The impact of financial restatements on financial markets: A systematic review of the literature

Purpose: The purpose of this paper is to discuss the most relevant issues related to the impact of financial restatements in the dynamics of financial markets and identify several research gaps to be investigated in future research. Design/methodology/approach: The methodology is based on a systematic review of the literature described by Tranfield et al. (2003). The final sample includes 47 academic papers published from 1996 to 2019. Findings: Papers in this domain discuss three main topics: how the market prices the announcement of a financial restatement; how financial restatements affect the announcing firm’s cost of capital and how financial restatements affect firms’ reputation. There are several issues to explore in future research, including whether financial restatements affect the dynamics of financial markets in Europe, whether the market fully and promptly assimilates the information content of a restatement, the role of financial analysts’ information disclosures in this process or how regulators may improve the way they provide investors with timely information about firms’ restating problems. Research limitations/implications: There is always some degree of subjectivity in the definition of the keywords, search strings and selection criteria in a systematic review. These are all important aspects, as they delimitate the scope of the study and define the sample of papers to be reviewed. Practical implications: The answers to the research questions identified in this paper may provide regulators with information to improve financial accounting and reporting standards and strengthen investors’ confidence in accounting information and the dynamics of financial markets. Originality/value: This paper systematically reviews the relevant literature exploring the connection between financial restatements and the dynamics of financial markets. It contributes to the academic community by identifying several research questions that may impact the theory and practice related to accounting quality and capital markets.info:eu-repo/semantics/acceptedVersio

Pesos e rendimentos da carcaça de bovinos Nelore Mocho selecionados para maciez.

A falta de padronização e de qualidade das carcaças ofertadas faz com que a carne bovina brasileira receba baixas remunerações, além da limitada expansão para novos mercados. Dessa forma, objetivou-se avaliar as características de peso ao abate, peso da carcaça e seus rendimentos de 68 bovinos machos da raça Nelore Mocho, inteiros, oriundos de uma população segregante para maciez da carne. Os animais foram abatidos ao apresentarem 5 mm de espessura de gordura e/ou 500 kg de peso vivo. Antes do embarque para o frigorifico, os animais foram pesados para obtenção do peso ao abate. Ao final da linha de abate, as meias carcaças foram pesagens individuais para obtenção do peso de carcaça quente e carcaça fria após resfriamento por 24 horas em câmara. O rendimento de carcaça foi obtido em porcentagem do peso da carcaça quente, em relação ao peso vivo ao abate. Cálculo similar foi realizado para rendimento de carcaça fria. Amostras desse músculo foram maturadas por sete dias para mensuração da força de cisalhamento (FC) por meio do aparelho de Warner-Bratzler shear force (WBSF). Foram, então, definidos dois grupos: baixo WBSF (FC≤3,5 kgf) e alto WBSF (FC>3,5 kgf). As médias foram comparadas por meio do teste Duncan a 5% de significância. Não foram observadas diferenças estatisticamente entre os grupos de baixo e alto WBSF, para peso ao abate, peso da carcaça e seus rendimentos. A seleção para a maciez da carne em bovinos Nelore Mocho não afetou as demais características de carcaça. Abstract: Although Brazil exports only 18% of its beef production, the lack of standardization and carcass quality has limited expansion into new markets. Therefore, we aimed to evaluate the characteristics of slaughter weight, carcass weight and dressing percentage of 68 intact male Polled Nelore (OB brand) cattle derived from a population segregating for meat tenderness. The animals were slaughtered with 5 mm of fat thickness and/or 500 kg live weight (LW). After slaughter, half carcasses were weighed and chilled at 0 to 2 °C for 24 hours, then re-weighed and measurements taken of pH, rib eye area (REA) and back fat (BF) at the 12th rib. Samples of the L. dorsi muscle were removed and aged for seven days for measurement of Warner - Bratzler Shear Force (WBSF). Two groups were then defined based on WBSF: low WBSF (≤ 3.5 kg) and high WBSF (> 3.5 kg). Hot (HDP) and cold (CDP) carcass dressing % were obtained as the percentages of hot (HCW, immediately following slaughter) and cold (CCW, after 24 hours at 0 to 2 °C) carcass weights in relation to live weight (LW) at slaughter. No differences were observed between Low and High WBSF groups with regard to LW, HCW, CCW HDP or CDP. Selection for meat tenderness in Polled Nellore should not affect carcass characteristics

Effects of low-intensity electrical stimulation and adipose derived stem cells transplantation on the time-domain analysis-based electromyographic signals in dogs with SCI

