication between the designer and the audience by using the skills of the designer and the features provided by the software. The objective of visual intelligence is to covet the message of the brands that advertise their products or services by using visuals through softwares. Conveying a message through visual intelligence requires an audiences perceptions and understanding from the visuals created by the artists or designers. Visual intelligence determines how we use our technical skills to retouch and manipulate an image for a better understanding to convey the message to the targeted audience. This also bridges the communication between the brand and the audience.

Keywords: graphic design, visual communication, convey messages, photoshop, image manipulation

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Authors: Tryphon Kollintzas, Lambros Pechlivanos

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In this paper, we formulate a general equilibrium theory that explains the existence and stability of democratically elected governments that support certain groups of individuals in society (insiders) to the detriment of everybody else (outsiders), even if the latter constitute a majority. The vehicle is a dynamic general equilibrium model, where insiders get monopoly rents and outsiders get less than what they would have gotten under a common good regime. We construct such political economy equilibria, and we identify the conditions under which such political regimes (coalitions of insiders): (a) can safeguard against opportunistic behavior (i.e., do not fall from within) and (b) may come to power in the first place (i.e., manage to get elected). To that end, we highlight the role of perception manipulation and self-serving bias as a gluing device to garner an electable coalition.

Keywords: insiders, coalition governments, stability, electability, politico-economic equilibrium, perceptions manipulation

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Authors: Ahmed Gendia, Waseem Kamran

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Objective: Total Laparoscopic hysterectomy (TLH) remains a common approach among laparoscopic surgeons. However, this approach depends on the use of uterine manipulator to facilitate the surgery. Although many studies reported the effectiveness of TLH with uterine manipulator, only few reported TLH without the use of any uterine or vaginal manipulation. the aim of this report is to demonstrate our Technique (kamran's TLH) in performing TLH without the use of any uterine or vaginal manipulation in benign conditions and report our intra- and post-operative outcomes. Methodology : surgical technique will be demonstrated through a short video highlighting the easy and safe to learn surgical steps. Additionally, the data of 86 patients who underwent KTLH for benign condition were retrospectively analyzed. the data included intra- and postoperative finding and complications. Results : A total of 86 hysterectomies were performed utilizing the Kamran's TLH ( KTHL). Mean age was 52.2 (±11) years old and BMI was 28.2(±7). Mean operative time was 64.7(±27.9) minutes and estimated bloods loss was 46.2(±54.6) ml. No intraoperative complications were recorded and there was no conversion to open surgery. Only one patient required readmission and surgery for vaginal vault dehiscence. Conclusion & Significance: Uterine manipulator is a key component in performing laparoscopic hysterectomy. However, our approach demonstrated that TLH can be safely performed without the use of any uterine or vaginal manipulation.

Keywords: laparoscopic hystrectomy, TLH, uterine manipulator, surgery

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Authors: Arash Dalili, Hamed Tahmouressi, Mina Hoorfar

