Testing Market Response to Auditor Change Filings: a comparison of machine learning classifiers

The use of textual information contained in company filings with the Securities Exchange Commission (SEC), including annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, has gained the increased attention of finance and accounting researchers. In this paper we use a set of machine learning methods to predict the market response to changes in a firm\u27s auditor as reported in public filings. We vectorize the text of 8-K filings to test whether the resulting feature matrix can explain the sign of the market response to the filing. Specifically, using classification algorithms and a sample consisting of the Item 4.01 text of 8-K documents, which provides information on changes in auditors of companies that are registered with the SEC, we predict the sign of the cumulative abnormal return (CAR) around 8-K filing dates. We report the correct classification performance and time efficiency of the classification algorithms. Our results show some improvement over the naïve classification method

Lotic dragonfly (\u3cem\u3eAnisoptera: Odonata\u3c/em\u3e) nymphs of the Southeastern United States: identification, distribution and historical biogeography

An identification guide to the southeastern United States lotic dragonfly nymphs is constructed. Descriptions, figures, keys, verification tables, and distribution maps are provided to facilitate identification of families, genera, and species. Information developed in the study of nymphs is utilized to evaluate arrangements of taxa that have been traditionally based solely on adult characters. Traditional arrangements are supported except (1) subgenera of the genus Gomphus s.1. are highly distinctive in the nymphal stage and should be elevated to generic rank and (2) two species, Gomphurus consanguis and G. rogersi are improperly placed and as a group deserve generic rank. A study of ranges of North American species led to an analysis of the historical biogeography of the genera. An analysis of the worldwide distribution of genera of the North American fauna led to the following conclusions: (1) the Nearctic fauna is composed of relicts of a once continuous Holarctic Tertiary fauna, a few Jurassic relicts, and minor lineages derived from the Neotropical realm, (2) species of the modern fauna are considered to have differentiated by late Tertiary or early Pleistocene times and (3) certain other nominal species or yet unrecognized taxa are considered of subspecific rank and of late Pleistocene age

Measuring the Significance of Diversification Gains

This article investigates whether investing in alternative investment media provides statistically significant increases in portfolio performance. Employing methodology introduced by Kandel and Stambaugh (1987) and Gibbons, Ross and Shanken (1989), we measure the statistical significance of diversification gains for portfolios containing real and financial domestic assets, as well as international debt and equity issues. The NCREIF real estate series is further examined using the Geltner (1993) adjustment to the risk measure. In the 1978B93 sample period, neither international assets nor unadjusted real estate ever result in statistically significant increases in portfolio performance. When the Geltner adjustment is made, the allocation to real estate is substantially reduced in the expanded portfolio and also fails to result in a statistically significant increase in portfolio performance. These results may help to resolve the paradox between current portfolio allocations to real estate in practice and those suggested in the literature.

