Non-GAAP Tax Rate: Do Managers Use It to Achieve Earnings Targets?

In this study, we examine tax reporting in a non-GAAP setting. We focus on non-GAAP tax rates, which we define as the tax rates applied to non-GAAP exclusions (hereafter, exclusions). Using detailed hand-collected data, we find that non-GAAP tax rates are systematically lower (higher) when exclusions are income-increasing (income-decreasing), leading to higher after-tax non-GAAP earnings. In addition, using GAAP effective tax rate (hereafter, GAAP ETR) and the statutory tax rate as proxies for the non-discretionary portion of the non-GAAP tax rate, we find robust evidence that managers opportunistically use non-GAAP tax rates to achieve after-tax non-GAAP earnings targets. Finally, we document that firm-reported after-tax non-GAAP earnings are less persistent for future GAAP earnings, compared to non-GAAP earnings calculated using GAAP ETR or the statutory tax rate. The lower persistence of firm-reported non-GAAP earnings implies that non-GAAP tax rates are sometimes too high or too low, thus contaminating the after-tax non-GAAP earnings with mostly transitory exclusion items

The Information-Leveling Role of Voluntary Disclosure Quality in Facilitating Investment Efficiency

This study examines whether and under what conditions voluntary disclosure quality plays an information-leveling role in facilitating investment efficiency. Measuring voluntary disclosure quality as the (inverse) standard deviation of managers’ prior earnings forecast errors (i.e., management forecast consistency), we document a positive association between management forecast consistency and investment efficiency that strengthens when the information environment becomes more constrained and when there are negative shocks to financial reporting quality. We also find that the management forecast consistency/investment efficiency association strengthens when firms are younger, faster growing, and financially constrained, but not when firms are weakly governed and financially unconstrained, which suggests that voluntary disclosure quality facilitates investment efficiency by mitigating adverse selection (but not moral hazard) frictions. Last, when we employ a changes-based model, we find that increases in management forecast consistency are associated with increases in investment efficiency, which mitigates concerns that voluntary disclosure quality’s empirical link to investment efficiency is purely driven by managers’ inherent forecasting abilities. Overall, we show that voluntary disclosure quality can facilitate investment efficiency when financial reporting and other elements of the information environment are constrained in their ability to mitigate market frictions that impede efficiency

Transformer-based Image Compression with Variable Image Quality Objectives

This paper presents a Transformer-based image compression system that allows for a variable image quality objective according to the user's preference. Optimizing a learned codec for different quality objectives leads to reconstructed images with varying visual characteristics. Our method provides the user with the flexibility to choose a trade-off between two image quality objectives using a single, shared model. Motivated by the success of prompt-tuning techniques, we introduce prompt tokens to condition our Transformer-based autoencoder. These prompt tokens are generated adaptively based on the user's preference and input image through learning a prompt generation network. Extensive experiments on commonly used quality metrics demonstrate the effectiveness of our method in adapting the encoding and/or decoding processes to a variable quality objective. While offering the additional flexibility, our proposed method performs comparably to the single-objective methods in terms of rate-distortion performance

Transformer-based Variable-rate Image Compression with Region-of-interest Control

This paper proposes a transformer-based learned image compression system. It is capable of achieving variable-rate compression with a single model while supporting the region-of-interest (ROI) functionality. Inspired by prompt tuning, we introduce prompt generation networks to condition the transformer-based autoencoder of compression. Our prompt generation networks generate content-adaptive tokens according to the input image, an ROI mask, and a rate parameter. The separation of the ROI mask and the rate parameter allows an intuitive way to achieve variable-rate and ROI coding simultaneously. Extensive experiments validate the effectiveness of our proposed method and confirm its superiority over the other competing methods.Comment: Accepted to IEEE ICIP 202

TransTIC: Transferring Transformer-based Image Compression from Human Visualization to Machine Perception

This work aims for transferring a Transformer-based image compression codec from human vision to machine perception without fine-tuning the codec. We propose a transferable Transformer-based image compression framework, termed TransTIC. Inspired by visual prompt tuning, we propose an instance-specific prompt generator to inject instance-specific prompts to the encoder and task-specific prompts to the decoder. Extensive experiments show that our proposed method is capable of transferring the codec to various machine tasks and outshining the competing methods significantly. To our best knowledge, this work is the first attempt to utilize prompting on the low-level image compression task

Relationship between Obesity-related Hormone Peptides and Quality of Life in Obese Women among Different Traditional Chinese Medicine Syndrome Groups

