Switching back from IFRS local GAAP ::does it impact target price accuracy and analyst optimism?

Prior research shows that mandatory IFRS adoption provided some benefits for financial analysts. We extend this literature by investigating whether switching back from IFRS to local GAAP reduces these benefits. More precisely, we analyze the impact of such a switch on target price errors in Switzerland, where several firms have decided to abandon IFRS and use Swiss GAAP. Our cross-sectional analysis shows that analysts’ errors are significantly lower for firms applying IFRS. The results from our staggered difference-in-differences suggest a significant increase in the absolute target price errors after a switch from IFRS to Swiss GAAP. Thus, we conclude that target price accuracy decreases when opacity increases. However, analysts are usually more optimistic about firms using IFRS, and analyst optimism significantly decreases after a switch from IFRS to Swiss GAAP. This latter finding suggests that analysts become more prudent when opacity increases. Overall, we conclude that switching back from IFRS to local GAAP has some negative and some positive consequences for financial analysts

Are joint audits associated with higher audit fees?

In its October 2010 Green Paper on audit policy, the European Commission suggested that joint audits might be a way of improving the audit market in Europe. However, some parties consider that a joint audit system is not an efficient solution because the perceived improvements in audit quality, if any, are not commensurate with the significant increase in audit fees. We compare audit fees paid during the years 2007-2011 by listed companies in France, where joint audits are mandatory, with those paid by British and Italian companies. Theory suggests that audit fees in countries with high investor protection, such as the UK, are likely to be greater than those in countries with lower investor protection, such as France and Italy, ceteris paribus. However, we find significantly higher audit fees in France after controlling for well-documented auditor, client, and engagement attributes, which vary across countries. Furthermore, since we do not find statistically significant differences in the magnitude of abnormal accruals, the higher audit fees observed in France do not appear to be associated with higher audit quality

Antimicrobial susceptibility of Streptococcus pneumoniae isolates from vaccinated and non-vaccinated patients with a clinically confirmed diagnosis of community-acquired pneumonia in Belgium.

We assessed the in vitro susceptibility of Streptococcus pneumoniae isolates from patients with confirmed community-acquired pneumonia (CAP) to β-lactams, macrolides and fluoroquinolones and the association of non-susceptibility and resistance with serotypes/serogroups (STs/SGs), patient's risk factors and vaccination status. Samples (blood or lower respiratory tract) were obtained in 2007-2009 from 249 patients (from seven hospitals in Belgium) with a clinical and radiological diagnosis of CAP [median age 61 years (11.6% aged 94% ST19A), 73.5% resistant to macrolides and 18-21% intermediate to β-lactams; and SG6, 33% resistant to clarithromycin. Apparent vaccine failures: 3/17 for 7-valent vaccine (children; ST6B, 23F); 16/29 for 23-valent vaccine (adults ST3, 7F, 12F, 14, 19A, 22F, 23F, 33F). Isolates from nursing home residents, hospitalised patients and patients with non-respiratory co-morbidities showed increased MICs for amoxicillin, all β-lactams, and β-lactams and macrolides, respectively. Regarding antibiotic susceptibilities: (i) amoxicillin is still useful for empirical therapy but with a high daily dose; (ii) cefuroxime axetil and macrolides (but not telithromycin) are inappropriate for empirical therapy; and (iii) moxifloxacin and levofloxacin are the next 'best empirical choice' (no resistant isolates) but levofloxacin will require 500 mg twice-daily dosing for effective coverage.Journal ArticleResearch Support, Non-U.S. Gov'tSCOPUS: ar.jinfo:eu-repo/semantics/publishe

Reproductive biology and biochemical composition of the brooding echinoid Amphipneustes lorioli on the Antarctic continental shelf

The bathyal West Antarctic Peninsula (WAP) shelf experiences intense seasonal variability in primary production, with summer phytoplankton blooms yielding intense pulse of phytodetritus to shelf sediments. Echinoderms form a conspicuous proportion of the deposit-feeding megabenthos on the shelf and of these Amphipneustes lorioli was the most abundant irregular echinoid. To explore the reproductive response of A. lorioli to this seasonal production cycle, A. Lorioli was sampled at one location on the WAP shelf during four separate cruises between March 2000 and March 2001. Reproductive patterns were determined by histological analyses of gonad tissue, and elemental (CHN) analyses were used to estimate the nutritional and energetic status of the body tissues. Histological analysis of the brooding echinoid A. lorioli suggested a quasi-continuous gametogenic pattern in both the ovaries and the testes. Biochemical analysis of the gonads and the gut tissues were consistent with a continuous gametogenic cycle, showing no significant changes in the biochemical composition of the tissues among seasons. Size-frequency distributions of the embryo and juvenile echinoids within the adults’ brood pouches revealed a synchronous recruitment of embryos and juveniles in specific cohorts between different adult specimens. Whilst this occurrence of different cohorts of the developing brood may be an adaptation to limited brood space, there may also be an external factor influencing the synchrony between adult individuals. Nonetheless, a continuous gametogenic cycle and the lack of seasonal variation in the biochemical composition of gonad and gut tissues suggest that this deposit-feeding irregular urchin is exploiting a persistent sediment food bank in WAP shelf sediments throughout much of the year