Optimization of the enriched colony housing system for laying hens key aspects

Diese Dissertation beschreibt Versuchsanordnung, Ergebnisse und Interpretation einer vergleichenden Beobachtungsstudie an Legehennen der Linien Lohmann Selected Leghorn in Kleingruppenhaltungen drei verschiedener Hersteller und in vier Anlagen (A, B, C und D) sowie in einer Bodenhaltung (Anlage E). Die Anlagen A bis D unterschieden sich in der Gruppengröße (von 33 bis 50 Tiere pro Abteil) sowie in der Anordnung und Einteilung der Funktionsbereiche Staubbad, Sitzstangen und Nest. In der Bodenhaltung befanden sich 100 Tiere pro Abteil. In allen Stallungen wurde ausschließlich Kunstbeleuchtung verwendet. Die Förderung des Vorhabens erfolgte aus Mitteln des Bundesministeriums für Ernährung, Landwirtschaft und Verbraucherschutz (BMELV) über die Bundesanstalt für Landwirtschaft und Ernährung (BLE) im Rahmen des Programms zur Innovationsförderung. Im Laufe der Legeperiode wurde während drei Untersuchungszeiträumen (1. UZR 24./25. Lebenswoche, 2. UZR 47./48. Lebenswoche, 3. UZR 63./64. Lebenswoche) für jeweils 48 Stunden Verhaltensbeobachtungen per Videoaufzeichnung durchgeführt. Die Kameras wurden so ausgerichtet, dass die Sitzstangen, der Staubbadebereich und der Gitterbereich der Abteile gut einsehbar waren. Die Auswertung der Aufzeichnungen erfolgte für die Hellphase und Dunkelphase getrennt. Während der Hellphase wurde anhand des „Focal Animal Sampling“ zu drei festgelegten Tageszeiträumen (TZ) das Staubbadeverhalten genau beobachtet. Die Zeiträume für das „Focal Animal Sampling“ waren 30 Minuten während (TZ I) und 60 Minuten nach der Dämmerungsphase in der Früh (TZ II) sowie 60 Minuten im Anschluss an das erste Einstreuintervall des Tages (TZ III). Dabei wurde die Dauer, die Häufigkeit und Ursache von Unterbrechungen sowie das Beenden des Staubbadens notiert. Der Anteil staubbadender Hennen auf der Staubbadematte und auf dem Gitter wurde anhand des „Behaviour Sampling“ jeweils stündlich, 30 Minuten nach Beginn der Hellphase, sowie im 20 Minuten Intervall während der Hauptstaubbadezeit (9:30 bis 14:30) dokumentiert. Der genaue Aufenthaltsort der Hennen in den verschiedenen Funktionsbereichen wurde per „Scan Sampling“ 30 Minuten nach Beginn der Hellphase stündlich durchgeführt und während der Dunkelphase zu zwei Beobachtungszeitpunkten aufgezeichnet. Die Beleuchtungsstärke wurde in der 31./34., 51. und 64./65. Lebenswoche nach dem Prinzip der 6-Seiten-Messung in Lux gemessen, wobei der Mittelwert aus sechs Einzelwerten für jeden Untersuchungspunkt (Staubbad, Futtertrog, Legenest, Sektionsmitte) gebildet wurde. Eine Untersuchung auf Verletzungen der Haut wurde im Laufe der Legeperiode drei Mal durchgeführt. In den Kleingruppenhaltungen (Anlagen A bis D) befanden sich während aller Untersuchungszeiträume signifikant weniger Tiere (12,8 % bis 10,9 %) im Bereich der Einstreumatte als in der Bodenhaltung (Anlage E, 27,6 % bis 35,7 %). Auf den Sitzstangen der Kleingruppenhaltung (22,1 % bis 26,8 %) wurden dagegen während der Hellphase mehr Tiere beobachtet als auf den Sitzgelegenheiten (Sitzstangen und Anflugbalkon) der Bodenhaltung (Anlage E, 15,1 % bis 11,3 %), teilweise waren diese Unterschiede signifikant. Während der Dunkelphase befanden sich in den Anlagen A bis D zwischen 59,5 % und 65,5 % der Hennen auf den Sitzstangen, in der Anlage E 64,3 % bis 68,4 % auf den Sitzgelegenheiten. In einigen Anlagen gab es deutlich erkennbare Präferenzen für unterschiedliche Sitzstangen. Während der Hellphase wurden z. B. in zwei der vier Kleingruppenanlagen, in denen Sitzstangen unter einer Tränkelinie installiert waren, diese signifikant mehr genutzt als andere Sitzstangen. Niedrige Sitzstangen, die nicht unter einer Tränkelinie verliefen, wurden dagegen weniger genutzt als die hohen Sitzstangen. Das Staubbadeverhalten zeigte sowohl zwischen den Haltungssystemen Kleingruppenhaltung und Bodenhaltung, als auch zwischen den verschiedenen Kleingruppenanlagen Unterschiede. In der Anlage C mit der größten und zusammenhängenden Staubbadefläche wurden (teilweise signifikant) mehr Staubbadesequenzen im TZ III beobachtet als in den anderen Anlagen. Der Gesamtanteil staubbadender Hennen im Tagesverlauf war in allen UZR in der Anlage B signifikant niedriger, als in den Anlagen A, C und D sowie im 2. und 3. UZR signifikant weniger, als in allen anderen Anlagen (A, C, D und E). In den Anlagen A und B wurde der größere Anteil der Tiere in allen UZR beim Staubbaden auf dem Gitter und nicht auf der dafür vorgesehenen Staubbadematte beobachtet, in der Anlage B war dieser Unterschied zu allen UZR, und in der Anlage A im 1. und 3. UZR signifikant. Staubbaden auf dem Gitter wurde insbesondere in den Anlagen A und B zu allen UZR und in der Anlage D während des 2. und 3. UZR signifikant häufiger im Bereich vor dem Futtertrog, als auf dem Gitter zwischen den Sitzstangen beobachtet. In den Anlagen C, D und E wurden während aller UZR signifikant mehr Tiere beim Staubbaden auf der Staubbadematte als auf dem Gitter beobachtet. In der Anlage E wurde zu keinem UZR Staubbadeverhalten auf dem Gitter beobachtet. Die durchschnittliche Dauer einer Staubbadesequenz variierte, in allen Anlagen wurden sehr kurze und sehr lange Staubbäder beobachtet. Das kürzeste beobachtete Staubbad betrug 0,07 Minuten (Anlage C), das längste 44,03 Minuten (Anlage D). In der Anlage B wurden in allen UZR durchschnittlich die kürzesten Staubbadedauern beobachtet. Die Beendigung der Staubbadesequenzen zeigten Unterschiede zwischen dem Haltungssystem Kleingruppenhaltung und der Bodenhaltung, wobei ausschließlich in der Bodenhaltung in allen UZR signifikant mehr Staubbadesequenzen ohne als mit störendem Einfluss beendet