Accounting flexibility and managers' forecast behavior prior to seasoned equity offerings

Singapore Management University SOAR Cente

Accounting Flexibility and Managers’ Forecast Behavior Prior to Seasoned Equity Offerings

University of Minnesota Ph.D. dissertation. June 2011. Major: Bussiness administration. Advisor: Pervin shroff. 1 computer file (PDF); v, 68 pages, appendix A.This study examines the effect of accounting flexibility on managers' forecasting behavior prior to seasoned equity offerings (SEO). While SEO firms have strong incentives to convey optimistic information to boost the pre-SEO stock price, they also face enhanced litigation risk arising from SEO-related regulation. Thus, I hypothesize that managers of SEO firms will release optimistic forecasts prior to an SEO only if they have the accounting flexibility to manage subsequent reported earnings to meet or exceed their forecasts. I find that managers with greater accounting flexibility are more likely to issue a forecast prior to the SEO and their forecasts are more optimistic and more specific. Further, I find that accounting flexibility has no effect on managers' forecasting behavior either for non-SEO control firms or for non-SEO periods. My results suggest that, when managers face a tension between incentives to report optimistically and high litigation risk, accounting flexibility is an important factor that determines their forecasting behavior

Horizontal linear vibrating actuator to reduce smart phone thickness

Smart phones have numerous features and large display. In result, the smart phone is less portable than before due to its large size. In order to improve the portability of a smart phone, the thickness of the smart phone should be reduced. This is one of the important issues in today's smart phone hardware industry. The vibrating actuator is the thickest component in a smart phone. A thinner electric vibration actuator could make smart phones slimmer. Currently, a vertical linear vibrating actuator is used in smart phones, and it vibrates in the thickness direction of the phone. This imposes a restriction on the sliming of smart phones. Also, a vertical actuator has a thickness of approximately 3.0 to 3.6 mm. We develop a horizontal linear vibrating actuator that can be used to reduce the thickness of a smart phone. Mathematical vibration modeling is used to calculate the magnetic force, and a finite element analysis using the commercial electromagnetic analysis software MAXWELL is performed to determine the specifications of a permanent magnet and electromagnetic coil. The guide spring is designed by modal and harmonic response analysis using ANSYS. A horizontal linear vibrating actuator is designed, and a prototype is manufactured for use in experiments. Its thickness is reduced by 30 % compared to a vertical linear vibrating actuator. In addition, the actuator can vibrate with an acceleration of up to 2.10 Gravity (G), which represents an improvement of at least 40 % compared to a vertical linear vibrating actuator

Safety of low-dose anticoagulation in extracorporeal membrane oxygenation using the Permanent Life Support System: a retrospective observational study

Background Bleeding and thrombosis are major complications associated with high mortality in extracorporeal membrane oxygenation (ECMO) management. Anticoagulant therapy should be adequate to reduce thrombosis. However, related studies are limited. Methods We retrospectively reviewed all patients supported with ECMO at a single institution between January 2014 and July 2022 and included those on all types of ECMO using the Permanent Life Support System. Patients were classified into two groups according to their measured mean activated partial thromboplastin time (aPTT) during ECMO management: a high-anticoagulation (AC) group (aPTT, ≥55 seconds; n=52) and a low-AC group (aPTT, <55 seconds; n=79). The primary outcome was thrombotic or bleeding events during ECMO. Results We identified 10 patients with bleeding; significantly more of these patients were in the high-AC group (n=8) than in the low-AC group (15.4% vs. 2.5%, p=0.01). However, thrombus events and oxygenator change-free times were not significantly different between the two groups. Four patients in the high-AC group died of bleeding complications (brain hemorrhage, two; hemopericardium, one; and gastrointestinal bleeding, one). One patient in the low-AC group developed a thrombus and died of ECMO dysfunction due to circuit thrombosis. Conclusion Heparin did not significantly improve thrombotic outcomes. However, maintaining an aPTT of ≥55 seconds was a significant risk factor for bleeding events, especially those associated with mortality

Dynamic experiment of active accelerator pedal system with a coreless tubular electromagnetic linear actuator

An automobile active accelerator pedal (AAP) warns the driver about an emergency. A tubular electromagnetic linear actuator is the key component to create an impact or vibration, but it has a large cogging force due to a steel core that causes instabilities. Accordingly, we propose an AAP with a coreless tubular electromagnetic linear actuator, and verify its performance using dynamic experiments

The effect of CEO stock-based compensation on pricing of future earnings

This paper examines whether CEO stock-based compensation has an effect on the market's ability to predict future earnings. When stock-based compensation motivates managers to share their private information with shareholders, it will expedite the pricing of future earnings in current stock prices. In contrast, when equity-compensated managers attempt to temporarily manipulate the stock price to maximize their own benefit rather than that of shareholders, the market may not fully anticipate future performance. We find that a CEO's stock-based compensation strengthens the association between current returns and future earnings, indicating that more information about future earnings is reflected in current stock prices. In addition, we find that the positive effect is weaker for firms that have a high level of signed discretionary accruals or a low management forecast frequency. Overall, our study suggests that on average, equity-based compensation improves the informativeness of stock prices about future earnings, while opportunistic discretionary accruals or lowered earnings guidance hamper this improvement

Investigation of Rheological Properties of Blended Cement Pastes Using Rotational Viscometer and Dynamic Shear Rheometer

To successfully process concrete, it is necessary to predict and control its flow behavior. However, the workability of concrete is not completely measured or specified by current standard tests. Furthermore, it is only with a clear picture of cement hydration and setting that full prediction and control of concrete performance can be generalized. In order to investigate the rheological properties of blended cement pastes, a rotational viscometer (RV) was used to determine the flow characteristics of ordinary and blended pastes to provide assurance that it can be pumped and handled. Additionally, a dynamic shear rheometer (DSR) was used to characterize both the viscous and elastic components of pastes. Ordinary Portland cement paste and blended pastes (slag, fly ash, and silica fume) were investigated in this study. /e stress and strain of the blended specimens were measured by the DSR, which characterizes both viscous and elastic behaviors by measuring the complex shear modulus (the ratio of total shear stress to total shear strain) and phase angle (an indicator of the relative amounts of recoverable and nonrecoverable deformation) of materials. Cement pastes generally exhibit different rheological behaviors with respect to age, mineral admixture type, and cement replacement level