A web of intercorrelations: culture, financial reporting and social output

In the context of a growing literature on the connection between cultural variables and accounting regulations, the general objective of the paper is to provide a theoretical framework and empirical evidence on the recent trends in financial reporting and on their impact on the dynamics of the social output. Thus, the specific objectives are: 1) to provide an operational definition of culture; 2) to advance a model of the interactions between culture, design of accounting regulations and the economic growth; 3) to test some of these interactions at the European based on an empirical pool data model. The dependent variable are: a dummy aiming to capture the specificity of the IFRSs endorsement in EU; the average real GDP rates of growth; and the explanatory variables which are represented by the cultural descriptors derived from World Values Survey questions. The main results of the paper consist in the following theses: the culture is relevant for the national characteristics of IFRSs implementation in European Union; and the accounting framework matters for the outcomes of social decisions.Accounting harmonization, culture, financial reporting, social output, world values survey, IFRSs

Effects of financial and non-financial information disclosure on prices’ mechanisms for emergent markets: The case of Romanian Bucharest Stock Exchange

The issuance of the European Union Regulation (EC) 1606/2002 and the 2007 adoption of the Markets and Financial Instruments Directive in Romania determined us to sett the goal of the present study at investigating the impact of public information disclosure on market values in the case of the Romanian companies listed on Bucharest Stock Exchange. Our focus is mainly on comparing the value relevance of Internet disclosed information provided by annual and interim financial reports and other non-financial news in the decision making process of investors. Consistent with the literature, we anticipate a positive and significant incremental relevance of such information items, even if an important non-uniformity of prices’ adjustments can be expected. In order to have a benchmark for our results, we compare these with the ones specific to a more developed market, the Madrid Stock Exchange. Empirical tests support our research hypothesis according to which there will be a relative incremental value of a higher volume and a better quality of information, reflecting prices’ overreactions even in the case of a market with imperfect trading mechanisms.KEY WORDS Disclosure, Valuation, Bucharest Stock Exchange, Madrid Stock Exchange

National legislative systems and foreign standards and regulations: The case of International Financial Reporting Standards adoption

This study is focused on the linkages between the legislative families as descriptors of national legislative systems and International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). We consider such analysis as a case study for the more general issue of explaining the preferences of national regulators in the adoption of foreign norms, rules, standards and practices. By using a dataset of 162 jurisdictions and dummy variables designed to capture the current stage of IFRSs adoption and, respectively, the taxonomy of their legislative systems, we find that a full IFRSs adoption is more likely to occur in countries which have principles-based on legislative mono-systems. In addition, we observe that a strong rule of law, with an effective mechanism of property rights reinforcement, as well as the pre-adoption existence of a pro-growth set of public policies can contribute to the encouragement of IFRSs adoption.IFRSs adoption• Legislative families

Biological fixation of the nitrogen (NFB) in the temporary grasslands with Festuca rubra L.

In the conditions from our country, even Festuca rubra is a well spread species in the permanent grasslands from mountains it was less studied in different structures of mixtures for the setting of the temporary grasslands. From this point of view the realised researches had as main purpose the estimation of the fixation capacity of the biological nitrogen (NFB) in the framework of the studied floristic structures. The experiment consisted of a bi-factorial experiment, with the following factor graduations: A- Mixture types: a1 = Festuca rubra L. (100%); a2 = Festuca rubra L. (60%) + Trifolium repens L. (40%); a3 = Festuca rubra L. (60%) + Lotus corniculatus L. (40%); a4 = Festuca rubra L. (60%) + Trifolium repens L. (20%) + Lotus corniculatus L. (20%) and B- Nitrogen rates: b1 = N0; b2 = N50; b3 = N100. The mixtures of Festuca rubra L. and of the legume species we studied produced between 14.03 and 52.25 kg of NFB per ha per year. With no nitrogen fertilisation, the amount of NFB ranged between 14.03 and 48.01 kg/ha/year. The largest amounts of NFB were produced by the complex mixture, where the share of legumes and of dry matter also was higher than in the other types of mixtures we analysed

Mining Social Media to Extract Structured Knowledge through Semantic Roles

Semantics is a well-kept secret in texts, accessible only to humans. Artificial Intelligence struggles to enrich machines with human-like features, therefore accessing this treasure and sharing it with computers is one of the main challenges that the computational linguistics domain faces nowadays. In order to teach computers to understand humans, language models need to be specified and created from human knowledge. While still far from completely decoding hidden messages in political speeches, computer scientists and linguists have joined efforts in making the language easier to be understood by machines. This paper aims to introduce the VoxPopuli platform, an instrument to collect user generated content, to analyze it and to generate a map of semantically-related concepts by capturing crowd intelligence