Does religion matter for earnings management?

This paper explores the nexus between earnings management and religiosity. It complements prior research on the impact of religious social norms of the firm’s environment on earnings management practices. Using a sample of 11,105 U.S. firm-year observations between 2004 and 2013, we find that religiosity is negatively associated with the accruals-based method, but positively related to both real-activities and classification shifting. This suggests that religiosity could serve as a correction mechanism to accruals earnings management practices. However, managers in highly religious areas consider real- activities and classification shifting as ethically and morally appropriate. In addition, we interact religiosity measures with governance variables to provide evidence of the importance of religion in relation to board characteristics. As part of robustness analysis we examine the impact of religion in high and low religious areas, as well as in urban and rural areas. Our findings remain robust and argue in favour of the importance of religious social norms in earnings management

The impact of religiosity, culture, legal environment and corporate governance on earnings management methods

This thesis examines several important aspects of the impact of religiosity, national culture, corporate governance, BIG4 auditors and legal environment on earnings management practices in the U.S. and 63 other countries. First, the study investigates the extent to which religious socials norms of the firms’ environment interact with corporate governance and BIG4 audit to affect managers’ motivation to engage in expense and revenue misclassification in order to influence reported core earnings. The results show that religiosity decreases misclassification and complements corporate governance and the Sarbanes-Oxley Act (2002) to mitigate classification shifting in high, rural and geographically centralised segment areas. In a religious social norm environment, the study finds that managers have a disincentive to shift revenue items from, and core expenses into, special items to inflate reported core earnings to avoid market penalties and beat analysts’ forecasts, even more so in the presence of board independence. In addition, the study shows that the interactive term between religiosity and audit from the big four auditors also lowers the presence of misclassification. Overall, the results show that religiosity lessens misclassification and complements corporate governance and audit against the misclassification of revenue items or core expenses. Second, the study examines the extent to which religiosity, firms’ legal environment, and the interaction between these two variables affect accrual-based and real-activities earnings management. The results suggest that religiosity, legal environment and the interaction between them mitigate accrual-based earnings management. In contrast, the study observes a positive association between religiosity and real-activities earnings management, suggesting that religious social norms facilitate real-activities earnings management. However, the positive effect of religiosity on real activities is subdued when the study interacts the legal environment with religiosity. The results also indicate that firms’ corporate governance mechanism mitigates both accrual-based and real activities earnings management. Finally, in Chapter four, the study provides new international evidence by examining the relationship between the misclassification of core expenses into special items and country-wide religiosity, the national dimensions of culture, and the legal environment in developed, emerging and developing countries. The study observes that the interaction between religiosity and legal environment, or national cultural dimensions and legal environment, mitigates expense misclassification in developed, emerging and developing countries. Therefore, the positive effect of power distance, masculinity and uncertainty avoidance on earnings management can no longer be demonstrated when national dimensions of culture interact with the legal environment. In Chapter five, the study concludes, summarises and discusses some of its major findings and contributions. The limitations of the study, policy implications and suggestions for future research are also provided

Watching the Smoke Rise Up: Thermal Efficiency, Pollutant Emissions and Global Warming Impact of Three Biomass Cookstoves in Ghana

In Ghana, about 73% of households rely on solid fuels for cooking. Over 13,000 annual deaths are attributed to exposure to indoor air pollution from inefficient combustion. In this study, assessment of thermal efficiency, emissions, and total global warming impact of three cookstoves commonly used in Ghana was completed using the International Workshop Agreement (IWA) Water Boiling Test (WBT) protocol. Statistical averages of three replicate tests for each cookstove were computed. Thermal efficiency results were: wood-burning cookstove: 12.2 ± 5.00% (Tier 0); coalpot charcoal stove: 23.3 ± 0.73% (Tier 1–2); and Gyapa charcoal cookstove: 30.00 ± 4.63% (Tier 2–3). The wood-burning cookstove emitted more CO, CO2, and PM2.5 than the coalpot charcoal stove and Gyapa charcoal cookstove. The emission factor (EF) for PM2.5 and the emission rate for the wood-burning cookstove were over four times higher than the coalpot charcoal stove and Gyapa charcoal cookstove. To complete the WBT, the study results showed that, by using the Gyapa charcoal cookstove instead of the wood-burning cookstove, the global warming impact could be potentially reduced by approximately 75% and using the Gyapa charcoal cookstove instead of the coalpot charcoal cookstove by 50%. We conclude that there is the need for awareness, policy, and incentives to enable end-users to switch to, and adopt, Gyapa charcoal cookstoves for increased efficiency and reduced emissions/global warming impact

Potential effect modification of RTS,S/AS01 malaria vaccine efficacy by household socio-economic status.

