Accounting Earnings Announcements, Institutional Investor Concentration, and Common Stock Returns

[Excerpt] This study examines the relation between the level of institutional investor ownership and the magnitude of security price variability at quarterly earnings announcement dates. Prior research consistently documents a negative association between firm size and announcement-date return variability. One explanation for this finding is that as more timely, alternative information becomes available on large firms prior to an announcement date, their security prices become informative, thereby reducing the information content of the earnings announcement. Large firms are closely followed by institutional investors. These investors dedicate substantial resources to information search. Therefore, the link between size and information production may be attributable to the influence of institutional investors on the information production process. Because institutional trades can also affect security prices, however, the precise impact of institutional following on the variability of prices at quarterly earnings dates is not evident

Magnetorotational-type instability in Couette-Taylor flow of a viscoelastic polymer liquid

We describe an instability of viscoelastic Couette-Taylor flow that is directly analogous to the magnetorotational instability (MRI) in astrophysical magnetohydrodynamics, with polymer molecules playing the role of magnetic field lines. By determining the conditions required for the onset of instability and the properties of the preferred modes, we distinguish it from the centrifugal and elastic instabilities studied previously. Experimental demonstration and investigation should be much easier for the viscoelastic instability than for the MRI in a liquid metal. The analogy holds with the case of a predominantly toroidal magnetic field such as is expected in an accretion disk and it may be possible to access a turbulent regime in which many modes are unstable.Comment: 4 pages, 4 figures, to be published in Physical Review Letter

The physiotherapy experience in private practice: The patients' perspective

The aim of this study was to identify the qualities of a ‘good’ physiotherapist and to ascertain the characteristics of good and bad experiences in private practice physiotherapy from the patients' perspective. The nominal group technique was implemented with separate groups of patients (n = 26) and revealed that communication ability, professional behaviour and organisational ability, and characteristics of the service provided were the main qualities of a ‘good’ physiotherapist. In particular, communication ability of the physiotherapist was ranked first or second in importance by all groups of patients. Good experiences in physiotherapy were most often attributed to effective communication by the physiotherapist, while bad experiences most often related to dissatisfaction with the service followed by poor physiotherapist communication. Based on the findings from this study, we suggest physiotherapists should actively seek to involve patients in their management. To do this effectively, physiotherapists would benefit from further training in communication skills to ensure that they can successfully adopt a patient-centred approach and to optimise the physiotherapist-patient interaction in private practice physiotherapy

On the Use of Regression and Verbal Protocol Analysis in Modeling Analysts’ Behavior in an Unstructured Task Environment: A Methodological Note

This paper discusses areas for future research opportunities by addressing accounting issues faced by management accountants practicing in hospitality organizations. Specifically, the article focuses on the use of the uniform system of accounts by operating properties, the usefulness of allocating support costs to operated departments, extending our understanding of operating costs and performance measurement systems and the certification of practicing accountants

Association of Nonfinancial Performance Measures with the Financial Performance of a Lodging Chain

A test of nonfinancial measures used as part of a management-incentive program by a U.S.-based, full-service hotel chain found that improvements in the nonfinancial measures were followed shortly by increases in revenue and profit. The two nonfinancial measures are customer satisfaction as measured by guests’ comment card indications of likelihood to return and level of complaints. The lag between the nonfinancial measures and changes in revenue and operating profit was six months in this case. While the test applies directly to that one chain, the lesson is important to the rest of the hotel industry

Manufacturing Performance Reporting For Continuous Quality Improvement

Recently many plants have implemented the new manufacturing strategy of continuous quality improvement. The central hypothesis in this paper is that the implementation of a policy of continuous quality improvement results in a shift in the management control system. This article tests this hypothesis by examining the shop floor reporting policies of forty-two plants located in the United States. The paper documents that the extent of information concerning the current status of manufacturing, such as charts on defect rates or schedule compliance and productivity information, provided to workers on the shop floor is positively related to the implementation of continuous quality improvement programs

A Field Study of the Impact of a Performance-Based Incentive Plan

Much management accounting research focuses on design of incentive compensation contracts. A basic assumption in these contracts is that performance-based incentives improve employee performance. This paper reports on a field test of the multi-period incentive effects of a performance-based compensation plan on the sales of a retail establishment. Analysis of panel data for 15 retail outlets over 66 months indicates a sales increase when the plan is implemented, an effect that persists and increases over time. Sales gains are significantly lower in the peak selling season when more temporary workers are employed

Rare and exotic mineralogy of the western subcomplex of the Deadhorse Creek "diatreme", Northwestern Ontario

The Deadhorse Creek ‘Diatreme’ is a Proterozoic vent breccia that probably formed in response to early mid-continent rifting. Following emplacement of the breccia, the western subcomplex experienced three alteration events, producing the complex mineralogy observed in the main mineralized zone. Each event has produced a unique mineral paragenesis and the timing o f each has been deduced from both textural and compositional evidence. While independent, these events made use o f the same pre-existing fracture system along which the western subcomplex is situated. In order, these events were: intrusion o f granitic fluids, alkaline metasomatism, and thermal metamorphism due to the emplacement o f the Coldwell alkaline complex. Following the alteration events, and presumably a result o f denudation, oxidization and leaching o f the main mineralized zone has produced a supergene paragenesis of: calcite, tyuyamunite, hollandite and barite. The main mineralized zone was enriched in first- and second-row transition metals, rare-earth elements, beryllium, Th and U. The mineralization is represented by the presence of: aegirine-jervisite, aegirine-natalyite, barite, baryhte, hollandite, coffinite, hematite, Umenorutile, magnetite, monazite-(Ce), phenakite, pyrite, rutile, thorite, thorogummite, thortveitite, tyuyamunite, uraninite, V-crichtonite, xenotime-(Y), zircon, zircon-thorite-coffinite solid solutions and a few unnamed mineral species. The resulting mineralogy is both unique and complex, with several rare minerals and new compositional extremes reported (i.e., Nb-V-rutile, aegirine-jervisite, aegifine-natalyite, zircon-thorite-coffinite solid solutions, Dy-xenotdme-(Y), thortveitite, baotite, barylite and Vcrichtonite). In addition, unique parageneses are reported, giving further insight into the geochemistry o f Be, Ba, Sc, V, N b, Ti and Cr and conditions of formation of phenakite, baryhte, thortveitite, crichtonite, ilmenorutile, barian feldspars and zircon-thorite-coffinite solid solutions

Insecticide Resistance in the Bed Bug Comes with a Cost

Adaptation to new environmental stress is often associated with an alteration of one or more life history parameters. Insecticide resistant populations of insects often have reduced fitness relative to susceptible populations in insecticide free environments. Our previous work showed that three populations of bed bugs, Cimex lectularius L., evolved significantly increased levels of resistance to one product containing both β-cyfluthrin and imidacloprid insecticides with only one generation of selection, which gave us an opportunity to explore potential tradeoffs between life history parameters and resistance using susceptible and resistant strains of the same populations. Life history tables were compiled by collecting weekly data on mortality and fecundity of bugs from each strain and treatment throughout their lives. Selection led to a male-biased sex ratio, shortened oviposition period, and decreased life-time reproductive rate. Generation time was shortened by selection, a change that represents a benefit rather than a cost. Using these life history characteristics we calculated that there would be a 90% return to pre-selection levels of susceptibility within 2- 6.5 generations depending on strain. The significant fitness costs associated with resistance suggest that insecticide rotation or utilization of non-insecticidal control tactics could be part of an effective resistance management strategy