Less is more when analysts report bad news

Session 166: Sell-Side AnalystsTop Ten SessionThis study documents the existence of a positive-negative asymmetry in analysts’ consensus earnings forecast revisions. We find that upward revisions are more informative than downward revisions. After controlling for momentum, extreme downward revisions contain little incremental information compared with moderate downward revisions. The differential richness of information set in good and bad news revisions is more pronounced among bigger, more heavily covered stocks and stocks with higher institutional holding, i.e. stocks typically are more prone to the analyst agency problem. These findings are consistent with the claim that analysts systematically struggle with bad news reporting as conflicts are exacerbated with bad news but are attenuated with good news.postprin

Eye movement patterns during the recognition of three-dimensional objects: Preferential fixation of concave surface curvature minima

This study used eye movement patterns to examine how high-level shape information is used during 3D object recognition. Eye movements were recorded while observers either actively memorized or passively viewed sets of novel objects, and then during a subsequent recognition memory task. Fixation data were contrasted against different algorithmically generated models of shape analysis based on: (1) regions of internal concave or (2) convex surface curvature discontinuity or (3) external bounding contour. The results showed a preference for fixation at regions of internal local features during both active memorization and passive viewing but also for regions of concave surface curvature during the recognition task. These findings provide new evidence supporting the special functional status of local concave discontinuities in recognition and show how studies of eye movement patterns can elucidate shape information processing in human vision

High-capacity wave energy conversion by multi-floats, multi-PTO, control and prediction: generalised state-space modelling with linear optimal control and arbitrary headings

Wave energy converters with capacity similar to, or greater than, wind turbines are desirable for the supply of electricity to the grid. It is shown that this may be provided by multiple floats in a hinged raft-type configuration with multimode forcing. The case analysed has 8 floats and 4 power take off (PTO) units. Analysis is based on linear diffraction-radiation modelling, validated in wave basin experiments with a smaller number of floats. Control is desirable to improve energy capture, mainly demonstrated for point absorbers, but this has not previously been applied to such a complex problem with many freedoms. The linear hydrodynamic model in a state-space form makes it possible to implement advanced control algorithms in real time. Linear non-causal optimal control (LNOC) is applied with wave force prediction from auto-regression. For the design case with zero heading, as the configuration heads naturally into the wave direction, energy capture is improved by between 21% and 83%. The energy capture is about 62% the maximum possible from idealised analyses. Off-design, non-zero headings are also analysed to indicate how energy capture can be reduced; this is again improved by control, by several times at 90 degrees heading

Superpulsed low-level laser therapy protects skeletal muscle of mdx mice against damage, inflammation and morphological changes delaying dystrophy progression.

Aim: To evaluate the effects of preventive treatment with low-level laser therapy (LLLT) on progression of dystrophy in mdx mice. Methods: Ten animals were randomly divided into 2 experimental groups treated with superpulsed LLLT (904 nm, 15 mW, 700 Hz, 1 J) or placebo-LLLT at one point overlying the tibialis anterior muscle (bilaterally) 5 times per week for 14 weeks (from 6th to 20th week of age). Morphological changes, creatine kinase (CK) activity and mRNA gene expression were assessed in animals at 20th week of age. Results: Animals treated with LLLT showed very few morphological changes in skeletal muscle, with less atrophy and fibrosis than animals treated with placebo-LLLT. CK was significantly lower (p = 0.0203) in animals treated with LLLT (864.70 U.l−1, SEM 226.10) than placebo (1708.00 U.l−1, SEM 184.60). mRNA gene expression of inflammatory markers was significantly decreased by treatment with LLLT (p<0.05): TNF-α (placebo-control = 0.51 µg/µl [SEM 0.12], - LLLT = 0.048 µg/µl [SEM 0.01]), IL-1β (placebo-control = 2.292 µg/µl [SEM 0.74], - LLLT = 0.12 µg/µl [SEM 0.03]), IL-6 (placebo-control = 3.946 µg/µl [SEM 0.98], - LLLT = 0.854 µg/µl [SEM 0.33]), IL-10 (placebo-control = 1.116 µg/µl [SEM 0.22], - LLLT = 0.352 µg/µl [SEM 0.15]), and COX-2 (placebo-control = 4.984 µg/µl [SEM 1.18], LLLT = 1.470 µg/µl [SEM 0.73]). Conclusion: Irradiation of superpulsed LLLT on successive days five times per week for 14 weeks decreased morphological changes, skeletal muscle damage and inflammation in mdx mice. This indicates that LLLT has potential to decrease progression of Duchenne muscular dystrophy

Saturated phase densities of (CO2 + H2O) at temperatures from (293 to 450) K and pressures up to 64 MPa

