Customer Monitoring Of Internal Information Processes And Firms\u27 External Reporting

Customers monitor their suppliers’ internal information processes to reduce uncertainty about the suppliers’ ability to fulfill their commitments. In this paper, I argue that these monitoring procedures improve the suppliers’ internal information, which in turn leads to higher quality external reporting. Using a dataset of U.S. government contracts, and employing both cross–sectional and within–firm research designs, I find a positive relation between government contracts and the quality of firms’ external reporting environment. Consistent with government monitoring driving this relation, I find that firms improve their external reporting when they first start contracting with the government, and that the magnitude of the improvement varies predictably with contract characteristics and is largest for contracts that entail a greater degree of government scrutiny. Finally, I use the establishment of the Cost Accounting Standards Board (CASB) in 1970 as an exogenous shock to contractor monitoring, and find greater improvements in the external reporting environment among firms affected by the CASB’s monitoring requirements. Overall, these results suggest that customer monitoring can play a role in shaping the firm’s external reporting environment

Multiple Changes in Peptide and Lipid Expression Associated with Regeneration in the Nervous System of the Medicinal Leech

peer reviewe

A standardised Phase III clinical trial framework to assess therapeutic interventions for Lassa fever

BACKGROUND: Only one recommendation currently exists for the treatment of Lassa fever (LF), which is ribavirin administered in conjunction with supportive care. This recommendation is primarily based on evidence generated from a single clinical trial that was conducted more than 30 years ago-the methodology and results of which have recently come under scrutiny. The requirement for novel therapeutics and reassessment of ribavirin is therefore urgent. However, a significant amount of work now needs to be undertaken to ensure that future trials for LF can be conducted consistently and reliably to facilitate the efficient generation of evidence. METHODOLOGY: We convened a consultation group to establish the position of clinicians and researchers on the core components of future trials. A Core Eligibility Criteria (CEC), Core Case Definition (CCD), Core Outcome Set (COS) and Core Data Variables (CDV) were developed through the process of a multi-stakeholder consultation that took place using a modified-Delphi methodology. RESULTS: A consensus position was achieved for each aspect of the framework, which accounts for the inclusion of pregnant women and children in future LF clinical trials. The framework consists of 8 core criteria, as well as additional considerations for trial protocols. CONCLUSIONS: This project represents the first step towards delineating the clinical development pathway for new Lassa fever therapeutics, following a period of 40 years without advancement. Future planned projects will bolster the work initiated here to continue the advancement of LF clinical research through a regionally-centred, collaborative methodology, with the aim of delineating a clear pathway through which LF clinical trials can progress efficiently and ensure sustainable investments are made in research capacity at a regional level

Government Procurement and Changes in Firm Transparency

The government requires its suppliers to have certain internal information processes to reduce uncertainty about their ability to fulfill their commitments. I argue that these requirements improve suppliers’ internal information, which leads to better external reporting. Using a dataset of U.S. government contracts, I find a positive relation between government contract awards and firms’ external reporting quality. Consistent with procurement-related requirements driving this relation, I find that firms improve their external reporting when they begin contracting with the government, and that the magnitude of the improvement varies predictably with contract characteristics imposing greater requirements on contractors’ internal information processes. Finally, I use the establishment of the Cost Accounting Standards Board in 1970 as a shock to contractors’ internal information requirements, and find greater improvements in external reporting among firms subject to the CASB. Overall, these results suggest that the government as a customer contributes to shaping firms’ information environments

The role of credit rating changes on opacity in the municipal bond market

This paper examines the role of credit rating changes on municipalities’ disclosure decisions. Using Moody’s recalibration of their municipal ratings scale in 2010 as an exogenous upgrade to municipal credit ratings, we find that upgraded municipalities significantly reduced their disclosure of financial information relative to unaffected municipalities. Consistent with rating upgrades decreasing municipal issuers’ cost of capital and reducing investors’ demand for disclosure, we find that this reduction is greater for issuers with greater ex–ante information asymmetry, greater ex–ante investor reliance on disclosure, and lower monitoring by underwriters and auditors. Collectively, our results suggest that higher ratings can reduce the transparency of debt issuers’ information environments by reducing borrowers’ incentives to disclose financial information

The Effect of Credit Ratings on Disclosure: Evidence from the Recalibration of Moody's Municipal Ratings

This paper examines how credit rating levels affect municipal debt issuers’ disclosure decisions. Using exogenous upgrades in credit rating levels caused by the recalibration of Moody's municipal ratings scale in 2010, we find that upgraded municipalities significantly reduce their disclosure of required continuing financial information, relative to unaffected municipalities. Consistent with a reduction in debtholders’ demand for information driving these results, the reduction in disclosure is greater when municipal bonds are held by investors who relied more on disclosure ex ante. However, we also find that the reduction in disclosure does not manifest when issuers are monitored by underwriters with greater issuer-specific expertise and when issuers are subject to direct regulatory enforcement through the receipt of federal funding. Overall, our results suggest that higher credit rating levels lower investor demand for disclosure in the municipal market, and highlight the role of underwriters and direct regulatory enforcement in maintaining disclosure levels when investor demand is low

ECHIDNA mediated post Golgi trafficking of auxin carriers for differential cell elongation

The plant hormone indole-acetic acid (auxin) is essential for many aspects of plant development. Auxin-mediated growth regulation typically involves the establishment of an auxin concentration gradient mediated by polarly localized auxin transporters. The localization of auxin carriers and their amount at the plasma membrane are controlled by membrane trafficking processes such as secretion, endocytosis, and recycling. In contrast to endocytosis or recycling, how the secretory pathway mediates the localization of auxin carriers is not well understood. In this study we have used the differential cell elongation process during apical hook development to elucidate the mechanisms underlying the post-Golgi trafficking of auxin carriers in Arabidopsis. We show that differential cell elongation during apical hook development is defective in Arabidopsis mutant echidna (ech). ECH protein is required for the trans-Golgi network (TGN)-mediated trafficking of the auxin influx carrier AUX1 to the plasma membrane. In contrast, ech mutation only marginally perturbs the trafficking of the highly related auxin influx carrier LIKE-AUX1-3 or the auxin efflux carrier PIN-FORMED-3, both also involved in hook development. Electron tomography reveals that the trafficking defects in ech mutant are associated with the perturbation of secretory vesicle genesis from the TGN. Our results identify differential mechanisms for the post-Golgi trafficking of de novo-synthesized auxin carriers to plasma membrane from the TGN and reveal how trafficking of auxin influx carriers mediates the control of differential cell elongation in apical hook development