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Advances in lab-on-a-chip (LOC) devices have led to significant advances in the manipulation, separation, and isolation of particles and cells. Among the different active and passive particle manipulation methods, dielectrophoresis (DEP) has been proven to be a versatile mechanism as it is label-free, cost-effective, simple to operate, and has high manipulation efficiency. DEP has been applied for a wide range of biological and environmental applications. A popular form of DEP devices is the continuous manipulation of particles by using co-planar slanted electrodes, which utilizes a sheath flow to focus the particles into one side of the microchannel. When particles enter the DEP manipulation zone, the negative DEP (nDEP) force generated by the slanted electrodes deflects the particles laterally towards the opposite side of the microchannel. The lateral displacement of the particles is dependent on multiple parameters including the geometry of the electrodes, the width, length and height of the microchannel, the size of the particles and the throughput. In this study, COMSOL Multiphysics® modeling along with experimental studies are used to investigate the effect of the aforementioned parameters. The electric field between the electrodes and the induced DEP force on the particles are modelled by COMSOL Multiphysics®. The simulation model is used to show the effect of the DEP force on the particles, and how the geometry of the electrodes (width of the electrodes and the gap between them) plays a role in the manipulation of polystyrene microparticles. The simulation results show that increasing the electrode width to a certain limit, which depends on the height of the channel, increases the induced DEP force. Also, decreasing the gap between the electrodes leads to a stronger DEP force. Based on these results, criteria for the fabrication of the electrodes were found, and soft lithography was used to fabricate interdigitated slanted electrodes and microchannels. Experimental studies were run to find the effect of the flow rate, geometrical parameters of the microchannel such as length, width, and height as well as the electrodes’ angle on the displacement of 5 um, 10 um and 15 um polystyrene particles. An empirical equation is developed to predict the displacement of the particles under different conditions. It is shown that the displacement of the particles is more for longer and lower height channels, lower flow rates, and bigger particles. On the other hand, the effect of the angle of the electrodes on the displacement of the particles was negligible. Based on the results, we have developed an optimum design (in terms of efficiency and throughput) for three size separation of particles.

Keywords: COMSOL Multiphysics, Dielectrophoresis, Microfluidics, Particle separation

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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: 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: 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: Howard Chitimira

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In Australia, the market abuse prohibition is generally well accepted by the investing and non-investing public as well as by the government. This co-operative and co-ordinated approach on the part of all the relevant stakeholders has to date given rise to an increased awareness and commendable combating of market abuse activities in the Australian corporations, companies, and securities markets. It is against this background that this article seeks to comparatively explore the general enforcement approaches that are employed to combat market abuse (insider trading and market manipulation) activity in Australia and South Africa. In relation to this, the role of selected enforcement authorities and possible enforcement methods which may be learnt from both the Australian and South African experiences will be isolated where necessary for consideration by such authorities, especially, in the South African market abuse regulatory framework.

Keywords: insider trading, market abuse, market manipulation, regulation

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Authors: Gabriel Woldu, Maria Sassi

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Coffee performs a pivotal role in Ethiopia's GDP, revenue, employment, domestic demand, and export earnings. Ethiopia's coffee production and exports show high variability in the amount of production and export earnings. Despite being the continent's fifth-largest coffee producer, Ethiopia has not developed its ability to shine as a major exporter in the globe's green coffee exports. Ethiopian coffee exports were not stable and had high volume and earnings fluctuations. The main aim of this study was to analyze the dynamics of the export of coffee variation to different importing nations using a first-order Markov Chain model. 14 years of time-series data has been used to examine the direction and structural change in the export of coffee. A compound annual growth rate (CAGR) was used to determine the annual growth rate in the coffee export quantity, value, and per-unit price over the study period. The major export markets for Ethiopian coffee were Germany, Japan, and the USA, which were more stable, while countries such as France, Italy, Belgium, and Saudi Arabia were less stable and had low retention rates for Ethiopian coffee. The study, therefore, recommends that Ethiopia should again revitalize its market to France, Italy, Belgium, and Saudi Arabia, as these countries are the major coffee-consuming countries in the world to boost its export stake to the global coffee markets in the future. In order to further enhance export stability, the Ethiopian Government and other stakeholders in the coffee sector should have to work on reducing the volatility of coffee output and exports in order to improve production and quality efficiency, so that stabilize markets as well as to make the product attractive and price competitive in the importing countries.

Keywords: coffee, CAGR, Markov chain, direction of trade, Ethiopia

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Authors: Sandra Cuenca, Danilo Santana, Anderson Reyes

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The following project is based on the manipulation of audio signals through the Matlab software, which has an audio signal that is modified, and its resultant obtained through the auxiliary port of the computer is passed through a signal amplifier whose amplified signal is connected to a tesla coil which has a behavior like a vumeter, the flashes at the output of the tesla coil increase and decrease its intensity depending on the audio signal in the computer and also the voltage source from which it is sent. The amplified signal then passes to the tesla coil being shown in the plasma sphere with the respective flashes; this activation is given through the specified parameters that we want to give in the MATLAB algorithm that contains the digital filters for the manipulation of our audio signal sent to the tesla coil to be displayed in a plasma sphere with flashes of the combination of colors commonly pink and purple that varies according to the tone of the song.