The application of low-intensity electrical stimulation (LIES) to neural tissue increases neurochemical factors responsible for regeneration as nerve growth factor. Stem cell (SC) therapy for patients with Spinal cord injury (SCI) promote some increase functional improvement.ObjectiveInvestigate the electromyographic response in paraplegic dogs undergoing LIES and SC transplantation.Methods27 dogs paraplegics with SCI were divided into three groups with different types of therapy. GADSC: two SC transplants (n = 9); GLIES: LIES (n = 8); GCOMB: two SC transplants and LIES (n = 10). Adipose derived mesenchymal stem cells (ADSCs) were transplanted by lumbar puncture in the amount of 1.2 × 106 cells/50 μL. Acupuncture needles positioned in the interspinous space were used for stimulation. The electrical stimulation was applied with a mean voltage ∼30 mV and four consecutive modulated frequencies (5 Hz, 10 Hz, 15 Hz and 20 Hz) within 5 min each. The patients motor performance was evaluated before (Pre) the procedure and after 30 (Post30) and 60 (Post60) days, from electromyography root mean square (EMGRMS) registered with subcutaneous electrodes in the vastus lateralis muscle, while the animals were in quadrupedal position.ResultsAll three groups showed a significant intra-group increase of EMGRMS (Pre vs. Post30 or Pre vs. Post60). However, there were no statistically significant differences between Post30 and Post60. The inter-group test (GADSC X GLIES X GCOMB) did not present significance when compared the instants Pre (p = 0.34), Post30 (p = 0.78) and Post60 (p = 0.64).ConclusionSome dogs recovered motor activity, expressed by the EMGRMS, in all groups, in pre vs. post (30 or 60 days) comparisons.This is the peer-reviewed version of the article: Krueger, E., Magri, L.M.S., Botelho, A.S., Bach, F.S., Rebellato, C.L.K., Fracaro, L., Fragoso, F.Y.I., Villanova, J.A., Brofman, P.R.S., Popović-Maneski, L., 2019. Effects of low-intensity electrical stimulation and adipose derived stem cells transplantation on the time-domain analysis-based electromyographic signals in dogs with SCI. Neuroscience Letters 696, 38–45. [https://doi.org/10.1016/j.neulet.2018.12.004]Published version: [https://hdl.handle.net/21.15107/rcub_dais_4595

Validação da estratégia de silenciamento gênico visando indução de resistência a Meloidogyne incognita e Heterodera glycines em soja GM.

Nematoides parasitas de plantas representam o maior estresse biótico da agricultura, causando perdas anuais maiores que US$ 100 bilhões. Baseado nas limitações dos métodos de atuais de controle, o desenvolvimento de novas estratégias deve ser uma prioridade. Recentemente, a estratégia de silenciamento gênico, por interferência mediada por RNA dupla fita, tem-se mostrado muito promissora para o controle de nematoides. Nesse trabalho foi inserida em embriões de soja, pela técnica de biobalística, uma construção de RNAi correspondente a uma fusão de regiões de dois genes que codificam para fatores de processamento de mRNA de Heterodera glycines e Meloidogyne incognita, visando a obtenção de eventos de soja GM resistentes à esses fitonematoides. Para averiguar o efeito do silenciamento, 6 eventos GM foram desafiados com M. incognita. Seis semanas após a inoculação, as raízes das plantas foram avaliadas quanto à indução de resistência. Quando comparados ao tratamento controle, os eventos transgênicos mostraram uma redução signiricativa entre 71% a 92% no número de ovos por grama de raiz. Os eventos transgênicos não foram estatisticamente diferentes quando comparados entre si, exceto o evento GmFSMiHg ? 4IT3. Trabalhos publicados até o momento demonstram silenciamento in planta de 12 genes-alvo de Meloidogyne spp. ou Heterodera spp., resultando em redução de nematoides estabelecidos, fêmeas em desenvolvimento e/ou número de ovos de 68-95% em relação ao controle. Os resultados aqui apresentados mostram claramente a capacidade da soja transgênica em reduzir o potencial reprodutivo de M. incognita por meio de silenciamento gênico. A completa redução de M. incognita continua a ser o objetivo final, mas a redução parcial, como observado no bioensaio, pode ter aplicações importantes no controle de NFGs

Recognition of prior learning at the centre of a national strategy: tensions between professional gains and personal development

