The effect of financial leverage on real and accrual-based earnings management

Past research has documented a substitution effect between real earnings management (RM) and accrual-based earnings management (AM), depending on relative costs. This study contributes to this research by examining whether levels of (and changes in) financial leverage have an impact on this empirically documented trade-off. We hypothesise that in the presence of high leverage, firms that engage in earnings manipulation tactics will exhibit a preference for RM due to a lower possibility—and subsequent costs—of getting caught. We show that leverage levels and increases positively and significantly affect upward RM, with no significant effect on income-increasing AM, while our findings point towards a complementarity effect between unexpected levels of RM and AM for firms with very high leverage levels and changes. This is interpreted as an indication that high leverage could attract heavy outsider scrutiny, making it necessary for firms to use both forms of earnings management in order to achieve earnings targets. Furthermore, we document that equity investors exhibit a significantly stronger penalising reaction to AM vs. RM, indicating that leverage-induced RM is not as easily detectable by market participants as debt-induced AM, despite the fact that the former could imply deviation from optimal business practices

The Examination of Injuries in Dancers

The purpose of the present study was to examine the incidence of the injuries in dancers. A hundred and sixty eight dancers (135 women and 33 men) 23.17+6.43 years old, members of different dancing clubs, participated in the research. All the subjects participated only in dancing programs for learning, performing and practicing in any kind of dance and no other form of physical activity, and filled the instrument of measurements concerning general questions as well as questions about injury incidence. For data analysis, descriptive analysis and Pearson chi-square test of the SPSS version 17 for windows, were used. From the results it was shown that the biggest percentage of dancers take hip-hop (25.1%) and Latin American lessons (18.6%). Moreover, the dancers are involved in European dances, classic ballet, modern dance, oriental dances and Greek dances. The subjects participated in dance programs for 4.44 + 4.45 years, 3.16+1.63 days a week, for 2.29+1.30 hours a day. According to the dancersrsquo statements, 44.62% of them have suffered an injury. The most usual kinds of injuries are muscle strains (22.9%), muscular spasms-cramps (20.15%), callus (13.18%), sprains (12.53%), blisters (11.80%) and abrasions (11.10%). Also, in smaller percentages follow the fractures (3.48%), hematomas (3.48%) and dislocations (1.38%). The most significant causes of the injuries are poor warming-up (21.92%), fatigue (16.64%), clumsiness (15.68%), bad technique (10.48%), and concentration (10%), and nbspin smaller percentages performance pressure (7.12%), shoes (5.2%), partner and floor (4.8% both), hour of the day (1.44%), as well as competition and space tightness (7.96% both). Most of the dancers of the present sample (34%), who had an injury, overcame it with medication, 25% needed further medical examinations and 20% overcame the injury with rehabilitation. 16% of the dancers needed rest, while fortunately, only 5% overcame the injury with a surgery. Finally, most of the dancers of the present sample (63.76%) consider that dance teachers, as well as dancing clubs, are concerned very much with injuries prevention (63.76%). Consequently, recognizing, resolving, but above all, preventing the causes of injuries is very important concerning injuriesrsquo avoidance, good physical condition of dancers, reduction of training time loss, continuation of professional career, and continuation of dancing activity of those who have finished their career or are not professionally engaged in dancing

The option market reaction to bank loan announcements

In this study, we examine the options market reaction to bank loan announcements for the population of US firms with traded options and loan announcements during 1996-2010. We get evidence on a significant options market reaction to bank loan announcements in terms of levels and changes in short-term implied volatility and its term structure, and observe significant decreases in short-term implied volatility, and significant increases in the slope of its term structure as a result of loan announcements. Our findings appear to be more pronounced for firms with more information asymmetry, lower credit ratings and loans with longer maturities and higher spreads. Evidence is consistent with loan announcements providing reassurance for investors in the short-term, however, over longer time horizons, the increase in the TSIV slope indicates that investors become increasingly unsure over the potential risks of loan repayment or uses of the proceeds

Characterization of a prenatally assessed de novo supernumerary minute ring chromosome 20 in a phenotypically normal male

