Earnings Predictability And Broker-Analysts’ Earnings Forecast Bias

Scholars have reasoned that analysts issue optimistic forecasts to improve their access to managers’ private information when earnings are unpredictable. While this requires a managerial preference for analyst forecast optimism, the observed walk-down of analyst expectations to beatable forecasts is consistent with a managerial preference for pessimism in short-horizon forecasts. Using data from various sample periods, alternative model specifications, and various measures of earnings unpredictability, we find that pessimism, not optimism, in short-horizon forecasts is associated with increasingly unpredictable earnings. Our results suggest that firms can more effectively manage analysts’ earnings expectations downward when earnings are relatively unpredictable

The Valuation Of Special Items

This research examines the value relevance of GAAP earnings, GAAP earnings excluding special items, and specific special items.  We find GAAP earnings to be less value relevant than GAAP earnings adjusted to exclude special items.  We find mixed results relating to the value relevance of net special items. Considering the value relevance of eight specific categories of special items, only two, in process research and development and merger related costs, appear to be significantly related to firm value.  This suggests that analysts distinguish between types of special items and only specific types of special items contribute to firm value

RAD marker microarrays enable rapid mapping of zebrafish mutations

A RAD marker microarray was constructed to facilitate rapid genetic mapping of zebrafish mutations and used to localize previously unmapped mutations to genomic regions just a few centiMorgans in length

More questions than answers to the diagnosis and management of cauda equina syndrome-Authors' reply

No abstract available

Contested visions and sociotechnical expectations of electric mobility and vehicle-to-grid innovation in five Nordic countries

Based on original data derived from 257 expert respondents across Denmark, Finland, Iceland, Norway, and Sweden, we investigate the different expectations and visions associated with one form of low carbon transport, electric mobility, inclusive of vehicle-to-grid and vehicle-grid-integration configurations. Utilizing concepts from the sociology of expectation—notably rhetorical visions, ideographs, promise-requirement cycles, and enablers and selectors—we examine how future electric mobility is envisioned. A collection of eight visions is analyzed and then placed into a typology. Some visions see electric mobility as a harbinger of positive social change in terms of ubiquitous automobility or endless innovation, others warn of families literally stranded and freezing to death on mountains and a business landscape marred with insolvent and financially struggling firms. We conclude with insights about what such competing and contradictory visions mean for energy and climate policy as well as sustainability transitions

Understanding cauda equina syndrome: protocol for a UK multicentre prospective observational cohort study

IntroductionCauda equina syndrome (CES) is a potentially devastating condition caused by compression of the cauda equina nerve roots. This can result in bowel, bladder and sexual dysfunction plus lower limb weakness, numbness and pain. CES occurs infrequently, but has serious potential morbidity and medicolegal consequences. This study aims to identify and describe the presentation and management of patients with CES in the UK.Methods and analysisUnderstanding Cauda Equina Syndrome (UCES) is a prospective and collaborative multicentre cohort study of adult patients with confirmed CES managed at specialist spinal centres in the UK. Participants will be identified using neurosurgical and orthopaedic trainee networks to screen referrals to spinal centres. Details of presentation, investigations, management and service usage will be recorded. Both patient-reported and clinician-reported outcome measures will be assessed for 1 year after surgery. This will establish the incidence of CES, current investigation and management practices, and adherence to national standards of care. Outcomes will be stratified by clinical presentation and patient management. Accurate and up to date information about the presentation, management and outcome of patients with CES will inform standards of service design and delivery for this important but infrequent condition.Ethics and disseminationUCES received a favourable ethical opinion from the South East Scotland Research Ethics Committee 02 (Reference: 18/SS/0047; IRAS ID: 233515). All spinal centres managing patients with CES in the UK will be encouraged to participate in UCES. Study results will be published in medical journals and shared with local participating sites.Trial registration numberISRCTN16828522; Pre-results.</jats:sec

Differential responses to lithium in hyperexcitable neurons from patients with bipolar disorder.

Bipolar disorder is a complex neuropsychiatric disorder that is characterized by intermittent episodes of mania and depression; without treatment, 15% of patients commit suicide. Hence, it has been ranked by the World Health Organization as a top disorder of morbidity and lost productivity. Previous neuropathological studies have revealed a series of alterations in the brains of patients with bipolar disorder or animal models, such as reduced glial cell number in the prefrontal cortex of patients, upregulated activities of the protein kinase A and C pathways and changes in neurotransmission. However, the roles and causation of these changes in bipolar disorder have been too complex to exactly determine the pathology of the disease. Furthermore, although some patients show remarkable improvement with lithium treatment for yet unknown reasons, others are refractory to lithium treatment. Therefore, developing an accurate and powerful biological model for bipolar disorder has been a challenge. The introduction of induced pluripotent stem-cell (iPSC) technology has provided a new approach. Here we have developed an iPSC model for human bipolar disorder and investigated the cellular phenotypes of hippocampal dentate gyrus-like neurons derived from iPSCs of patients with bipolar disorder. Guided by RNA sequencing expression profiling, we have detected mitochondrial abnormalities in young neurons from patients with bipolar disorder by using mitochondrial assays; in addition, using both patch-clamp recording and somatic Ca2+ imaging, we have observed hyperactive action-potential firing. This hyperexcitability phenotype of young neurons in bipolar disorder was selectively reversed by lithium treatment only in neurons derived from patients who also responded to lithium treatment. Therefore, hyperexcitability is one early endophenotype of bipolar disorder, and our model of iPSCs in this disease might be useful in developing new therapies and drugs aimed at its clinical treatment