Information Acquisition Decisions and the Choice of Financial Year-Ends

In some industries the financial-year-ends of member firms are clustered together whereas in others they are more widely dispersed. This study attempts to provide an explanation for this phenomenon. Recognizing that financial-year-ends are not just the time when firms disclose information but also the time when they acquire information (when books are closed), we frame this study in the larger economic context of determining the optimal timing of information acquisition and release. Prior studies have examined the frequency with which firms acquire costly information. We address a question that follows naturally: given that information is acquired only once every t operating periods, when during the t period should such an exercise take place? We also examine a related question: do competing firms have any incentive to share the information acquisition burden? The results of our analysis indicate that firms’ choice of their financial year-end may partially be driven by the degree of correlation between the firms’ cost (and demand) parameters and the incentives to share the information acquisition burden. Duopolists that face random but permanent shocks to their linear cost (or demand) parameter every period, but who can collect information in only some of the periods, will choose identical yearends (that which is dictated by the stochastic environment) unless their costs are very strongly correlated (almost close to 1). Only when their costs are highly correlated do the firms choose staggered year-ends. Whether year ends are clustered or staggered are also shown to be a function of the differences in cost variances for the two firms

Clustered Disclosures by Competing Firms: The Choice of Reporting Periods

In some industries firms schedule their disclosure at about the same time, usually around the end of the business cycle, whereas in others such disclosures are more dispersed over time. This paper examines a firm’s choice of a fiscal year-end (and hence of disclosure timing) relative to the business cycle and to the timing chosen by other firms in the industry. We model a stochastic setting in which the periodic closing of books yields information that is relevant for subsequent managerial decisions. The results show that while it is business seasonality that is the primary determinant of reporting period choice, competitive forces in the form of information transfer effects and proprietary disclosure costs have the ability to make firms' fiscal years deviate from the business cycle. Such deviations are more likely when auto-correlation in firms' annual costs is low, when within-season variations in business conditions are low, when uncertainty is primarily about industry-wide rather than firm-specific factors, and/or when affordable opportunities exist for collecting information that the year-end closing of books typically provides. Further, if incumbent firms are already reporting at the end of the business season, newer firms may have a greater inclination to make a different choice. The results also offer a novel rationale for why the end of the business cycle is an attractive fiscal year-end. The desire to receive information at an opportune time, rather than the ease of collecting information or any other factors, makes the end of business cycle an attractive year-end in our setting

Information Acquisition Decisions and the Choice of Financial Year-Ends

In some industries the financial-year-ends of member firms are clustered together whereas in others they are more widely dispersed. This study attempts to provide an explanation for this phenomenon. Recognizing that financial-year-ends are not just the time when firms disclose information but also the time when they acquire information (when books are closed), we frame this study in the larger economic context of determining the optimal timing of information acquisition and release. Prior studies have examined the frequency with which firms acquire costly information. We address a question that follows naturally: given that information is acquired only once every t operating periods, when during the t period should such an exercise take place? We also examine a related question: do competing firms have any incentive to share the information acquisition burden? The results of our analysis indicate that firms’ choice of their financial year-end may partially be driven by the degree of correlation between the firms’ cost (and demand) parameters and the incentives to share the information acquisition burden. Duopolists that face random but permanent shocks to their linear cost (or demand) parameter every period, but who can collect information in only some of the periods, will choose identical yearends (that which is dictated by the stochastic environment) unless their costs are very strongly correlated (almost close to 1). Only when their costs are highly correlated do the firms choose staggered year-ends. Whether year ends are clustered or staggered are also shown to be a function of the differences in cost variances for the two firms

The delirium and population health informatics cohort study protocol: ascertaining the determinants and outcomes from delirium in a whole population.

Background: Delirium affects 25% of older inpatients and is associated with long-term cognitive impairment and future dementia. However, no population studies have systematically ascertained cognitive function before, cognitive deficits during, and cognitive impairment after delirium. Therefore, there is a need to address the following question: does delirium, and its features (including severity, duration, and presumed aetiologies), predict long-term cognitive impairment, independent of cognitive impairment at baseline? Methods: The Delirium and Population Health Informatics Cohort (DELPHIC) study is an observational population-based cohort study based in the London Borough of Camden. It is recruiting 2000 individuals aged ≥70 years and prospectively following them for two years, including daily ascertainment of all inpatient episodes for delirium. Daily inpatient assessments include the Memorial Delirium Assessment Scale, the Observational Scale for Level of Arousal, and the Hierarchical Assessment of Balance and Mobility. Data on delirium aetiology is also collected. The primary outcome is the change in the modified Telephone Interview for Cognitive Status at two years. Discussion: DELPHIC is the first population sample to assess older persons before, during and after hospitalisation. The cumulative incidence of delirium in the general population aged ≥70 will be described. DELPHIC offers the opportunity to quantify the impact of delirium on cognitive and functional outcomes. Overall, DELPHIC will provide a real-time public health observatory whereby information from primary, secondary, intermediate and social care can be integrated to understand how acute illness is linked to health and social care outcomes

