Financial Reporting Quality and Proprietary Costs

This study investigates the association between proprietary costs and the quality of financial reporting. Interpreting a firm’s financial reporting policy as a choice of precision (“quality”) for the disclosed accounting earnings, I find evidence that the higher the proprietary costs, the lower the precision (“quality”) of reported accounting earnings. This is consistent with analytical work in disclosure theory which suggests that, ceteris paribus, as the proprietary cost of disclosure increases, the quality of disclosure decreases

High performance, LED powered, waveguide based total internal reflection microscopy.

Total internal reflection fluorescence (TIRF) microscopy is a rapidly expanding optical technique with excellent surface sensitivity and limited background fluorescence. Commercially available TIRF systems are either objective based that employ expensive special high numerical aperture (NA) objectives or prism based that restrict integrating other modalities of investigation for structure-function analysis. Both techniques result in uneven illumination of the field of view and require training and experience in optics. Here we describe a novel, inexpensive, LED powered, waveguide based TIRF system that could be used as an add-on module to any standard fluorescence microscope even with low NA objectives. This system requires no alignment, illuminates the entire field evenly, and allows switching between epifluorescence/TIRF/bright field modes without adjustments or objective replacements. The simple design allows integration with other imaging systems, including atomic force microscopy (AFM), for probing complex biological systems at their native nanoscale regimes

Pion Photoproduction Amplitude Relations in the 1/N_c Expansion

We derive expressions for pion photoproduction amplitudes in the 1/N_c expansion of QCD, and obtain linear relations directly from this expansion that relate electromagnetic multipole amplitudes at all energies. The leading-order relations in 1/N_c compare favorably with available data, while the next-to-leading order relations seem to provide only a small improvement. However, when resonance parameters are compared directly, the agreement at O(1/N_c) or O(1/N_c^2) is impressive.Comment: 19 pages, ReVTeX, 50 eps files combine into 5 compound figure

Mechanisms to Meet/Beat Analyst Earnings Expectations in the Pre- and Post-Sarbanes-Oxley Eras

This paper asks two questions. First, has the prevalence of expectations management to meet/beat analyst expectations changed in the aftermath of the 2001-2002 accounting scandals and the passage of the 2002 Sarbanes-Oxley Act (SOX)? Second, has the mix among the three mechanisms used for meeting earnings targets: accrual earnings management, real earnings management, and earnings expectations management shifted in the Post-SOX Period? We document that the propensity to meet/beat analyst expectations has declined significantly in the Post-SOX Period. Our primary findings explain this pattern. In particular, we find a decline in the use of expectations management and accrual management, and no change in real earnings management in the Post-SOX Period relative to the preceding seven-year period. Our results are robust to controlling for varying macro economic conditions. These findings contribute to the academic literature, investors, and regulators

Mechanisms to Meet/Beat Analyst Earnings Expectations in the Pre- and Post-Sarbanes-Oxley Eras

This paper asks two questions. First, has the prevalence of expectations management to meet/beat analyst expectations changed in the aftermath of the 2001-2002 accounting scandals and the passage of the 2002 Sarbanes-Oxley Act (SOX)? Second, has the mix among the three mechanisms used for meeting earnings targets: accrual earnings management, real earnings management, and earnings expectations management shifted in the Post-SOX Period? We document that the propensity to meet/beat analyst expectations has declined significantly in the Post-SOX Period. Our primary findings explain this pattern. In particular, we find a decline in the use of expectations management and accrual management, and no change in real earnings management in the Post-SOX Period relative to the preceding seven-year period. Our results are robust to controlling for varying macro economic conditions. These findings contribute to the academic literature, investors, and regulators

Weighing the Evidence on the Relation between External Corporate Financing Activities, Accruals and Stock Returns

Bradshaw, Richardson, and Sloan (BRS) find a negative relation between their comprehensive measure of corporate financing activities and future stock returns and future profitability. Noticing that accounting accruals are increases in net operating assets on a company’s balance sheet, we question whether it is possible to distinguish between the ‘external financing anomaly’ documented by BRS and the ‘accrual anomaly’ first documented by Sloan (1996). We show that once controlling for total accruals, the relation between external financing activities and future stock returns is attenuated and not statistically significant. These findings are consistent with Richardson and Sloan (2003)

Navigating Into the New Safe Harbor : Model Interest Surveys as a New Tool for Title IX Compliance Programs

The policy debate and the divergent views expressed in the mainstream media have provided little practical advice regarding the Additional Clarification or the Model Survey to the well-intentioned academic institution seeking to comply with Title IX in a cost-effective manner. This Article is intended to be a source of such practical advice. This Article discusses the Additional Clarification from the perspective of the academic institution and seeks to help it evaluate whether to implement the OCR\u27s recommendations, including the Model Survey, as part of its Title IX compliance program. The Article does not engage in the policy debate regarding the Additional Clarification or Title IX enforcement policy generally. Section I of this Article discusses Prong Three from a historical perspective, to place the Additional Clarification in context. Section II summarizes the contributions of the Additional Clarification to the Title IX compliance landscape and explains the OCR\u27s recommendations for using the Model Survey. Section III discusses possible advantages and disadvantages of using the Model Survey. Section IV suggests an approach to using the Model Survey as an ongoing component of a Title IX compliance monitoring program

Structure and permeability of ion-channels by integrated AFM and waveguide TIRF microscopy.

Membrane ion channels regulate key cellular functions and their activity is dependent on their 3D structure. Atomic force microscopy (AFM) images 3D structure of membrane channels placed on a solid substrate. Solid substrate prevents molecular transport through ion channels thus hindering any direct structure-function relationship analysis. Here we designed a ~70 nm nanopore to suspend a membrane, allowing fluidic access to both sides. We used these nanopores with AFM and total internal reflection fluorescence microscopy (TIRFM) for high resolution imaging and molecular transport measurement. Significantly, membranes over the nanopore were stable for repeated AFM imaging. We studied structure-activity relationship of gap junction hemichannels reconstituted in lipid bilayers. Individual hemichannels in the membrane overlying the nanopore were resolved and transport of hemichannel-permeant LY dye was visualized when the hemichannel was opened by lowering calcium in the medium. This integrated technique will allow direct structure-permeability relationship of many ion channels and receptors