Does graph disclosure bias reduce the cost of equity?

Research on disclosure and capital markets focuses primarily on the amount of information provided but pays little attention to the presentation format of this information. This paper examines the impact of graph utilization and graph quality (distortion) on the cost of equity capital, controlling for the interaction between disclosure and graph distortion. Despite the advantages of graphs in communicating information, our results show that graph utilization does not have a significant impact on users’ decisions. However we observe a significant (negative) association between graph distortion and the exante cost of equity. This effect though, disappears if we use realised returns as a measure of expost cost of equity. Moreover, we find that disclosure and graph distortion interact so that the impact of disclosure on the cost of capital depends on graph integrity. For low level of overall disclosure, graph distortion reduces the exante cost of equity. However for high level of disclosure graph distortion increases the exante cost of equity

Does graph disclosure bias reduce the cost of equity?

Research on disclosure and capital markets focuses primarily on the amount of information provided but pays little attention to the presentation format of this information. This paper examines the impact of graph utilization and graph quality (distortion) on the cost of equity capital, controlling for the interaction between disclosure and graph distortion. Despite the advantages of graphs in communicating information, our results show that graph utilization does not have a significant impact on users’ decisions. However we observe a significant (negative) association between graph distortion and the exante cost of equity. This effect though, disappears if we use realised returns as a measure of expost cost of equity. Moreover, we find that disclosure and graph distortion interact so that the impact of disclosure on the cost of capital depends on graph integrity. For low level of overall disclosure, graph distortion reduces the exante cost of equity. However for high level of disclosure graph distortion increases the exante cost of equity.

Examining dual accounting systems in Europe.

After adoption of International Financial Reporting Standards (IFRS) for consolidated financial statements by European listed companies, a number of European countries still require the use of local standards in the preparation of legal entity financial statements. This study investigates whether this requirement can be explained by a low demand for high quality financial reporting and an orientation of accounting toward the fulfilment of regulatory needs in these countries. Specifically, using accounting quality as an indicator of the focus of accounting on capital providers' needs, we compare accounting quality between countries permitting and prohibiting the use of IFRS in individual financial statements. Consistent with our expectations, we find that countries requiring the use of local standards in the preparation of legal entity financial statements exhibit a significantly lower level of accounting quality, both prior to and after IFRS adoption. We interpret these results as evidence that these countries have local standards more oriented toward the satisfaction of regulatory needs, rather than investors' needs. Furthermore, since differences in accounting quality persist after the implementation of IFRS, results suggest that firms in these countries face a lower demand for high quality financial reportingIFRS endorsement; Accounting quality; Value relevance; Domestic GAAP;

Nanomechanics of a Hydrogen Molecule Suspended between Two Equally Charged Tips

Geometric configuration and energy of a hydrogen molecule centered between two point-shaped tips of equal charge are calculated with the variational quantum Monte-Carlo (QMC) method without the restriction of the Born-Oppenheimer (BO) approximation. Ground state nuclear distribution, stability, and low vibrational excitation are investigated. Ground state results predict significant deviations from the BO treatment that is based on a potential energy surface (PES) obtained with the same QMC accuracy. The quantum mechanical distribution of molecular axis direction and bond length at a sub-nanometer level is fundamental for understanding nanomechanical dynamics with embedded hydrogen. Because of the tips' arrangement, cylindrical symmetry yields a uniform azimuthal distribution of the molecular axis vector relative to the tip-tip axis. With approaching tips towards each other, the QMC sampling shows an increasing loss of spherical symmetry with the molecular axis still uniformly distributed over the azimuthal angle but peaked at the tip-tip direction for negative tip charge while peaked at the equatorial plane for positive charge. This directional behavior can be switched between both stable configurations by changing the sign of the tip charge and by controlling the tip-tip distance. This suggests an application in the field of molecular machines.Comment: 20 pages, 10 figure

Dynamic screening and energy loss of antiprotons colliding with excited Al clusters

We use time-dependent density functional theory to calculate the energy loss of an antiproton colliding with a small Al cluster previously excited. The velocity of the antiproton is such that non-linear effects in the electronic response of the Al cluster are relevant. We obtain that an antiproton penetrating an excited cluster transfers less energy to the cluster than an antiproton penetrating a ground state cluster. We quantify this difference and analyze it in terms of the cluster excitation spectrum.Comment: 23 pages, 4 figures, to be published in Nuclear Instruments and Methods B as a proceeding of the IISC-19 Workshop on Inelastic Ion-Surface Collision

Mehr Licht!