wurden. Die Unterbrechung von Staubbädern wurde in allen UZR (im 2. und 3. UZR signifikant) in den Anlagen A, C und D häufiger beobachtet als in der Anlage E, zumeist ließ sich keine offensichtliche Erklärung für die Unterbrechung finden. In der Anlage E wurden im Laufe der Legeperiode Beleuchtungsstärken von durchschnittlich 24,2 Lux, in den Kleingruppenanlagen höchstens durchschnittliche 7,5 Lux gemessen. Ein direkter Zusammenhang zwischen einer hohen Lichtintensität und starken Verletzungen bzw. höheren Mortalitäten konnte nicht beobachtet werden, jedoch wurden aufgrund des Kannibalismus der vorherigen Legeperioden die Anlagen A, B und D von Beginn der Legeperiode mit niedrigen Beleuchtungsstärken eingestellt. In der Anlage A, in Abteilen mit horizontal installierten LED Lichtrohren über dem Staubbadebereich, wurde eine deutliche Steigerung der Beleuchtungsstärke (in Lux) erreicht. Dies war in der Anlage D nicht der Fall, möglicherweise weil die Beleuchtungsstärke vor allem von der Lage des Abteils im Stall und der daraus resultierenden Ausleuchtung durch die Leuchtstoffröhren abhing. In der Anlage D wurden im Tagesverlauf aller UZR in Abteilen ohne LED mehr staubbadende Hennen beobachtet als in Abteilen mit LED, in der Anlage A war dies nicht konstant, sondern variierte. Jedoch wurden in der Anlage A, in allen UZR im Tagesverlauf, mehr Hennen beim Staubbaden auf der Staubbadematte in Abteilen mit LED über diesem Bereich beobachtet. Diese Ergebnisse sprechen dafür, dass in weiterführenden Untersuchungen eher die Beleuchtungsstärke als das Vorhandensein von LED Lichtrohren als vergleichender Faktor verwendet werden sollte. In der Anlage E wurden in allen UZR weniger bzw. weniger schwere Verletzungen notiert als in den Anlagen A, B, C und D. In der Anlage B wurden in allen UZR mehr bzw. schwerere Verletzungen aufgezeichnet als in den anderen Anlagen. In den Anlagen B und D wurden im Laufe der Legeperiode hohe Mortalitätsraten von 15,7 % (Anlage B) und 29,9 % (Anlage D) beobachtet. Die Hauptabgangsursache war in diesen Anlagen Kannibalismus. In dieser Studie wurden die Verhaltensstörungen Pseudostaubbadeverhalten und Kannibalismus bei mehreren der untersuchten Kleingruppenanlagen beobachtet. Optimierungsmaßnahmen dieser Haltungsform zur Verbesserung der Möglichkeit der Ausübung arteigener Verhaltensweisen erscheinen daher notwendig und sollten vor allem die Anordnung des Funktionsbereiches „Staubbad“ betreffen. Dafür sollte eine entsprechend große, zusammenhängende Fläche vorhanden sein, die 25 % bis 35 % der Tiere gleichzeitig Platz bietet. Andere Funktionsbereiche, z.B. Tränke, Futtertrog oder Sitzstangen sollten diesen Bereich nicht überlappen oder direkt anliegen.This thesis describes the experimental design and the results of a comparative behavioral study of Lohmann Selected Leghorn laying hens housed in enriched colony housing systems of three different manufacturers in four facilities (A, B, C and D) and one deep litter system as a comparison (E). The facilities A to D differed in group size (33 to 50 animals per group) as well as in the alignment and division of the functional areas dust bath, perches and nest. In the deep litter system, 100 animals were housed per group. In all systems only artificial lighting was used. The study was funded by the German Federal Ministry of Food, Agriculture and Consumer Protection and the German Federal Office for Agriculture and Food as part of the Program for encouragement of Innovation. In order to study the behavior of the laying hens, video recordings of 48 hours duration were taken in three observational periods (ObPs) during the laying period (1st ObP 24/25 weeks of age, 2nd ObP 47/48 weeks of age, 3rd ObP 63/64 weeks of age). The cameras were installed so that an observation of the use of perches, dust bath area and wire mesh was possible. Day and night observations were analyzed separately. During the day time the dust bathing behavior was observed with the focal animal sampling method within three time slots (TZ). The time slots for the focal animal sampling were 30 minutes during the time of dawn in the early morning (TZ I), 60 minutes after the dawn in the morning (TZ II) and 60 minutes after the first filling of food into the litter area (TZ III). During this time it was observed how many and how long the hens dust bathe, why and in which frequency dust baths were interrupted and why dust baths were terminated. The fraction of dust bathing hens in the area of the dust bath and the wire mesh were noted through behavior sampling, hourly from 30 minutes after the start of the day onwards. During the main period of dust bathing (9:30 to 14:30 hours) the behavior sampling was done in a 20 minutes interval. The location of the hens in the functional areas of the housing system was observed through the scan sampling method, with an hourly interval 30 minutes after the beginning of the day light period. During the night time scan sampling was used twice to record the distribution of the laying hens in the system. The intensity of illumination was measured at three observation times (31st/34th, 51st, 64th/65th weeks of age) within the laying period. A six-directional-measurement was used to build an average for each area of investigation (dust bath, feeding trough, laying nest, middle of the compartment). An inspection of injuries was done three times within the laying period. Significantly fewer animals were seen in the area of the dust bath of the enriched colony housing systems (facility A to D; 12.8 % to 10.9 %) compared to the deep litter system (facility E; 27.6 % to 35.7 %) during the day period at all observational periods. However, during the daytime more hens were seen on the perches of the enriched colony housing systems (22.1 % to 26.8 %) than in the deep litter system (15.1 % to 11.3 %). 