Accounting quality under IFRS during stressed volatility: an examination of UK banks

This paper examines whether accounting quality is maintained for UK banks that report under the IFRS accounting standards during times of stressed market price volatility. We find that the UK banks’ accounting quality, measured from 1992 to 2008 using the relationship between total shareholders’ equity and market price, experienced a significant decrease during the high levels of market price volatility in 2008. This paper contributes to research that examines the IFRS accounting standards and to the examination of accounting quality in banks during periods of stressed volatility. Furthermore, this study concludes by calling for the examination of methods and processes to mitigate risks that impact on accounting quality

Herausforderungen eines serviceorientierten BI Framework und die Effekte auf die Data Literacy von Anwendern in einem Unternehmen

Unternehmen sind bemüht komplexe Zusammenhänge zwischen externen und internen Variablen zu analysieren und für profitable Zwecke zu nutzen. Business Intelligence (BI) und serviceorientierte Business Intelligence (SoBI) Systeme sind bedeutende Konzepte für eine verbesserte Datenanalyse und effektive Entscheidungsfindung. Diese Arbeit untersucht die Zusammenhänge zwischen BI-Ordnungsrahmen und der Data Literacy von Anwendern. Daher wurden die Auswirkungen von BI und anderen Informationstechnologieansätzen auf die Lernkurve der Mitarbeitenden und der BI-Systeme untersucht. Die erste Forschungsfrage befasst sich mit den Herausforderungen, welche ein Unternehmen bei der Implementierung eines SoBI-Frameworks hat und wie die Lernkurve der Mitarbeitenden und der BI-Systeme bei der Umsetzung des BI-Konzepts gefördert werden können. Die zweite Forschungsfrage befasst sich mit d en Effekten einer BI-Architektur auf die Data Literacy der Mitarbeitenden in einem in der Schweiz tätigen Grossunternehmen. Hinsichtlich des Vorgehens verwendet diese Arbeit eine Kombination aus Literaturrecherche, Mixed-Methods Forschung und die Erstellung sowie Analyse eines Strukturgleichungsmodells (SEM). Die Mixed-Methods Forschungsmethode umfasst eine Umfrageerhebung, welche sich aus einer qualitativen Vignettenforschung und einer quantitativen Likert-Skala-Umfrage zusammensetzt. Als Grundlage für das SEM dient die Umfrageerhebung. Das Resultat der Literaturrecherche ist ein SoBI-Referenzarchitektur für Unternehmen, welche den Datenaustausch, die Analytik und die Entscheidungsunterstützung verbessert. Zudem zeigen die Resultate, dass der Einsatz von prädiktiven Business Analytics Systemen in einer SoBI-Architektur die Lernkurve der Mitarbeitenden und des BI-Systems fördern kann. Des Weiteren verbessert eine SoBI-Architektur die Data Literacy der Mitarbeitenden und die Qualität der Unternehmensprozesse. Eine Kombination aus BI und Decision Intelligence, basierend auf Artificial Intelligence und Machine Learning, führt zu einem «intelligenten» Unternehmen. Die Resultate der Vignettenforschung haben ergeben, dass 40% der Teilnehmenden auf die Berechnungen der internen BI-Tools des Unternehmens vertrauen. Die Resultate des SEM bestätigen die Hypothesen H1, H2 und H4. Diese besagen, dass ein Unternehmen mit einer SoBI-Architektur neue Prozesse einfacher umsetzen, Mitarbeitende dabei unterstützen kann die Prozesse besser und schneller zu lernen, sowie eine höhere Qualität und schnellere Durchführung der Prozesse ermöglicht. Die Hypothese H3 konnte nicht von dem SEM bestätigt werden. Jedoch konnte diese von der Literaturrecherche verifiziert werden und definiert, dass eine SoBI-Architektur zu einer erhöhten Datenqualität führt. Diese Arbeit empfiehlt Unternehmen in die Entwicklung einer SoBI-Architektur zu investieren. Zudem generiert diese Masterarbeit einen Mehrwert für alle Unternehmen, welche die erarbeitete SoBI-Referenzarchitektur nutzen und die eigene BI-Architektur ausbauen oder eine SoBI-Architektur von Grund auf implementieren möchten. Die begrenzte Stichprobengrösse der Umfrageerhebung ist eine ausschlaggebende Limitation dieser Arbeit. Die Ergebnisse basieren auf spezifischen Merkmalen des untersuchten Unternehmens und sind daher in Bezug auf externe Validität eingeschränkt. Empirische Untersuchungen sind notwendig, um die Wirksamkeit des SoBI-Frameworks und der Ansätze zur Förderung der Lernkurve der Mitarbeitenden und der BI-Implementierung zu bestätigen