De la misma manera que al entrar en una habitación a oscuras buscamos automáticamente con la mano el interruptor que nos permite iluminar el entorno, muchos físicos recurren de forma casi instintiva a la luz para orientarse en el mundo microscópico y entender cómo funciona la materia en la escala atómica. Este texto hace un breve repaso de la información que podemos adquirir al hacer incidir luz sobre sistemas de muy distinto tamaño y recoger los electrones que son emitidos en procesos de fotoemisión.Peer reviewe

Conocimiento de los escolares acerca de la secuencia de resucitación cardiopulmonar

[Resumen] La parada cardiorrespiratoria (PCR) representa un problema sanitario en el mundo occidental. Pese a que el 80% de las paradas se producen en un entorno extrahospitalario únicamente en un 15% de ellas algún testigo lleva a cabo maniobras de resucitación cardiopulmonar básica (RCP-B). Cuando esto ocurre, la probabilidad de supervivencia de la víctima aumenta considerablemente pero hay muchos testigos que no llevan a cabo estas maniobras manifestando tener falta de conocimientos o miedo a hacer algo mal. Por ello, es evidente que es necesario formar a la población en materia de SVB. Se ha demostrado que los niños desde los 4 años de edad son capaces de reconocer una PCR y alertar a los servicios de emergencia. Por ende, el lugar idóneo para llevar a cabo la formación en esta materia es el marco escolar, además con la entrada en vigor de la LOMCE (Ley orgánica para la mejora de la calidad educativa), han sido incluidos como contenidos obligatorios y evaluables en la etapa escolar los conocimientos sobre primeros auxilios. Objetivo: Evaluar el grado de conocimientos que poseen los escolares acerca de la secuencia de reanimación cardiopulmonar. Metodología: Se llevará a cabo un estudio cuasiexperimental sin grupo control mediante la realización de un cuestionario pre y post-intervención a niños de entre 4 y 11 años de edad escolarizados en el colegio Liceo de La Paz de A Coruña.[Resumo] A parada cardiorrespiratoria (PCR) representa un problema sanitario no mundo occidental. Aínda que o 80% das paradas prodúcense nun entorno extrahospitalario únicamente nun 15% delas algunha testemuña leva a cabo maniobras de resucitación cardiopulmonar básica (RCP-B).Cando isto acontece, a probabilidade de supervivencia da víctima aumenta considerablemente pero hay moitas testemuñas que non levan a cabo estas maniobras manifestando ter falta de coñecementos ou medo a facer algo mal. Por isto, é evidente que compre formar á poboación en materia de SVB. Demostrouse que nenos dende os 4 anos de idade son capaces de recoñecer una PCR e alertar ós servizos de emerxencia. Por isto, o lugar idóneo para levar a cabo a formación nesta materia é o marco escolar, ademáis coa entrada e vigor da LOMCE (Ley orgánica para a mellora da calidade educativa), foron incluidos como contidos obligatorios e avaliables na etapa escolar os coñecementos sobre primeiros auxilios. Obxetivo: Avaliar o grado de coñecementos que teñen os escolares acerca da secuencia de reanimación cardiopulmonar. Metodoloxía: Levarase a cabo un estudio cuasiexperimental sen grupo control mediante a realización dunha enquisa pre e post-intervención a nenos de entre 4 e 11 anos de idade escolarizados no colexio Liceo de La Paz de A Coruña.[Abstract] Cardiorespiratory arrest (CRP) is a health problem in the western world. Despite the fact that 80% of cardicac arrests in an out-of-hospital setting, only 15% of them perform any basic cardiopulmonary resuscitation (RCP-B) maneuvers. When this happens the probability of survival of the victim increases considerably but in many cases witnesses who do not act these maneuvers manifesting lack of knowledge or fear to do something wrong. For this reason, seems wise to improve the population knowledge in this subject. It has been shown that children from 4 years of age are able to recognize a CRP and alert emergency services. Therefore, the ideal place to carry out training in this area is the school framework, in addition to the entry into force of LOMCE (Organic Law for the improvement of educational quality), have been included as mandatory and evaluable contents in the First aid knowledge. Objective: Evaluate the degree of knowledge that the students have about the sequence of cardiopulmonary resuscitation. Methodology: A quasi-experimental study without a control group will be carried out by means of a pre and post-intervention questionnaire for children between 4 and 11 years of age enrolled in the Liceo school of La Paz in A Coruña.Traballo fin de grao (UDC.FEP). Enfermaría. Curso 2016/201

Measuring and repairing inconsistency in probabilistic knowledge bases

AbstractIn this paper we present a family of measures aimed at determining the amount of inconsistency in probabilistic knowledge bases. Our approach to measuring inconsistency is graded in the sense that we consider minimal adjustments in the degrees of certainty (i.e., probabilities in this paper) of the statements necessary to make the knowledge base consistent. The computation of the family of measures we present here, in as much as it yields an adjustment in the probability of each statement that restores consistency, provides the modeler with possible repairs of the knowledge base. The case example that motivates our work and on which we test our approach is the knowledge base of CADIAG-2, a well-known medical expert system