59.5 % to 65.5 % of the hens in the enriched colony housing systems used the perches during the night period. In the deep litter system, 64.3 % to 68.4 % of the hens used the roosts which included perches and bars for approaching the slats. A preference for different perches was seen in some of the facilities. During the daytime, perches which were positioned underneath the drinking trough in the enriched colony housing systems were used significantly more than others. Lower perches, which were not aligned underneath the drinking trough, were used less than higher perches of the enriched colony housing systems. The dust bathing behavior showed differences both between the different enriched colony housing systems as well as the enriched colony housing systems and the deep litter system. The hens of the facility C, the facility with the larger and connected areas for dust bathing, showed (partly significant) more dust bath bouts in the TZ III than in the other facilities. In the facility B, the total fraction of dust bathing hens during the daytime was in all observational periods (ObPs) significantly lower than in the facilities A, C, and D, and in the second and third ObP significantly lower than in all other facilities (A, C, D and E). During all ObPs, the major fraction of dust bathing hens of the facilities A and B was observed dust bathing on the wire mesh rather than on the provided litter area. In the facility B, this difference was significant in all ObPs, in the facility A it was significant in the 1st and 3rd ObP. The location of dust bathing on the wire mesh was observed and it was noted, that in the facilities A and B in all ObPs and in the facility D during the 2nd and 3rd ObPs it was seen significantly more often in front of the feeding trough than on the wire mesh between the perches. In the facilities C, D and E significantly more animals were seen during all ObPs dust bathing on the provided litter area. No dust bathing on the wire mesh was observed in the facility E. The average duration of a dust bath bout varied, in all facilities very short dust baths (shortest observed dust bath: 0.07 minutes, facility C) and very long dust baths (longest observed dust bath: 44.03 minutes, facility D) were observed. In the facility B, in all ObPs dust baths with the shortest average were observed (longest dust bath bout of the facility B: 5.60 minutes). Regarding the termination of the dust bath bouts, differences between the enriched colony housing systems and the deep litter system were observed. At all observation periods solely in the facility E significantly more dust baths were terminated unobstructed than by disrupting influences. The disruption of dust baths was seen more frequently in the facility A, C and D than in the facility E in all observation periods (in the 2nd and 3rd ObPs significant). Numerous times, no obvious reason for the disruption could be observed. In the facility E, the average intensity of illumination was 24.2 luces, in the enriched colony housing systems a maximum average of 7.5 luces was measured. No direct coherence between high intensities of illumination and severe injuries/high mortality rates was noted. However, because of the cannibalism during the former laying periods (in the facility A, B and D), low intensities of illumination were adjusted from the begin of this study. A clear increase of the intensity of illumination (measured in luces) could be obtained in the facility A by installing LED lights horizontally above the litter area. In the facility D an enhancement of the light intensity in cages with LED lights above the litter area compared to cages which did not have these lights was not possible. This was probably because the intensity of illumination in this facility was dependent on the position of the cage in the system and the illumination of the cage by the luminescent screen tube. In the facility D, more dust bathing hens were observed throughout the day at all ObPs in cages without LED than in cages with LED. In the facility A, this observation was not constant. However, throughout the day of all ObPs more hens of the facilty A were observed dust bathing in the litter area of cages with LED compared to cages without LED. The results of this thesis indicate that in following studies the intensity of illumination (in luces) rather than the existence of LED lights should be used as a comparing factor regarding the use of the litter area in dependency to the illumination. In the facility E, less severe and/or fewer injuries of the hens were noted than in the facilities A, B, C and D. The most severe and highest rate of injuries was noted in the facility B at all observation periods. In the facility B and D high mortality rates of 15.7 % (facility B) and 29.9 % (facility D) were recorded, the major cause of death in these facilities was cannibalism. The results of this study showed the occurrence of the behavioral disorder ‘sham dust bathing’ and ‘cannibalism’ in several of the observed enriched colony housing systems. Measures to optimize the enriched colony housing systems in consideration of enhancing the possibility to perform normal behavior are necessary. These measures of optimization should mainly affect the area of the dust bath (litter). The size of the dust bath area should provide enough space for 25 % to 35 % of the hens at the same time and should be one connected (not subdivided) area. Other functional areas, such as the drinking or feeding trough and perches should not cross or lie directly at the area of the dust bath

