Audit Quality and Accrual Persistence: Evidence from the Pre- and Post-Sarbanes-Oxley Periods

Purpose – The purpose of this paper is two-fold: first, to examine whether the quality of accruals, as measured by accrual persistence, improved in the post-Sarbanes-Oxley (SOX) period, and second, to examine the degree to which SOX-related improvement in accrual persistence varies across companies depending on the degree of their auditor\u27s independence. Design/methodology/approach – The paper compares accrual persistence in the pre- and post-SOX periods to test the first question. Then, partitioning on relative client importance as a measure of auditor independence, the paper compares the SOX-based improvement for clients of low and high independence audit firms. Findings – The study first demonstrates that accrual persistence increased significantly in the post-SOX period. The study also finds evidence that in the post-SOX period, the subsample of companies audited by Big-N auditors with lower-independence experienced the greatest improvement in accrual persistence. Originality/value – This is the first paper to evaluate SOX-related improvements in the quality of earnings as measured by accrual persistence. Prior studies test abnormal accruals and other earnings management metrics, however, persistence is a more general test of financial statement quality. This study also is the first to compare SOX-related improvements for clients of firms with differing levels of independence

The Torpedo Effect: Myth or Reality?

General evidence indicates that managers manage earnings at three common earnings thresholds: analyst forecasts, prior period earnings, and zero earnings. We examine one market-based motivation suggested for this behavior. If managers perceive the market penalty for barely missing an earnings threshold to be disproportionately high (i.e., a torpedo effect), they may use discretion to manage earnings upward to meet the earnings threshold. This market-based incentive would explain the evidence in favor of earnings management at earnings thresholds. To test the existence of a torpedo effect, we employ a comprehensive model that measures the market’s reaction to reported earnings that barely miss earnings thresholds. This model controls for the level of unexpected earnings and several other firm characteristics known to affect the relation between returns and earnings. Overall, we conclude that there is little evidence of a torpedo effect. This conclusion holds for both low-growth and high-growth firms and is unaffected by the firm’s history of meeting the threshold. Our paper dispels some commonly held beliefs about the market’s response to earnings thresholds.Yeshttps://us.sagepub.com/en-us/nam/manuscript-submission-guideline

Radio Planetary Nebulae in the Magellanic Clouds

We present preliminary results of our deep Australia Telescope Compact Array (ATCA) radio-continuum survey of the Magellanic Clouds Planetary Nebulae.Comment: 2 pages 1 figure, to appear in Planetary Nebulae an Eye to the Future Proceedings IAU Symposium No. 28

Radio-Continuum study of the Nearby Sculptor Group Galaxies. Part 1: NGC 300 at lambda = 20 cm

A series of new radio-continuum (lambda=20 cm) mosaic images focused on the NGC 300 galactic system were produced using archived observational data from the VLA and/or ATCA. These new images are both very sensitive (rms=60 microJy) and feature high angular resolution (<10"). The most prominent new feature is the galaxy's extended radio-continuum emission, which does not match its optical appearance. Using these newly created images a number of previously unidentified discrete sources have been discovered. Furthermore, we demonstrate that a joint deconvolution approach to imaging this complete data-set is inferior when compared to an immerge approach.Comment: 13 pages, 12 figures, accepted to APSS, new version to correct the missing reference

The LAEX and NASA portals for CoRoT public data

* Aims. We describe here the main functionalities of the LAEX (Laboratorio de Astrofisica Estelar y Exoplanetas/Laboratory for Stellar Astrophysics and Exoplanets) and NASA portals for CoRoT Public Data. The CoRoT archive at LAEX was opened to the community in January 2009 and is managed in the framework of the Spanish Virtual Observatory. NStED (NASA Star and Exoplanet Database) serves as the CoRoT portal for the US astronomical community. NStED is a general purpose stellar and exoplanet archive with the aim of providing support for NASA planet finding and characterisation goals, and the planning and support of NASA and other space missions. CoRoT data at LAEX and NStED can be accessed at http://sdc.laeff.inta.es/corotfa/ and http://nsted.ipac.caltech.edu,respectively. * Methods. Based on considerable experience with astronomical archives, the aforementioned archives are designed with the aim of delivering science-quality data in a simple and efficient way. * Results. LAEX and NStED not only provide access to CoRoT Public Data but furthermore serve a variety of observed and calculated astrophysical data. In particular, NStED provides scientifically validated information on stellar and planetary data related to the search for and characterization of extrasolar planets, and LAEX makes any information from Virtual Observatory services available to the astronomical community.Comment: Accepted for publication in Astronomy & Astrophysic

Radio-Continuum Study of the Nearby Sculptor Group Galaxies. Part 2: NGC 55 at {\lambda}=20, 13, 6 and 3 cm

