How Stock Compensation Effects Analyst Projections for New Firms

Stock based compensation has experienced growth as a form of non-cash compensation to employees. Equity compensation is used to align management’s long-term objectives with those of the company. Stock-based compensation gives management incentives to grow the company responsibly over a somewhat longer term versus making short-term decisions to meet bonus requirements. The longer-term incentive is due to the vesting period of stock options. However, many scholars and practitioners, including Warren Buffet, argue stock options provide shorterterm incentives than shares. Current accounting treatment of stock compensation by investors and analysts alike, however, draws the ire of many business world. Analysts treat stock compensation as a non-cash add back to free cash flow and ignore the costs or dilutive effects. Thus, stock compensation is linked to overvaluation (Mohanram, White and Zhao 2020). This study examines whether equity research analysts who treat stock compensation as a pro forma add back to free cash flow produce statistically different price target prices than those who do not. If considering stock compensation explicitly in valuing a firm improves the accuracy of analysts’ valuation, then I expect analysts that adjust for stock compensation have more accurate price targets. Alternatively, adding stock compensation back to calculate free cash flow may inflate valuation because it ignore the true cost of the options. The sample includes reports from analysts covering a subsample of companies in the technology sector. I compare the forecast error of earnings per share and revenue forecasts for analysts who explicitly consider stock compensation relative to those who do not. I find that the accuracy of analysts’ price targets does not differ significantly based upon stock compensation treatment. This finding implies that the overvaluation effects of stock compensation might not be significant enough to result in higher price targets by analysts who adjust for it

Project SPACE: Solar Panel Automated Cleaning Environment

The goal of Project SPACE is to create an automated solar panel cleaner that will address the adverse impact of soiling on commercial photovoltaic cells. Specifically, we hoped to create a device that increases the maximum power output of a soiled panel by 10% (recovering the amount of power lost) while still costing under $500 and operating for up to 7.0 years. A successful design should operate without the use of water. This will help solar panel arrays achieve a production output closer to their maximum potential and save companies on costs associated energy generation. The current apparatus utilizes a brush cleaning system that cleans on set cleaning cycles. The device uses the combination of a gear train (with 48 pitch Delrin gears) and a 12V DC motor to spin both a 5.00 foot long, 0.25 inch diameter vacuum brush shaft and drive two sets of two wheels. The power source for the drive train is a 12V deep cycle lead-acid battery. Our light weight design eliminates water usage during cleaning and reduces the potential dangers stemming from manual labor. Our design’s retail price was estimated to be around$700 with a payback period of less than 3.5 years. To date, we have created a device that improves the efficiency of soiled solar panels by 3.5% after two runs over the solar panel. We hope that our final design will continue to expand the growth of solar energy globally

Women and Seasonality: Coping with Crisis and Calamity

SUMMARY This article explores the contribution of female production, labour and domestic domain services to the management of seasonal stress, crisis and calamity, under the headings: switching tasks and responsibilities ascribed by gender; diversifying household income sources; changing the intensity and mix of multiple occupations; household gardening and common property resources; food processing, preservation and preparation; social organisation; gift?giving. It offers an analysis of adversity and calamity which pinpoints the resilience of networks of female?headed households and raises new questions concerning risk preference, probability assessment and the valuation of female labour time. RESUME Les Femmes et les Variations Saisonnières: Faire face aux Crises et aux Calamités Sous les titres suivants, cet article explore la contribution que les femmes apportent à l'organisation de la tension saisonnière, aux crises et aux désastres, par leur production, leur labeur et leurs services dans le domaine domestique: changement dans les travaux et les responsabilités assignés par le genre; diversifier les sources de revenu du ménage; changer l'intensité et l'association des occupations multiples; culture du jardin familial et resources communautaires; traitement, conservation et préparation de la nourriture; organisation sociale; échange de dons. Il offre une analyse des concepts d'adversité et de calamité qui cerne la résistance des réseaux de ménages où la femme est chef de famille et soulèvent de nouvelles questions concernant les priorités vis à vis des risques à prendre, les calculs de probabilité et l'évaluation du temps de travail de la femme. RESUMEN Mujeres y estacionalidad: enfrentando la crisis y la calamidad Este artículo examina la contribución de la producción de las mujeres, así como su trabajo y servicios en la esfera doméstica, en el manejo de las tensiones estacionales, las crisis y las calamidades. Los subtítulos pertinentes son: cambio de tareas y responsabilidades adscritas según sexo; diversificación de las fuentes de ingresos del hogar; cambio en la intensidad y combinación de ocupaciones múltiples; jardín del hogar y recursos comunitarios; procesamiento de alimentos, preservación y preparación; organización social; entrega de regalos. Proporciona un análisis de la adversidad y calamidad que destaca la recuperación de la interconexión de los hogares dependientes de jefes de hogar mujeres y plantea nuevas preguntas relativas a la preferencia por riesgos, la evaluación de probabilidades y la valoración del tiempo de trabajo de la mujer

