Stable Shareholdings, the Decision Horizon Problem, and Patterns of Earnings Management

Prior studies argue that stable shareholders do not encourage firm managers to manage their earnings to achieve short-term earnings goals. They also state that firm managers with stable shareholders have an incentive to report smooth earnings to maintain long-term relationships with such shareholders. We focus on cross-shareholdings and stable shareholdings owned by financial institutions as stable shareholdings in Japan, and investigate the effect of these ownership structures on earnings management patterns. Specifically, we hypothesize that stable shareholdings are positively associated with the informational components of earnings smoothing, and negatively associated with big bath. Consistent with our hypotheses, we first find that as stable shareholdings increase, managers are more likely to conduct earnings smoothing that provides useful information to stable shareholders. Second, we reveal that managers are less likely to engage in big bath behavior as stable shareholdings increase. Finally, our additional analysis shows that stable shareholdings reduce incentives for managers to cut discretionary expenditures to meet short-term earnings benchmarks, implying that stable shareholdings could reduce the possibility of a myopic problem. These results suggest that managers with stable shareholdings tend to report smoother and less volatile earnings, and do not tend to pursue earnings management to attain short-term earnings targets.Stable shareholdings, Earnings smoothing, Big bath, Horizon problem, Myopic problem

INTERSECTION OF CRITICAL MATHEMATICS EDUCATION AND ETHNOMATHEMATICS

Ethnomathematics has gained a certain level of momentum in the developing countries, and some developed countries with multicultural backgrounds. On the other hand, critical mathematics educaton that originated in developed countries, has highlighted critical points of ethnomathematical research. In this research the complementary relation between critical mathematics education and ethnomathematics has been deliberated in order to connect ethnomathematics to school mathematics as a part of educational endeavor. Subsequently a foundational framework has been proposed to strengthen the critical nature by means of reciprocity and develop mathematics education based on ethnomathematics

Consideration of international cooperation in the field of mathematics education : The case of the strengthening mathematics and science at secondary education (SMAASE) project, Kenya

The role of basic education is refocused from different angle at Jomtien Conference (1990) after 30 years haveelapsed since international conferences on the educational planning were convened for universal primary educationaround 1960. In this conference, it is regarded as a part, and especially a fundamental part, of human rights ratherthan as a tool to attain economic development. Thus international cooperation in the field of education is gearedtowards improvement of its quality as well as quantitative attainment of the universal basic education. In this direc-tion Japanese government has committed herself during UNCTAD general conference to the education in Africa,and the SMASSE (Strengthening Mathematics and Science at Secondary Education) project, between Kenyan gov-ernment and Japanese government is one development of such commitment in the field of mathematics and scienceeducation at the secondary level. This report has intended to present what the project considered and implementedduring the early stage. And through this presentation, the authors have presented two implications towards theoriza-tion of international cooperation in the field of mathematics education. They are namely consideration of socio-cul-tural aspect in mathematics curriculum and professional development of teachers through lesson research

Redefinition of Literacy Towards EFA Era : Focusing on the Mathematics Education 【Article】

The increment of information used to be regarded as a good thing unconditionally. However what werealize at the corner of this century is the unequal distribution of wealth and information which causesitself grow bigger and bigger than ever before. And it poses invincible tasks to humankind.The World Declaration, which has a symbolic meaning in the history of international cooperation,may become a cornerstone so long as we see some possibility in it and orchestrate our efforts toward theachievement of its goal. However, it may be degenerated into another empty doodle on the wall of histo-ry unless we translate these words into action. What we should do to change the possibility into the real-ity is to convert symbolism into practicability.It is our task to redefine the literacy as a basic ability in this declaration and to develop the discussionbased upon that definition. The critical thinking and creative attitude are the key concepts which createthe circulative channel between two sides which cannot be easily fused into one. They have beenemployed to enable not fusion but integration of the two mathematizations, science and technique

読点が接続詞の直後に打たれる要因について : 一般化線形モデルを用いた予測モデルの構築

会議名: 言語資源活用ワークショップ2017, 開催地: 国立国語研究所, 会期: 2017年9月5日-6日, 主催: 国立国語研究所 コーパス開発センター本稿では，接続詞の直後に読点を打つ場合の要因を探るためにコーパスを用いた計量的な調査を試みた。コーパスは『現代日本語書き言葉均衡コーパス』のコアデータを使用し，検索には『中納言』を用いた。分析は，一般化線形モデルを用いたロジスティック回帰分析から，接続詞の直後に読点が打たれる要因について検討した。その結果，接続詞の直後に打たれる読点は，接続詞の連接類型だけでなく，接続詞の前後の文字種や品詞，接続詞の語種，一文の長さや接続詞自体の文字数といった変数が影響を与えていることが確認された。その中でも，一文が長いほど接続詞の直後に読点が打たれやすいこと，接続詞の文字数が多いほど読点が打たれにくいこと，接続詞の連接類型が対比型と同列型の時に読点が打たれにくいことが明らかになった

Successful closure of large blunt macular chorioretinal rupture: a case report

The authors present a rare case of large chorioretinal rupture caused by blunt traumatic injury of the globe. A 22-year-old woman sustained a blunt injury to her left eye. The best-corrected Snellen visual acuity was 2/20 in her left eye, and hyphema and vitreous hemorrhage were noted. The day after the injury occurred the vitreous hemorrhage had disappeared. Fundus examination revealed a crescent-shaped retinal rupture three disc diameters in size near the macula, and a choroidal rupture six disc diameters in size that was over the vascular arcade. Three days after the injury, vitrectomy with internal limiting membrane peeling was performed. Postoperative prone positioning was maintained for 4 days. Five days postoperatively, closure of the ruptured retina was confirmed. The visual acuity improved to 16/20 4 months after surgery and this was maintained over a 48-month period. In conclusion, early vitrectomy with internal limiting membrane peeling after injury was effective for a case involving severe blunt chorioretinal rupture with closed globe injury