Which of These is Not Like the Other? The Role of Segment Reporting Differentiation in Determining Firm Value

This study examines a firm’s excess value based on segment reporting for the firm and its peer group. Firms often operate in industry segments not reported by peers. When such operating segments are reported separately, the assessed covariance between the focal firm’s cash flows and those of its peers is reduced. As a result, I hypothesize that a larger difference in reported operating segments between the focal firm and its peer group increases the focal firm’s excess value. Additionally, when a peer group reports greater differences in operating segments, the focal firm will benefit from increased differentiation between firms in the peer group, also increasing focal firm excess value. Using peer groups based on product descriptions from Form 10-K filings, I construct a measure of segment reporting differentiation and find evidence consistent with my expectations. I also find the effects of reporting differentiating segment are more pronounced after an increase in mandatory disclosure precision (ASC 280), suggesting possible externalities due to increased mandatory reporting requirements. Overall, results are consistent with the idea that higher levels of differentiation by the focal firm and by peers reduce correlations between firms, affecting the focal firm’s excess value

Anatomy and Taxonomic Status of the Chasmosaurine Ceratopsid Nedoceratops hatcheri from the Upper Cretaceous Lance Formation of Wyoming, U.S.A

Background: The validity of Nedoceratops hatcheri, a chasmosaurine ceratopsid dinosaur known from a single skull recovered in the Lance Formation of eastern Wyoming, U.S.A., has been debated for over a century. Some have argued that the taxon is an aberrant Triceratops, and most recently it was proposed that N. hatcheri represents an intermediate ontogenetic stage between ‘‘young adult’ ’ and ‘‘old adult’ ’ forms of a single taxon previously split into Triceratops and Torosaurus. Methodology/Principal Findings: The holotype skull of Nedoceratops hatcheri was reexamined in order to map reconstructed areas and compare the specimen with other ceratopsids. Although squamosal fenestrae are almost certainly not of taxonomic significance, some other features are unique to N. hatcheri. These include a nasal lacking a recognizable horn, nearly vertical postorbital horncores, and relatively small parietal fenestrae. Thus, N. hatcheri is tentatively considered valid, and closely related to Triceratops spp. The holotype of N. hatcheri probably represents an ‘‘old adult,’ ’ based upon bone surface texture and the shape of the horns and epiossifications on the frill. In this study, Torosaurus is maintained as a genus distinct from Triceratops and Nedoceratops. Synonymy of the three genera as ontogenetic stages of a single taxon would require cranial changes otherwise unknown in ceratopsids, including additions of ossifications to the frill and repeated alternation of bone surface texture between juvenile and adult morphotypes

‘Nedoceratops’: An Example of a Transitional Morphology

Background: The holotype and only specimen of the chasmosaurine ceratopsid dinosaur ‘Nedoceratops hatcheri ’ has been the source of considerable taxonomic debate since its initial description. At times it has been referred to its own genus while at others it has been considered synonymous with the contemporaneous chasmosaurine Triceratops. Most recently, the debate has focused on whether the specimen represents an intermediate ontogenetic stage between typical young adult Triceratops and the proposed mature morphology, which was previously considered to represent a distinct genus, ‘Torosaurus’. Methodology/Principal Findings: The only specimen of ‘Nedoceratops hatcheri ’ was examined and the proposed diagnostic features of this taxon were compared with other chasmosaurine ceratopsids. Every suggested autapomorphy of ‘Nedoceratops ’ is found in specimens of Triceratops. In this study, Triceratops includes the adult ‘Torosaurus ’ morphology. The small parietal fenestra and elongate squamosals of Nedoceratops are consistent with a transition from a short, solid parietalsquamosal frill to an expanded, fenestrated condition. Objections to this hypothesis regarding the number of epiossifications of the frill and alternations of bone surface texture were explored through a combination of comparative osteology and osteohistology. The synonymy of the three taxa was further supported by these investigations. Conclusions/Significance: The Triceratops, ‘Torosaurus’, and ‘Nedoceratops ’ morphologies represent ontogenetic variatio

