The Role of Analysts’ Forecasts in Accounting-based Valuation: A Critical Evaluation

Abstract. This paper critically evaluates the use of analysts ’ forecasts in accounting-based valuation. Specifically, I assess the usefulness and the limitation of analysts ’ forecasts in predicting future earnings and in explaining the market-to-book ratio, in light of a comprehensive set of twenty-two explicit information items, including: economic rent proxies, conservative accounting proxies, earnings quality signals, transitory earnings proxies, industry characteristics, and risk and growth proxies. While analysts’ forecasts capture 45-83 % of the information from these sources depending on model specifications, they do not appear to fully incorporate certain information items. In particular, proxies for conservative accounting and transitory earnings are incrementally useful in predicting future earnings; proxies for economic rents, conservative accounting, and risk are incrementally useful in explaining the market-to-book ratio. Collectively, these results validate the use of analysts ’ forecasts as a parsimonious proxy fo

Hidden attractors in fundamental problems and engineering models

Recently a concept of self-excited and hidden attractors was suggested: an attractor is called a self-excited attractor if its basin of attraction overlaps with neighborhood of an equilibrium, otherwise it is called a hidden attractor. For example, hidden attractors are attractors in systems with no equilibria or with only one stable equilibrium (a special case of multistability and coexistence of attractors). While coexisting self-excited attractors can be found using the standard computational procedure, there is no standard way of predicting the existence or coexistence of hidden attractors in a system. In this plenary survey lecture the concept of self-excited and hidden attractors is discussed, and various corresponding examples of self-excited and hidden attractors are considered

Investigating spatial heterogeneity of nanoparticles movement in live cells with pair-correlation microscopy and phasor analysis

How nanoparticles distribute in living cells and overcome cellular barriers are important criteria in the design of drug carriers. Pair-correlation microscopy is a correlation analysis of fluctuation in the fluorescence intensity obtained by a confocal line scan that can quantify the dynamic properties of nanoparticle diffusion including the number of mobile nanoparticles, diffusion coefficient, and transit time across a spatial distance. Due to the potential heterogeneities in nanoparticle properties and the complexity within the cellular environment, quantification of averaged auto- and pair-correlation profiles may obscure important insights into the ability of nanoparticles to deliver drugs. To overcome this issue, we used phasor analysis to develop a data standardizing method, which can segment the scanned line into several subregions according to diffusion and address the spatial heterogeneity of nanoparticles moving inside cells. The phasor analysis is a fit-free method that represents autocorrelation profiles for each pixel relative to free diffusion on the so-called phasor plots. Phasor plots can then be used to select subpopulations for which the auto- and pair-correlation analysis can be performed separately. We demonstrate the phasor analysis for pair-correlation microscopy for investigating 16 nm, Cy5-labeled silica nanoparticles diffusing across the plasma membrane and green fluorescent proteins (GFP) diffusing across nuclear envelope in MCF-7 cells

A review of plant-flow interactions on salt marshes: the importance of vegetation structure and plant mechanical characteristics

Observations of plant-flow interactions on salt marshes have revealed a highly complex process dominated by the tightly coupled effects of plant characteristics and hydrodynamic conditions. This paper highlights the importance of vegetation structures such as plant density and height, as well as their spatial variability and mechanical properties including flexibility, upon energy dissipation and flow modification. Many field, laboratory and modelling studies which attempt to predict flow dissipation or improve our understanding of plant-flow interactions use simplified structural measures of salt marsh vegetation or artificial representations. These simplifications neglect important plant and canopy elements and are unlikely to be truly representative of their natural counterparts. Such approaches limit our understanding of plant-flow interactions and potentially compromise the predictive accuracy and application of numerical flow models. It is important therefore that improved techniques to measure vegetation structure are adopted in order to better define the key relationships between measurable plant characteristics and drag-relevant plant properties.This is the author accepted manuscript. The final version is available from Wiley via http://dx.doi.org/10.1002/wat2.110

Elastic Wave Diffraction at Cracks in Anisotropic Materials

Ultrasonic inspection is used to confirm that there are no defects of concern in various regions of a nuclear reactor primary circuit. All materials are naturally anisotropic, but if the grains are small relative to the ultrasonic wavelength and are also randomly oriented, then the material will appear as homogeneous and isotropic as in ferritic steel. The ultrasonic wavelength is chosen as a compromise between resolution of defect size and acoustic noise from grain boundaries. In austenitic steel, the wavelength chosen will typically be smaller than the grain size, at least in one direction. The grains are not randomly oriented but exhibit macroscopic patterns which depend on the welding process, and the material is neither homogeneous nor isotropic

