180 research outputs found
Recommended from our members
Persistence of earnings and prediction of future cash flows: the role of timely recognition of bad news
Timely recognition of losses and expenses compared to revenues and increased values precipitates future expenses to match with current revenues. Thus, timely recognition of losses acts to reduce the persistence of earnings. However, it is expected that a more timely recognition of negative cash flows, as bad news, increase the power of earnings for predicting future cash flows. This study investigates the effects of the timely recognition of bad news (loss) versus the good news on the decrease of the persistence of earnings, and the effect of negative cash flows on forecasting future cash flows. In this study, two pooling type models and a panel type model have been used to estimate the persistence of earnings and cash flows. Seventy eight firms that were listed in the Tehran Stock Exchange during the period 2003–2010 were duly reviewed. The results of this research proved that the timely recognition of loss does not affect the persistence and the power of earnings for the purpose of forecasting future cash flows. The findings imply that conservatism does not distort persistence of earnings
Recommended from our members
The ability of analysts’ recommendations to predict optimistic and pessimistic forecasts
Previous researches show that buy (growth) companies conduct income increasing earnings management in order to meet forecasts and generate positive forecast Errors (FEs). This behavior however, is not inherent in sell (non-growth) companies. Using the aforementioned background, this research hypothesizes that since sell companies are pressured to avoid income increasing earnings management, they are capable, and in fact more inclined, to pursue income decreasing Forecast Management (FM) with the purpose of generating positive FEs. Using a sample of 6553 firm-years of companies that are listed in the NYSE between the years 2005–2010, the study determines that sell companies conduct income decreasing FM to generate positive FEs. However, the frequency of positive FEs of sell companies does not exceed that of buy companies. Using the efficiency perspective, the study suggests that even though buy and sell companies have immense motivation in avoiding negative FEs, they exploit different but efficient strategies, respectively, in order to meet forecasts. Furthermore, the findings illuminated the complexities behind informative and opportunistic forecasts that falls under the efficiency
versus opportunistic theories in literature
Tracking the Near Eastern origins and European dispersal of the western house mouse
Abstract: The house mouse (Mus musculus) represents the extreme of globalization of invasive mammals. However, the timing and basis of its origin and early phases of dispersal remain poorly documented. To track its synanthropisation and subsequent invasive spread during the develoment of complex human societies, we analyzed 829 Mus specimens from 43 archaeological contexts in Southwestern Asia and Southeastern Europe, between 40,000 and 3,000 cal. BP, combining geometric morphometrics numerical taxonomy, ancient mitochondrial DNA and direct radiocarbon dating. We found that large late hunter-gatherer sedentary settlements in the Levant, c. 14,500 cal. BP, promoted the commensal behaviour of the house mouse, which probably led the commensal pathway to cat domestication. House mouse invasive spread was then fostered through the emergence of agriculture throughout the Near East 12,000 years ago. Stowaway transport of house mice to Cyprus can be inferred as early as 10,800 years ago. However, the house mouse invasion of Europe did not happen until the development of proto urbanism and exchange networks — 6,500 years ago in Eastern Europe and 4000 years ago in Southern Europe — which in turn may have driven the first human mediated dispersal of cats in Europe
Recommended from our members
ICRF heating on TFTR-effect on stability and performance
With the addition of two new antennas and two radiofrequency (RF) generators, the TFTR ICRF system is complete. The total complement of four antennas and six generators is designed for 12.5 MW operation. Experiments with this system have been performed recently on TFTR in the low recycling regime to increase the performance of supershot plasmas, in a non-resonant regime to explore electron heating, and in high recycling discharges with energetic ion tails to simulate fusion alpha particles. Noteworthy results include: direct electron heating observed with absorption rates in agreement with theory; electron heating of supershot plasmas ([Delta]TEO [approximately] 2 key) via energetic ion tails that would increase the pressure of the alpha particles in DT plasmas; and the first observation of the toroidal Alfven eigenmode (TAE) instability driven by the energetic ion tail in hydrogen minority heating
Recommended from our members
Characteristics of the TFTR limiter H-mode: The transition, ELMs, transport and confinement
H-Modes obtained through transitions from the supershot regime have been studied on TFTR. The characteristics of these H-modes are similar to those found on other tokamaks with one main exception, the density prof:des can be highly peaked. In the best cases the enhanced confinement in the core of the initial supershot is retained in the H-mode phase, while the confinement in a broad edge region is enhanced. Thus in TFTR, all of the important physics of H-modes such as transitions, enhanced edge confinement, ELMs and other phenomena are studied in a large circular limiter tokamak with the added feature of centrally peaked density profiles and the advantage of an extensive set of diagnostics. The threshold power for the transition is found to be a linear function of plasma current. Transitions and ELMs are affected by the mix of co-and counter-neutral beam injection (NBI) and by perturbations introduced by pellet injection, gas puffing, and current ramping before and during NBI. Fluctuations near both transition and ELM events have been characterized. High frequency magnetic fluctuations in the range {ge} 100--250 kHz usually decrease during the transition. Microwave scattering spectra of density fluctuations in the plasma edge show a feature at high frequency during the H-mode, which is not observed in the plasma core and which is consistent with an edge poloidal rotation velocity, V{sub {theta}}, of {approximately} 10{sup 4} m/s. The fluctuations begin at the transition, propagate in the direction of electron diamagnetic drift, and have modulation correlated with ELMs. Several TFTR H-modes showed a modest improvement in confinement over that of the supershots from which they originated, and an understanding of these may eventually lead to a plasma with the combined advantages of both the supershot and the H-mode. The characteristics and physics of the TFTR H-modes are considered relative to other tokamaks and in light of various theoretical studies
- …