Effects of Stocking Rate and Environmental Enrichment on the Ontogeny of Pecking Behavior of Laying Hen Pullets Confined in Aviary Compartments during the First 4 Weeks of Life

Simple Summary The objective of this study was to describe the development of aggressive pecking, gentle feather pecking and severe feather pecking of non-beak-trimmed laying hen pullets during the first 4 weeks of life. The pecking behavior patterns were observed in three different experimental groups, which differed in stocking rates and the provision of enrichment material. The enrichment materials were suitable and intensely used by the pullets. The provision of pecking blocks and pecking stones is recommended as a preventive measure from the first day of life onwards for pullets housed in commercial rearing aviaries. There was no effect of reduced stocking rate, most likely due to the low variation in stocking rates. The objective of this study was to describe the ontogeny of the severe feather pecking (SFP), gentle feather pecking (GFP), aggressive pecking (AP), and enrichment pecking (EP) of non-beak-trimmed Lohmann Brown (LB)-pullets during the first 4 weeks of life (observation on 1st, 8th, 15th, 22nd, and 29th days of life) while they were kept within the compartments of a commercial rearing aviary (without access to a litter area). All chicks were placed into compartments of the middle tier of the aviary on the 1st day of life. On the 10th day of life, half of the chicks of each compartment were moved into the compartments of the lower tier. The aviary floor was covered with chick paper before the placement of the chicks and fully or partially removed from the 15th day of life onwards. The pecking behavior patterns were observed in three experimental groups (EG): NE (not enriched): group size until/after 10th day of life: 230/115;120.8/60.4 birds/m(2), no enrichment;EL (enriched, low stocking rate): group size until/after 10th day of life: 203/101, 106.6/53.6 birds/m(2);and EH (enriched, high stocking rate): group size until/after 10th day of life: 230/115;120.8/60.4 birds/m(2), both pecking stones and blocks as enrichment) in two rearing periods. For each pecking behavior pattern, an independent regression model with the parameters EG, chick paper, observation day, and functional area was estimated. GFP, SFP, and EP increased with age during the observation. The AP rate was highest in all EGs on the first day of life and decreased during the observation period. A pairwise comparison of NE (high stocking rate without enrichment) with EH (high stocking rate with enrichment and with EL (low stocking rate with enrichment) showed a significant effect of the EG on pecking behavior, with more SFP, AP, and GFP in NE. There were no differences between EL and EH, indicating that the provision of pecking materials had more influence than the stocking rate. However, we presumed that the difference between the stocking rates were too small to observe an effect. AP, SFP, and GFP were significantly higher on wired slats, as compared to the perches and the vicinity of the enrichment materials. The enrichment materials were suitable and intensely used by the pullets. The provision of pecking blocks and pecking stones was recommended as a preventive measure from the first day of life onwards for pullets housed in commercial rearing aviaries. There was no effect of reduced stocking rate, most likely due to the low variation in stocking rates