Low-Lying Excited States and Low-Temperature Properties of an Alternating Spin-1 / Spin-1/2 Chain : A DMRG study

We report spin wave and DMRG studies of the ground and low-lying excited states of uniform and dimerized alternating spin chains. The DMRG procedure is also employed to obtain low-temperature thermodynamic properties of the system. The ground state of a 2N spin system with spin-1 and spin-1/2 alternating from site to site and interacting via an antiferromagnetic exchange is found to be ferrimagnetic with total spin $s_G=N/2$ from both DMRG and spin wave analysis. Both the studies also show that there is a gapless excitation to a state with spin $s_G-1$ and a gapped excitation to a state with spin $s_G+1$. Surprisingly, the correlation length in the ground state is found to be very small from both the studies for this gapless system. For this very reason, we show that the ground state can be described by a variational ``ansatz'' of the product type. DMRG analysis shows that the chain is susceptible to a conditional spin-Peierls' instability. The DMRG studies of magnetization, magnetic susceptibility ($\chi$) and specific heat show strong magnetic-field dependence. The product $\chi T$ shows a minimum as a function of temperature($T$) at low-magnetic fields and the minimum vanishes at high-magnetic fields. This low-field behaviour is in agreement with earlier experimental observations. The specific heat shows a maximum as a function of temperature and the height of the maximum increases sharply at high magnetic fields. It is hoped that these studies will motivate experimental studies at high-magnetic fields.Comment: 22 pages in latex; 16 eps figures available upon reques

Highly toughened polylactide with novel sliding graft copolymer by in situ reactive compatibilization, crosslinking and chain extension

YesThe “sliding graft copolymer” (SGC), in which many linear poly-ε-caprolactone (PCL) side chains are bound to cyclodextrin rings of a polyrotaxane (PR), was prepared and employed to toughen brittle polylactide (PLA) with methylene diphenyl diisocyanate (MDI) by reactive blending. The SGC was in situ crosslinked and therefore transformed from a crystallized plastic into a totally amorphous elastomer during reactive blending. Meanwhile, PLA-co-SGC copolymer was formed at interface to greatly improve the compatibility between PLA and SGC, and the chain extension of PLA also occurred, were confirmed by FTIR, GPC, SEM, and TEM. The resulting PLA/SGC/MDI blends displayed super impact toughness, elongation at break and nice biocompatibility. It was inferred from these results the crosslinked SGC (c-SGC) elastomeric particles with sliding crosslinking points performed as stress concentrators and absorbed considerable energy under impact and tension process.This work was supported by the National Natural Science Foundation of China (50933001, 51221002 and 51320105012)

Identification of Synaptic Targets of Drosophila Pumilio

Drosophila Pumilio (Pum) protein is a translational regulator involved in embryonic patterning and germline development. Recent findings demonstrate that Pum also plays an important role in the nervous system, both at the neuromuscular junction (NMJ) and in long-term memory formation. In neurons, Pum appears to play a role in homeostatic control of excitability via down regulation of para, a voltage gated sodium channel, and may more generally modulate local protein synthesis in neurons via translational repression of eIF-4E. Aside from these, the biologically relevant targets of Pum in the nervous system remain largely unknown. We hypothesized that Pum might play a role in regulating the local translation underlying synapse-specific modifications during memory formation. To identify relevant translational targets, we used an informatics approach to predict Pum targets among mRNAs whose products have synaptic localization. We then used both in vitro binding and two in vivo assays to functionally confirm the fidelity of this informatics screening method. We find that Pum strongly and specifically binds to RNA sequences in the 3′UTR of four of the predicted target genes, demonstrating the validity of our method. We then demonstrate that one of these predicted target sequences, in the 3′UTR of discs large (dlg1), the Drosophila PSD95 ortholog, can functionally substitute for a canonical NRE (Nanos response element) in vivo in a heterologous functional assay. Finally, we show that the endogenous dlg1 mRNA can be regulated by Pumilio in a neuronal context, the adult mushroom bodies (MB), which is an anatomical site of memory storage

The relationships between workaholism and symptoms of psychiatric disorders: a large-scale cross-sectional study