The Concept of the Serbian Peasant Cooperative State

The paper introduces and interprets the corporatist plan of organizing and establishing the ‘Serbian Peasant Cooperative State,’ which was developed by the collaborationist authorities in Serbia during World War II. Born out of deep disillusionment with interwar parliamentarism and under the influence of the German occupation system in Serbia, this unrealized concept of state organization was an ultra-conservative response to the political conditions in occupied Serbia, as well as one of the aspects of its planned integration into Hitler’s new imperial order founded on the premise of Nazi hegemony and known as ‘New Europe.’ The present analysis is based on the limited number of surviving primary historical sources that testify to the genesis and character of the draft proposal. To provide context for interpreting the plan and the thinking behind it, the paper extends the chronological framework to the entire interwar period

Late onset post-LASIK keratectasia with reversal and stabilization after use of latanoprost and corneal collagen cross-linking

We report a case of late onset keratectasia after laser in situ keratomileusis (LASIK) and its quick reversal and stabilization after use of latanoprost and riboflavin/ultraviolet-A corneal collagen cross-linking (CXL). A 39-year-old man with normal intraocular pressure developed a rapid deterioration of vision in his left eye 6 years after LASIK-retreatment for high myopic astigmatism. Keratectasia was diagnosed by corneal topography and ultrasound pachymetry. After two months of treatment with latanoprost and a minor intraocular pressure reduction, uncorrected distance visual acuity improved from 20/100 to 20/20 and corneal topography showed reversal of keratectasia. CXL was performed after the reversal to achieve long-term stabilization. At 1, 3, 6, 13 and 39 months followup exams after the CXL, stable vision, refraction, and topography were registered. This case shows that keratectasia may rapidly occur several years after LASIK and that a quick reversal and stabilization may be achieved by use of latanoprost followed by CXL

The determinants of implementing and completing share repurchases

Open-market repurchase is a popular corporate payout method that public limited company (PLCs) use, and once they have made this decision an announcement is made. However, the announcement does not necessarily mean that the firm will implement the payout, or if it is initiated that they will buy back the entire announced volume of shares. Thus, using a sample of firms listed on the London Stock Exchange that announced an open-market repurchase between 1993 and 2014, we test the determinants of repurchase implementation using probit regressions, and if their influence also extends to the payout’s completion using Tobit regressions. The results are not identical in nature, but largely indicate a consistency between the influence patterns. Positive influences are exhibited by firm leverage, the balance sheet’s asset base, independent directors and the repurchase’s tax efficiency over dividends. Additionally, the volume of shares announced for repurchasing has a positive influence on the payout’s implementation, but not its completion, while market capitalisation has a positive influence on the payout’s completion, but not its implementation. The findings are most useful for financial practitioners to optimise their portfolio following a repurchase announcement

Deregulating the volume limit on share repurchases

We empirically advocate for UK regulators to increase the volume limit of 15% outstanding shares on open market repurchases. Our main framework initially tests the determinants of share repurchases based on their size, Small, Medium and Large. The findings reveal that consistent with extant literature, the payout is primarily determined by its capability of distributing excess cash to shareholders and signaling undervaluation. We then check the viability of increasing the volume limit by testing new levels at 2.50% increments, up to 30%. The results indicate that any increase does not broadly change the determinants’ relationship with the payout, rather increased efficiency is realized at every interval, with the 20% and 30% levels being the most favorable

