COMPREHENSIVE INCOME IN EUROPE: VALUATION, PREDICTION AND CONSERVATIVE ISSUES

The IASB comprehensive income project extends the ââ¬Ëfair value’ measurement conceptfrom the balance sheet into the income statement. This article extends prior research, primarilybased on Anglo-Saxon countries, by using a comprehensive data set of 56,700 European firm yearsover sixteen countries. We find that other comprehensive income provides incremental informationto investors ââ¬â due to unrealised available-for-sale securities component ââ¬â and affects analysts’decision to revise price estimates. On the other hand, traditional operating net income dominatesaggregated comprehensive income as a valuation metric and in predicting cash flows. Results arerobust to pooled and country specific regressions, controls for non-linearities, impact of reportingincentives, and the underlying accounting framework (local GAAP, US GAAP, IFRS). We also findthat aggregated comprehensive income switches the conservative attributes of income towards amore timely recognition of good news over bad news, reducing the conservative agency contractingrole. One possible explanation is the mixing of different concepts of operating capital incrementswith unrealised gains and realised historic net income. An agenda item for the IASB is how incomereporting should be disaggregated with a clear delineation on capital increments, conservativeoperating income, and unrealised financial gains. This is especially important in ContinentalEurope which relies to a greater extent on debt capital and has an under-developed corpus ofequity financial analysts.comprehensive income, value relevance, analyst forecast revisions, European IFRS, accountingconservatism

Modelling the Information-Psychological Impact in Social Networks

The paper considers the objects, subjects, purposes, tools, methods and implementation of information-psychological impact (IPI). It suggests a cellular automata model of the diffusion process of information-psychological impact in social networks, the hierarchy of the changes in the states of the subjects of information-psychological impact and the chart of transitions from state to state used in the cellular automaton algorithm. The suggested cellular automaton takes into account the effect of forgetting the information-psychological impact, as well as social and psychological parameters and probabilistic characteristics of the subjects of the social network. It therefore allows for the modelling of the diffusion of the information-psychological impact in the social network. The model can be used to determine the number of subjects affected by the information-psychological impact and the possibility of successful diffusion of the impact. The modelling of the suggested algorithm was performed. The results of the modelling are analysed in the paper

Probabilistic Analysis of the Influence of Staff Qualification and Information-Psychological Conditions on the Level of Systems Information Security

Taking into account the criticality of the “human factor,” the probabilistic approach for analysis is proposed, including: a model for predicting and assessing the level of systems information security, considering random events, including dependent events; model of information-psychological impact on staff; methodical approach for analyzing an influence of staff qualifications and psychological conditions on the level of system information security. The effectiveness of the application is demonstrated by examples

(Why) Do Central Banks Care About Their Profits?

We document that central banks are significantly more likely to report slightly positive profits than slightly negative profits. The discontinuity in the profit distribution is (i) more pronounced amid greater political or public pressure, the public’s receptiveness to more extreme political views, and agency frictions arising from governor career concerns, but absent when no such factors are present, and (ii) correlated with more lenient monetary policy inputs and greater inflation. These findings indicate that profitability concerns, while absent from standard theoretical models of central banking, are both present and effective in practice, and inform a theoretical debate about monetary stability and the effectiveness and riskiness of non-traditional central banking

Evidence and estimates of significant warming-associated methane release on the East Siberian Arctic shelf

The Tenth Symposium on Polar Science/Ordinary sessions: [OG] Polar Geosciences, Wed. 4 Dec. / Entrance Hall (1st floor), National Institute of Polar Researc

