The Market Pricing of Accruals Quality

We investigate whether investors price accruals quality, our proxy for the information risk associated with earnings. Measuring accruals quality (AQ) as the standard deviation of residuals from regressions relating current accruals to cash flows, we find that poorer AQ is associated with larger costs of debt and equity. This result is consistent across several alternative specifications of the AQ metric. We also distinguish between accruals quality driven by economic fundamentals ('innate AQ') versus management choices ('discretionary AQ'). Both components have significant cost of capital effects, but innate AQ effects are significantly larger than discretionary AQ effects.Expected return; Information uncertainty; Accounting quality

Is the Accrual Anomaly a Global Anomaly?

This paper investigates the subsequent return implications of accruals within a sample of large, developed, international equity markets and assesses whether similar institutional features account for the accrual anomaly across countries. I investigate the returns implications of accruals in 17 countries over the 1989 to 2003 time period. In general, the results of country-specific analysis indicate that the accrual anomaly is a global phenomenon. After decomposing total accruals, I find, in general, that accrual mispricing is largest for working capital accruals, specifically current asset accruals. However, the results of further analysis suggest that there is no dominant factor that explains the accrual anomaly internationally. Overall, the results indicate that the accrual anomaly is present in international markets yet the factor(s) driving the accrual anomaly appear to vary across markets

Diagnostic test interpretation and referral delay in patients with interstitial lung disease.

BACKGROUND:Diagnostic delays are common in patients with interstitial lung disease (ILD). A substantial percentage of patients experience a diagnostic delay in the primary care setting, but the factors underpinning this observation remain unclear. In this multi-center investigation, we assessed ILD reporting on diagnostic test interpretation and its association with subsequent pulmonology referral by a primary care physician (PCP). METHODS:A retrospective cohort analysis of patients referred to the ILD programs at UC-Davis and University of Chicago by a PCP within each institution was performed. Computed tomography (CT) of the chest and abdomen and pulmonary function test (PFT) were reviewed to identify the date ILD features were first present and determine the time from diagnostic test to pulmonology referral. The association between ILD reporting on diagnostic test interpretation and pulmonology referral was assessed, as was the association between years of diagnostic delay and changes in fibrotic features on longitudinal chest CT. RESULTS:One hundred and forty-six patients were included in the final analysis. Prior to pulmonology referral, 66% (n = 97) of patients underwent chest CT, 15% (n = 21) underwent PFT and 15% (n = 21) underwent abdominal CT. ILD features were reported on 84, 62 and 33% of chest CT, PFT and abdominal CT interpretations, respectively. ILD reporting was associated with shorter time to pulmonology referral when undergoing chest CT (1.3 vs 15.1 months, respectively; p = 0.02), but not PFT or abdominal CT. ILD reporting was associated with increased likelihood of pulmonology referral within 6 months of diagnostic test when undergoing chest CT (rate ratio 2.17, 95% CI 1.03-4.56; p = 0.04), but not PFT or abdominal CT. Each year of diagnostic delay was associated with a 1.8% increase in percent fibrosis on chest CT. Patients with documented dyspnea had shorter time to chest CT acquisition and pulmonology referral than patients with documented cough and lung crackles. CONCLUSIONS:Determinants of ILD diagnostic delays in the primary care setting include underreporting of ILD features on diagnostic testing and prolonged time to pulmonology referral even when ILD is reported. Interventions to modulate these factors may reduce ILD diagnostic delays in the primary care setting

Energy Consumption of Group Search on a Line

Consider two robots that start at the origin of the infinite line in search of an exit at an unknown location on the line. The robots can collaborate in the search, but can only communicate if they arrive at the same location at exactly the same time, i.e. they use the so-called face-to-face communication model. The group search time is defined as the worst-case time as a function of d, the distance of the exit from the origin, when both robots can reach the exit. It has long been known that for a single robot traveling at unit speed, the search time is at least 9d - o(d); a simple doubling strategy achieves this time bound. It was shown recently in [Chrobak et al., 2015] that k >= 2 robots traveling at unit speed also require at least 9d group search time. We investigate energy-time trade-offs in group search by two robots, where the energy loss experienced by a robot traveling a distance x at constant speed s is given by s^2 x, as motivated by energy consumption models in physics and engineering. Specifically, we consider the problem of minimizing the total energy used by the robots, under the constraints that the search time is at most a multiple c of the distance d and the speed of the robots is bounded by b. Motivation for this study is that for the case when robots must complete the search in 9d time with maximum speed one (b=1; c=9), a single robot requires at least 9d energy, while for two robots, all previously proposed algorithms consume at least 28d/3 energy. When the robots have bounded memory and can use only a constant number of fixed speeds, we generalize an algorithm described in [Baeza-Yates and Schott, 1995; Chrobak et al., 2015] to obtain a family of algorithms parametrized by pairs of b,c values that can solve the problem for the entire spectrum of these pairs for which the problem is solvable. In particular, for each such pair, we determine optimal (and in some cases nearly optimal) algorithms inducing the lowest possible energy consumption. We also propose a novel search algorithm that simultaneously achieves search time 9d and consumes energy 8.42588d. Our result shows that two robots can search on the line in optimal time 9d while consuming less total energy than a single robot within the same search time. Our algorithm uses robots that have unbounded memory, and a finite number of dynamically computed speeds. It can be generalized for any c, b with cb=9, and consumes energy 8.42588b^2d

