The Economic Implications of Corporate Financial Reporting

We survey 401 financial executives, and conduct in-depth interviews with an additional 20, to determine the key factors that drive decisions related to reported earnings and voluntary disclosure. The majority of firms view earnings, especially EPS, as the key metric for outsiders, even more so than cash flows. Because of the severe market reaction to missing an earnings target, we find that firms are willing to sacrifice economic value in order to meet a short-run earnings target. The preference for smooth earnings is so strong that 78% of the surveyed executives would give up economic value in exchange for smooth earnings. We find that 55% of managers would avoid initiating a very positive NPV project if it meant falling short of the current quarter's consensus earnings. Missing an earnings target or reporting volatile earnings is thought to reduce the predictability of earnings, which in turn reduces stock price because investors and analysts hate uncertainty. We also find that managers make voluntary disclosures to reduce information risk associated with their stock but try to avoid setting a disclosure precedent that will be difficult to maintain. In general, management's views provide support for stock price motivations for earnings management and voluntary disclosure, but provide only modest evidence in support of other theories of these phenomena (such as debt, political cost and bonus plan based hypotheses).

Optimal local estimates of visual motion in a natural environment

Many organisms, from flies to humans, use visual signals to estimate their motion through the world. To explore the motion estimation problem, we have constructed a camera/gyroscope system that allows us to sample, at high temporal resolution, the joint distribution of input images and rotational motions during a long walk in the woods. From these data we construct the optimal estimator of velocity based on spatial and temporal derivatives of image intensity in small patches of the visual world. Over the bulk of the naturally occurring dynamic range, the optimal estimator exhibits the same systematic errors seen in neural and behavioral responses, including the confounding of velocity and contrast. These results suggest that apparent errors of sensory processing may reflect an optimal response to the physical signals in the environment

Dual-function injectable angiogenic biomaterial for the repair of brain tissue following stroke.

Stroke is the primary cause of disability due to the brain's limited ability to regenerate damaged tissue. After stroke, an increased inflammatory and immune response coupled with severely limited angiogenesis and neuronal growth results in a stroke cavity devoid of normal brain tissue. In the adult, therapeutic angiogenic materials have been used to repair ischaemic tissues through the formation of vascular networks. However, whether a therapeutic angiogenic material can regenerate brain tissue and promote neural repair is poorly understood. Here we show that the delivery of an engineered immune-modulating angiogenic biomaterial directly to the stroke cavity promotes tissue formation de novo, and results in axonal networks along thee generated blood vessels. This regenerated tissue produces functional recovery through the established axonal networks. Thus, this biomaterials approach generates a vascularized network of regenerated functional neuronal connections within previously dead tissue and lays the groundwork for the use of angiogenic materials to repair other neurologically diseased tissues

Two-Hop Routing with Traffic-Differentiation for QoS Guarantee in Wireless Sensor Networks

This paper proposes a Traffic-Differentiated Two-Hop Routing protocol for Quality of Service (QoS) in Wireless Sensor Networks (WSNs). It targets WSN applications having different types of data traffic with several priorities. The protocol achieves to increase Packet Reception Ratio (PRR) and reduce end-to-end delay while considering multi-queue priority policy, two-hop neighborhood information, link reliability and power efficiency. The protocol is modular and utilizes effective methods for estimating the link metrics. Numerical results show that the proposed protocol is a feasible solution to addresses QoS service differenti- ation for traffic with different priorities.Comment: 13 page

APPLICATION OF IPOM OEA BATATA STARCH MUCILAGE AS SUSPENDING AGENT IN OSELTAMIVIR SUSPENSION

Objective: The objective of the study was to search for a cheap and effective natural raw material that can serve as an alternative suspending agent in the formulation of oseltamivir suspension. The phytochemical and the physicochemical properties of the mucilage of Ipomoea batata starch were studied. Methods: The suspending properties of mucilage extract of I. batata starch was evaluated comparatively with that of acacia, xanthum gum and sodium alginate using model formulations at concentrations of 0.75, 1.5and 3.5% w/v. The Prepared suspensions were evaluated by studying different parameters like pH, sedimentation volume, redispersibility, Flow rate (F), viscosity, degree of flocculation, effect, effect of temperature and stability studies. Results: The results showed the presence of flavonoids, saponin, protein, carbohydrate and reducing sugars. The rheological properties of suspension showed that As the concentration of suspending agent increased viscosity also get increased which reduces the sedimentation and contributes to the stability of suspension. Increase in viscosity avoids the particle aggregation so particles remain in a flocculated state. While an increase in temperature did not significantly increased the viscosity of suspension. The order of stability of suspension in terms of sedimentation profile ranked thus: OF3 (3%w/v IBSM)>OF12 (3%w/v SA)>OF6 (3%w/v AG)>OF9 (3%w/v XG)>B (5%w/v potato starch). Conclusion: These results indicate that mucilage from I. batata starch in oseltamivir suspension has low sedimentation rate, medium viscosity and easily dispersible and can therefore serve as suspending agent in formulations of suspensions of sparingly soluble drugs