An apparatus consisting of an equilibrium cell connected to two vibrating tube densimeters and two syringe pumps was used to measure the saturated phase densities of (CO2 + H2O) at temperatures from (293 to 450) K and pressures up to 64 MPa, with estimated average standard uncertainties of 1.5 kg · m−3 for the CO2-rich phase and 1.0 kg · m−3 for the aqueous phase. The densimeters were housed in the same thermostat as the equilibrium cell and were calibrated in situ using pure water, CO2 and helium. Following mixing, samples of each saturated phase were displaced sequentially at constant pressure from the equilibrium cell into the vibrating tube densimeters connected to the top (CO2-rich phase) and bottom (aqueous phase) of the cell. The aqueous phase densities are predicted to within 3 kg · m−3 using empirical models for the phase compositions and partial molar volumes of each component. However, a recently developed multi-parameter equation of state (EOS) for this binary mixture, Gernert and Span [32], was found to under predict the measured aqueous phase density by up to 13 kg · m−3. The density of the CO2-rich phase was always within about 8 kg · m−3 of the density for pure CO2 at the same pressure and temperature; the differences were most positive near the critical density, and became negative at temperatures above about 373 K and pressures below about 10 MPa. For this phase, the multi-parameter EOS of Gernert and Span describes the measured densities to within 5 kg · m−3, whereas the computationally-efficient cubic EOS model of Spycher and Pruess (2010), commonly used in simulations of subsurface CO2 sequestration, deviates from the experimental data by a maximum of about 8 kg · m−3

Hypomelanosis of Ito: Case report of a rare neurocutaneous syndrome in a neonate and review of the literature.

Hypomelanosis of Ito (HI) though said to be the third most common neurocutaneus disorder, is rarely reported in paediatric practice in Africa. A high index of suspicion must be maintained in children with cutaneous lesions as a seizure may be the first symptom that may bring the child to attention. A case of HI in a neonate is hereby reported to sensitize clinicians about this relatively uncommon disorde

Antiviral biflavonoids from Radix Wikstroemiae (Liaogewanggen)

<p>Abstract</p> <p>Background</p> <p><it>Radix Wikstroemiae </it>is a common Chinese herbal medicine. The ethyl acetate fraction of the ethanolic extract of <it>W. indica </it>possesses potent <it>in vitro </it>antiviral activity against respiratory syncytial virus (RSV). This study aims to identify the antiviral components of the active fraction.</p> <p>Methods</p> <p>The active fraction of the <it>Radix Wikstroemiae </it>extract was isolated with chromatographic methods such as silica gel, Sephadex LH-20 and semi-preparative high performance liquid chromatography (HPLC) columns. The structures of the isolated compounds were determined based on spectroscopic analyses. The <it>in vitro </it>antiviral activity of the compounds against RSV was tested with the cytopathic effect (CPE) reduction assay and the 3-(4,5-dimethylthiazol-2-yl)-2,5-diphenyltetrazolium bromide (MTT) method.</p> <p>Results</p> <p>Four biflavonoids, namely neochamaejasmin B, genkwanol B, genkwanol C and stelleranol, were isolated and characterized. Genkwanol B, genkwanol C and stelleranol, which are stereo isomers of spirobiflavonoids, showed potent anti-RSV activity whereas neochamaejasmin B did not.</p> <p>Conclusion</p> <p>Neochamaejasmin B, genkwanol B, genkwanol C and stelleranol were isolated from <it>Radix Wikstroemiae </it>and the complete absolute configurations of five chiral carbons in stelleranol were substantiated for the first time. Furthermore, the anti-RSV activity of genkwanol B, genkwanol C and stelleranol was reported for the first time.</p

Antibacterial 45S5 Bioglass®-based scaffolds reinforced with genipin cross-linked gelatin for bone tissue engineering

45S5 Bioglass® (BG) scaffolds with high porosity (>90%) were coated with genipin cross-linked gelatin (GCG) and further incorporated with poly(p-xylyleneguanidine) hydrochloride (PPXG). The obtained GCG coated scaffolds maintained the high porosity and well interconnected pore structure. A 26-fold higher compressive strength was provided to 45S5 BG scaffolds by GCG coating, which slightly retarded but did not inhibit the in vitro bioactivity of 45S5 BG scaffolds in SBF. Moreover, the scaffolds were made antibacterial against both Gram-positive and Gram-negative bacteria by using polyguanidine, i.e. PPXG, in this study. Osteoblast-like cells (MG-63) were seeded onto PPXG and GCG coated scaffolds. PPXG was biocompatible with MG-63 cells at a low concentration (10 μg mL−1). MG-63 cells were shown to attach and spread on both uncoated and GCG coated scaffolds, and the mitochondrial activity measurement indicated that GCG coating had no negative influence on the cell proliferation behavior of MG-63 cells. The developed novel antibacterial bioactive 45S5 BG-based composite scaffolds with improved mechanical properties are promising candidates for bone tissue engineering