Effect of Perch Height and Position on the Usage in Enriched Colony Housing Systems for Laying Hens

In order to determine the utility of different perches in enriched colony housing systems for laying hens, the use of perches and an effect of the type and location in the system was examined in this behavioral study. Laying hens of the line Lohmann Selected Leghorn were housed in four different enriched colony housing systems which differed particularly in the alignment and arrangement of the functional areas. For analysis, perches were grouped into three types: low, low underneath the drinking trough and high. To evaluate the use of the perch types, video recordings were taken for 48 hours during three observation periods. These recordings were analyzed hourly at daytime and twice at nighttime. Through scan sampling, the overall number of hens using the perches and the fraction of hens per meter on a specific perch type were assessed. At nighttime, an average 62% of the laying hens used the perches. On average, 24% of the laying hens used the perches at daytime, with no significant difference between the different systems. Low perches that were not installed underneath the drinking trough were less commonly used than high perches. However, the hens used low perches that were positioned underneath the drinking trough more than other perch types during the day. At nighttime, high perches were used frequently and, depending on the system, more than the low perches. It should be considered that the hens used the low perches underneath the drinking trough during the day not to rest but rather to have better access to the drinking trough. It can be recommended that a sufficient number of high perches should be offered, so that all hens have access to these obviously preferred perches. If perches are installed underneath the drinking trough, it should be considered if additional perch space should be offered

Effect of Perch Height and Position on the Usage in Enriched Colony Housing Systems for Laying Hens