THE THERMODYNAIC PROPERTIES OF MELTS OF THE SYSTEM MgO – Al2O3 – SiO2, MgO – CaF2 – SiO2, Al2O3 – CaF2 – SiO2

Abstract. Method of forecasting thermodynamic properties of melts from the liquidus coordinates ofphase diagram in the area of equilibrium of a solid component with a solution is presented. Gibbs mixingenergies in the binary boundary MgO – Al2O3, MgO – SiO2, MgO – CaF2, Al2O3 – SiO2, Al2O3 – CaF2,SiO2 – CaF2 systems are calculated by this method.Keywords: a activity, coordinates of liquidus, the diagrams of the state, the double and triple systems, theequalization of Hauffe-Wagner, the melts, the partial molar energy of Gibbs, the thermodynamics properties

Spectroscopy 19 (2005) 235-246 235 IOS Press A new method for studying platelets, based upon the low-angle light scattering technique. 1. Theoretical and experimental foundations of the method

Abstract. A new method is presented for simultaneous monitoring of changes in shape and aggregation of platelets. The signal of light scattering alterations at angles below six degrees was shown to be determined by platelet aggregation dynamics (aggregation, disaggregation, coagulation). Over a range of larger angles (6-15 degrees), cell shape changes also contributed to the signal: (i) spherization, and (ii) pseudopodia formation. The first stage was shown to be fast (t 1/2 of few seconds) and correlated with [Ca 2+ ] increase. It was characterised by a narrow signal fluctuation and by a rapid increase (30-40%) in signal intensity. During the second stage, which was much slower, the signal decreased describing the aggregation process. The EC 50 value for ADP-induced spherization was 40 nmol l −1 . Aggregation kinetics in saline solution under turbulent flow showed second order kinetics in relation to initial cell concentration. The rate constant depended on stirring conditions and on calcium concentration in the medium. Standardisation of the testing conditions made it possible to characterize the initial functional state of platelets by their sensitivity to agonists, with estimation of EC 50 and maximum velocity of aggregation (Umax) values. The method has potential applications in pharmacology and toxicology research and in clinical practice, as a simple and highly sensitive functionality test for platelets

Identical Functional Organization of Nonpolytene and Polytene Chromosomes in Drosophila melanogaster

Salivary gland polytene chromosomes demonstrate banding pattern, genetic meaning of which is an enigma for decades. Till now it is not known how to mark the band/interband borders on physical map of DNA and structures of polytene chromosomes are not characterized in molecular and genetic terms. It is not known either similar banding pattern exists in chromosomes of regular diploid mitotically dividing nonpolytene cells. Using the newly developed approach permitting to identify the interband material and localization data of interband-specific proteins from modENCODE and other genome-wide projects, we identify physical limits of bands and interbands in small cytological region 9F13-10B3 of the X chromosome in D. melanogaster, as well as characterize their general molecular features. Our results suggests that the polytene and interphase cell line chromosomes have practically the same patterns of bands and interbands reflecting, probably, the basic principle of interphase chromosome organization. Two types of bands have been described in chromosomes, early and late-replicating, which differ in many aspects of their protein and genetic content. As appeared, origin recognition complexes are located almost totally in the interbands of chromosomes

Multi-functional Diagnostic Method with Tracer-encapsulated Pellet Injection

In order to obtain a better understanding of impurity transport in magnetically confined plasmas, a Tracer-Encapsulated Soild PELlet (TESPEL) has been developed. The essential points of the TESPEL are as follows: the TESPEL has a double-layered structure, and a tracer impurity, the amount of which can be known precisely, is embedded as an inner core. This structure enables us to deposit the tracer impurity locally inside the plasma. From experiences of developing the TESPEL production technique and its injection experiments, it became clear that various plasma properties can be studied by the TESPEL injection. There are not only impurity transport in the plasma but also transport both outside and inside of the magnetic island O-point, heat transport and high-energy neutral particle flux. Therefore, the TESPEL injection has a favorable multi-functional diagnostic capability. Furthermore a Tracer-Encapsulated Cryogenic PELlet (TECPEL) has been also developed. The TECPEL has an advantage over the TESPEL in terms of no existence of carbons in the outer layer. The TECPEL injector was installed at LHD in December 2005, and the preliminary injection experiments have been carried out