Analyst Underreaction to Past Information About Earnings: reporting, processing or plain old misspecification bias?

We revisit the debate concerning the interpretation given to prior year’s earnings changes in predicting future earnings as discussed by Abarbanell & Bernard (1992), Francis & Philbrick (1993) and Easterwood and Nutt (1999). We advance a new specification of this relationship which distinguishes between earnings reversion and momentum. On a large UK dataset, we find there is substantial underreaction, particularly in situations of earnings momentum, approximately six times as large as that identified by Abarbanell & Bernard. This suggests that analysts behaviour is still a candidate to explain post earnings announcement drift. We also show that our model performs well relative to a specification recently proposed by Easterwood and Nutt (1999)

Orbital maneuvering end effectors

This invention relates to an end effector device for grasping and maneuvering objects such as berthing handles of a space telescope. The device includes a V-shaped capture window defined as inclined surfaces in parallel face plates which converge toward a retainer recess in which the handle is retained. A pivotal finger (30) meshes with a pair of pivoted fingers which rotate in counterrotation. The fingers rotate to pull a handle within the capture window into recess where latches lock handle in the recess. To align the capture window, plates may be cocked plus or minus five degrees on base. Drive means is included in the form of a motor coupled with a harmonic drive speed reducer, which provides for slow movement of the fingers at a high torque so that large articles may be handled. Novelty of the invention is believed to reside in the combined intermeshing finger structure, drive means and the harmonic drive speed reducer, which features provide the required maneuverability and strength

Education as service: the understanding of university experience through the service logic

Pre-print of article accepted for publication in Journal of Marketing for Higher EducationWith the marketization of UK higher education, this paper develops a framework from services marketing that can assist universities in understanding what market orientation means and how students would value their offerings. Our study shows that the core service in a university experience is a learning experience that is co-created, and that the value is emergent, unstructured, interactive, uncertain, with a hedonic dimension. Our paper modifies the gap model of service quality to show that an ideological gap exists that may also impede the quality of the university experience. We propose that a one-sided expectation by students leads to student consumerism and disengagement. Paradoxically, we show that a true student-orientated marketing puts the university ideology at the centre of marketing efforts and that marketing may well be an effective tool to communicate such ideologies

Exercise interventions for preventing dementia or delaying cognitive decline in people with mild cognitive impairment

This is the protocol for a review and there is no abstract. The objectives are as follows: To evaluate the effects of exercise interventions for preventing dementia in people with mild cognitive impairment. We refer to Forbes 2015b and Forbes 2015c for the review protocols on exercise interventions for maintaining cognitive function in cognitively healthy people in mid and late life

Exercise interventions for maintaining cognitive function in cognitively healthy people in mid life

This is the protocol for a review and there is no abstract. The objectives are as follows: To evaluate the effects ofexercise interventions on cognitive function in cognitively healthy people in mid life. We refer to Forbes 2015b for the review protocol on Exercise interventions for maintaining cognitive function in cognitively healthy people in late life and to Forbes 2015c for the review protocol on Exercise interventions for prevention of dementia in people with mild cognitive impairment

Exercise interventions for maintaining cognitive function in cognitively healthy people in late life

This is the protocol for a review and there is no abstract. The objectives are as follows: To evaluate the effects ofexercise interventions on cognitive function in cognitively healthy people in late life. We refer to Forbes 2015b for the review on Exercise interventions for maintaining cognitive function in cognitively healthy people in mid life, and to Forbes 2015c for the review on Exercise interventions for prevention of dementia in people with mild cognitive impairment

Orbital maneuvering vehicle end effectors

An end effector device (A) for grasping and holding an article such as a handle (18) of a space telescope is disclosed. The device includes a V-shaped capture window (74) defined as inclined surfaces (76, 78) in parallel face plates (22, 24) which converge toward a retainer recess (54) in which the handle is retained. A pivotal finger (30) meshes with a pair of pivoted fingers (26, 28) which rotate in counterrotation. The fingers rotate to pull a handle within the capture window into recess (54) where latches (50) lock handle (18) in the recess. To align the capture window, plates (22, 24) may be cocked plus or minus five degrees on base (64)

NMR shim coil design utilising a rapid spherical harmonic calculation method

A rapid spherical harmonic calculation method is used for the design of Nuclear Magnetic Resonance shim coils. The aim is to design each shim such that it generates a field described purely by a single spherical harmonic. By applying simulated annealing techniques, coil arrangements are produced through the optimal positioning of current-carrying circular arc conductors of rectangular cross-section. This involves minimizing the undesirable harmonies in relation to a target harmonic. The design method is flexible enough to be applied for the production of coil arrangements that generate fields consisting significantly of either zonal or tesseral harmonics. Results are presented for several coil designs which generate tesseral harmonics of degree one

Implications for the origin of dwarf early-type galaxies: a detailed look at the isolated rotating dwarf early-type galaxy CG 611, with ramifications for the Fundamental Plane's (S_K)^2 kinematic scaling and the spin-ellipticity diagram

Selected from a sample of nine, isolated, dwarf early-type galaxies (ETGs) having the same range of kinematic properties as dwarf ETGs in clusters, we use CG 611 (LEDA 2108986) to address the Nature versus Nurture debate regarding the formation of dwarf ETGs. The presence of faint disk structures and rotation within some cluster dwarf ETGs has often been heralded as evidence that they were once late-type spiral or dwarf irregular galaxies prior to experiencing a cluster-induced transformation into an ETG. However, CG 611 also contains significant stellar rotation (~20 km/s) over its inner half light radius, R_(e,maj)=0.71 kpc, and its stellar structure and kinematics resemble those of cluster ETGs. In addition to hosting a faint young nuclear spiral within a possible intermediate-scale stellar disk, CG 611 has accreted an intermediate-scale, counter-rotating gas disk. It is therefore apparent that dwarf ETGs can be built by accretion events, as opposed to disk-stripping scenarios. We go on to discuss how both dwarf and ordinary ETGs with intermediate-scale disks, whether under (de)construction or not, are not fully represented by the kinematic scaling S_0.5=sqrt{ 0.5(V_rot)^2 + sigma^2 }, and we also introduce a modified spin-ellipticity diagram, lambda(R)-epsilon(R), with the potential to track galaxies with such disks.Comment: 15 pages (includes 9 figures and an extensive 2+ page reference list

Investigating the driving mechanisms of coronal mass ejections

The objective of this investigation was to first examine the kinematics of coronal mass ejections (CMEs) using EUV and coronagraph images, and then to make a comparison with theoretical models in the hope to identify the driving mechanisms of the CMEs. We have studied two CMEs which occurred on 2006 Dec. 17 (CME06) and 2007 Dec. 31 (CME07). The models studied in this work were catastrophe, breakout, and toroidal instability models. We found that after the eruption, the accelerations of both events exhibited a drop before increasing again. Our comparisons with the theories suggested that CME06 can be best described by a hybrid of the catastrophe and breakout models while CME07 is most consistent with the breakout model.Comment: 9 pages 7 figure