Algorithms For Extracting Timeliness Graphs

We consider asynchronous message-passing systems in which some links are timely and processes may crash. Each run defines a timeliness graph among correct processes: (p; q) is an edge of the timeliness graph if the link from p to q is timely (that is, there is bound on communication delays from p to q). The main goal of this paper is to approximate this timeliness graph by graphs having some properties (such as being trees, rings, ...). Given a family S of graphs, for runs such that the timeliness graph contains at least one graph in S then using an extraction algorithm, each correct process has to converge to the same graph in S that is, in a precise sense, an approximation of the timeliness graph of the run. For example, if the timeliness graph contains a ring, then using an extraction algorithm, all correct processes eventually converge to the same ring and in this ring all nodes will be correct processes and all links will be timely. We first present a general extraction algorithm and then a more specific extraction algorithm that is communication efficient (i.e., eventually all the messages of the extraction algorithm use only links of the extracted graph)

On the timeliness of price discovery

Price discovery is the process whereby value-relevant, private information becomes impounded or reflected in a stock's publicly-observable market price. The timeliness of price discovery refers to how quickly that process takes effect. There is no reason to believe either that all private information is discovered equally quickly or that price discovery is equally speedy for all firms. The latter observation suggests it would be worthwhile knowing why the timeliness of price discovery differs across firms, even the more so in an environment where all listed companies by law must disclose most material price-sensitive information as soon as they become aware of it. The other observation, that not all private information is discovered equally quickly, implies we should focus on a material, periodic event when we compare timeliness across firms. A good candidate is the announcement of the company's annual results, since for many years is has been known that annual earnings alone captures at least half the value-relevant information released by the average firm over the 12 months leading up to this date. We use various approaches to explore measures of timeliness and what they can tell us. We review a number of studies that have considered various aspects of timeliness in different countries and extend and contrast their findings. We also examine the relationship between the timeliness of price discovery and analogous measures based upon firms' formal disclosures to the share market and upon analysts' consensus earnings forecasts. Finally, we report on an issue of major concern to regulators and market operators, namely the influence of corporate governance on the timeliness of price discovery

Timeliness, Trade and Agglomeration

An important element of the cost of distance is time taken in delivering final and intermediate goods. We argue that time costs are qualitatively different from direct monetary costs such as freight charges. The difference arises because of uncertainty. Unsynchronised deliveries can disrupt production, and delivery time can force producers to order components before demand and cost uncertainties are resolved. Using several related models we show that this generates hitherto unexplored incentives for clustering. If final assembly takes place in two locations and component production has increasing returns to scale, then component production will tend to cluster around just one of the assembly plants.

FINANCIAL REPORTING TIMELINESS IN EGYPT: A STUDY OF THE LEGAL FRAMEWORK AND ACCOUNTING STANDARDS

The objective of the study is to present an analysis of the legal framework surrounding the Financial Reporting Timeliness in Egypt,and the problems faced by the Financial Reporting Timeliness. The basic Company Law of 1981 and the Capital Market Law of 1992 mainly govern the legal framework of Financial Reporting Timeliness practice in Egypt. Furthermore, the Public Authority of capital market board decision of 2002 and the investment ministerial decision of 2006 have had considerable impact and influence on the practice of Financial Reporting Timeliness in Egypt. The combined set of legislative represents the legal framework for Financial Reporting Timeliness in Egypt Based upon the results of study, the researcher recommends with the modification of the Egyptian company law, to use in the companies listed on Egyptian stock exchange by disclosure about their financial reporting during 3 months from the end of financial year instead of 6 months in order to provide the suitable timeliness.Financial reporting, Egyptian Accounting standards, legal framework.

Timeliness, Trade and Agglomeration

An important element of the cost of distance is time taken in delivering final and intermediategoods. We argue that time costs are qualitatively different from direct monetary costs such asfreight charges. The difference arises because of uncertainty. Unsynchronised deliveries candisrupt production, and delivery time can force producers to order components beforedemand and cost uncertainties are resolved. Using several related models we show that thiscan cause clustering of component production. If final assembly takes place in two locationsand component production has increasing returns to scale, then component production willtend to cluster around just one of the assembly plants.Just- in-time, clustering, location, trade.

Preliminary Evidence of the Effects of the Adoption of the Impairment-Only Approach to Goodwill Accounting in Sweden

We examine the effects of the implementation of the impairment-only approach to goodwill accounting on the financial reporting quality in Sweden after the adoption of IFRS. Using accounting data from public companies in Sweden, we test the value relevance and timeliness of the accounting information before and after the switch to IFRS. We compare the value relevance of accounting information between 2004 and 2005 to investigate the effects of the switch from goodwill amortization to the impairment-only approach. We find some weak evidence of an increase in the value relevance of accounting information among companies with substantial goodwill balances in proportion to total assets. However, we find no statistically significance in the incremental value relevance related to amortization charges, impairment charges, or intangible assets, on share prices between the two periods. Moreover, we find no evidence of increased timeliness or any association between timeliness in reported earnings in 2005 and impairment charges made in that year

Metrics for Measuring Data Quality - Foundations for an Economic Oriented Management of Data Quality

The article develops metrics for an economic oriented management of data quality. Two data quality dimensions are focussed: consistency and timeliness. For deriving adequate metrics several requirements are stated (e. g. normalisation, cardinality, adaptivity, interpretability). Then the authors discuss existing approaches for measuring data quality and illustrate their weaknesses. Based upon these considerations, new metrics are developed for the data quality dimensions consistency and timeliness. These metrics are applied in practice and the results are illustrated in the case of a major German mobile services provider