The value relevance of disclosures of liabilities of equity-accounted investees: UK evidence

This study examines the value relevance of mandated disclosures by UK firms of the investor-firm share of liabilities of equity-accounted associate and joint venture investees. It does so for the six years following the introduction of FRS 9: Associates and Joint Ventures, which forced a substantial increase in such disclosures by UK firms. Since the increased disclosure requirements were partly motivated by concern that single-line equity accounting concealed the level of group gearing, and in light of previous US results, it is predicted that the mandated investee-liability disclosures have a negative coefficient in a value-relevance regression. The study also examines whether value-relevance regression coefficients on investee-liability disclosures are more negative for joint ventures than for associates and whether they are more negative in the presence of investor-firm guarantees of investee-firm obligations than in the absence of such guarantees. The study reports that the coefficient on all investee-liability disclosures taken together has the predicted negative sign, and is significantly different from zero. It finds little evidence that the negative valuation impact of liability disclosures is stronger for joint venture investees overall than for associate investees overall, or stronger for guarantee cases overall than for non-guarantee cases overall. There is, however, some evidence that the impact for joint venture guarantee cases is stronger than that for joint venture non-guarantee cases and stronger than that for associate guarantee cases

50 Years Later: Women, Work & the Work Ahead (Infographic)

How have things changed for women in the labor force over the last 50 years

A scale-model room as a practical teaching experiment

A practical experiment is described which was used to help university students increase their understanding of the effect of construction methods and window design on passive solar heating and electrical heating. A number of one tenth scale model rooms were constructed by students and sited out-of-doors in the late autumn. The models were fabricated to mimic available commercial construction techniques with careful consideration being given to window size and placement for solar access. Each model had a thermostatically controlled electric heating element. The temperatures and electricity use of the models were recorded using data-loggers over a two week period. The performances of the models based on energy consumption and internal temperature were compared with each other and with predictions based upon thermal mass and R-values. Examples of questions used by students to facilitate this process are included. The effect of scaling on thermal properties was analysed using Buckingham&rsquo;s p-theorem.<br /

Atmospheric ozone measurements made from B-747 AIRLINERS: Spring 1975

Atmospheric ozone in the upper troposphere and lower stratosphere north of the equator has been registered aboard two commercial B-747 airliners. The composite ozone, flight and meteorological data are reported. Attention is drawn particularly to the vertical profiles of atmospheric ozone mixing ratio as a function of both distance from the tropopause and curvature of the streamlines. The GASP observations suggest that ozone levels typical of the lower stratosphere are often embedded in the upper troposphere, principally during occassions when cyclonic wind curvature was noted

Option Pricing in Multivariate Stochastic Volatility Models of OU Type

We present a multivariate stochastic volatility model with leverage, which is flexible enough to recapture the individual dynamics as well as the interdependencies between several assets while still being highly analytically tractable. First we derive the characteristic function and give conditions that ensure its analyticity and absolute integrability in some open complex strip around zero. Therefore we can use Fourier methods to compute the prices of multi-asset options efficiently. To show the applicability of our results, we propose a concrete specification, the OU-Wishart model, where the dynamics of each individual asset coincide with the popular Gamma-OU BNS model. This model can be well calibrated to market prices, which we illustrate with an example using options on the exchange rates of some major currencies. Finally, we show that covariance swaps can also be priced in closed form.Comment: 28 pages, 5 figures, to appear in SIAM Journal on Financial Mathematic

The influence of different force and pressure measuring transducers on lower extremity kinematics measured during walking

The examination of synchronous three dimensional (3-D) kinetics and kinematics of walking in laboratory based analyses typically requires participants/patients to make foot contact with a force or pressure measuring device. However it has been proposed that this may lead to targeting whereby participants modify their natural gait pattern in order to ensure contact with the device. This study aimed to determine the extent to which an embedded force plate (EFP) and two different pressure mats PMs affect natural gait kinematics. Male participants (n=12, age 24.23 SD 4.22 y, height 1.74m SD 0.10, mass 75.78 SD 6.90kg) walked at a velocity of 1.25 m.s-1 along a 22m walkway in four different conditions. 1. EFP, 2. FootScan (FS) PM, 3.Matscan (MS) PM, 4.No device (ND). 3-D angular kinematic parameters were collected using an eight camera motion analysis system.Differences in kinematics were examined using repeated measures ANOVAs. Significant differences were observed in hip abduction, knee flexion/extension and knee abduction between various conditions and may warrant consideration in future research. No significant differences were reported at the ankle joint in any conditions. Comparing the PMs no significant differences were observed, however significant differences between the MS and the EFP and ND conditions were identified. The research supports the efficacy of collecting gait kinematics at the ankle joint and in most variables measured at the knee and hip joints