A series of new radio-continuum ({\lambda}=20, 13, 6 and 3 cm) mosaic images focused on the NGC55 galactic system were produced using archived observational data from the Australia Telescope Compact Array. These new images are both very sensitive (down to rms=33 {\mu}Jy) and feature high angular resolution (down to <4"). Using these newly created images, 66 previously unidentified discrete sources are identified. Of these sources, 46 were classified as background sources, 11 as HII regions and 6 as supernova remnant candidates. This relatively low number of SNR candidates detected coupled with the low number of large HII regions is consistent with the estimated low star formation rate of the galaxy at 0.06 solar masses per year. Our spectral index map shows that the core of galaxy appears to have a shallow spectral index between {\alpha} = -0.2 and -0.4. This indicates that the core of the galaxy is a region of high thermal radiation output.Comment: 11 pages, 8 figures. Accepted for publication in Astrophysics and Space Scienc

Impact of model physics on estimating the surface mass balance of the Greenland ice sheet

Long-term predictions of sea level rise from increased Greenland ice sheet melting have been derived using Positive Degree Day models only. It is, however, unknown precisely what uncertainties are associated with applying this simple surface melt parameterization for future climate. We compare the behavior of a Positive Degree Day and Energy Balance/ Snowpack model for estimating the surface mass balance of the Greenland ice sheet under a warming climate. Both models were first tuned to give similar values for present-day mass balance using 10 years of ERA-40 climatology and were then run for 300 years, forced with the output of a GCM in which atmospheric CO2 increased to 4 times preindustrial levels. Results indicate that the Positive Degree Day model is more sensitive to climate warming than the Energy Balance model, generating annual runoff rates almost twice as large for a fixed ice sheet geometry. Roughly half of this difference was due to differences in the volume of melt generated and half was due to differences in refreezing rates in the snowpack. Our results indicate that the modeled snowpack properties evolve on a multidecadal timescale to changing climate, with a potentially large impact on the mass balance of the ice sheet; an evolution that was absent from the Positive Degree Day model. Copyright 2007 by the American Geophysical Union

Coupling the U.K. Earth System Model to dynamic models of the Greenland and Antarctic ice sheets

The physical interactions between ice sheets and the atmosphere and ocean around them are major factors in determining the state of the climate system, yet many current Earth System models omit them entirely or treat them very simply. In this work we describe how models of the Greenland and Antarctic ice sheets have been incorporated into the global U.K. Earth System model (UKESM1) via substantial technical developments with a two-way coupling that passes fluxes of energy and water, and the topography of the ice sheet surface and ice shelf base, between the component models. File-based coupling outside the running model executables is used throughout to pass information between the components, which we show is both physically appropriate and convenient within the UKESM1 structure. Ice sheet surface mass balance is computed in the land surface model using multi-layer snowpacks in subgrid-scale elevation ranges and compares well to the results of regional climate models. Ice shelf front discharge forms icebergs, which drift and melt in the ocean. Ice shelf basal mass balance is simulated using the full three-dimensional ocean model representation of the circulation in ice-shelf cavities. We show a range of example results, including from simulations with changes in ice sheet height and thickness of hundreds of metres, and changes in ice sheet grounding line and land-terminating margin of many tens of kilometres, demonstrating that the coupled model is computationally stable when subject to significant changes in ice sheet geometry

Improving Medicines use in People with Polypharmacy in Primary Care (IMPPP): Protocol for a multicentre cluster randomised trial comparing a complex intervention for medication optimization against usual care.

IntroductionPolypharmacy is increasingly common, and associated with undesirable consequences. Polypharmacy management necessitates balancing therapeutic benefits and risks, and varying clinical and patient priorities. Current guidance for managing polypharmacy is not supported by high quality evidence. The aim of the Improving Medicines use in People with Polypharmacy in Primary Care (IMPPP) trial is to evaluate the effectiveness of an intervention to optimise medication use for patients with polypharmacy in a general practice setting.MethodsThis trial will use a multicentre, open-label, cluster-randomised controlled approach, with two parallel groups. Practices will be randomised to a complex intervention comprising structured medication review (including interprofessional GP/pharmacist treatment planning and patient-facing review) supported by performance feedback, financial incentivisation, clinician training and clinical informatics (intervention), or usual care (control). Patients with polypharmacy and triggering potentially inappropriate prescribing (PIP) indicators will be recruited in each practice using a computerised search of health records. 37 practices will recruit 50 patients, and review them over a 26-week intervention delivery period. The primary outcome is the mean number of PIP indicators triggered per patient at 26 weeks follow-up, determined objectively from coded GP electronic health records. Secondary outcomes will include patient reported outcome measures, and health and care service use. The main intention-to-treat analysis will use linear mixed effects regression to compare number of PIP indicators triggered at 26 weeks post-review between groups, adjusted for baseline (pre-randomisation) values. A nested process evaluation will explore implementation of the intervention in primary care.Ethics and disseminationThe protocol and associated study materials have been approved by the Wales REC 6, NHS Research Ethics Committee (REC reference 19/WA/0090), host institution and Health Research Authority. Research outputs will be published in peer-reviewed journals and relevant conferences, and additionally disseminated to patients and the public, clinicians, commissioners and policy makers.Isrctn registration90146150 (28/03/2019)