Earnings forecasting research: an overview and critique

Past research has extensively addressed the influence of accounting information on stockprices. However, results of this branch of capital market based research have beeninconclusive, partly due to methodological deficiencies. Focusing on differential groups ofmarket participants, such as financial analysts forecasting earnings, might contribute to ourunderstanding of the functioning of capital markets and the role of accounting information. In this paper an overview and critique of the earningsforecasting literature is presented. For the purpose of offering some insight into the present state of the earnings forecasting research and detectingthe remaining deficiencies in our understanding of financial analysts a classification is made, Studies are divided into process-oriented studies andresults-oriented studies. Studying individual forecasting processes is necessary, since earnings forecasts at the aggregate level are found to bedistorted by inefficient individual information processing. However, process-oriented studies do not cover all aspects of the earnings forecastingprocess. For that reason, judgmental forecasting and decision making literature is drawn into the discussion to provide some directions for futureresearch

Carbon and Oxygen in Nearby Stars: Keys to Protoplanetary Disk Chemistry

We present carbon and oxygen abundances for 941 FGK stars-the largest such catalog to date. We find that planet-bearing systems are enriched in these elements. We self-consistently measure C/O, which is thought to play a key role in planet formation. We identify 46 stars with C/O \geq 1.00 as potential hosts of carbon-dominated exoplanets. We measure a downward trend in [O/Fe] versus [Fe/H] and find distinct trends in the thin and thick disks, supporting the work of Bensby et al. Finally, we measure sub-solar C/O = 0.40+0.11 - 0.07, for WASP-12, a surprising result as this star is host to a transiting hot Jupiter whose dayside atmosphere was recently reported to have C/O \geq 1 by Madhusudhan et al. Our measurements are based on 15,000 high signal-to-noise spectra taken with the Keck 1 telescope as part of the California Planet Search. We derive abundances from the [O I] and C I absorption lines at {\lambda} = 6300 and 6587 {\AA} using the SME spectral synthesizer.Comment: 108 pages (including appendix), 16 figures, 6 table

The effect of audit market structure on audit quality and audit pricing in the private-client market

This study examines whether audit market structure affects audit quality and audit pricing. We analyze two conceptually distinct dimensions of market structure: audit market concentration and client mobility. Focusing on the private-client segment of the Belgian audit market, we compare the pricing and quality effects of market structure between the segment of small and medium-sized (SME) clients and the segment of large clients to test how audit complexity moderates such effects. We find that market concentration impairs price and quality competition in the SME-client segment. Market concentration is unrelated to audit quality in the large-client segment, where we argue that concentration is endogenous to audit complexity. Furthermore, we find that client mobility stimulates price competition in both segments but improves audit quality only in the large-client segment. We interpret our findings as evidence that (a) audit market concentration impairs competition especially when audits have low complexity and that (b) the large-client market segment, characterized by higher audit complexity and higher market concentration, can also be price and quality competitive if clients are sufficiently mobile, and change auditors relatively frequently

Variable Sodium Absorption in a Low-Extinction Type Ia Supernova

Recent observations have revealed that some Type Ia supernovae exhibit narrow, time-variable Na I D absorption features. The origin of the absorbing material is controversial, but it may suggest the presence of circumstellar gas in the progenitor system prior to the explosion, with significant implications for the nature of the supernova progenitors. We present the third detection of such variable absorption, based on six epochs of high-resolution spectroscopy of the Type Ia supernova SN 2007le from Keck and the HET. The data span ~3 months, from 5 days before maximum light to 90 days after maximum. We find that one component of the Na D absorption lines strengthened significantly with time, indicating a total column density increase of ~2.5 x 10^12 cm^-2. The changes are most prominent after maximum light rather than at earlier times when the UV flux from the SN peaks. As with SN 2006X, we detect no change in the Ca II H&K lines over the same time period, rendering line-of-sight effects improbable and suggesting a circumstellar origin for the absorbing material. Unlike the previous two SNe exhibiting variable absorption, SN 2007le is not highly reddened (E_B-V = 0.27 mag), also pointing toward circumstellar rather than interstellar absorption. Photoionization models show that the data are consistent with a dense (10^7 cm^-3) cloud or clouds of gas located ~0.1 pc from the explosion. These results broadly support the single-degenerate scenario previously proposed to explain the variable absorption, with mass loss from a nondegenerate companion star responsible for providing the circumstellar gas. We also present tentative evidence for narrow Halpha emission associated with the SN, which will require followup observations at late times to confirm. [abridged]Comment: 16 pages, 10 figures (8 in color), 5 tables. Accepted for publication in Ap

Habitat quality influences population distribution, individual space use and functional responses in habitat selection by a large herbivore

Identifying factors shaping variation in resource selection is central for our understanding of the behaviour and distribution of animals. We examined summer habitat selection and space use by 108 Global Positioning System (GPS)-collared moose in Norway in relation to sex, reproductive status, habitat quality, and availability. Moose selected habitat types based on a combination of forage quality and availability of suitable habitat types. Selection of protective cover was strongest for reproducing females, likely reflecting the need to protect young. Males showed strong selection for habitat types with high quality forage, possibly due to higher energy requirements. Selection for preferred habitat types providing food and cover was a positive function of their availability within home ranges (i.e. not proportional use) indicating functional response in habitat selection. This relationship was not found for unproductive habitat types. Moreover, home ranges with high cover of unproductive habitat types were larger, and smaller home ranges contained higher proportions of the most preferred habitat type. The distribution of moose within the study area was partly related to the distribution of different habitat types. Our study shows how distribution and availability of habitat types providing cover and high-quality food shape ungulate habitat selection and space use