Analyst information precision and small earnings surprises

This study proposes and tests an alternative to the extant earnings management explanation for zero and small positive earnings surprises (i.e., analyst forecast errors). We argue that analysts’ ability to strategically induce slight pessimism in earnings forecasts varies with the precision of their information. Accordingly, we predict that the probability that a firm reports a small positive instead of a small negative earnings surprise is negatively related to earnings forecast uncertainty, and we present evidence consistent with this prediction. Our findings have important implications for the earnings management interpretation of the asymmetry around zero in the frequency distribution of earnings surprises. We demonstrate how empirically controlling for earnings forecast uncertainty can materially change inferences in studies that employ the incidence of zero and small positive earnings surprises to categorize firms as suspected of managing earnings

Fabrication of current confinement aperture structure by transforming a conductive GaN:Si epitaxial layer into an insulating GaOx layer

We report here a simple and robust process to convert embedded conductive GaN epilayers into insulating GaOx and demonstrate its efficacy in vertical current blocking and lateral current steering in a working LED device. The fabrication processes consist of laser scribing, electrochemical (EC) wet-etching, photoelectrochemical (PEC) oxidation, and thermal oxidization of a sacrificial n(+)-GaN:Si layer. The conversion of GaN is made possible through an intermediate stage of porosification where the standard n-type GaN epilayers can be laterally and selectively anodized into a nanoporous (NP) texture while keeping the rest of the layers intact. The fibrous texture of NP GaN with an average wall thickness of less than 100 nm dramatically increases the surface-to-volume ratio and facilitates a rapid oxidation process of GaN into GaOX. The GaOX aperture was formed on the n-side of the LED between the active region and the n-type GaN layer. The wavelength blueshift phenomena of electroluminescence spectra is observed in the treated aperture-emission LED structure (441.5 nm) when compared to nontreated LED structure (443.7 nm) at 0.1 mA. The observation of aperture-confined electroluminescence from an InGaN LED structure suggests that the NP GaN based oxidation will play an enabling role in the design and fabrication of III-nitride photonic devices