Accounting Restatements: Are they Always Bad News for Investors?

This study investigates a large sample of financial statement restatements over the period 1986-2001, and compares restatements caused by changes in accounting principles to those caused by errors. Typically, investors perceive restatements as negative signals due to three potential reasons: (i) the restatement indicates problems with the accounting system that may be manifestations of broader operational (and managerial) problems, (ii) the restatement causes downward revisions in future cash flows expectations, and (iii) the restatement indicates managerial attempts to cover up income decline through “cooking the books”. We provide evidence that market reactions to restatements due to errors are generally negative. We show that these restatements come in periods of declining profits and lower profits than industry peers for the restating firms, consistent with both opportunistic managerial behavior and operational problems. However, investors’ reactions to income-increasing restatements due to errors are not different from zero, suggesting that the perceived failure of the accounting system is just offset by the upward revisions in future cash flow expectations in these cases of income-increasing errors. Thus, our combined results show that not all restatements are alike; users of the information need to carefully assess the existence and potential effects of the three factors that typically cause the downward revisions in stock prices on a case by case basis

String theory and classical integrable systems

We discuss different formulations and approaches to string theory and $2d$ quantum gravity. The generic idea to get a unique description of {\it many} different string vacua altogether is demonstrated on the examples in $2d$ conformal, topological and matrix formulations. The last one naturally brings us to the appearance of classical integrable systems in string theory. Physical meaning of the appearing structures is discussed and some attempts to find directions of possible generalizations to ``higher-dimensional" models are made. We also speculate on the possible appearence of quantum integrable structures in string theory.Comment: lecture given at III Baltic Rim student seminar, Helsinki, September 1993} 33pp, late

The Solution Space of the Unitary Matrix Model String Equation and the Sato Grassmannian

The space of all solutions to the string equation of the symmetric unitary one-matrix model is determined. It is shown that the string equation is equivalent to simple conditions on points $V_1$ and $V_2$ in the big cell \Gr of the Sato Grassmannian $Gr$. This is a consequence of a well-defined continuum limit in which the string equation has the simple form \lb \cp ,\cq_- \rb =\hbox{\rm 1}, with \cp and \cq_- $2\times 2$ matrices of differential operators. These conditions on $V_1$ and $V_2$ yield a simple system of first order differential equations whose analysis determines the space of all solutions to the string equation. This geometric formulation leads directly to the Virasoro constraints \L_n\,(n\geq 0), where \L_n annihilate the two modified-KdV \t-functions whose product gives the partition function of the Unitary Matrix Model.Comment: 21 page

Intimate partner violence in South Asian communities:Exploring the notion of 'shame' to promote understandings of migrant women's experiences

The notion of 'shame' is increasingly being recognized as a tool with some explanatory power to help promote understandings about a range of social problems. Through an exploration of migrant South Asian women's experiences of domestic violence and help-seeking practices, this article considers the relevance of the notion of shame as a unit of analysis to help contribute to the growing theoretical and empirical literature. This article sheds light on the meanings, events, processes and structures in the lives of migrant South Asian women respondents living in Hong Kong. Within the framework of the discussion on shame and intimate partner violence(IPV), the article also identifies the implications for social work practice

Hidden Voices of Black Men

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/66982/2/10.1177_002193479402500102.pd

On the Relative Importance of Personal Values Validating Schwartz's Theory of Value Structures by Computerized Paired Comparisons

The relative importance of values is a central feature in Schwartz’s value theory. However, instruments used for validating his theory did not assess relative importance directly. Rather, values were independently rated and scores then statistically centered, person-by-person. Whether these scores match those that result from explicitly comparing values has not been tested. We study this here using the Computerized Paired Comparison of Values (CPCV). This instrument was applied to samples from Germany, Brazil, Spain, and Israel, together with Schwartz’s Portrait Values Questionnaire (PVQ). CPCV- and PVQ-data were analyzed by separate and joint multidimensional scaling, generalized procrustes, and response time analyses. Results support the validity of Schwartz’s structural theory, independently of the assessment instrument used.Depto. de Antropología Social y Psicología SocialFac. de Ciencias Políticas y SociologíaTRUEpu