An essay on strategic use of Non-GAAP reporting and accrual-based earnings management

Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisO propósito deste estudo é analisar a associação entre gestão de resultados e a divulgação de resultados non-GAAP tendo em conta o aparente aumento do desejo, por parte dos gestores, em divulgar este tipo de resultados. A amostra do estudo é composta por 2 122 empresas cotadas, de 14 países europeus, cobrindo um horizonte temporal dos anos de 2011 a 2018. De modo a calcular a medida de gestão de resultados, foi utilizado o modelo de Jones (1991), ajustado posteriormente por Kothari, Leone and Wasley (2005), de maneira a estimar accruals discricionários. Os resultados mostram que a divulgação de relatórios non-GAAP se rege por um motivo oportunista, tendo em conta que, forneço evidência empírica que indica que este tipo de divulgação está correlacionado com altos níveis de gestão de resultados baseada em accruals (AEM). Por outro lado, a prática de divulgação non-GAAP está relacionada com AEM negativa, indicando que são estrategicamente utilizadas como métodos complementares. Estes resultados não são consistentes com as conclusões obtidas por Doyle, Jennings and Soliman (2013) e Black, Christensen, Taylor e Schmardebeck (2017). Tendo em conta a direção da gestão de resultados baseada em accruals, os resultados obtidos indicam que os gestores que manipulam os seus resultados financeiros com o intuito de reduzi-los são mais propensos a divulgar relatórios non-GAAP. As conclusões obtidas através desta pesquisa permitem o desenvolvimento do conhecimento inerente a uma, até então debilmente explicada, associação entre dois campos académicos largamente abordados pela literatura existente.This study aims at analysing the association between Earnings Management and non-GAAP reporting practices taking into account an apparent increase of the managers´ desire in disclosing non-GAAP earnings (Jeanjean, Martinez and Davrinche, 2018). I perform a research based on data collected from Factiva and Amadeus databases. The study sample is composed by 2 122 listed companies, from 14 European countries, covering a time horizon from the years 2011 to 2018. To measure Earnings Management, I use the Jones model (1991), adjusted by Kothari, Leone and Wasley (2005), in order to estimate abnormal accruals. Empirical findings suggest that this kind of disclosures is correlated with higher levels of accrual-based earnings management (AEM) signifying that a disclosure of non-GAAP numbers follows an opportunistic motive. I also provide evidence indicating that the practice of non-GAAP reporting is correlated with downward AEM indicating that are strategically used as complement tools. This assumption is not consistent with Doyle, Jennings and Soliman (2013) and Black, Christensen, Taylor and Schmardebeck (2017) conclusions. Additionally, the obtained results suggest that executives who managed their earnings downwards are more likely to disclose non-GAAP reports. Moreover, the company´s complexity and the presence of a Big 4 auditing firm influence the practice of non-GAAP disclosures. My work contributes to extant research enabling the development of knowledge about an association of these two widely addressed academic fields, so far weakly explained by prior research.info:eu-repo/semantics/publishedVersio

Electroweak scale neutrinos and decaying dark matter

We explore the scalar phenomenology of a model of electroweak scale neutrinos that incorporates the presence of a lepton number violating singlet scalar. An analysis of the pseudoscalar-Majoron field associated to this singlet field is carried out in order to verify the viability of the model and to restrict its parameter space. In particular we study the Majoron decay $J \to \nu \nu$ and use the bounds on the Majoron mass and width obtained in a modified Majoron Decaying Dark Matter scenario.Comment: 8 pages, 6 figures. A discussion on the invisible Higgs decay mode present in the model and some references were added . Version to appear in PL

Industrias del Paleolítico antiguo en el valle medio del Guadalquivir

El trabajo responde al objetivo de participar en la reconstrucción de la secuencia paleolítica y geoarqueológica de la cuenca media y baja del Guadalquivir, tarea iniciada en la Universidad de Sevilla a principios de la década de los ochenta del pasado siglo por los Dres. Vallespí y Díaz del Olmo, y que continúa en la actualidad. El trabajo se ha centrado en el sector en que confluyen Genil y Guadalquivir, en el entorno de la localidad de Palma del Río, provincia de Córdoba (Andalucía, España). Se trata de una zona de vital importancia para el conocimiento de las primeras ocupaciones prehistóricas de nuestra región, pues a los materiales cuarcíticos que, procedentes de Sierra Morena, aporta el gran colector andaluz, utilizados en los modos de talla achelenses de toda la cuenca, se une el sílex que arrastra su principal afluente desde las cordilleras Béticas, empleado en los modos de talla adscritos al Paleolítico Medio

