Voluntary Disclosures by Activist Shareholders

Using hand-collected data, we find that activist shareholders often publicly disclose open letters that demand various changes in corporate operating decisions at their target firms. These letters are associated with significant stock price movements, decreased bid-ask spreads, and key activism outcomes such as directorship wins, corporate strategy shifts, and proxy advisor recommendations. Managers commonly respond to activists' open letters with their own voluntary disclosures. We conclude that activists use voluntary disclosure to mitigate investor information asymmetry and that managers' voluntary disclosures can be induced by activists

Metagenomic Analysis of RNA Viruses in a Fresh Water Lake

Freshwater lakes and ponds present an ecological interface between humans and a variety of host organisms. They are a habitat for the larval stage of many insects and may serve as a medium for intraspecies and interspecies transmission of viruses such as avian influenza A virus. Furthermore, freshwater bodies are already known repositories for disease-causing viruses such as Norwalk Virus, Coxsackievirus, Echovirus, and Adenovirus. While RNA virus populations have been studied in marine environments, to this date there has been very limited analysis of the viral community in freshwater. Here we present a survey of RNA viruses in Lake Needwood, a freshwater lake in Maryland, USA. Our results indicate that just as in studies of other aquatic environments, the majority of nucleic acid sequences recovered did not show any significant similarity to known sequences. The remaining sequences are mainly from viral types with significant similarity to approximately 30 viral families. We speculate that these novel viruses may infect a variety of hosts including plants, insects, fish, domestic animals and humans. Among these viruses we have discovered a previously unknown dsRNA virus closely related to Banna Virus which is responsible for a febrile illness and is endemic to Southeast Asia. Moreover we found multiple viral sequences distantly related to Israeli Acute Paralysis virus which has been implicated in honeybee colony collapse disorder. Our data suggests that due to their direct contact with humans, domestic and wild animals, freshwater ecosystems might serve as repositories of a wide range of viruses (both pathogenic and non-pathogenic) and possibly be involved in the spread of emerging and pandemic diseases

Whole number thinking, learning and development: neuro-cognitive, cognitive and developmental approaches

The participants of working group 2 presented a broad range of studies, 11 papers in total, related to whole number learning representing research groups from 11 countries as follows. Two large cross-sectional studies focused on developmental aspects of young children’s number learning provide a lens for re-examining ‘traditional’ features of number acquisition. van den Heuvel-Panhuizen (the Netherlands) presented a co-authored paper with Elia (Cyprus; Elia and van den Heuvel-Panhuizen 2015) on a cross-cultural study of kindergartners’ number competence focused on counting, additive and multiplicative thinking. Second, Milinković (2015) examined the development of young Serbian children’s initial understanding of representations of whole numbers and counting strategies in a large study of 3- to 7-year-olds. Children’s invented (formal) representations such as set representation and the number line were found to be limited in their recordings. In a South African study focused on early counting and addition, Roberts (2015) directs attention to the role of teachers by providing a framework to support teachers’ interpretation of young disadvantaged learners’ representations of number when engaging with whole number additive tasks. Some papers reflected the increasing role of neuroscientific concepts and methodologies utilised in research on WNA learning and development. Sinclair and Coles (2015) drew upon neuroscientific research to highlight the significant role of symbol-to-symbol connections and the use of fingers and touch counting exempli- fied by the TouchCounts iPad app. Gould (2015) reported aspects of a large Australian large study of children in the first years of schooling aimed at improving numeracy and literacy in disadvantaged communities. A case study exemplified how numerals were identified by relying on a mental number line by using location to retrieve number names. This raised the question addressed in the neuroscientific work of Dehaene and other papers focused on individual differences in how the brain processes numbers. The Italian PerContare1 project (Baccaglini-Frank 2015) built upon the collaboration between cognitive psychologists and mathematics educators, aimed at developing teaching strategies for preventing and addressing early low achievement in arithmetic. It takes an innovative approach to the development of number sense that is grounded upon a kinaesthetic and visual-spatial approach to part-whole relationships. Mulligan and Woolcott (2015) provided a discussion paper on the underlying nature of number. They presented a broader view of mathematics learning (including WNA) as linked to spatial interaction with the environment; the concept of connectivity across concepts and the development of underlying pattern and structural relationships are central to their approach

Has management accounting research been critical?