Heterogeneity in corporate payouts

In this paper we empirically investigate dividends and repurchases of the UK, and the overarching pattern reveals that their determinants are more driven by payout size than they are by payout type. The overall corporate payout policy is influenced by the operating performance and tax framework. Aggregately, the determinants of dividends and repurchases are heterogenous, and for each payout's individual testing the determinants have shown varying influences when controlled for payout size; small, medium and large. Comparatively, the determinants of dividends and repurchases of small size show homogeneity, while those of medium and large sizes exhibit heterogeneity. From a variable-specific perspective, aggregately dividends are positively influenced by asset holdings and ROA, and negatively influenced by independent directions and EPS. While aggregately repurchases are positively influenced by debt exposure and negatively influenced by M/B Ratio

Safety and efficacy of epithelium-on corneal collagen cross-linking using a multifactorial approach to achieve proper stromal riboflavin saturation

Purpose: To evaluate the efficacy and safety of epithelium-on corneal collagen cross-linking (CXL) using a multifactorial approach to achieve proper stromal riboflavin saturation. Methods: This non-randomized retrospective study comprised 61 eyes with progressive keratoconus treated with epithelium-on CXL. Chemical epithelial penetration enhancement (benzalkonium chloride-containing local medication and hypotonic riboflavin solution), mechanical disruption of the superficial epithelium, and prolongation of the riboflavin-induction time until verification of stromal saturation were used before the UVA irradiation. Uncorrected and corrected distance visual acuity (UDVA, CDVA), refraction, corneal topography, and aberrometry were evaluated at baseline and at 1, 3, 6, and 12 months postoperative. Results: At 12-month, UDVA and CDVA improved significantly. None of the eyes lost lines of CDVA, while 27.4% of the eyes gained 2 or more lines. Mean spherical equivalent decreased by 0.74 D, and mean cylindrical reduction was 1.15 D. Irregularity index and asymmetry from Scheimpflug-based topography and Max-K at the location of cone from Placido-based topography showed a significant decrease. Higher-order-aberration data demonstrated a slight reduction in odd-order aberrations S 3, 5,7 ( = 0.04). Postoperative pain without other complications was recorded. Conclusion: Epithelium-on CXL with our novel protocol appeared to be safe and effective in the treatment of progressive keratoconus.publishedVersio

Numerical Analysis of IC Engine Operation with High-Pressure Hydrogen Injection

The limited quantities of oil reserves and the exhaust emissions from IC engines have become a threat to the existence of IC engines. One of the best solutions to the problem is the use of alternative fuels. Hydrogen is an alternative fuel that is called a fuel of the future. A disadvantage of hydrogen is its high combustion speed. Experimental results were used for the determination of inputs for numerical analysis. The numerical analysis is performed for a 3D model of the engine in order to determine the working parameters of the engine (pressure and temperature). The main goal of this study is to investigate a possibility of modifying the diesel engine so that it can run on hydrogen. It was found that in such an engine the greatest loads occur in the combustion chamber; thus, the vital parts of the engine are protected. Therefore, a mechanical analysis of the combustion chamber was performed (calculation of stresses and deformations). The obtained results are encouraging because they indicate that by applying the presented solution a much cheaper technology than the modern diesel engine systems is made possible

State-of-the-art Survey of Data Hiding in ECG Signal

With the development of new communication technologies, the number of biomedical data that is transmitted is constantly increasing. This is sensitive data and therefore it is very important to preserve privacy when transmitting it. For this purpose, techniques for data hiding in biomedical signals are used. This is a comprehensive survey of research papers that covers the latest techniques for data hiding in ECG signal and old techniques that are not covered by the latest surveys. We show an overview of the methodology, robustness, and imperceptibility of the techniques