Keywords: auxiliary port, tesla coil, vumeter, plasma sphere

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Authors: Jianshu Yang, Delphine Sordes, Marek Kolmer, Christian Joachim

Abstract:

Nanoelectronics, for example the calculating circuits integrating at molecule scale logic gates, atomic scale circuits, has been constructed and investigated recently. A major challenge is their functional properties characterization because of the connecting problem from atomic scale to micrometer scale. New experimental instruments and new processes have been proposed therefore. To satisfy a precisely measurement at atomic scale and then connecting micrometer scale electrical integration controller, the technique improvement is kept on going. Our new machine, a low temperature high vacuum four scanning tunneling microscope, as a customer required instrument constructed by Omicron GmbH, is expected to be scaling down to atomic scale characterization. Here, we will present our first testified results about the performance of this new instrument. The sample we selected is Au(111) surface. The measurements have been taken at 4.2 K. The atomic resolution surface structure was observed with each of four scanners with noise level better than 3 pm. With a tip-sample distance calibration by I-z spectra, the sample conductance has been derived from its atomic locally I-V spectra. Furthermore, the surface conductance measurement has been performed using two methods, (1) by landing two STM tips on the surface with sample floating; and (2) by sample floating and one of the landed tips turned to be grounding. In addition, single atom manipulation has been achieved with a modified tip design, which is comparable to a conventional LT-STM.

Keywords: low temperature ultra-high vacuum four scanning tunneling microscope, nanoelectronics, point contact, single atom manipulation, tunneling resistance

Procedia PDF Downloads 258

Authors: M. Bartal

Abstract:

A large empirical evidence points to sizable lifetime earnings losses associated with the displacement of tenured workers. The causes of these losses are still not well-understood. Existing explanations are heavily based on human capital depreciation during non-employment spells. In this paper, a new avenue is explored. Evidence on the role of household liquidity constraints in accounting for the persistence of post-displacement earning losses is provided based on SIPP data. Then, a directed search and matching model with endogenous human capital and wealth accumulation is introduced. The model is computationally tractable thanks to its block-recursive structure and highlights a non-trivial, yet intuitive, interaction between wealth and human capital. Constrained workers tend to accept jobs with low firm-sponsored training because the latter are (endogenously) easier to find. This new channel provides a plausible explanation for why young (highly constrained) workers suffer persistent scars after displacement. Finally, the model is calibrated on US data to show that the interplay between wealth and human capital is crucial to replicate the observed lifecycle pattern of earning losses. JEL— E21, E24, J24, J63.

Keywords: directed search, human capital accumulation, job displacement, wealth accumulation

Procedia PDF Downloads 168

Authors: Aziza Ben Halima, Julien Bert, Dimitris Visvikis

Abstract:

In this paper, we propose designing and evaluating a parallel co-manipulated robot dedicated to low-dose-rate prostate brachytherapy. We developed 6 degrees of freedom compact and lightweight robot easy to install in the operating room thanks to its parallel design. This robotic system provides a co-manipulation allowing the surgeon to keep control of the needle’s insertion and consequently to improve the acceptability of the plan for the clinic. The best dimension’s configuration was solved by calculating the geometric model and using an optimization approach. The aim was to ensure the whole coverage of the prostate volume and consider the allowed free space around the patient that includes the ultrasound probe. The final robot dimensions fit in a cube of 300 300 300 mm³. A prototype was 3D printed, and the robot workspace was measured experimentally. The results show that the proposed robotic system satisfies the medical application requirements and permits the needle to reach any point within the prostate.

Keywords: medical robotics, co-manipulation, prostate brachytherapy, optimization

Procedia PDF Downloads 175