Despite the many number of studies examining workaholism, large-scale studies have been lacking. The present study utilized an open web-based cross-sectional survey assessing symptoms of psychiatric disorders and workaholism among 16,426 workers (Mage = 37.3 years, SD = 11.4, range = 16–75 years). Participants were administered the Adult ADHD Self-Report Scale, the Obsession-Compulsive Inventory-Revised, the Hospital Anxiety and Depression Scale, and the Bergen Work Addiction Scale, along with additional questions examining demographic and work-related variables. Correlations between workaholism and all psychiatric disorder symptoms were positive and significant. Workaholism comprised the dependent variable in a three-step linear multiple hierarchical regression analysis. Basic demographics (age, gender, relationship status, and education) explained 1.2% of the variance in workaholism, whereas work demographics (work status, position, sector, and annual income) explained an additional 5.4% of the variance. Age (inversely) and managerial positions (positively) were of most importance. The psychiatric symptoms (ADHD, OCD, anxiety, and depression) explained 17.0% of the variance. ADHD and anxiety contributed considerably. The prevalence rate of workaholism status was 7.8% of the present sample. In an adjusted logistic regression analysis, all psychiatric symptoms were positively associated with being a workaholic. The independent variables explained between 6.1% and 14.4% in total of the variance in workaholism cases. Although most effect sizes were relatively small, the study’s findings expand our understanding of possible psychiatric predictors of workaholism, and particularly shed new insight into the reality of adult ADHD in work life. The study’s implications, strengths, and shortcomings are also discussed

Impact of primary kidney disease on the effects of empagliflozin in patients with chronic kidney disease: secondary analyses of the EMPA-KIDNEY trial

Background: The EMPA KIDNEY trial showed that empagliflozin reduced the risk of the primary composite outcome of kidney disease progression or cardiovascular death in patients with chronic kidney disease mainly through slowing progression. We aimed to assess how effects of empagliflozin might differ by primary kidney disease across its broad population. Methods: EMPA-KIDNEY, a randomised, controlled, phase 3 trial, was conducted at 241 centres in eight countries (Canada, China, Germany, Italy, Japan, Malaysia, the UK, and the USA). Patients were eligible if their estimated glomerular filtration rate (eGFR) was 20 to less than 45 mL/min per 1·73 m2, or 45 to less than 90 mL/min per 1·73 m2 with a urinary albumin-to-creatinine ratio (uACR) of 200 mg/g or higher at screening. They were randomly assigned (1:1) to 10 mg oral empagliflozin once daily or matching placebo. Effects on kidney disease progression (defined as a sustained ≥40% eGFR decline from randomisation, end-stage kidney disease, a sustained eGFR below 10 mL/min per 1·73 m2, or death from kidney failure) were assessed using prespecified Cox models, and eGFR slope analyses used shared parameter models. Subgroup comparisons were performed by including relevant interaction terms in models. EMPA-KIDNEY is registered with ClinicalTrials.gov, NCT03594110. Findings: Between May 15, 2019, and April 16, 2021, 6609 participants were randomly assigned and followed up for a median of 2·0 years (IQR 1·5–2·4). Prespecified subgroupings by primary kidney disease included 2057 (31·1%) participants with diabetic kidney disease, 1669 (25·3%) with glomerular disease, 1445 (21·9%) with hypertensive or renovascular disease, and 1438 (21·8%) with other or unknown causes. Kidney disease progression occurred in 384 (11·6%) of 3304 patients in the empagliflozin group and 504 (15·2%) of 3305 patients in the placebo group (hazard ratio 0·71 [95% CI 0·62–0·81]), with no evidence that the relative effect size varied significantly by primary kidney disease (pheterogeneity=0·62). The between-group difference in chronic eGFR slopes (ie, from 2 months to final follow-up) was 1·37 mL/min per 1·73 m2 per year (95% CI 1·16–1·59), representing a 50% (42–58) reduction in the rate of chronic eGFR decline. This relative effect of empagliflozin on chronic eGFR slope was similar in analyses by different primary kidney diseases, including in explorations by type of glomerular disease and diabetes (p values for heterogeneity all >0·1). Interpretation: In a broad range of patients with chronic kidney disease at risk of progression, including a wide range of non-diabetic causes of chronic kidney disease, empagliflozin reduced risk of kidney disease progression. Relative effect sizes were broadly similar irrespective of the cause of primary kidney disease, suggesting that SGLT2 inhibitors should be part of a standard of care to minimise risk of kidney failure in chronic kidney disease. Funding: Boehringer Ingelheim, Eli Lilly, and UK Medical Research Council