AbstractThe aim of this study was to explore the relationship between obesity-related hormone peptides and quality of life in obese women among different traditional Chinese medicine (TCM) syndrome groups (證型 zhèng xíng). 260 obese women met with age between 20 and 65years old and body mass index (BMI) ≧ 27kg/m2, were recruited. The participants filled out a questionnaire on obese TCM syndrome groups, which was designed by professional TCM doctors, and two questionnaires on quality of life (QOL), WHOQOL-BREF Taiwan version and MOS Short Form-12 (SF-12). Data of biochemical characteristics and obesity-related hormone peptides were collected at the same time. According to the responses provided, the obese subjects were classified into spleen deficiency with dampness encumbrance syndrome (脾虛濕阻證 pí xū shī zǔ zhèng; SDD), stomach heat with dampness encumbrance syndrome (胃熱濕阻證 wèi rè shī zǔ zhèng; SHD), liver depression and qi stagnation syndrome (肝鬱氣滯證 gān yù qì zhì zhèng; LDQ), dual spleen-kidney deficiency syndrome (脾腎兩虛證 pí shèn liǎng xū zhèng; SKD), yin deficiency with internal heat syndrome (陰虛內熱證 yīn xū nèi rè zhèng; YDI) and a control group. For physical conditions, SDD group had significantly higher means in weight and BMI compared with the control group. The insulin and leptin levels in SHD group were significantly higher than those in the control group. The LDQ group showed marked decrease in mental condition scores compared with the control group. This study found that obese women in the SDD group were fatter than those in the control group. SHD group might have greater influence on the regulation of obesity-related hormone peptides. The LDQ group had poor QOL than the control group. Analysis of TCM syndrome groups among obese women merits further investigation

Induction of Antinuclear Antibodies by De Novo Autoimmune Hepatitis Regulates Alloimmune Responses in Rat Liver Transplantation

Concanavalin A (Con A) is a lectin originating from the jack-bean and well known for its ability to stimulate T cells and induce autoimmune hepatitis. We previously demonstrated the induction of immunosuppressive antinuclear autoantibody in the course of Con A-induced transient autoimmune hepatitis. This study aimed to clarify the effects of Con A-induced hepatitis on liver allograft rejection and acceptance. In this study, we observed the unique phenomenon that the induction of transient de novo autoimmune hepatitis by Con A injection paradoxically overcomes the rejection without any immunosuppressive drug and exhibits significantly prolonged survival after orthotopic liver transplantation (OLT). Significantly increased titers of anti-nuclear Abs against histone H1 and high-mobility group box 1 (HMGB1) and reduced donor specific alloantibody response were observed in Con A-injected recipients. Induction of Foxp3 and IL-10 in OLT livers of Con A-injected recipients suggested the involvement of regulatory T cells in this unique phenomenon. Our present data suggest the significance of autoimmune responses against nuclear histone H1 and HMGB1 for competing allogeneic immune responses, resulting in the acceptance of liver allografts in experimental liver transplantation

Analgesic and Anti-Inflammatory Activities of the Methanol Extract from Pogostemon cablin

Pogostemon cablin (PC) is a herbal medicine traditionally applied to treat not only common cold, nausea and diarrhea but also headache and fever. The aim of this study was to investigate the analgesic and anti-inflammatory properties of standardized PC methanol extract (PCMeOH) in vivo. Investigations were performed in mice with two analgesic models. One was acetic acid-induced writhing response and the other formalin-induced paw licking. The anti-inflammatory effect was tested by λ-carrageenan (Carr)-induced mice paw edema. These analgesic experimental results indicated that PCMeOH (1.0 g/kg) decreased the acetic acid-induced writhing responses and PCMeOH (0.5 and 1.0 g/kg) decreased the licking time in the second phase of the formalin test. Moreover, Carr-induced paw edema inflammation was significantly reduced in a dose-dependent manner when PCMeOH (0.5 and 1.0 g/kg) was administered 3 and 4 h after the Carr injection. Mechanistic studies showed that PCMeOH decreased the levels of malondialdehyde in the edema paw by increasing the activities of anti-oxidant enzymes, such as superoxide dismutase, glutathione peroxidase and glutathione reductase, in the liver and decreasing the cyclooxygenase 2 and tumor necrosis factor-α activities in the edema paw. This study has demonstrated the analgesic and anti-inflammatory effects of PCMeOH, thus verifying its popular use in traditional medicine