Board interlocks and earnings management contagion

We examine whether earnings management spreads from firm to firm via board connections of shared directors. A firm has a higher likelihood of restating earnings in a given year if it shares a director with another firm that restated earnings either in that same year or within the past two years. We also find evidence of earning management contagion at the earlier restating period when the accounting violated GAAP. In this case, a firm has a higher probability of later restating earnings reported in the current year if it shares a director with other firms that have to restate earnings for the current or past two years. Furthermore, we find that earnings management contagion is stronger when it’s the shared director has a more important relevant position. A board chairman, audit committee member or especially audit committee chairman who is also a director at another firm is associated with stronger contagion relative to other board positions of shared directors. This finding is consistent with the importance of the role of board monitoring to ensure high quality financial reporting. Board network contagion effects are not due to reverse causality, endogenous matching of firm characteristics or common industry shocks, but are weakened by endogenous matching of director characteristics. Board network contagion effects also subsume contagion from geographical proximity of firms, and are incremental to other sources of earnings management incentives, such as M&A and new issue activities. Overall, the evidence supports the idea that economic behaviors such as earnings manipulation spread through social networks.postprin

Optimal Receiver Antenna Location in Indoor Environment Using Dynamic Differential Evolution and Genetic Algorithm

[[abstract]]Using the impulse responses of these multipath channels, the bit error rate (BER) performance for binary pulse amplitude modulation impulse radio ultra-wideband communication system is calculated. The optimization location of receiving antenna is investigated by dynamic differential evolution (DDE) and genetic algorithm (GA) to minimize the outage probability. Numerical results show that the performance for reducing BER and outage probability by DDE algorithm is better than that by GA.[[notice]]補正完畢[[incitationindex]]SCI[[booktype]]紙本[[booktype]]電子

Outcomes in Neonates with Pulmonary Atresia and Intact Ventricular Septum Underwent Pulmonary Valvulotomy and Valvuloplasty Using a Flexible 2-French Radiofrequency Catheter

Purpose : Outcomes in 6 neonates with pulmonary atresia and intact ventricular septum (PAIVS) Undergoing radiofrequency pulmonary valvulotomy and valvuloplasty (RPVV) were reported to identify the factors favorable for RPVV as the treatment of choice. Materials and Methods: From May 2000 to January 2008, 6 patients with PAWS were included in this retrospective study. They were aged I day to 90 days old. Study modalities included review of recordings of presentations and profiles of chest radiography, electrocardiography, echocardiography, and cardiac catheterization with angiography. Hemodynamic profiles from the echocardiography and the cardiac catheterization were analyzed. Results: Echocardiography showed severe tricuspid regurgitation, membranous atresia of the pulmonary valve, intact ventricular septum, patent ductus arteriosus, and hypoplastic right ventricle in 6 patients. The pulmonary valve annulus were 4.2 to 6.9 mm in diameters, and those of the tricuspid valve were 7.1 to 10.1 mm. Elevated serum level of cardiac enzymes were found in 1 patient with ventriculocoronary communication (VCC). At cardiac catheterization, the ratio of systolic pressure of the right ventricle to that of the left ventricle ranged from 1.43 to 2.33 before RPVV, and from 0.54 to 1.15 after RPVV ((p=0. 027). The pressure gradients ranged from 76 to 136 mmHg before RPVV, and from 15 to 39 mmHg after RPVV (p=0.028). The echocardiographic gradients ranged from 16 to 32 mmHg within 24 hours after RPVV, and from 15 to 50 mmHg at the follow-ups. Conclusion: RPVV can be a treatment of choice for neonates with PAIVS, if there is patent infundibulum, no right-ventricular dependent coronary circulation, and adequate tricuspid valve and pulmonary valve

Comparison of pulmonary arterial flow phenomena in spiral and Lecompte models by computational fluid dynamics

AbstractObjectives: The transposed great arteries are simply reversed by means of a conventional arterial switch operation with the Lecompte maneuver without resumption of their spiral relationship. We seek to clarify the functional implications of the spiral relationship of the great arteries by means of mathematic modeling. Methods: Computational fluid dynamics is used to compare flow phenomena of the spiral and Lecompte (nonspiral) models under various body surface areas. Results: The velocity profile and wall-shear stress distribution are more uniform for the spiral than for the Lecompte model. The pressure drop and power loss ratio are smaller for the spiral than the Lecompte model for all the body surface areas investigated. The power loss ratio increases abruptly starting from 0.43 m2 of body surface area for the Lecompte model. At that specific stage, after arterial switch operation with the Lecompte maneuver, suprapulmonary stenoses occur most frequently. Conclusions: Reconstructing the great arteries in spiral fashion might be recommended because the blood flow patterns are more streamlined than those of the Lecompte maneuver. Initiation of stenosis might be minimized to some extent

