Do analysts know but not say? The case of goingconcern opinions

This study explores whether security analysts recognize firms’ going-concern problems and report appropriately to investors. We find that analysts signal their anticipation of the publication of a going-concern modified (GCM) audit report in two ways: 1) they downgrade more aggressively stock recommendations of GCM firms than stock recommendations of control firms as the event date approaches; 2) they are more likely to cease coverage of a GCM firm than a control firm over the one-year period prior to the GCM date. We further show that analysts react to the publication of an actual GCM audit report by stopping coverage of such firms immediately subsequent to the event disclosure. Our results suggest that analysts know that the future viability of GCM firms is jeopardized but do not say it clearly to retail investors, who constitute the main clientele of these firms. Consistent with the SEC concerns about analyst recommendations, we conclude that investors cannot rely solely on analyst recommendations since they are reluctant to report negatively (i.e, “underperform” or “sell”) even in this extreme bad news domain. We further conclude that analyst relative pessimism and coverage cessation is likely to be associated with negative expectations about firms’ future prospects.Analyst behaviour, stock recommendations, bad news announcements, goingconcern reports.

Propriedades antioxidantes e conteúdo fenólico de infusões de folhas, caules e flores de Portulaca oleracea L.: benefícios para a saúde

Dissertação de mest., Ciências Biomédicas, Departamento de Ciências Biomédicas e Medicina, Univ. do Algarve, 2011The present study analyzes the antioxidant properties of Portulaca oleracea, common known as purslane. This plant is an interesting object of study because it is a naturally occurring widely distributed plant and it was used for centuries in folk medicines all around the world. Samples were harvested in two different locations, one from Algarve (location 1) and another from Alentejo (location 2), and divided in three different parts: leaves, stems and flowers. Then, they were dried in an incubator, powdered and water extracts were performed and analyzed. Total antioxidant activity, total phenolic content, condensed tannins, reducing power, and ferric-reducing antioxidant power assays showed significant higher values (P<0,05) in location 2 rather than in location 1, and generally stems present the same pattern when comparing to other plant parts. Moreover, good correlations were found between TPC and all the other assays, which suggest that in purslane the antioxidant activity and reducing power are essentially due to the content of phenolic compounds. Also DPPH and ABTS assays present better results in location 2, since it was needed lower concentrations to inhibit 50% of the free radicals in solution than in location 1. On the other hand, for total flavonoids content only stems present this significant difference and for total monomeric anthocyanins and total carotenes higher concentrations were presented by location 1. The same seems to happen with individual analysis of phenolic acids and flavonoids by liquid-chromatography, where methanol extracts were used. Also, DNA nicking assay showed that water extracts of purslane effectively protect DNA from oxidative damage of hydroxyl radicals. As general conclusion of this study it is possible to state that both location and plant parts have a significant interference on antioxidant activity and that Portulaca oleracea is a rich source of antioxidants among other compounds with a great number of potential benefits for human health

Influencia de los factores institucionales sobre el logro en Matemática de los estudiantes en el último año de la educación Media de Argentina.- Un modelo de tres niveles -

En este estudio se investigan las relaciones entre la 'composición' estudiantil de la escuela (socioeconómica, académica, género) y algunas características del proceso escolar ('ethos' y 'clima' escolar), según las percepciones del Director y las percepciones 'agregadas' de los alumnos , y el rendimiento en Matemática de los alumnos del último año del Secundario en Argentina. Se analizan los datos disponibles del Censo Nacional de Finalización del Nivel Secundario de 1998, realizado por el Ministerio de Cultura y Educación de la Nación. El archivo es de 2.708 escuelas y 135 mil alumnos. Se utiliza la técnica de 'análisis estadístico multinivel' con tres niveles (alumnos, escuela y Estado). El análisis inicial detectó una estrecha asociación entre el rendimiento en Matemática y las variables de proceso escolar. Cuando esa asociación se 'controla' por la 'composición' de la escuela se observa que actitudes y autoconceptos promedio de los alumnos continúan manteniendo un efecto importante, mientras que las percepciones (del Director y de los alumnos) sobre los procesos institucionales no son predictores eficaces del logro. El autor concluye sobre la importancia de contar con mediciones agregadas, no sólo de 'composición' sino también del "ethos" estudiantil, en los estudios que pretenden identificar factores institucionales de logro escolar

assessing the effects of international financial reporting standards adoption on financial development

IFRS has brought better quality and more transparent financial reports for companies, which can ultimately benefit investors and the financial system as a whole. The goal of this paper is therefore to assess the contribution of the adoption of IFRS in the financial development of a country. Moreover, an in-depth examination of the origin of such effect will be conducted. It was used panel data models with fixed effects based on 34 countries and 22 years. Overall, it was found that IFRS contributes positively to financial development, with the relation deriving from improvements in financial institutions