Does Compensation Disclosure Lead to Better Job Performance? Evidence from the Mandatory CFO Pay Disclosure

The 2006 SEC rule, by changing the definition of Named Executive Officers, for the first time mandated the disclosure of CFO compensation. We exploit this setting and use a difference-in-differences research design to study the impact of CFO compensation disclosure on CFO job performance. We hypothesize that the disclosure of CFO compensation information, by facilitating shareholder monitoring of the board and motivating the board to improve CFO compensation contract design, leads to better CFO job performance in providing high-quality financial reports. Analyses support our prediction: The treatment firms, which, under the 2006 rule, start to disclose CFO compensation information, compared to the control firms, which were already disclosing CFO compensation prior to 2006, experience a significant improvement in financial report quality as exhibited in the reduced frequency of both accounting restatements and internal control weaknesses, as well as improved accrual quality. Further strengthening our conclusion, the improvement in CFO performance in financial reporting for the treatment firms is more pronounced for firms with younger CFOs, firms with CFOs subject to weaker internal monitoring, and firms facing higher litigation risk. We contribute to the disclosure literature by showing a causal impact of compensation disclosure on job performance. Our findings also have regulatory implications

Do Managers Disclose or Withhold Bad News? Evidence from Short Interest

ABSTRACT Prior studies provide conflicting evidence as to whether managers have a general tendency to disclose or withhold bad news. A key challenge for this literature is that researchers cannot observe the negative private information that managers possess. We tackle this challenge by constructing a proxy for managers\u27 private bad news (residual short interest) and then perform a series of tests to validate this proxy. Using management earnings guidance and 8-K filings as measures of voluntary disclosure, we find a negative relation between bad-news disclosure and residual short interest, suggesting that managers withhold bad news in general. This tendency is tempered when firms are exposed to higher litigation risk, and it is strengthened when managers have greater incentives to support the stock price. Based on a novel approach to identifying the presence of bad news, our study adds to the debate on whether managers tend to withhold or release bad news. Data Availability: Data used in this study are available from public sources identified in the study

YeastWeb: a workset-centric web resource for gene family analysis in yeast

<p>Abstract</p> <p>Background</p> <p>Currently, a number of yeast genomes with different physiological features have been sequenced and annotated, which provides invaluable information to investigate yeast genetics, evolutionary mechanism, structure and function of gene families.</p> <p>Description</p> <p>YeastWeb is a novel database created to provide access to gene families derived from the available yeast genomes by assigning the genes into putative families. It has many useful features that complement existing databases, such as SGD, CYGD and Génolevures: 1) Detailed computational annotation was conducted with each entry with InterProScan, EMBOSS and functional/pathway databases, such as GO, COG and KEGG; 2) A well established user-friendly environment was created to allow users to retrieve the annotated genes and gene families using functional classification browser, keyword search or similarity-based search; 3) Workset offers users many powerful functions to manage the retrieved data efficiently, associate the individual items easily and save the intermediate results conveniently; 4) A series of comparative genomics and molecular evolution analysis tools are neatly implemented to allow users to view multiple sequence alignments and phylogenetic tree of gene families. At present, YeastWeb holds the gene families clustered from various MCL inflation values from a total of 13 available yeast genomes.</p> <p>Conclusions</p> <p>Given the great interest in yeast research, YeastWeb has the potential to become a useful resource for the scientific community of yeast biologists and related researchers investigating the evolutionary relationship of yeast gene families. YeastWeb is available at <url>http://centre.bioinformatics.zj.cn/Yeast/</url>.</p

Adaptive Redundant Lifting Wavelet Transform Based on Fitting for Fault Feature Extraction of Roller Bearings

A least square method based on data fitting is proposed to construct a new lifting wavelet, together with the nonlinear idea and redundant algorithm, the adaptive redundant lifting transform based on fitting is firstly stated in this paper. By variable combination selections of basis function, sample number and dimension of basis function, a total of nine wavelets with different characteristics are constructed, which are respectively adopted to perform redundant lifting wavelet transforms on low-frequency approximate signals at each layer. Then the normalized lP norms of the new node-signal obtained through decomposition are calculated to adaptively determine the optimal wavelet for the decomposed approximate signal. Next, the original signal is taken for subsection power spectrum analysis to choose the node-signal for single branch reconstruction and demodulation. Experiment signals and engineering signals are respectively used to verify the above method and the results show that bearing faults can be diagnosed more effectively by the method presented here than by both spectrum analysis and demodulation analysis. Meanwhile, compared with the symmetrical wavelets constructed with Lagrange interpolation algorithm, the asymmetrical wavelets constructed based on data fitting are more suitable in feature extraction of fault signal of roller bearings

