Effects Of Voluntary Disclosure Of The Schedule Of Manufacturing Cost On Analysts’ Earnings Forecasts: Evidence From Korea

We provide the effects of voluntary disclosure of the schedule of manufacturing cost on analysts’ earnings forecasts. We set up and analyze the disclosure of the schedule of manufacturing cost as a proxy for voluntary disclosure. Specifically, we examine the associations between voluntary disclosure of it and the accuracy of analysts’ earnings forecasts and bias in earnings forecasts. The results of our study are as follows. First, the relationship between voluntary disclosure of the schedule of manufacturing cost and the accuracy of analysts’ earnings forecasts is significant in the positive (+) direction. This means that the accuracy of analysts’ earnings forecasts is higher in the case of the firms that voluntarily disclosed the schedule of manufacturing cost, as compared to other firms. Second, the relationship between voluntary disclosure of the schedule of manufacturing cost and analysts’ bias in earnings forecasts is significant in the negative (-) direction. This means that analysts underestimate earnings in the case of the firms that voluntarily disclose the schedule of manufacturing cost, as compared to other firms. Since the schedule of manufacturing cost is still an interesting item and useful information in the capital market, the results of our study provide important implications not only to managers, but also to investors and supervisory authority. Limitations of our study include the fact that not all diverse variables that affect voluntary disclosure and analysts’ forecasts are considered.

Current Application of Micro/Nano-Interfaces to Stimulate and Analyze Cellular Responses

Microfabrication technologies have a high potential for novel approaches to access living cells at a cellular or even at a molecular level. In the course of reviewing and discussing the current application of microinterface systems including nanointerfaces to stimulate and analyze cellular responses with subcellular resolution, this article focuses on interfaces based on microfluidics, nanoparticles, and scanning electrochemical microscopy (SECM). Micro/nanointerface systems provide a novel, attractive means for cell study because they are capable of regulating and monitoring cellular signals simultaneously and repeatedly, leading us to an enhanced understanding and interpretation of cellular responses. Therefore, it is hoped that the integrated micro/nanointerfaces presented in this review will contribute to future developments of cell biology and facilitate advanced biomedical applications.close2