BACKGROUND: In the phase III RTS,S /AS01 trial, significant heterogeneity in efficacy of the vaccine across study sites was seen. Question on whether variations in socio - economic status (SES) of participant contributed to the heterogeinity of the vaccine efficacy (VE) remains unknown. METHODS: Data from the Phase III RTS,S /AS01 trial in children aged 5-17 months in Kintampo were re-analysed. SES of each child was derived from the Kintampo Health and Demographic Surveillance System, using principal component analysis of household assets. Extended Cox regression was used to estimate the interaction between RTS,S/AS01 VE and household SES. RESULTS: Protective efficacy of the RTS,S/AS0 vaccine significantly varied by participant's household SES, thus increase in household SES was associated with an increase in protective efficacy (P-value = 0.0041). Effect modification persisted after adjusting for age at first vaccination, gender, distance from community to the health facility, child's haemoglobin level, household size, place of residence and mothers' educational level. CONCLUSION: Household SES may be a proxy for malaria transmission intensity. The study showed a significant modification of the RTS,S/AS01 malaria vaccine efficacy by the different levels of child's household socio - economic status. TRIAL REGISTRATION: Efficacy of GSK Biologicals' candidate malaria vaccine (25049) against malaria disease in infants and children in Africa. NCT00866619 prospectively registered on 20 March 2009

In-Vitro Assessment of Antioxidant and Antimicrobial Activities of Methanol Extracts of Six Wound Healing Medicinal Plants

In this study, quantitative values of antioxidant activity of crude methanolic extracts of five Wound healing medicinal plants (Amaranthus spinosus, Anogeissus leiocarpus, Spondia monbin, Corchorus olitorius, and Mallotus oppositifolia) were investigated. The investigation used DPPH (1, 1-diphenyl-2-picrylhydrazyl) free radical as a substrate and Ferric reducing antioxidant power (FRAP) assay to determine both scavenging ability and the reducing properties. Antioxidant was further analysed quantitatively for flavonoid content, total phenolic content in the crude methanolic extracts using spectrophotometric assay. The result showed that all plants exhibited scavenging ability and strong reducing activity although the ability differed markedly among the various plant samples. The highest scavenging ability (% inhibition) was exhibited by A. leiocarpus (95.86 ± 0.1) followed by C. olitorius (94.19 ± 0.06) while the lowest was from A. spinosus (40.87±2.5). The reducing power was also highest in A. leiocarpus followed by S. monbin; while A. spinosus showed the least reducing power. In quantitative analysis, again A. leiocarpus was found to have the highest phenolic content (1294.81± 3.0 mg/g) with A. spinosus recording the least phenol and flavonoid content. The crude methanol extracts were also screened for their antimicrobial activity against four common pathogenic microorganisms (Staphylococcus aureus, Escherichia coli, Klebsiella pneumoniae and Citrobacter sp.) associated with wound infection by well diffusion method. All the extracts were found to inhibit the growth of both gram (+) and gram (-) bacteria organisms tested. Keywords: Radical scavenging effect, phenolic compounds, antioxidant activit

Community perceptions of malaria and malaria treatment behaviour in a rural district of Ghana: implications for artemisinin combination therapy

