Conservative accounting and linear information valuation models

Prior research using the residual income valuation model and linear information models has generally found that estimates of firm value are negatively biased. We argue that this could result from the way in which accounting conservatism effects are reflected in such models. We build on the conservative accounting model of Feltham and Ohlson (1995) and the Dechow, Hutton and Sloan (1999) (DHS) methodology to propose a valuation model that includes a conservatism-correction term, based on the properties of past realizations of residual income and other information. Other information is measured using analyst-forecast-based predictions of residual income. We use data comparable to the DHS sample to compare the bias and inaccuracy of value estimates from our model and from models similar to those used by DHS and Myers (1999). Valuation biases are substantially less negative for our model, but valuation inaccuracy is not markedly reduced

Detailed analysis of CAMS procedures for phase 3 using ground truth inventories

The results of a study of Procedure 1 as used during LACIE Phase 3 are presented. The study was performed by comparing the Procedure 1 classification results with digitized ground-truth inventories. The proportion estimation accuracy, dot labeling accuracy, and clustering effectiveness are discussed

Independent Orbiter Assessment (IOA): Assessment of instrumental subsystem FMEA/CIL

The McDonnell Douglas Astronautics Company (MDAC) was selected in June 1986 to perform an Independent Orbiter Assessment (IOA) of the Failure Modes and Effects Analysis (FMEA) and Critical Items List (CIL). The IOA effort first completed an analysis of the Instrumentation hardware, generating draft failure modes and potential critical items. To preserve independence, this analysis was accomplished without reliance upon the results contained within the NASA FMEA/CIL documentation. The IOA results were then compared to the NASA FMEA/CIL baseline. A resolution of each discrepancy from the comparison is provided through additional analysis as required. The results of that comparison for the Orbiter Instrumentation hardware are documented. The IOA product for Instrumentation analysis consisted of 107 failure mode worksheets that resulted in 22 critical items being identified. Comparison was made to the Pre 51-L NASA baseline with 14 Post 51-L FMEAs added, which consists of 96 FMEAs and 18 CIL items. This comparison produced agreement on all but 25 FMEAs which caused differences in 5 CIL items

The Calculus of M-estimation in R with geex

M-estimation, or estimating equation, methods are widely applicable for point estimation and asymptotic inference. In this paper, we present an R package that can find roots and compute the empirical sandwich variance estimator for any set of user-specified, unbiased estimating equations. Examples from the M-estimation primer by Stefanski and Boos (2002) demonstrate use of the software. The package also includes a framework for finite sample variance corrections and a website with an extensive collection of tutorials

Divergence of opinion and risk : an empirical analysis of the Ex Ante beliefs of institutional investors

Bibliography: p. [24-25

Two Essays in Finance: Effect of Economic Policy Uncertainty on Analyst Forecast Accuracy; Dividend Policies of Zero-Debt Firms – A Behavioral Explanation

The dissertation consists of two essays. In the first essay, we investigate the dynamics of analyst forecast errors relative to economic policy uncertainty (EPU) and find a significantly positive relation between EPU and analyst forecast errors. A doubling of EPU increases earnings forecast errors by 4.29 percentage points, and the volatility and dispersion in forecast errors are positively related to the EPU. This effect of EPU on forecast errors persists for 13 months with a gradually declining effect that is aligned with Oi–Hartman–Abel effect, a channel through which uncertainty can affect firms\u27 financial activities, performance, and growth. Forecast errors are higher for firms with higher sensitivity to the EPU, and the uncertainty factor retains its significance when compared to other risk factors. Additionally, firms with higher idiosyncratic risks show a higher sensitivity to the economic policy uncertainty. In the second essay, we investigate why a majority of unlevered firms do not pay dividends. Using a behavioral framework, we answer the puzzling but overlooked question: why so many zero-debt firms abstain from paying dividends. In this paper, we present how family ownership is linked to non-dividend-paying behavior of unlevered firms

Layer guided-acoustic plate mode biosensors for monitoring MHC-peptide interactions

The transduction signals from the immobilisation of a class I heavy chain, HLA-A2, on a layer guided acoustic plate mode device, followed by binding of beta(2)-microglobulin and subsequent selective binding of a target peptide are reported

Spacecraft software training needs assessment research

The problems were identified, along with their causes and potential solutions, that the management analysts were encountering in performing their jobs. It was concluded that sophisticated training applications would provide the most effective solution to a substantial portion of the analysts' problems. The remainder could be alleviated through the introduction of tools that could help make retrieval of the needed information from the vast and complex information resources feasible