<p>Abstract</p> <p>Background</p> <p>The heterogeneous group of small supernumerary marker chromosomes (sSMCs) presents serious counseling problems, especially if they are present de novo and diagnosed prenatally. The incidence has been estimated at 1 in 1000 prenatal samples. We present a case of mosaic sSMC diagnosed prenatally after amniocentesis. The sSMC was characterized by various molecular cytogenetic techniques and determined to be a r(20) chromosome. After genetic counseling, the parents decided to continue the pregnancy, and a boy with minor phenotypic variants was born after 39 weeks of pregnancy. The case is compared with four other cases of prenatally detected r(20) mosaicism.</p> <p>Results</p> <p>Here we describe a 3 months old male child with normal pre- and postnatal development and with a de novo ring supernumerary marker chromosome in amniocytes cultures. Using new fluorescence in situ hybridization (FISH) techniques, three distinguishable sSMCs (cryptic mosaicism), all derived from chromosome 20, were observed, including ring and minute chromosomes. This heterogeneity was impossible to detect by the conventional G-banding technique or conventional FISH technique that were used before the application of new FISH techniques (subcentromere-specific multicolor-FISH [subcenM-FISH]) and a probe, specific for the 20p12.2 band. The sSMC present in 25% of the cells was present as r(20)(::p12.2~12.3->q11.1::)<abbrgrp><abbr bid="B5">5</abbr></abbrgrp>/r(20;20)(::p12.1->q11.1::q11.1 >p12.1::)<abbrgrp><abbr bid="B2">2</abbr></abbrgrp>/min(20;20)(:p12.1->q11.1::q11.1->p12.1:)<abbrgrp><abbr bid="B1">1</abbr></abbrgrp>. The final karyotype was 47,XY,+r(20)[25%]/46,XY[75%].</p> <p>Conclusion</p> <p>We emphasize the importance of application of molecular cytogenetics in a prenatally diagnostic laboratory and description of more cases to enable a better genetic counseling and risk evaluation.</p

The interface of syntax with pragmatics and prosody in children with Autism Spectrum Disorders

In order to study problems of individuals with Autism Spectrum Disorders (ASD) with morphosyntax, we investigated twenty high-functioning Greek-speaking children (mean age:6;11) and twenty age- and language-matched typically developing children on environments that allow or forbid object clitics or their corresponding noun phrase. Children with ASD fell behind typically developing in comprehending and producing simple clitics and producing noun phrases in focus structures. The two groups performed similarly in comprehending and producing clitics in clitic left dislocation and in producing noun phrases in non-focus structures. We argue that children with ASD have difficulties at the interface of(morpho)syntax with pragmatics and prosody, namely, distinguishing a discourse prominent element, and considering intonation relevant for a particular interpretation that excludes clitics

Molecular and functional characterization of an evolutionarily conserved CREB-binding protein in the Lymnaea CNS

In eukaryotes, CREB-binding protein (CBP), a coactivator of CREB, functions both as a platform for recruiting other components of the transcriptional machinery and as a histone acetyltransferase (HAT) that alters chromatin structure. We previously showed that the transcriptional activity of cAMP-responsive element binding protein (CREB) plays a crucial role in neuronal plasticity in the pond snail Lymnaea stagnalis. However, there is no information on the molecular structure and HAT activity of CBP in the Lymnaea central nervous system (CNS), hindering an investigation of its postulated role in long-term memory (LTM). Here, we characterize the Lymnaea CBP (LymCBP) gene and identify a conserved domain of LymCBP as a functional HAT. Like CBPs of other species, LymCBP possesses functional domains, such as the KIX domain, which is essential for interaction with CREB and was shown to regulate LTM. In-situ hybridization showed that the staining patterns of LymCBP mRNA in CNS are very similar to those of Lymnaea CREB1. A particularly strong LymCBP mRNA signal was observed in the cerebral giant cell (CGC), an identified extrinsic modulatory interneuron of the feeding circuit, the key to both appetitive and aversive LTM for taste. Biochemical experiments using the recombinant protein of the LymCBP HAT domain showed that its enzymatic activity was blocked by classical HAT inhibitors. Preincubation of the CNS with such inhibitors blocked cAMP-induced synaptic facilitation between the CGC and an identified follower motoneuron of the feeding system. Taken together, our findings suggest a role for the HAT activity of LymCBP in synaptic plasticity in the feeding circuitry

Deliverable Raport D4.6 Tools for generating QMRF and QPRF reports

Scientific reports carry significant importance for the straightforward and effective transfer of knowledge, results and ideas. Good practice dictates that reports should be well-structured and concise. This deliverable describes the reporting services for models, predictions and validation tasks that have been integrated within the eNanoMapper (eNM) modelling infrastructure. Validation services have been added to the Jaqpot Quattro (JQ) modelling platform and the nano-lazar read-across framework developed within WP4 to support eNM modelling activities. Moreover, we have proceeded with the development of reporting services for predictions and models, respectively QPRF and QMRF reports. Therefore, in this deliverable, we first describe the three validation schemes created, namely training set split, cross- and external validation in detail and demonstrate their functionality both on API and UI levels. We then proceed with the description of the read across functionalities and finally, we present and describe the QPRF and QMRF reporting services