<p>Abstract</p> <p>Background</p> <p>Artesunate-amodiaquine (AS-AQ) was introduced in Ghana as the first line drug for treatment of uncomplicated malaria in 2004. We report the perceptions of malaria and malaria treatment behaviour, the community awareness of and perceptions about AS-AQ two years after the introduction of this ACT treatment for malaria.</p> <p>Methods</p> <p>Two surveys were conducted; a cross-sectional survey of 729 randomly selected household heads (urban-362, rural-367) and 282 women with children < 5 years (urban-121, rural-161) was conducted in 2006. A district wide survey was conducted in 2007 to assess awareness of AS-AQ. These were complemented with twenty-eight focus group discussions (FGDs) and 16 key informant interviews (KII) among community members and major stakeholders in the health care delivery services. All nine (9) health facilities and five (5) purposively selected drug stores were audited in order to identify commonly used anti-malarials in the study area at the time of the survey.</p> <p>Results</p> <p>Majority of respondents ( > 75%) in the sampled survey mentioned mosquito bites as the cause of malaria. Other causes mentioned include environmental factors (e.g. dirty surroundings) and standing in the sun. Close to 60% of the household heads and 40% of the care-givers interviewed did not know about AS-AQ. The community respondents who knew about and had ever taken AS-AQ perceived it to be a good drug; although they mentioned they had experienced some side effects including headaches and body weakness. Co-blistered AS-AQ was available in all the government health facilities in the study area. Different formulations of ACTs were however found in urban chemical shops but not in rural chemical stores where monotherapy antimalarials were predominant.</p> <p>Conclusion</p> <p>The knowledge of fever as a symptom of malaria is high among the study population. The awareness of AS-AQ therapy and its side-effect was low in the study area. Community education and sensitization, targeting all categories of the population, has to be intensified to ensure an efficient implementation process.</p

Characterization of Salmonella enterica from invasive bloodstream infections and water sources in rural Ghana.

BACKGROUND: Non-typhoidal Salmonella (NTS) cause the majority of bloodstream infections in Ghana, however the mode of transmission and source of invasive NTS in Africa are poorly understood. This study compares NTS from water sources and invasive bloodstream infections in rural Ghana. METHODS: Blood from hospitalised, febrile children and samples from drinking water sources were analysed for Salmonella spp. Strains were serotyped to trace possible epidemiological links between human and water-derived isolates.. Antibiotic susceptibility testing was performed, RESULTS: In 2720 blood culture samples, 165 (6%) NTS were isolated. S. Typhimurium (70%) was the most common serovar followed by S. Enteritidis (8%) and S. Dublin (8%). Multidrug resistance (MDR) was found in 95 (58%) NTS isolates, including five S. Enteritidis. One S. Typhimurium showed reduced fluroquinolone susceptibility. In 511 water samples, 19 (4%) tested positive for S. enterica with two isolates being resistant to ampicillin and one isolate being resistant to cotrimoxazole. Serovars from water samples were not encountered in any of the clinical specimens. CONCLUSION: Water analyses demonstrated that common drinking water sources were contaminated with S. enterica posing a potential risk for transmission. However, a link between S. enterica from water sources and patients could not be established, questioning the ability of water-derived serovars to cause invasive bloodstream infections

Evaluation of the Safety and Immunogenicity of the RTS,S/AS01E Malaria Candidate Vaccine When Integrated in the Expanded Program of Immunization

Background. The RTS,S/AS01E malaria candidate vaccine is being developed for immunization of African infants through the Expanded Program of Immunization (EPI). Methods. This phase 2, randomized, open, controlled trial conducted in Ghana, Tanzania, and Gabon evaluated the safety and immunogenicity of RTS,S/AS01E when coadministered with EPI vaccines. Five hundred eleven infants were randomized to receive RTS,S/AS01E at 0, 1, and 2 months (in 3 doses with diphtheria, tetanus, and wholecell pertussis conjugate [DTPw]; hepatitis B [HepB]; Haemophilus influenzae type b [Hib]; and oral polio vaccine [OPV]), RTS,S/AS01E at 0, 1, and 7 months (2 doses with DTPwHepB/Hib+OPV and 1 dose with measles and yellow fever), or EPI vaccines only. Results. The occurrences of serious adverse events were balanced across groups; none were vaccine-related. One child from the control group died. Mild to moderate fever and diaper dermatitis occurred more frequently in the RTS,S/AS01E coadministration groups. RTS,S/AS01E generated high anti-circumsporozoite protein and anti- hepatitis B surface antigen antibody levels. Regarding EPI vaccine responses upon coadministration when considering both immunization schedules, despite a tendency toward lower geometric mean titers to some EPI antigens, predefined noninferiority criteria were met for all EPI antigens except for polio 3 when EPI vaccines were given with RTS,S/AS01E at 0, 1, and 2 months. However, when antibody levels at screening were taken into account, the rates of response to polio 3 antigens were comparable between groups. Conclusion. RTS,S/AS01E integrated in the EPI showed a favorable safety and immunogenicity evaluation. Trial registration. ClinicalTrials.gov identifier: NCT00436007. GlaxoSmithKline study ID number: 106369 (Malaria-050