This paper examines the contributions Management Accounting Research (MAR) has (and has not) made to social and critical analyses of management accounting in the twenty-five years since its launch. It commences with a personalised account of the first named author’s experiences of behavioural, social and critical accounting in the twenty-five years before MAR appeared. This covers events in the UK, especially the Management Control Workshop, Management Accounting Research conferences at Aston, the Inter-disciplinary Perspectives on Accounting Conferences; key departments and professors; and elsewhere the formation of pan-European networks, and reflections on a years’ visit to the USA. Papers published by MAR are analysed according to year of publication, country of author and research site, research method, research subject (type of organization or subject studied), data analysis method, topic, and theory. This revealed, after initial domination by UK academics, increasing Continental European influence; increasing use of qualitative methods over a wide range of topics, especially new costing methods, control system design, change and implementation, public sector transformation, and more recently risk management and creativity. Theoretical approaches have been diverse, often multi-disciplinary, and have employed surprisingly few economic theories relative to behavioural and social theories. The research spans mainly large public and private sector organisations especially in Europe. Seven themes perceived as of interest to a social and critical theory analysis are evaluated, namely: the search for ‘Relevance Lost’ and new costing; management control, the environment and the search for ‘fits’; reconstituting the public sector; change and institutional theory; post-structural, constructivist and critical contributions; social and environmental accounting; and the changing geography of time and space between European and American research. The paper concludes by assessing the contributions of MAR against the aspirations of groups identified in the opening personal historiography, which have been largely met. MAR has made substantial contributions to social and critical accounting (broadly defined) but not in critical areas endeavouring to give greater voice and influence to marginalised sectors of society worldwide. Third Sector organisations, politics, civil society involvement, development and developing countries, labour, the public interest, political economy, and until recently social and environmental accounting have been neglected

Voluntary Disclosure and Liquidity: Evidence from Index Funds.

Index funds trade for nonstrategic reasons because their clients’ personal liquidity needs primarily drive fund flows. These funds are thus unambiguously more likely than strategic traders to prefer high stock liquidity, and thus high disclosure, to reduce trading costs. I hypothesize that index funds’ ownership stakes give them power to elicit more disclosure from management. I use an index fund setting to construct an empirical model of voluntary disclosure, and find that when index funds join a firm due to its S&P 500 index inclusion, the size of their ownership stake is associated with an increase in disclosure, and this increase in disclosure is associated with higher stock liquidity (relative to a control firm). These results suggest that disclosure increases stock liquidity.PhDBusiness AdministrationUniversity of Michigan, Horace H. Rackham School of Graduate Studieshttp://deepblue.lib.umich.edu/bitstream/2027.42/116641/1/joscho_1.pd

Are Financial Statement Audits Too Coarse? Evidence from Audits of Technology Service Companies

A modern firm has many types of stakeholders, each of whom typically interacts with a different part of the firm's business model. Theory predicts that while some stakeholders may benefit from financial statement audits, these audits may be too coarse for other stakeholders. As a result, there may be demand for supplemental audits of other parts of the firm ("non-financial audits"). This study provides some of the first systematic evidence on such audits in the setting of corporations that process financial data at technology services companies such as cloud computing providers. Using hand-collected data from public companies, I find that the large audit firms are often hired to issue a special class of audit reports meant for the corporate customers of technology services companies. A company's business-model exposure to providing technology services is predictive of its decision to receive these audits, and the scope of these audits includes customer-relevant internal controls over data security and processing integrity. These audits are also associated with a large increase in audit-related fees that is highly economically significant when compared to the fees for other corporate accounting services. These findings highlight the economic significance of non-financial audits in our attempts to understand the audit fee environment

The effects of exercise variation in muscle thickness, maximal strength and motivation in resistance trained men.

BACKGROUND:The objective of the present study was to compare the effects of a traditional resistance training program (fixed exercises and repetition ranges) to a resistance training program where exercises and repetition ranges were randomized on a session-by-session basis on markers of muscular adaptations and intrinsic motivation. METHODS:Twenty-one resistance trained men were randomized to perform an 8-week resistance training program using either a fixed exercise selection (CON) or having exercises randomly varied each session via a computerized app. Both groups performed 3 sets of 6 exercises, with training carried out 4 times per week. RESULTS:Both conditions promoted large, statistically significant increases in the bench press and back-squat 1 repetition maximum without differences between groups. Muscle thickness (MT) measures for the individual quadriceps showed large, statistically significant increases in of the vastus lateralis and rectus femoris for both conditions, with no observed between-group differences. Although no between-group in MT were noted for the vastus intermedius, only the CON displayed significant increases from baseline. Participants in EXP showed a significant, moderate improvement in the intrinsic motivation to training, while participants in the CON group presented non-significant decreases in this variable. CONCLUSIONS:Varying exercise selection had a positive effect on enhancing motivation to train in resistance-trained men, while eliciting similar improvements in muscular adaptations