In order to determine the utility of different perches in enriched colony housing systems for laying hens, the use of perches and an effect of the type and location in the system was examined in this behavioral study. Laying hens of the line Lohmann Selected Leghorn were housed in four different enriched colony housing systems which differed particularly in the alignment and arrangement of the functional areas. For analysis, perches were grouped into three types: low, low underneath the drinking trough and high. To evaluate the use of the perch types, video recordings were taken for 48 hours during three observation periods. These recordings were analyzed hourly at daytime and twice at nighttime. Through scan sampling, the overall number of hens using the perches and the fraction of hens per meter on a specific perch type were assessed. At nighttime, an average 62% of the laying hens used the perches. On average, 24% of the laying hens used the perches at daytime, with no significant difference between the different systems. Low perches that were not installed underneath the drinking trough were less commonly used than high perches. However, the hens used low perches that were positioned underneath the drinking trough more than other perch types during the day. At nighttime, high perches were used frequently and, depending on the system, more than the low perches. It should be considered that the hens used the low perches underneath the drinking trough during the day not to rest but rather to have better access to the drinking trough. It can be recommended that a sufficient number of high perches should be offered, so that all hens have access to these obviously preferred perches. If perches are installed underneath the drinking trough, it should be considered if additional perch space should be offered

On Teaching Multi-Criteria Decision Making with a Robot Assistant

We propose a system and method for a robot assistant for teaching multi-attribute decision making (MCDM). Through questions and answers in natural language, the robot assistant learns the user’s preferences on multiple criteria involving a selection decision and makes recommendations using data on each criterion and the learned user preferences. It will include a use-case demonstration where NAO the robot will assist a human in forming a simple portfolio of mutual funds. Presenters will illustrate the architecture of the robot assisted MCDM and describe a method that is extensively used to structure complex decision problems and has been applied to a variety of problems in a diverse set of disciplines, such as selecting a project, selecting a life insurance contract, selecting public relations firms, deciding on library acquisitions, hostage negotiations, selecting sites for wildlife management, and selecting a nonprofit for donation

Modeling Market Reactions to Auditor Changes Using Variable Selection Algorithms: A Meta-Analysis

Market reactions to auditor change filings have been studied over a long period in the literature. We provide a review of the literature on market response to auditor changes and identify a superset of variables used in published research. Applying methods from machine learning to optimize variable selection, we build models that explain market reaction to auditor changes. We compare the performance of our models with the performance of the models that use subsets of variables examined in a select list of studies in the literature. Our meta-analysis results in an improvement in model fit compared to the analysis used in prior studies

Individual plumage and integument scoring of laying hens on commercial farms: correlation with severe feather pecking and prognosis by visual scoring on flock level

Various plumage and integument scoring methods are commonly used to deduce the occurrence of severe feather pecking and cannibalism in laying hens. The aim of our study was to provide evidence of correlations between the occurrence of severe feather pecking and our individual plumage scoring system used under practical conditions on commercial farms with non–beak-trimmed and beak-trimmed layers (study I). In second step, we aimed to verify whether the results of the elaborate individual scoring may be predicted with a visual scoring method based on the total body scores of groups of birds (study II). For study I we observed the pecking behavior and performed an individual plumage scoring at the beginning, in the middle, and at the end of a laying period on 8 commercial farms. For study II we performed both an individual and a visual plumage scoring on 49 flocks on 45 farms at the beginning of the laying period and on 43 flocks on 41 farms at the end of the laying period. Spearman's Rho revealed a correlation of the mean feather pecking rate with the total plumage score, the neck–back plumage score, and the total cannibalism score in all observation periods. A high feather pecking rate was correlated with severe plumage damage and the frequent occurrence of skin injuries. We conclude that both the total plumage score and the neck–back plumage score constitute a reliable indicator of the occurrence of severe feather pecking in the flocks assessed in this study. The results of study II suggest that the percental assessment of plumage damage on flock level in 3 categories (“visual score”) leads to a good prognosis of the actual, individually assessed plumage score. Therefore, the application (and documentation) of the visual score on a regular basis can provide a good evaluation of the development of the plumage condition of the flock. The visual score presented in this study is suggested as a suitable instrument for self-evaluation programs on farms