Osteotomía tibial valguizante: análisis de supervivencia

Presentamos un estudio retrospectivo de 38 osteotomías tibiales valguizantes, en 32 pacientes con "genu-varo" artrósico. La supervivencia a los 180 meses fue del 58%. Cuando el paciente presentaba un peso mayor 1,32 veces al peso ideal la supervivencia disminuía al 53%. Y cuando la corrección angular en ángulo femoro-tibial era menor de 6º la supervivencia disminuía al 33%We evaluated the results in thirty-two patients (thirty-eight knees) who had had a high tibial osteotomy for varus gonarthrosis. The rate of survival was 58 per cent at 180 months. When the patient weigh was more than 1,32 times the ideal weight , the rate of survival decrease to 53 per cent. And when the angular correction after osteotomy was 6º or less, the rate of survival decreased to 33 per cent

Dynamic radial deformations of nonlinear elastic structures. On the influence of constitutive modeling

Mención Internacional en el título de doctorThe objective of this dissertation is to develop a comprehensive theoretical approach to the role of the constitutive model on the dynamic radial deformations of nonlinear elastic structures. Using 1D and 2D models, cylindrical and spherical thick-walled shells are considered. These geometries are representative of man-made and natural structures that can be found in a wide variety of engineering applications and biological systems. Lead-rubber bearings, vibration isolators, peristaltic pumps, rubber bushings, saccular aneurysms or arteries are examples of nonlinear elastic structures with spherical and cylindrical geometries that are constantly subjected to all kinds of vibrational and dynamic loads. The research, which starts by considering isotropic, incompressible and rate independent constitutive models, is based on the systematic incorporation of compressibility, viscosity and anisotropy in the description of the mechanical response of the material. We investigate free and forced vibrations using different initial and boundary conditions: (1) ab initio elastic stored and kinetic energies, (2) constant radial pressures, (3) linearly time dependent radial pressures and (4) harmonic time dependent radial pressures. While the isotropic and incompressible 1D elastic structures subjected to constant pressure admit an analytical closed-form solution, all the other cases need to be solved numerically. To this end, we have developed in this work a number of specific numerical schemes. The overall outcome of this dissertation is to make it plain that the constitutive model used to describe the mechanical behavior of thick-walled shells plays a fundamental role in the nonlinear dynamics of such structures. In particular, we have demonstrated the influence of the constitutive model on: (1) the loss of oscillatory behavior of the structure, (2) the transition from periodic motions to quasi-periodic and chaotic motions, (3) the nonlinear resonances of the shells, (4) the propagation of shock waves within the structure and (5) the onset and development of cavitation instabilities.Programa Oficial de Doctorado en Ingeniería Mecánica y de Organización IndustrialPresidente: Ignacio Romero Olleros.- Secretario: Massimo Ruzzene.- Vocal: Antonio Morass

Index of compact minimal submanifolds of the Berger spheres

The stability and the index of compact minimal submanifolds of the Berger spheres S2n+1τ,0<τ≤1, are studied. Unlike the case of the standard sphere (τ=1), where there are no stable compact minimal submanifolds, the Berger spheres have stable ones if and only if τ2≤1/2. Moreover, there are no stable compact minimal d-dimensional submanifolds of S2n+1τ when 1/(d+1)<τ2≤1 and the stable ones are classified for τ2=1/(d+1) when the submanifold is embedded. Finally, the compact orientable minimal surfaces of S3τ with index one are classified for 1/3≤τ2≤1.Project PID2019.111531GA.I00 funded by MCIN/AEI/10.13039/501100011033Programa Operativo FEDER Andalucía 2014-2020, grant no. E-FQM-309-UGR18Regional J. Andalucía grant no. P18-FR-404