Foreign competition for shares and the pricing of information asymmetry: evidence from equity market liberalization

Using the equity market liberalization of 23 emerging market countries between 1996 and 2006, we examine how the degree of competition for a firm's shares affects the price of information asymmetry. We find evidence of a significant decline in the pricing of information asymmetry as countries remove regulatory restrictions on foreign ownership. Our study provides novel evidence on the link between the degree of competitiveness of equity markets and the price of information asymmetry. The work also furthers our understanding of the economic consequences of foreign stock ownership

Discussion of an Economic Framework for Conservative Accounting and Bushman and Piotroski (2006)

We offer an economic framework for generating predictions about the demand for conservative accounting reports. We define conservatism as: More timely recognition of losses than gains as a result of the costs and benefits of reporting verifiable information by managers and/or firms being asymmetric. We also discuss Bushman and Piotroski\u27s interpretation of the speeds of “good news recognition” and “incremental bad news recognition” in “Basu-type” regressions as separate signals about accounting conservatism. Finally, we suggest avenues for future research that seeks to investigate the links between institutions and contracts, and between contracts and conservatis

Long-term treatment with anakinra and canakinumab resolves patellar subchondral erosion in neonatal-onset multisystem inflammatory disease.

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Swift J201424.9+152930: discovery of a new deeply eclipsing binary with 491 s and 3.4 h modulations

We report on the discovery of a new X-ray pulsator, Swift J201424.9+152930 (Sw J2014). Owing to its X-ray modulation at 491 s, it was discovered in a systematic search for coherent signals in the archival data of the Swift X-ray Telescope. To investigate the nature of Sw J2014, we performed multi-wavelength follow-up observations with space-borne (Swift and XMM-Newton) and ground-based (the 1.5-m Loiano Telescope and the 3.6-m Telescopio Nazionale Galileo) instruments. The X-ray spectrum of Sw J2014 can be described by a hard and highly absorbed power law. The optical observations made it possible to single out the optical counterpart to this source, which displays several variable emission lines and total eclipses lasting ~20 min. Total eclipses of similar length were observed also in X-rays. The study of the eclipses, allowed us to infer a second periodicity of 3.44 h, which we interpret as the orbital period of a close binary system. We also found that the period has not significantly changed over a ~7 yr timespan. Based on the timing signatures of Sw J2014, and its optical and X-ray spectral properties, we suggest that it is a close binary hosting an accreting magnetic white dwarf. The system is therefore a cataclysmic variable of the intermediate polar type and one of the very few showing deep eclipses.Comment: 12 pages, 8 figures, 5 tables; minor changes to match the final MNRAS versio

XTE J1946+274 = GRO J1944+26: An Enigmatic Be/X-ray Binary

XTE J1946+274 = GRO J1944+26 is a 15.8 s Be/X-ray pulsar discovered simultaneously in 1998 September with the Burst and Transient Source Experiment (BATSE) on the Compton Gamma Ray Observatory (CGRO) and the All-Sky Monitor (ASM) on the Rossi X-ray Timing Explorer (RXTE). Here we present new results from BATSE and {\em RXTE} including a pulse timing analysis, spectral analysis, and evidence for an accretion disk. Our pulse timing analysis yielded an orbital period of 169.2 days, a moderate eccentricity of 0.33, and implied a mass function of 9.7 M_sun. We observed evidence for an accretion disk, a correlation between measured spin-up rate and flux, which was fitted to obtain a distance estimate of 9.5 +/- 2.9 kpc. XTE J1946+274 remained active from 1998 September - 2001 July, undergoing 13 outbursts that were not locked in orbital phase. Comparing RXTE PCA observations from the initial bright outburst in 1998 and the last pair of outbursts in 2001, we found energy and intensity dependent pulse profile variations in both outbursts and hardening spectra with increasing intensity during the fainter 2001 outbursts. In 2001 July, optical Halpha observations indicate a density perturbation appeared in the Be disk as the X-ray outbursts ceased. We propose that the equatorial plane of the Be star is inclined with respect to the orbital plane in this system and that this inclination may be a factor in the unusual outburst behavior of the system.Comment: 18 pages, 15 figures, To appear in ApJ v584, Feb 20, 2003 issu

Log-parabolic spectra and particle acceleration in blazars - II: The BeppoSAX wide band X-ray spectra of Mkn 501

We present the results of a spectral and temporal study of the complete set of BeppoSAX NFI (11) and WFC (71) observations of the BL Lac object Mkn 501. The WFC 2-28 keV data, reported here for the first time, were collected over a period of about five years, from September 1996 to October 2001. These observations, although not evenly distributed, show that Mkn 501, after going through a very active phase from spring 1997 to early 1999, remained in a low brightness state until late 2001. The data from the LECS, MECS and PDS instruments, covering the wide energy interval 0.1-150 keV, have been used to study in detail the spectral variability of the source. We show that the X-ray energy distribution of Mkn 501 is well described by a log-parabolic law in all luminosity states. This model allowed us to obtain good estimates of the SED synchrotron peak energy and of its associated power. The strong spectral variability observed, consisting of strictly correlated changes between the synchrotron peak energy and bolometric flux, suggests that the main physical changes are not only due to variations of the maximum Lorentz factor of the emitting particles but that other quantities must be varying as well. During the 1997 flare the high energy part of the spectrum of Mkn 501 shows evidence of an excess above the best fit log-parabolic law suggesting the existence of a second emission component that may be responsible for most of the observed variability.Comment: Accepted for publication in Astronomy & Astrophysics (11 pages, 7 figures

About the measurements of the hard X-ray background

We analyze uncertainties in the cosmic X-ray background measurements performed by the INTEGRAL observatory. We find that the most important effect limiting the accuracy of the measurements is related to the intrinsic background variation in detectors. Taking into account all of the uncertainties arising during the measurements we conclude that the X-ray background intensity obtained in the INTEGRAL observations is compatible with the historic X-ray background observations performed by the HEAO-1 satellite.Comment: 20 pages, 4 figures, accepted for publication in Astrophysics and Space Scienc

The optical spectrum of PKS 1222+216 and its black hole mass

We investigate the optical spectral properties of the blazar PKS 1222+216 during a period of 3 years. While the continuum is highly variable the broad line emission is practically constant. This supports a scenario in which the broad line region is not affected by jet continuum variations. We thus infer the thermal component of the continuum from the line luminosity and we show that it is comparable with the continuum level observed during the phases of minimum optical activity. The mass of the black hole is estimated through the virial method from the FWHM of MgII, Hbeta, and Halpha broad lines and from the thermal continuum luminosity. This yields a consistent black hole mass value of 6x10^8 solar masses.Comment: 7 pages, 4 figures, accepted for publication in MNRA