Earnings Management in Belgium. a Review of the Empirical Evidence

Earnings are an extensively used summary statistic of a firm’s financial performance. Various corporate reporting scandals (such as Enron and Lernout & Hauspie) have raised concerns regarding the credibility of this performance measure. This paper first discusses the empirical evidence on earnings management practices by Belgian companies. This review indicates that Belgian companies manage earnings to avoid declines in earnings or losses, to influence relations with external financiers and to reduce taxes. Belgian companies quoted on the Brussels Stock Exchange also report significantly less income-decreasing earnings management than their non-quoted counterparts, presumably to meet or beat market expectations. Belgian earnings management studies further report that larger boards and Big6 auditors may constrain the extent of incomedecreasing earnings management.

Monitoring international migration flows in Europe. Towards a statistical data base combining data from different sources

The paper reviews techniques developed in demography, geography and statistics that are useful for bridging the gap between available data on international migration flows and the information required for policy making and research. The basic idea of the paper is as follows: to establish a coherent and consistent data base that contains sufficiently detailed, up-to-date and accurate information, data from several sources should be combined. That raises issues of definition and measurement, and of how to combine data from different origins properly. The issues may be tackled more easily if the statistics that are being compiled are viewed as different outcomes or manifestations of underlying stochastic processes governing migration. The link between the processes and their outcomes is described by models, the parameters of which must be estimated from the available data. That may be done within the context of socio-demographic accounting. The paper discusses the experience of the U.S. Bureau of the Census in combining migration data from several sources. It also summarizes the many efforts in Europe to establish a coherent and consistent data base on international migration. The paper was written at IIASA. It is part of the Migration Estimation Study, which is a collaborative IIASA-University of Groningen project, funded by the Netherlands Organization for Scientific Research (NWO). The project aims at developing techniques to obtain improved estimates of international migration flows by country of origin and country of destination

Estimating Population Attribute Values in a Table: “Get Me Started in” Iterative Proportional Fitting

Iterative proportional fitting (IPF) is a technique that can be used to adjust a distribution reported in one data set by totals reported in others. IPF is used to revise tables of data where the information is incomplete, inaccurate, outdated, or a sample. Although widely applied, the IPF methodology is rarely presented in a way that is accessible to nonexpert users. This article fills that gap through discussion of how to operationalize the method and argues that IPF is an accessible and transparent tool that can be applied to a range of data situations in population geography and demography. It offers three case study examples where IPF has been applied to geographical data problems; the data and algorithms are made available to users as supplementary material

Development and external validation of a model to predict complex treatment after RFA for Barrett's esophagus with early neoplasia

Background & Aims: Endoscopic eradication therapy for Barrett's esophagus (BE)-related neoplasia is safe and leads to complete eradication in the majority of patients. However, a subgroup will experience a more complex treatment course with a risk for failure or disease progression. Early identification of these patients may improve patient counseling and treatment outcomes. We aimed to develop a prognostic model for a complex treatment course. Methods: We collected data from a nationwide registry that captures outcomes for all patients undergoing endoscopic eradication therapy for early BE neoplasia. A complex treatment course was defined as neoplastic progression, treatment failure, or the need for endoscopic resection during the radiofrequency ablation treatment phase. We developed a prognostic model using logistic regression. We externally validated our model in an independent registry. Results: A total of 1386 patients were included, of whom 78 (6%) had a complex treatment course. Our model identified patients with a BE length of 9 cm or longer with a visible lesion containing high-grade dysplasia/cancer, and patients with less than 50% squamous conversion after radiofrequency ablation were identified as high risk for a complex treatment. This applied to 8% of the study population and included 93% of all treatment failures and 76% of all patients with advanced neoplastic progression. The model appeared robust in multiple sensitivity analyses and performed well in external validation (area under the curve, 0.84). Conclusions: We developed a prognostic model that identified patients with a BE length of 9 cm or longer and high-grade dysplasia/esophageal adenocarcinoma and those with poor squamous regeneration as high risk for a complex treatment course. The good performance in external validation suggests that it may be used in clinical management (Netherlands Trial Register: NL7039)

Interface intermixing and magnetoresistance in Co/Cu spin valves with uncoupled Co layers

The interpretation of experiments on the effect of interface intermixing on the giant magnetoresistance (GMR) effect in antiferromagnetic-coupled multilayers can be complicated by the fact that interface intermixing also changes the coupling strength; therefore, we have grown an artificially intermixed region in Co/Cu spin valves with uncoupled Co layers. The structure we used was a newly engineered spin valve composed of 100 Å Co+6 Å Ru+25 Å Co+40 Å Cu+100 Å Co. Here the Ru layer provides an antiparallel alignment of the Co layers and the Cu layer decouples the upper two Co layers. An intermixed CoCu region has been grown at the Cu/Co interface and in some cases also at the Co/Cu interface by alternately sputtering 1 Å Co and 1 Å Cu. X-ray measurements confirm the existence of an intermixed region, although no reduction of magnetic moment is observed as is reported for homogeneous sputtered Co0.5Cu0.5 alloys. This indicates the existence of Co clusters in the intermixed regions. There is no difference in GMR between an intermixed layer of thickness t at one Co/Cu interface or two intermixed layers of thickness t/2 at both Co/Cu interfaces. Thus, it seems that the total thickness of the intermixed regions is decisive for the magnitude of the GMR. Because G, ¿G, and ¿G/Gap all show a gradual decrease when the nominal thickness of the intermixed region increases from 0 to 36 Å, this indicates that there is no strong spin-dependent scattering in this region. This is in agreement with calculations on a model bilayer Co/Cu/Co with the Camley–Barnas model

Micro-CT Based Experimental Liver Imaging Using a Nanoparticulate Contrast Agent: A Longitudinal Study in Mice

BACKGROUND: Micro-CT imaging of liver disease in mice relies on high soft tissue contrast to detect small lesions like liver metastases. Purpose of this study was to characterize the localization and time course of contrast enhancement of a nanoparticular alkaline earth metal-based contrast agent (VISCOVER ExiTron nano) developed for small animal liver CT imaging. METHODOLOGY: ExiTron nano 6000 and ExiTron nano 12000, formulated for liver/spleen imaging and angiography, respectively, were intravenously injected in C57BL/6J-mice. The distribution and time course of contrast enhancement were analysed by repeated micro-CT up to 6 months. Finally, mice developing liver metastases after intrasplenic injection of colon carcinoma cells underwent longitudinal micro-CT imaging after a single injection of ExiTron nano. PRINCIPAL FINDINGS: After a single injection of ExiTron nano the contrast of liver and spleen peaked after 4-8 hours, lasted up to several months and was tolerated well by all mice. In addition, strong contrast enhancement of abdominal and mediastinal lymph nodes and the adrenal glands was observed. Within the first two hours after injection, particularly ExiTron nano 12000 provided pronounced contrast for imaging of vascular structures. ExiTron nano facilitated detection of liver metastases and provided sufficient contrast for longitudinal observation of tumor development over weeks. CONCLUSIONS: The nanoparticulate contrast agents ExiTron nano 6000 and 12000 provide strong contrast of the liver, spleen, lymph nodes and adrenal glands up to weeks, hereby allowing longitudinal monitoring of pathological processes of these organs in small animals, with ExiTron nano 12000 being particularly optimized for angiography due to its very high initial vessel contrast