Assessing the Health of Richibucto Estuary with the Latent Health Factor Index

The ability to quantitatively assess the health of an ecosystem is often of great interest to those tasked with monitoring and conserving ecosystems. For decades, research in this area has relied upon multimetric indices of various forms. Although indices may be numbers, many are constructed based on procedures that are highly qualitative in nature, thus limiting the quantitative rigour of the practical interpretations made from these indices. The statistical modelling approach to construct the latent health factor index (LHFI) was recently developed to express ecological data, collected to construct conventional multimetric health indices, in a rigorous quantitative model that integrates qualitative features of ecosystem health and preconceived ecological relationships among such features. This hierarchical modelling approach allows (a) statistical inference of health for observed sites and (b) prediction of health for unobserved sites, all accompanied by formal uncertainty statements. Thus far, the LHFI approach has been demonstrated and validated on freshwater ecosystems. The goal of this paper is to adapt this approach to modelling estuarine ecosystem health, particularly that of the previously unassessed system in Richibucto in New Brunswick, Canada. Field data correspond to biotic health metrics that constitute the AZTI marine biotic index (AMBI) and abiotic predictors preconceived to influence biota. We also briefly discuss related LHFI research involving additional metrics that form the infaunal trophic index (ITI). Our paper is the first to construct a scientifically sensible model to rigorously identify the collective explanatory capacity of salinity, distance downstream, channel depth, and silt-clay content --- all regarded a priori as qualitatively important abiotic drivers --- towards site health in the Richibucto ecosystem.Comment: On 2013-05-01, a revised version of this article was accepted for publication in PLoS One. See Journal reference and DOI belo

Channel Characteristics of MIMO-WLAN Communications at 60GHz for Various Corridors

[[abstract]]A comparison of 4 × 4 multiple-input multiple-output wireless local area network wireless communication characteristics for six different geometrical shapes is investigated. These six shapes include the straight shape corridor with rectangular cross section, the straight shape corridor with arched cross section, the curved shape corridor with rectangular cross section, the curved shape corridor with arched cross section, the L-shape corridor, and the T-shape corridor. The impulse responses of these corridors are computed by applying shooting and bouncing ray/image (SBR/Image) techniques along with inverse Fourier transform. By using the impulse response of these multipath channels, the mean excess delay, root mean square (RMS) delay spread for these six corridors can be obtained. Numerical results show that the capacity for the rectangular cross section corridors is smaller than those for the arched cross section corridors regardless of the shapes. And the RMS delay spreads for the T-and the L-shape corridors are greater than the other corridors.[[notice]]補正完畢[[incitationindex]]SCI[[incitationindex]]EI[[booktype]]紙本[[booktype]]電子

Kawasaki disease in Hong Kong, 1994 to 2000

OBJECTIVE. To describe the epidemiology, clinical characteristics, and management of Kawasaki disease in children in Hong Kong. DESIGN. Retrospective survey of medical records from July 1994 to June 1997, and prospective data collection from July 1997 to June 2000. SETTING. Hospitals with a paediatric unit in Hong Kong. PATIENTS. Patients diagnosed with Kawasaki disease between July 1994 and June 2000 in public hospitals in Hong Kong. MAIN OUTCOME MEASURES. Incidence of Kawasaki disease and coronary artery aneurysm rates. RESULTS. A total of 696 cases of Kawasaki disease were reported. There were 435 (62.5%) boys and 261 (37.5%) girls giving a male to female ratio of 1.7:1. The age ranged from 1 month to 15 years 5 months with a median of 1.7 years. Infants (<1 year) constituted the largest group of patients (223,32.0%) and overall, 638 (91.7%) were younger than 5 years. Skin rash, conjunctivitis, and oral signs were among the principal clinical features present in over 80% of cases. Prominent cervical lymph nodes larger than 1.5 cm were less commonly found (24%). Coronary artery aneurysms or ectasia were present in 15.7% (109/696), 8.5% (59/696), and 5.0% (35/696) of patients at 2, 4, and 8 weeks, respectively. The incidence of Kawasaki disease per 100 000 children under 5 years was significantly higher in the prospective study period than in the retrospective period (39 vs 26, <0.001). CONCLUSION. The incidence of Kawasaki disease is high in Hong Kong and is 39 per 100 000 children below 5 years of age. The coronary artery aneurysm prevalence is 5%. Intravenous gamma-globulin and high-dose aspirin is the mainstay of treatment.published_or_final_versio

Hospital Authority audit of the outcome of endoscopic resection of superficial upper gastro-intestinal lesions in Hong Kong

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