THE EFFECT OF PLASMODIUM FLORIDENSE ON RELATIVE LEUKOCYTE COUNTS OF ANOLIS SAGREI AND A. CAROLINENSIS IN FLORIDA, USA

Native Green Anoles, Anolis carolinensis, and invasive Brown Anoles, Anolis sagrei, are commonly found in Florida and may be infected with the malarial parasite, Plasmodium floridense. Because no studies have directly addressed health effects of the parasite on Florida anoles, we collected blood smears of infected and uninfected anoles from Central and Southwest Florida and compared the overall leukocyte (WBC) counts, eosinophil counts, and heterophil/lymphocyte ratios. Eosinophils are generally elevated in response to protozoal infection and heterophil/lymphocyte ratios are often altered due to stress. A generalized linear model that tested contributions to erythrocyte/leukocyte ratios included infection status and locality as significant factors. We found significant differences in WBC counts between infected and uninfected lizards in Central Florida but not in Southwest Florida. Central Florida anoles also had higher mean WBC counts than Southwest Florida anoles. We did not detect significant differences in eosinophil counts or H/L ratios related to infection status. Our project is the first to examine leukocyte effects of Plasmodium infection in anoles and to provide leukocyte profiles of Anolis lizards. It appears that infected anoles sustain some negative immunological effects, at least in Central Florida. The differences in regions may be caused by the fact that Central Florida anoles still are under continuous interspecific competition whereas the Southwest Florida Brown Anoles are not because of low populations of Green Anoles. Additional studies that address leukocyte levels related to Plasmodium infection are needed to tease out the health and fitness effects on the lizards of Florida

Traditional microscopy instruction versus process-oriented virtual microscopy instruction: a naturalistic experiment with control group

<p>Abstract</p> <p>Background</p> <p>Virtual microscopy is being introduced in medical education as an approach for learning how to interpret information in microscopic specimens. It is, however, far from evident how to incorporate its use into existing teaching practice. The aim of the study was to explore the consequences of introducing virtual microscopy tasks into an undergraduate pathology course in an attempt to render the instruction more process-oriented. The research questions were: 1) How is virtual microscopy perceived by students? 2) Does work on virtual microscopy tasks contribute to improvement in performance in microscopic pathology in comparison with attending assistant-led demonstrations only?</p> <p>Method</p> <p>During a one-week period, an experimental group completed three sets of virtual microscopy homework assignments in addition to attending demonstrations. A control group attended the demonstrations only. Performance in microscopic pathology was measured by a pre-test and a post-test. Student perceptions of regular instruction and virtual microscopy were collected one month later by administering the Inventory of Intrinsic Motivation and open-ended questions.</p> <p>Results</p> <p>The students voiced an appreciation for virtual microscopy for the purposes of the course and for self-study. As for learning gains, the results indicated that learning was speeded up in a subgroup of students consisting of conscientious high achievers.</p> <p>Conclusions</p> <p>The enriched instruction model may be suited as such for elective courses following the basic course. However, the instructional model needs further development to be suited for basic courses.</p

The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting

We review recent literature on the role of financial reporting transparency in reducing governance-related agency conflicts among managers, directors, and shareholders, as well as in reducing agency conflicts between shareholders and creditors, and offer researchers some suggested avenues for future research. Key themes include the endogenous nature of debt contracts and governance mechanisms with respect to information asymmetry between contracting parties, the heterogeneous nature of the informational demands of contracting parties, and the heterogeneous nature of the resulting governance and debt contracts. We also emphasize the role of a commitment to financial reporting transparency in facilitating informal multiperiod contracts among managers, directors, shareholders, and creditors

Conditional conservatism and debt versus equity financing

SMU SOA