Bronchopulmonary dysplasia: clinical aspects and preventive and therapeutic strategies

Abstract Background Bronchopulmonary dysplasia (BPD) is the result of a complex process in which several prenatal and/or postnatal factors interfere with lower respiratory tract development, leading to a severe, lifelong disease. In this review, what is presently known regarding BPD pathogenesis, its impact on long-term pulmonary morbidity and mortality and the available preventive and therapeutic strategies are discussed. Main body Bronchopulmonary dysplasia is associated with persistent lung impairment later in life, significantly impacting health services because subjects with BPD have, in most cases, frequent respiratory diseases and reductions in quality of life and life expectancy. Prematurity per se is associated with an increased risk of long-term lung problems. However, in children with BPD, impairment of pulmonary structures and function is even greater, although the characterization of long-term outcomes of BPD is difficult because the adults presently available to study have received outdated treatment. Prenatal and postnatal preventive measures are extremely important to reduce the risk of BPD. Conclusion Bronchopulmonary dysplasia is a respiratory condition that presently occurs in preterm neonates and can lead to chronic respiratory problems. Although knowledge about BPD pathogenesis has significantly increased in recent years, not all of the mechanisms that lead to lung damage are completely understood, which explains why therapeutic approaches that are theoretically effective have been only partly satisfactory or useless and, in some cases, potentially negative. However, prevention of prematurity, systematic use of nonaggressive ventilator measures, avoiding supraphysiologic oxygen exposure and administration of surfactant, caffeine and vitamin A can significantly reduce the risk of BPD development. Cell therapy is the most fascinating new measure to address the lung damage due to BPD. It is desirable that ongoing studies yield positive results to definitively solve a major clinical, social and economic problem

Impact of COVID-19 on cardiovascular testing in the United States versus the rest of the world

Objectives: This study sought to quantify and compare the decline in volumes of cardiovascular procedures between the United States and non-US institutions during the early phase of the coronavirus disease-2019 (COVID-19) pandemic. Background: The COVID-19 pandemic has disrupted the care of many non-COVID-19 illnesses. Reductions in diagnostic cardiovascular testing around the world have led to concerns over the implications of reduced testing for cardiovascular disease (CVD) morbidity and mortality. Methods: Data were submitted to the INCAPS-COVID (International Atomic Energy Agency Non-Invasive Cardiology Protocols Study of COVID-19), a multinational registry comprising 909 institutions in 108 countries (including 155 facilities in 40 U.S. states), assessing the impact of the COVID-19 pandemic on volumes of diagnostic cardiovascular procedures. Data were obtained for April 2020 and compared with volumes of baseline procedures from March 2019. We compared laboratory characteristics, practices, and procedure volumes between U.S. and non-U.S. facilities and between U.S. geographic regions and identified factors associated with volume reduction in the United States. Results: Reductions in the volumes of procedures in the United States were similar to those in non-U.S. facilities (68% vs. 63%, respectively; p = 0.237), although U.S. facilities reported greater reductions in invasive coronary angiography (69% vs. 53%, respectively; p < 0.001). Significantly more U.S. facilities reported increased use of telehealth and patient screening measures than non-U.S. facilities, such as temperature checks, symptom screenings, and COVID-19 testing. Reductions in volumes of procedures differed between U.S. regions, with larger declines observed in the Northeast (76%) and Midwest (74%) than in the South (62%) and West (44%). Prevalence of COVID-19, staff redeployments, outpatient centers, and urban centers were associated with greater reductions in volume in U.S. facilities in a multivariable analysis. Conclusions: We observed marked reductions in U.S. cardiovascular testing in the early phase of the pandemic and significant variability between U.S. regions. The association between reductions of volumes and COVID-19 prevalence in the United States highlighted the need for proactive efforts to maintain access to cardiovascular testing in areas most affected by outbreaks of COVID-19 infection