The valuation of European financial firms

We extend the recent literature concerning accounting based valuation models to investigate financial firms from six European countries with substantial financial sectors: France, Germany, Italy, Netherlands, Switzerland and the UK. Not only are these crucial industries worthy of study in their own right, but unusual accounting practices, and inter-country differences in those accounting practices, provide valuable insights into the accounting-value relationship. Our sample consists of 7,714 financial firm/years observations from 1,140 companies drawn from 1989-2000. Sub-samples include 1,309 firm/years for banks, 650 for insurance companies, 1,705 for real estate firms, and 3,239 for investment companies. In most countries we find that the valuation models work as well or better in explaining cross-sectional variations in the market-to-book ratio for financial firms as they do for industrial and commercial firms in the same countries, although Switzerland is an exception to this generalization. As expected, the results are sensitive to industrial differences, accounting regulation and accounting practices. In particular, marking assets to market value reduces the relevance of earnings figures and increases that of equity

Systematic review of the incidence and clinical risk predictors of atrial fibrillation and permanent pacemaker implantation for bradycardia in Fabry disease

INTRODUCTION: Fabry disease (FD) is an X-linked lysosomal storage disorder caused by enzyme deficiency, leading to glycosphingolipid accumulation. Cardiac accumulation triggers local tissue injury, electrical instability and arrhythmia. Bradyarrhythmia and atrial fibrillation (AF) incidence are reported in up to 16% and 13%, respectively. OBJECTIVE: We conducted a systematic review evaluating AF burden and bradycardia requiring permanent pacemaker (PPM) implantation and report any predictive risk factors identified. METHODS: We conducted a literature search on studies in adults with FD published from inception to July 2019. Study outcomes included AF or bradycardia requiring therapy. Databases included Embase, Medline, PubMed, Web of Science, CINAHL and Cochrane. The Risk of Bias Agreement tool for Non-Randomised Studies (RoBANS) was utilised to assess bias across key areas. RESULTS: 11 studies were included, eight providing data on AF incidence or PPM implantation. Weighted estimate of event rates for AF were 12.2% and 10% for PPM. Age was associated with AF (OR 1.05–1.20 per 1-year increase in age) and a risk factor for PPM implantation (composite OR 1.03). Left ventricular hypertrophy (LVH) was associated with AF and PPM implantation. CONCLUSION: Evidence supporting AF and bradycardia requiring pacemaker implantation is limited to single-centre studies. Incidence is variable and choice of diagnostic modality plays a role in detection rate. Predictors for AF (age, LVH and atrial dilatation) and PPM (age, LVH and PR/QRS interval) were identified but strength of association was low. Incidence of AF and PPM implantation in FD are variably reported with arrhythmia burden likely much higher than previously thought

Implications of X-ray beam profiles on qualitative and quantitative synchrotron micro-focus X-ray fluorescence microscopy

Synchrotron radiation X-ray fluorescence microscopy is frequently used to investigate the spatial distribution of elements within a wide range of samples. Interrogation of heterogeneous samples that contain large concentration ranges has the potential to produce image artefacts due to the profile of the X-ray beam. The presence of these artefacts and the distribution of flux within the beam profile can significantly affect qualitative and quantitative analyses. Two distinct correction methods have been generated by referencing the beam profile itself or by employing an adaptive-thresholding procedure. Both methods significantly improve qualitative imaging by removing the artefacts without compromising the low-intensity features. The beam-profile correction method improves quantitative results but requires accurate two-dimensional characterization of the X-ray beam profile

The APO-K2 Catalog: II. Accurate Stellar Ages for Red Giant Branch Stars across the Milky Way

We present stellar age determinations for 4661 red giant branch stars in the APO-K2 catalog, derived using mass estimates from K2 asteroseismology from the K2 Galactic Archaeology Program and elemental abundances from the Apache Point Galactic Evolution Experiment survey. Our sample includes 17 of the 19 fields observed by K2, making it one of the most comprehensive catalogs of accurate stellar ages across the Galaxy in terms of the wide range of populations spanned by its stars, enabling rigorous tests of Galactic chemical evolution models. Taking into account the selection functions of the K2 sample, the data appear to support the age−chemistry morphology of stellar populations predicted by both inside-out and late-burst scenarios. We also investigate trends in age versus stellar chemistry and Galactic position, which are consistent with previous findings. Comparisons against APOKASC-3 asteroseismic ages show agreement to within ∼3%. We also discuss offsets between our ages and spectroscopic ages. Finally, we note that ignoring the effects of α-enhancement on stellar opacity (either directly or with the Salaris metallicity correction) results in an ∼10% offset in age estimates for the most α-enhanced stars, which is an important consideration for continued tests of Galactic models with this and other asteroseismic age samples

The APO-K2 Catalog. I. 7,673 Red Giants with Fundamental Stellar Parameters from APOGEE DR17 Spectroscopy and K2-GAP Asteroseismology