Salinity significantly affects methane oxidation and methanotrophic community in Inner Mongolia lake sediments

Methanotrophs oxidize methane (CH4) and greatly help in mitigating greenhouse effect. Increased temperatures due to global climate change can facilitate lake salinization, particularly in the regions with cold semiarid climate. However, the effects of salinity on the CH4 oxidation activity and diversity and composition of methanotrophic community in the sediment of natural lakes at a regional scale are still unclear. Therefore, we collected lake sediment samples from 13 sites in Mongolian Plateau; CH4 oxidation activities of methanotrophs were investigated, and the diversity and abundance of methanotrophs were analyzed using real-time quantitative polymerase chain reaction and high throughput sequencing approach. The results revealed that the diversity of methanotrophic community decreased with increasing salinity, and community structure of methanotrophs was clearly different between the hypersaline sediment samples (HRS; salinity &gt; 0.69%) and hyposaline sediment samples (HOS; salinity &lt; 0.69%). Types II and I methanotrophs were predominant in HRS and HOS, respectively. Salinity was significantly positively correlated with the relative abundance of Methylosinus and negatively correlated with that of Methylococcus. In addition, CH4 oxidation rate and pmoA gene abundance decreased with increasing salinity, and salinity directly and indirectly affected CH4 oxidation rate via regulating the community diversity. Moreover, high salinity decreased cooperative association among methanotrophs and number of key methanotrophic species (Methylosinus and Methylococcus, e.g). These results suggested that salinity is a major driver of CH4 oxidation in lake sediments and acts by regulating the diversity of methanotrophic community and accociation among the methanotrophic species

Brucella Dysregulates Monocytes and Inhibits Macrophage Polarization through LC3-Dependent Autophagy

Brucellosis is caused by infection with Brucella species and exhibits diverse clinical manifestations in infected humans. Monocytes and macrophages are not only the first line of defense against Brucella infection but also a main reservoir for Brucella. In the present study, we examined the effects of Brucella infection on human peripheral monocytes and monocyte-derived polarized macrophages. We showed that Brucella infection led to an increase in the proportion of CD14++CD16− monocytes and the expression of the autophagy-related protein LC3B, and the effects of Brucella-induced monocytes are inhibited after 6 weeks of antibiotic treatment. Additionally, the production of IL-1β, IL-6, IL-10, and TNF-α from monocytes in patients with brucellosis was suppressed through the LC3-dependent autophagy pathway during Brucella infection. Moreover, Brucella infection inhibited macrophage polarization. Consistently, the addition of 3-MA, an inhibitor of LC3-related autophagy, partially restored macrophage polarization. Intriguingly, we also found that the upregulation of LC3B expression by rapamycin and heat-killed Brucella in vitro inhibits M2 macrophage polarization, which can be reversed partially by 3-MA. Taken together, these findings reveal that Brucella dysregulates monocyte and macrophage polarization through LC3-dependent autophagy. Thus, targeting this pathway may lead to the development of new therapeutics against Brucellosis

Roller Bearing Fault Diagnosis Based on Nonlinear Redundant Lifting Wavelet Packet Analysis

A nonlinear redundant lifting wavelet packet algorithm was put forward in this study. For the node signals to be decomposed in different layers, predicting operators and updating operators with different orders of vanishing moments were chosen to take norm lp of the scale coefficient and wavelet coefficient acquired from decomposition, the predicting operator and updating operator corresponding to the minimal norm value were used as the optimal operators to match the information characteristics of a node. With the problems of frequency alias and band interlacing in the analysis of redundant lifting wavelet packet being investigated, an improved algorithm for decomposition and node single-branch reconstruction was put forward. The normalized energy of the bottommost decomposition node coefficient was calculated, and the node signals with the maximal energy were extracted for demodulation. The roller bearing faults were detected successfully with the improved analysis on nonlinear redundant lifting wavelet packet being applied to the fault diagnosis of the roller bearings of the finishing mills in a plant. This application proved the validity and practicality of this method