Torosaurus Is Not Triceratops: Ontogeny in Chasmosaurine Ceratopsids as a Case Study in Dinosaur Taxonomy

Background: In horned dinosaurs, taxonomy is complicated by the fact that the cranial ornament that distinguishes species changes with age. Based on this observation, it has been proposed that the genera Triceratops and Torosaurus are in fact synonymous, with specimens identified as Torosaurus representing the adult form of Triceratops. The hypothesis of synonymy makes three testable predictions: 1) the species in question should have similar geographic and stratigraphic distributions, 2) specimens assigned to Torosaurus should be more mature than those assigned to Triceratops, and 3) intermediates should exist that combine features of Triceratops and Torosaurus. The first condition appears to be met, but it remains unclear whether the other predictions are borne out by the fossil evidence. Methodology/Principal Findings: We assessed the relative maturity of Torosaurus and Triceratops specimens by coding skulls for characters that vary with maturity, and then using a clustering analysis to arrange them into a growth series. We found that a well-defined sequence of changes exists in horned dinosaurs: development of cranial ornament occurs in juveniles, followed by fusion of the skull roof in subadults, and finally, the epoccipitals, epijugals, and rostral fuse to the skull in adults. Using this scheme, we identified mature and immature individuals of both Torosaurus and Triceratops. Furthermore, we describe the ventral depressions on the frill of Triceratops, and show that they differ in shape and position from the parietal fenestrae of Torosaurus. Thus, we conclude that these structures are not intermediates between the soli

Differentiation of high-latitude and polar marine faunas in a greenhouse world

Aim The aim was to investigate those factors that influenced the differentiation of high-latitude and polar marine faunas on both ecological and evolutionary time-scales. Can a focus on a greenhouse world provide some important clues? Location World-wide, but with particular emphasis on the evolution of Antarctic marine faunas. Time period Early Cenozoic era and present day. Major taxa studied Mollusca, especially Neogastropoda. Methods The Early Cenozoic global radiation of one of the largest extant marine clades, Neogastropoda, was examined, and detailed comparisons were made between two tropical localities and Antarctica. High- to low-latitude faunal differentiation was assessed using Sørensen's dissimilarity index, and component species in each of the three faunas were assigned to 29 families and family groups. Relative diversity distributions were fitted to these three faunas and two modern ones to assess the contrast in evenness between high- and low-latitude assemblages. Results By the Middle Eocene, a distinct high-latitude neogastropod fauna had evolved in Antarctica. In addition, the distribution of species within families in this fauna is statistically significantly less even than that in the tropics. Indeed, there is no detectable difference in the scale of this separation from that seen today. Exactly as in the modern fauna, Middle Eocene Antarctic neogastropods are dominated by a small number of trophic generalist groups. Main conclusions As the hyperdiverse Neogastropoda clade radiated globally through the Early Cenozoic, it differentiated into distinct high- and low-latitude components. The fact that it did so in a greenhouse world strongly suggests that something else besides temperature was involved in this process. The predominance of generalist feeding types in the Antarctic fossil faunas is linked to the phenomenon of a seasonally pulsed food supply, exactly as it is today. Seasonality in primary productivity may act as a fundamental control on the evolution of large-scale biodiversity pattern

THE \u27STRONG VOCATIONAL INTEREST BLANK\u27 AS A PREDICTOR OF SUCCESS IN ENGINEERING

Abstract not availabl

No.439 Alvin Cobabe

Transcript (54 pages) of interviews by Joseph Arave with Dr. Alvin Cobabe, on July 17 and August 27, 1990Cobabe (b. 1917) details his career as a broadcast engineer and his training at the University of Utah school of medicine at the age of forty-one. The bulk of the interview is about the development of Powder Mountain ski resort. Interviewer: Joe Arav