This paper focuses on recognition of prior learning as part of a national policy based on European Union guidelines for lifelong learning, and it explains how recognition of prior learning has been perceived since it was implemented in Portugal in 2000. Data discussed are the result of a mixed method research project that surveyed adult learners, some of whom were interviewed, who successfully completed the recognition of prior learning process from 2007 to 2011 in a new opportunities centre. Adult educators, and workplace representatives from the companies in which these adults in the recognition of prior learning process were working, were also part of the survey. A theme-based content analysis was done on the resulting data. Findings revealed tension between the goals of economic and human resource management and the change experienced by these adult learners in their professional status. Based on these results, the closing remarks to this article highlight the tensions caused by the failure of the goals of the policy to which recognition of prior learning was central, and the personal and social changes referred to by learners. Important educational changes were achieved although they were undermined by the adult education policy and European Union guidelines.The writing of this article was funded by Cied – Institute of Education, University of Minho and the Unidade de Investigação e Desenvolvimento em Educação e Formação, Instituto de Educação, Universidade de Lisboa

Attenuation of particulate organic carbon flux in the Scotia Sea, Southern Ocean, is controlled by zooplankton fecal pellets

The Southern Ocean (SO) is an important CO2 reservoir, some of which enters via the production, sinking and remineralization of organic matter. Recent work suggests the fraction of production that sinks is inversely related to production in the SO, a suggestion we confirm from 20 stations in the Scotia Sea. The efficiency with which exported material is transferred to depth (transfer efficiency) is believed to be low in high latitude systems. However, our estimates of transfer efficiency are bimodal, with stations in the seasonal ice zone showing intense losses and others displaying increases in flux with depth. Zooplankton fecal pellets dominated organic carbon flux and at stations with transfer efficiency >100 % fecal pellets were brown, indicative of fresh phytodetritus. We suggest that active flux mediated by zooplankton vertical migration and the presence of sea ice regulate the transfer of organic carbon into the oceans interior in the Southern Ocean

Meloidogyne incognita: molecular cloning and characterization of a cDNA encoding a cathepsin D-like aspartic proteinase.

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Area-wide survey of thiamethoxam resistance and control failure likelihood in the rice stink bugs Oebalus poecilus and O. ypsilongriseus.

Insecticide resistance survey is an in-situ biomonitoring method to assess potential impact of pesticides that exhibit direct economic consequences when leading to control failure of insect pest species. Nonetheless, the latter phenomenon is frequently neglected. Their spatial dependence and mapping are also seldom considered and when complexes of related pest species are involved, such as the rice stink bugs from the Neotropics, Oebalus poecilus, and O. ypsilongriseus, the scenario is even worst. Insecticide use is common against both species, particularly with the neonicotinoid thiamethoxam, and despite suspicion of a shift in O. poecilus historical dominance and complaints of control failure, the role of this insecticide in this context was never tested. Thus, we screened populations from both species for thiamethoxam resistance within rice fields from central Brazil. The levels of thiamethoxam resistance and control failure likelihood were recorded and their spatial dependence was tested and geographically mapped. The thiamethoxam potency was similar between species, which also exhibited overlapping levels of resistance. Thus, this insecticide does not seem involved in eventual shifts in species dominance and the occurrence of O. ypsilongriseus is frequent. Thiamethoxam resistance was detected in both species, nearly half of the populations of O. poecilus and about a third of O. ypsilongriseus, but at low levels (<ten-fold). As a consequence, the risk of control failure with thiamethoxam was also low. Spatial dependence was significant for both species and phenomena (i.e., thiamethoxam resistance and control failure), prevailing in about the same area and likely reflecting the local pattern of insecticide use

ESPRESSO: The next European exoplanet hunter

The acronym ESPRESSO stems for Echelle SPectrograph for Rocky Exoplanets and Stable Spectroscopic Observations; this instrument will be the next VLT high resolution spectrograph. The spectrograph will be installed at the Combined-Coud\'e Laboratory of the VLT and linked to the four 8.2 m Unit Telescopes (UT) through four optical Coud\'e trains. ESPRESSO will combine efficiency and extreme spectroscopic precision. ESPRESSO is foreseen to achieve a gain of two magnitudes with respect to its predecessor HARPS, and to improve the instrumental radial-velocity precision to reach the 10 cm/s level. It can be operated either with a single UT or with up to four UTs, enabling an additional gain in the latter mode. The incoherent combination of four telescopes and the extreme precision requirements called for many innovative design solutions while ensuring the technical heritage of the successful HARPS experience. ESPRESSO will allow to explore new frontiers in most domains of astrophysics that require precision and sensitivity. The main scientific drivers are the search and characterization of rocky exoplanets in the habitable zone of quiet, nearby G to M-dwarfs and the analysis of the variability of fundamental physical constants. The project passed the final design review in May 2013 and entered the manufacturing phase. ESPRESSO will be installed at the Paranal Observatory in 2016 and its operation is planned to start by the end of the same year.Comment: 12 pages, figures included, accepted for publication in Astron. Nach