Randomized Controlled Trial of RTS,S/AS02D and RTS,S/AS01E Malaria Candidate Vaccines Given According to Different Schedules in Ghanaian Children

Background:The target delivery channel of RTS,S candidate malaria vaccines in malaria-endemic countries in Africa is the World Health Organisation Expanded Program on Immunization. As an Adjuvant System, age de-escalation and schedule selection step, this study assessed 3 schedules of RTS,S/AS01E and RTS,S/AS02D in infants and young children 5&ndash;17 months of age in Ghana.Methodology:A Phase II, partially-blind randomized controlled study (blind to vaccine, not to schedule), of 19 months duration was conducted in two (2) centres in Ghana between August 2006 and May 2008. Subjects were allocated randomly (1:1:1:1:1:1) to one of six study groups at each study site, each defining which vaccine should be given and by which schedule (0,1-, 0,1,2- or 0,1,7-months). For the 0,1,2-month schedule participants received RTS,S/AS01E or rabies vaccine at one center and RTS,S/AS01E or RTS,S/AS02D at the other. For the other schedules at both study sites, they received RTS,S/AS01E or RTS,S/AS02D. The primary outcome measure was the occurrence of serious adverse events until 10 months post dose 1.Results:The number of serious adverse events reported across groups was balanced. One child had a simple febrile convulsion, which evolved favourably without sequelae, considered to be related to RTS,S/AS01E vaccination. Low grade reactions occurred slightly more frequently in recipients of RTS,S/AS than rabies vaccines; grade 3 reactions were infrequent. Less local reactogenicity occurred with RTS,S/AS01E than RTS,S/AS02D. Both candidate vaccines were highly immunogenic for anti-circumsporozoite and anti-Hepatitis B Virus surface antigen antibodies. Recipients of RTS,S/AS01E compared to RTS,S/AS02D had higher peak anti-circumsporozoite antibody responses for all 3 schedules. Three dose schedules were more immunogenic than 2 dose schedules. Area under the curve analyses for anti-circumsporozoite antibodies were comparable between the 0,1,2- and 0,1,7-month RTS,S/AS01E schedules.Conclusions:Both candidate malaria vaccines were well tolerated. Anti-circumsporozoite responses were greater with RTS,S/AS01E than RTS,S/AS02D and when 3 rather than 2 doses were given. This study supports the selection of RTS,S/AS01E and a 3 dose schedule for further development in children and infants

Classification of invasive bloodstream infections and Plasmodium falciparum malaria using autoantibodies as biomarkers.

Funder: Projekt DEALA better understanding of disease-specific biomarker profiles during acute infections could guide the development of innovative diagnostic methods to differentiate between malaria and alternative causes of fever. We investigated autoantibody (AAb) profiles in febrile children (≤ 5 years) admitted to a hospital in rural Ghana. Serum samples from 30 children with a bacterial bloodstream infection and 35 children with Plasmodium falciparum malaria were analyzed using protein microarrays (Protoplex Immune Response Assay, ThermoFisher). A variable selection algorithm was applied to identify the smallest set of AAbs showing the best performance to classify malaria and bacteremia patients. The selection procedure identified 8 AAbs of which IFNGR2 and FBXW5 were selected in repeated model run. The classification error was 22%, which was mainly due to non-Typhi Salmonella (NTS) diagnoses being misclassified as malaria. Likewise, a cluster analysis grouped patients with NTS and malaria together, but separated malaria from non-NTS infections. Both current and recent malaria are a risk factor for NTS, therefore, a better understanding about the function of AAb in disease-specific immune responses is required in order to support their application for diagnostic purposes