50 research outputs found
"Value Relevance of the Multi-step Income Statement in Japan"
This paper investigates the relationship between value relevance of the multi-step income statement and managerial opportunistic behavior. In Japan, net income is disclosed by three steps, i.e., 1) operating profits from core operating activity, 2) ordinary income, measured by adding gains and losses from non-core operating and financing activities to operating profits, and 3) net income that is bottom line performance in the income statement. While Japanese firms achieve income smoothing, loss avoidance and big bath, the managerial opportunistic behavior is simply identified by the observation of multi performance measures. We find that the firms doing income smoothing, loss avoidance and big bath, which are identified by the multi-step income statement, have the different value relevance of earnings from other firms. In many cases, earnings management decreases the value relevance of earnings. The results suggest that the multi-step income statement enables investors to detect earnings management without apparent difficulty and that earnings become more useful when investors use the information contained in it.
Value Relevance of the Multi-step Income Statement in Japan
This paper investigates the relationship between value relevance of the multi-step income statement and managerial opportunistic behavior. In Japan, net income is disclosed by three steps, i.e., 1) operating profits from core operating activity, 2) ordinary income, measured by adding gains and losses from non-core operating and financing activities to operating profits, and 3) net income that is bottom line performance in the income statement. While Japanese firms achieve income smoothing, loss avoidance and big bath, the managerial opportunistic behavior is simply identified by the observation of multi performance measures. We find that the firms doing income smoothing, loss avoidance and big bath, which are identified by the multi-step income statement, have the different value relevance of earnings from other firms. In many cases, earnings management decreases the value relevance of earnings. The results suggest that the multi-step income statement enables investors to detect earnings management without apparent difficulty and that earnings become more useful when investors use the information contained in it.
International Classification of Financial Accounting Standards Based on Cluster Analysis
松谷勉教授古稀記念特
Binary Formation with Different Metallicities: Dependence on Initial Conditions
The fragmentation process in collapsing clouds with various metallicities is
studied using three-dimensional nested-grid hydrodynamics. Initial clouds are
specified by three parameters: cloud metallicity, initial rotation energy and
initial cloud shape. For different combinations of these parameters, we
calculate 480 models in total and study cloud evolution, fragmentation
conditions, orbital separation and binary frequency. For the cloud to fragment
during collapse, the initial angular momentum must be higher than a threshold
value, which decreases with decreasing metallicity. Although the exact
fragmentation conditions depend also on the initial cloud shape, this
dependence is only modest. Our results indicate a higher binary frequency in
lower-metallicity gas. In particular, with the same median rotation parameter
as in the solar neighbourhood, a majority of stars are born as members of
binary/multiple systems for < 10^-4 Z_sun. With initial mass < 0.1 M_sun, if
fragments are ejected in embryo from the host clouds by multi-body interaction,
they evolve to substellar-mass objects. This provides a formation channel for
low-mass stars in zero- or low-metallicity environments.Comment: Accepted for publication in MNRAS. High resolution figures are
available at
http://www2-tap.scphys.kyoto-u.ac.jp/~machidam/astro-ph/metallicity.pd
The formation of the extremely primitive star SDSS J102915+172927 relies on dust
The relative importance of metals and dust grains in the formation of the
first low-mass stars has been a subject of debate. The recently discovered
Galactic halo star SDSS J102915+172927 (Caffau et al. 2011) has a mass less
than 0.8 Msun and a metallicity of Z = 4.5 10^{-5} Zsun. We investigate the
origin and properties of this star by reconstructing the physical conditions in
its birth cloud. We show that the observed elemental abundance trend of SDSS
J102915+172927 can be well fitted by the yields of core-collapse supernovae
with metal-free progenitors of 20 Msun and 35 Msun. Using these selected
supernova explosion models, we compute the corresponding dust yields and the
resulting dust depletion factor taking into account the partial destruction by
the supernova reverse shock. We then follow the collapse and fragmentation of a
star forming cloud enriched by the products of these SN explosions at the
observed metallicity of SDSS J102915+172927. We find that [0.05 - 0.1] Msun
mass fragments, which then lead to the formation of low-mass stars, can occur
provided that the mass fraction of dust grains in the birth cloud exceeds 0.01
of the total mass of metals and dust. This, in turn, requires that at least 0.4
Msun of dust condense in the first supernovae, allowing for moderate
destruction by the reverse shock. If dust formation in the first supernovae is
less efficient or strong dust destruction does occur, the thermal evolution of
the SDSS J102915+172927 birth cloud is dominated by molecular cooling, and only
> 8 Msun fragments can form. We conclude that the observed properties of SDSS
J102915+172927 support the suggestion that dust must have condensed in the
ejecta of the first supernovae and played a fundamental role in the formation
of the first low-mass stars.Comment: 5 pages, 3 figures, accepted as a Letter to MNRA