The Risk Management Role of Accounting Conservatism for Operating Cash Flows

This study examines relations between accounting conservatism and the downside risk of operating cash flows (OCF) and finds both unconditional and conditional conservatism to be negatively associated with OCF downside risk measured by indicators of OCF falling below expectations, by OCF’s root lower partial moment and by OCF at risk, with several additional results. First, both unconditional and conditional conservatism enhance cash holdings and its upside potential, thus helping mitigate subsequent OCF downside risk. Second, both unconditional and conditional conservatism reduce the effects of customer bargaining power on OCF downside risk. Third, conditional conservatism increases hedge usage and unconditional conservatism substitutes for hedging in mitigating OCF downside risk. Finally, downside cash flow beta enhances unconditional and conditional conservatism and the mitigating effect of unconditional conservatism on OCF downside risk during economic downturns. These findings lend support to conservatism’s role as a risk management tool and are robust to alternative measures and various controls.postprin

Accounting conservatism and bankruptcy risk

Date posted: June 6, 2010 ; Last revised: July 14, 2015This study examines the relation between accounting conservatism and bankruptcy risk using a large sample of U.S listed firms from fiscal year 1989 to 2007. We present evidence that unconditional and conditional conservatism generally mitigate subsequent bankruptcy risk by creating cushions for bad times and reducing information asymmetry about bad news. We identify two channels for accounting conservatism to mitigate bankruptcy risk: enhancing cash holdings and constraining earnings management. The effect of accounting conservatism does not change for firms with extreme distress and income smoothing, but weakens for firms with debt contracts referenced by credit default swaps (CDS), consistent with CDS lowering debtholder monitoring. Results are robust to reverse causality, relations between unconditional and conditional conservatism, and alternative measures of bankruptcy risk and accounting conservatism. These findings extend research on accounting conservatism, bankruptcy risk and debt contracting, and help inform debates regarding conservatism's role as a pervasive property and long-standing tenet of financial accounting.postprin

Early Detection of Diabetes using Thermography and Artificial Neural Networks

The aim of this work is to demonstrate the usefulness of the artificial intelligence tools for early detection of diseases. From the historic and simple assessment of temperature by the clinical thermometer, thermal imaging camera has opened up new perspectives, and that a whole image field-of-view can be characterized in a single measurement. Thermographic assessment of temperature distribution within the examined skin enables a quick, non-contact, non-invasive relative measurement of their temperature. No literature has been found until date detection of diabetes using thermography and artificial neural networks. An attempt in this regard could help doctors make a safer decision. This work shows that the output predicted using the artificial neural network based on thermography, can be used for early detection of diabetes

Sequence stratigraphic evolution of The post-rift MEGASEQUENCE in The northern part of The Nile Delta basin, Egypt

The stratigraphic succession of the subsurface Pliocene-Quaternary post-rift megasequence in the north-central part of the Nile Delta includes the rock units; Kafr El-Sheikh Formation (Early-Middle Pliocene), El- Wastani Formation (Late Pliocene), Mit-Ghamr and Bilqas formations (Quaternary). These rock units were analyzed according to the sequence stratigraphic principles to construct their stratigraphic architecture and discuss the depositional events influencing their evolution. Accordingly, seven 3rd order depositional sequences were encountered, of which six 3rd order seismic depositional sequences (sequences 1–6) are found in the Early–Middle Pliocene Kafr El-Sheikh Formation, whereas sequence-7 includes the Quaternary rock units. Sequences 1 and 7 were further subdivided, on the basis of high-resolution sequence stratigraphy into 8 and 11 4th order subsequences respectively. The results of the sequence stratigraphic analyses suggested that the depositional evolution of the examined Pliocene-Quaternary megasequence represents a complete prograding depositional phase during the Nile Delta history. The lower part of Kafr El-Sheikh Formation (sequences 1, 2, 3 and 4) was deposited as a thick outer marine shelf succession over which the younger rock units were deposited. However, the depositional sequences 5 & 6 of Kafr El-Sheikh Formation and the lower parts of El-Wastani Formations may indicate a deposition within active prograding prodelta sub-aqueous deltaic-subenvironments. The upper parts of El-Wastani Formation were deposited as a constructive delta-front pushing its way northward. The Pleistocene Mit-Ghamr Formation was evolved as a direct result of a huge fluvial input, organized as coalescing laterally extensive sand-rich bars. These were laid-down by active fluvial distributary streams that dominated the delta plain as the final phases of the present deltaic subaqueous environments

Vaccination Coverage and Prevalence of Contagious Bovine Pleuropneumonia (1999 - 2008) in Two Transboundary States of North-Western Nigeria

