24 research outputs found
Determining Factors of the Level of Disclosure of Information on Business Combinations with the Entry into Force of the Accounting Standard CPC 15
Uncertainty Reduction in Gas Turbine Performance Diagnostics by Accounting for Humidity Effects
Uncertainty reduction in gas turbine performance diagnostics by accounting for humidity effects
Compliance with pension-related mandatory disclosures and debt financing
Using hand‐collected data on the level of pension‐related mandatory disclosures required by International Accounting Standard 19 Employee Benefits , we test whether compliance levels with these disclosures convey information that affects firms’ access to the public instead of the private debt market, as well as the cost of their new debt issues. We document a higher tendency to access the public debt market for firms with higher levels of pension‐related disclosure. Furthermore, we find that firms with higher levels of pension‐related disclosure enjoy a lower cost in terms of issuance of public debt, but not a lower cost for private debt issues. Thus, the benefits of disclosure in reducing information risk are only realisable when creditors rely heavily on financial statements in their decision making, due to the limited access to private information. Additional tests reveal that high compliance levels effectively mitigate the negative effect of pension deficits on the cost of public debt. These findings provide novel evidence in the extant literature on the role of mandatory (and, in particular, pension‐related) disclosures on firms’ debt financing. They also have important policy implications
ECATS - Mission of Association for an environmentally compatible air transport system
After 5 years of operation and collaboration the ECATS Network of Excellence
(NoE) will now transform itself into a registered Association of European Research Establishments
and Universities leading in the field of aeronautics and the environment. The transition from NoE
to the Association will take place during 2010 and 2011. This future ECATS Association has the
vision to support endeavours to make aviation more sustainable focussing on scientific expertise
and exchange of information. ECATS’ Virtual Fuel Centre focusses on alternative fuel characterisation
allowing operating a premix burner, measuring flame velocities, expanding kinetic schemes
and spray characterisation. ECATS’ Airport Air Quality (AAQ) focus area povides an assessment
of this highly interdisciplinary research field, and develops improved characterisation and approximation
specifications for aviation particulate matter emissions. ECATS’ third focus area is dealing
with global impact of aviation and green flight. Close collaboration is exploited in order to provide
updated estimates and synergies with other programmes established. The future ECATS Association
provides an efficient framework for collaboration between universities and research establishments
and helps making aviation more sustainable