Information consequences of accounting conservatism

We study the information consequences of conservatism in accounting. Prior research shows that information asymmetries in capital markets lead to firm-level increases in conservatism. In this paper, we further argue that increases in conservatism improve the firm information environment and lead to subsequent decreases in information asymmetries between firm insiders and outsiders. We predict and test if this decrease in information asymmetries manifests itself through: (a) a decrease in the bid-ask spread and in stock-returns volatility, and (b) an improved information environment for financial analysts, leading to more precise and less dispersed forecasts, and to more analysts following the firm. Using a large US sample for the period 1977-2007 and several proxies for conservatism we find robust evidence consistent with our expectations. Our results are in line with conservatism being useful not only for debt-holders, but also for equity-holders.We acknowledge financial assistance from the Spanish Ministry of Education and Science (ECO2010–19314, ECO2008–06238/ECON and SEJ2007-67582/ECON), the ICJCE/AT1 UAM-Auditores Madrid Chair, IESE Research Division, the Government of Comunidad de Madrid (Grant CCG10-UC3M/HUM-4760) and the AECA Chair in Accounting and Auditing

Conditional conservatism and the limits to earnings management

We examine the impact of conditional conservatism on earnings management. Our findings support the view that conditional conservatism reduces accruals-based earnings management but also triggers a trade-off between accruals and real earnings management. In our main tests we use the passage of SFAS 121 as a plausibly exogenous regulatory change that increased the level of conditional conservatism but did not materially affect earnings management. We find that, after the regulation, treated firms reduce accruals-based earnings management and increase real earnings management, and are less likely to be marginal or habitual beaters of earnings benchmarks. Given the crucial role of earnings for firm valuation and analysis, and that conditionally conservative accounting choices are observable, our results should be of wide interest for investment professionalsWe acknowledge financial assistance from the Spanish Ministry of Innovation and Science (ECO2013-48328 and ECO2016-77579) and from FEDER (UNC315-EE-3636)

The dust environment of comet 67P/Churyumov–Gerasimenko: results from Monte Carlo dust tail modelling applied to a large ground-based observation data set

We present an extensive data set of ground-based observations and models of the dust environment of comet 67P/Churyumov–Gerasimenko covering a large portion of the orbital arc from about 4.5 au pre-perihelion through 3.0 au post-perihelion, acquired during the current orbit. In addition, we have also applied the model to a dust trail image acquired during this orbit, as well as to dust trail observations obtained during previous orbits, in both the visible and the infrared. The results of the Monte Carlo modelling of the dust tail and trail data are generally consistent with the in situ results reported so far by the Rosetta instruments Optical, Spectroscopic, and Infrared Remote Imaging System (OSIRIS) and Grain Impact Analyser and Dust Accumulator (GIADA). We found the comet nucleus already active at 4.5 au pre-perihelion, with a dust production rate increasing up to ∼3000 kg s−1 some 20 d after perihelion passage. The dust size distribution at sizes smaller than r = 1 mm is linked to the nucleus seasons, being described by a power law of index −3.0 during the comet nucleus southern hemisphere winter but becoming considerably steeper, with values between −3.6 and −4.3, during the nucleus southern hemisphere summer, which includes perihelion passage (from about 1.7 au inbound to 2.4 au outbound). This agrees with the increase of the steepness of the dust size distribution found from GIADA measurements at perihelion showing a power index of −3.7. The size distribution at sizes larger than 1 mm for the current orbit is set to a power law of index −3.6, which is near the average value of in situ measurements by OSIRIS on large particles. However, in order to fit the trail data acquired during past orbits previous to the 2009 perihelion passage, a steeper power-law index of −4.1 has been set at those dates, in agreement with previous trail modelling. The particle sizes are set at a minimum of r = 10 μm, and a maximum size, which increases with decreasing heliocentric distance, in the 1–40 cm radius domain. The particle terminal velocities are found to be consistent with the in situ measurements as derived from the instrument GIADA on board Rosetta

Experimental set-up for exciting and detecting magneto-optical effects and surface plasmon resonance simultaneously

We present here an experimental set-up system to excite and measure simultaneously surface plasmon resonance (SPR) and magneto-optic signal in hybrid magneto-plasmonic systems using two independent light sources. The system can be used to excite and measure both types of SPR, localized surface plasmons in nanostructures and surface plasmon polaritons in thin films. It also allows measuring SPR in presence of magnetic fields and recording magnetooptical hysteresis loops while exciting SPR

Straight access to highly fluorescent angular indolocarbazoles via merging Au- and Mo-catalysis

A straightforward and efficient synthesis of the two less explored types of indolocarbazoles has been developed. Two different processes for the carbazole nucleus preparation, a gold-catalysed regioselective cyclization followed by the dioxomolybdenum-catalysed version of Cadogan reductive cyclization, enables the sequential construction of two carbazole cores. The procedure features total regioselectivity and high overall yields. The required starting α-indol-3-ylalkyl propargylic alcohols are easily and efficiently accessed from commercially available reagents. In addition, the photoluminescent properties of two indolo[2,3-c]carbazoles, with fluorescence quantum yields around 0.7, have been studied.Junta de Castilla y León and FEDER (BU291P18) and Ministerio de Ciencia e Innovación and FEDER (CTQ2016-75023-C2-1-P

Results of donor after cardiac death circulation activation: recuperation of spontaneous circulation analysis.

The activation procedure of a potential donor after cardiac death begins after recognition of a situation of unrecovered PCR patient meets the criteria donor after cardiac death. Still have to meet a number of medical conditions and logistical both for the potential donor becomes effective donor. The aim of this study is to describe this procedure and know the number of potential donors who finally become effective donors. Method: Collection of all activations procedure after cardiac death donor HU 12 de Octubre for 5 years (2009-2013). Data collection is performed on a web platform created for this purpose.post-print255 K

Dynamic stabilization of L2 periodic orbits using attitude-orbit coupling effects

Numerical explorations show how the known periodic solutions of the Hill problem are modified in the case of the attitude-orbit coupling that may occur for large satellite structures. We focus on the case in which the elongation is the dominant satellite?s characteristic and find that a rotating structure may remain with its largest dimension in a plane parallel to the plane of the primaries. In this case, the effect produced by the non-negligible physical dimension is dynamically equivalent to the perturbation produced by an oblate central body on a masspoint satellite. Based on this, it is demonstrated that the attitude-orbital coupling of a long enough body may change the dynamical characteristics of a periodic orbit about the collinear Lagrangian points