We present a catalog of fundamental stellar properties for 7,673 evolved stars, including stellar radii and masses, determined from the combination of spectroscopic observations from the Apache Point Observatory Galactic Evolution Experiment (APOGEE), part of the Sloan Digital Sky Survey IV (SDSS), and asteroseismology from K2. The resulting APO-K2 catalog provides spectroscopically derived temperatures and metallicities, asteroseismic global parameters, evolutionary states, and asteroseismically-derived masses and radii. Additionally, we include kinematic information from \textit{Gaia}. We investigate the multi-dimensional space of abundance, stellar mass, and velocity with an eye toward applications in Galactic archaeology. The APO-K2 sample has a large population of low metallicity stars ($\sim$288 at [M/H] $\leq$ $-$1), and their asteroseismic masses are larger than astrophysical estimates. We argue that this may reflect offsets in the adopted fundamental temperature scale for metal-poor stars rather than metallicity-dependent issues with interpreting asteroseismic data. We characterize the kinematic properties of the population as a function of $\alpha$-enhancement and position in the disk and identify those stars in the sample that are candidate components of the \textit{Gaia-Enceladus} merger. Importantly, we characterize the selection function for the APO-K2 sample as a function of metallicity, radius, mass, $\nu_{\mathrm{max}}$, color, and magnitude referencing Galactic simulations and target selection criteria to enable robust statistical inferences with the catalog.Comment: 28 Pages, 14 Figures, 1 Table. Full table and selection function data available at https://github.com/Jesstella/APO-K2. Submitted April 18th 2023 with AJ, awaiting revie

Multiple agency perspective, family control, and private information abuse in an emerging economy

Using a comprehensive sample of listed companies in Hong Kong this paper investigates how family control affects private information abuses and firm performance in emerging economies. We combine research on stock market microstructure with more recent studies of multiple agency perspectives and argue that family ownership and control over the board increases the risk of private information abuse. This, in turn, has a negative impact on stock market performance. Family control is associated with an incentive to distort information disclosure to minority shareholders and obtain private benefits of control. However, the multiple agency roles of controlling families may have different governance properties in terms of investors’ perceptions of private information abuse. These findings contribute to our understanding of the conflicting evidence on the governance role of family control within a multiple agency perspectiv

The K2 Galactic Archaeology Program Data Release 2: Asteroseismic Results from Campaigns 4, 6, and 7

Studies of Galactic structure and evolution have benefited enormously from Gaia kinematic information, though additional, intrinsic stellar parameters like age are required to best constrain Galactic models. Asteroseismology is the most precise method of providing such information for field star populations en masse, but existing samples for the most part have been limited to a few narrow fields of view by the CoRoT and Kepler missions. In an effort to provide well-characterized stellar parameters across a wide range in Galactic position, we present the second data release of red giant asteroseismic parameters for the K2 Galactic Archaeology Program (GAP). We provide V_{max} and Delta_{v} based on six independent pipeline analyses; first-ascent red giant branch (RGB) and red clump (RC) evolutionary state classifications from machine learning; and ready-to-use radius and mass coefficients, K_{R} and K_{M}, which, when appropriately multiplied by a solar-scaled effective temperature factor, yield physical stellar radii and masses. In total, we report 4395 radius and mass coefficients, with typical uncertainties of 3.3% (stat.) ± 1% (syst.) for K_{R} and 7.7% (stat.) ± 2% (syst.) for κM among RGB stars, and 5.0% (stat.) ± 1% (syst.) for K_{R} nd 10.5% (stat.) ± 2% (syst.) for κM among RC stars. We verify that the sample is nearly complete—except for a dearth of stars with V_{max} \leqslant 10-20 mHz-by comparing to Galactic models and visual inspection. Our asteroseismic radii agree with radii derived from Gaia Data Release 2 parallaxes to within 2.2% ± 0.3% for RGB stars and 2.0% ± 0.6% for RC stars

The impact of ownership structure on earnings quality: the case of South Korea

© 2018, Macmillan Publishers Ltd., part of Springer Nature. This paper investigates the impact of business group ownership structure on the quality of earnings reporting using data from South Korea. In addition, we investigate the impact of ownership disparity and family ownership on earnings quality reporting. Using a self-constructed earnings quality index as a measure of earnings quality, we found that business group ownership structure is significantly associated with higher earnings quality. The result suggests that strong monitoring mechanisms introduced by the government, which are necessary for credibility in external financial markets and beneficial to business group reputation, led to increased transparency in earnings reports. We also found that disparity in ownership between control and cash flow rights in firms, as well as family ownership in group firms, was both associated with lower earnings quality

Driving Innovation through Big Open Linked Data (BOLD): Exploring Antecedents using Interpretive Structural Modelling

YesInnovation is vital to find new solutions to problems, increase quality, and improve profitability. Big open linked data (BOLD) is a fledgling and rapidly evolving field that creates new opportunities for innovation. However, none of the existing literature has yet considered the interrelationships between antecedents of innovation through BOLD. This research contributes to knowledge building through utilising interpretive structural modelling to organise nineteen factors linked to innovation using BOLD identified by experts in the field. The findings show that almost all the variables fall within the linkage cluster, thus having high driving and dependence powers, demonstrating the volatility of the process. It was also found that technical infrastructure, data quality, and external pressure form the fundamental foundations for innovation through BOLD. Deriving a framework to encourage and manage innovation through BOLD offers important theoretical and practical contributions