Nigerian Veterinary Journal, Vol. 32(3): 2011; 169 - 17

Global change synergies and trade-offs between renewable energy and biodiversity

Reliance on fossil fuels is causing unprecedented climate change and is accelerating environmental degradation and global biodiversity loss. Together, climate change and biodiversity loss, if not averted urgently, may inflict severe damage on ecosystem processes, functions and services that support the welfare of modern societies. Increasing renewable energy deployment and expanding the current protected area network represent key solutions to these challenges, but conflicts may arise over the use of limited land for energy production as opposed to biodiversity conservation. Here, we compare recently identified core areas for the expansion of the global protected area network with the renewable energy potential available from land-based solar photovoltaic, wind energy and bioenergy (in the form of Miscanthus 9 giganteus). We show that these energy sources have very different biodiversity impacts and net energy contributions. The extent of risks and opportunities deriving from renewable energy development is highly dependent on the type of renewable source harvested, the restrictions imposed on energy harvest and the region considered, with Central America appearing at particularly high potential risk from renewable energy expansion. Without restrictions on power generation due to factors such as production and transport costs, we show that bioenergy production is a major potential threat to biodiversity, while the potential impact of wind and solar appears smaller than that of bioenergy. However, these differences become reduced when energy potential is restricted by external factors including local energy demand. Overall, we found that areas of opportunity for developing solar and wind energy with little harm to biodiversity could exist in several regions of the world, with the magnitude of potential impact being particularly dependent on restrictions imposed by local energy demand. The evidence provided here helps guide sustainable development of renewable energy and contributes to the targeting of global efforts in climate mitigation and biodiversity conservation

Study protocol of cost-effectiveness and cost-utility of a biopsychosocial multidisciplinary intervention in the evolution of non-specific sub-acute low back pain in the working population: cluster randomised trial.

This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/2.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.Background: Low back pain (LBP), with high incidence and prevalence rate, is one of the most common reasons to consult the health system and is responsible for a significant amount of sick leave, leading to high health and social costs. The objective of the study is to assess the cost-effectiveness and cost-utility analysis of a multidisciplinary biopsychosocial educational group intervention (MBEGI) of non-specific sub-acute LBP in comparison with the usual care in the working population recruited in primary healthcare centres. Methods/design: The study design is a cost-effectiveness and cost-utility analysis of a MBEGI in comparison with the usual care of non-specific sub-acute LBP.Measures on effectiveness and costs of both interventions will be obtained from a cluster randomised controlled clinical trial carried out in 38 Catalan primary health care centres, enrolling 932 patients between 18 and 65 years old with a diagnosis of non-specific sub-acute LBP. Effectiveness measures are: pharmaceutical treatments, work sick leave (% and duration in days), Roland Morris disability, McGill pain intensity, Fear Avoidance Beliefs (FAB) and Golberg Questionnaires. Utility measures will be calculated from the SF-12. The analysis will be performed from a social perspective. The temporal horizon is at 3 months (change to chronic LBP) and 12 months (evaluate the outcomes at long term. Assessment of outcomes will be blinded and will follow the intention-to-treat principle. Discussion: We hope to demonstrate the cost-effectiveness and cost-utility of MBEGI, see an improvement in the patients' quality of life, achieve a reduction in the duration of episodes and the chronicity of non-specific low back pain, and be able to report a decrease in the social costs. If the intervention is cost-effectiveness and cost-utility, it could be applied to Primary Health Care Centres. Trial registration: ISRCTN: ISRCTN5871969

The Utility of a High-intensity Exercise Protocol to Prospectively Assess ACL Injury Risk.

This study investigated the utility of a 5-min high-intensity exercise protocol (SAFT(5)) to include in prospective cohort studies investigating ACL injury risk. 15 active females were tested on 2 occasions during which their non-dominant leg was analysed before SAFT(5) (PRE), immediately after (POST0), 15 min after (POST15), and 30 min after (POST30). On the first occasion, testing included 5 maximum isokinetic contractions for eccentric and concentric hamstring and concentric quadriceps and on the second occasion, 3 trials of 2 landing tasks (i. e., single-leg hop and drop vertical jump) were conducted. Results showed a reduced eccentric hamstring peak torque at POST0, POST15 and POST30 (p<0.05) and a reduced functional HQ ratio (Hecc/Qcon) at POST15 and POST30 (p<0.05). Additionally, a more extended knee angle at POST30 (p<0.05) and increased knee internal rotation angle at POST0 and POST15 (p<0.05) were found in a single-leg hop. SAFT(5) altered landing strategies associated with increased ACL injury risk and similar to observations from match simulations. Our findings therefore support the utility of a high-intensity exercise protocol such as SAFT(5) to strengthen injury screening tests and to include in prospective cohort studies where time constraints apply

Alkali metal cation-ligand affinities : basis set superposition correction for the Gaussian protocols

Author name used in this publication: C. W. Tsang2000-2001 > Academic research: refereed > Publication in refereed journalVersion of RecordPublishe