Broken symmetry states and divergent resistance in suspended bilayer graphene

Graphene [1] and its bilayer have generated tremendous excitement in the physics community due to their unique electronic properties [2]. The intrinsic physics of these materials, however, is partially masked by disorder, which can arise from various sources such as ripples [3] or charged impurities [4]. Recent improvements in quality have been achieved by suspending graphene flakes [5,6], yielding samples with very high mobilities and little charge inhomogeneity. Here we report the fabrication of suspended bilayer graphene devices with very little disorder. We observe fully developed quantized Hall states at magnetic fields of 0.2 T, as well as broken symmetry states at intermediate filling factors $\nu = 0$, $\pm 1$, $\pm 2$ and $\pm 3$. The devices exhibit extremely high resistance in the $\nu = 0$ state that grows with magnetic field and scales as magnetic field divided by temperature. This resistance is predominantly affected by the perpendicular component of the applied field, indicating that the broken symmetry states arise from many-body interactions.Comment: 23 pages, including 4 figures and supplementary information; accepted to Nature Physic

Amoebic liver abscess – a cause of acute respiratory distress in an infant: a case report

<p>Abstract</p> <p>Introduction</p> <p>The usual presentation of amebic liver abscess in children is extremely variable and unpredictable. It presents with a picture of common pediatric illness that is fever, lethargy, and abdominal pain, and can go on to develop into a rare complication of rupture into the pleura to cause acute respiratory distress, which is another common pediatric illness. In our patient, diagnosis was not made or suspected in these two stages.</p> <p>Case presentation</p> <p>This is the report of a 2-year-old male infant who presented with a 2-week history of anorexia, fever, and abdominal pain. A few hours after admission, he suddenly developed acute respiratory distress; chest X-ray demonstrated massive right pleural effusion that failed to response to tube thoracostomy. Limited thoracotomy revealed a ruptured amebic liver abscess through the right cupola of the diaphragm. The content of the abscess was evacuated from the pleural cavity, which was drained with two large chest tubes. Serological examination confirmed the diagnosis of ruptured amebic liver abscess. Postoperative treatment with antibiotics including metronidazole continued until full recovery.</p> <p>Conclusion</p> <p>Diagnosis of such a rare disease requires a high degree of suspicion. In this patient, the diagnosis was only made postoperatively. The delay in presentation and the sudden onset of respiratory distress must be emphasized for all those physicians who care for children.</p

Quantized Nambu-Poisson Manifolds in a 3-Lie Algebra Reduced Model

We consider dimensional reduction of the Bagger-Lambert-Gustavsson theory to a zero-dimensional 3-Lie algebra model and construct various stable solutions corresponding to quantized Nambu-Poisson manifolds. A recently proposed Higgs mechanism reduces this model to the IKKT matrix model. We find that in the strong coupling limit, our solutions correspond to ordinary noncommutative spaces arising as stable solutions in the IKKT model with D-brane backgrounds. In particular, this happens for S^3, R^3 and five-dimensional Neveu-Schwarz Hpp-waves. We expand our model around these backgrounds and find effective noncommutative field theories with complicated interactions involving higher-derivative terms. We also describe the relation of our reduced model to a cubic supermatrix model based on an osp(1|32) supersymmetry algebra.Comment: 22 page

Land use change effects on extreme flood in the Kelantan basin using hydrological model

Land use and land cover (LULC) change results in increased of flood frequency and severity. The increase of annual runoff which is caused by urban development, heavy deforestation, or other anthropogenic activities occurs within the catchment areas. Therefore, accurate and continuous LULC change information is vital in quantifying flood hydrograph for any given time. Many studies showed the effect of land use change on flood based on hydrological response (i.e., peak discharge and runoff volume). In this study, a distributed hydrological modeling and GIS approach were applied for the assessment of land use impact in the Kelantan Basin. The assessment focuses on the runoff contributions from different land use classes and the potential impact of land use changes on runoff generation. The results showed that the direct runoff from developmental area, agricultural area, and grassland region is dominant for a flood event compared with runoff from other land-covered areas in the study area. The urban areas or lower planting density areas tend to increase for runoff and for the monsoon season floods, whereas the inter-flow from forested and secondary jungle areas contributes to the normal flow

Timed inhibition of CDC7 increases CRISPR-Cas9 mediated templated repair.

Repair of double strand DNA breaks (DSBs) can result in gene disruption or gene modification via homology directed repair (HDR) from donor DNA. Altering cellular responses to DSBs may rebalance editing outcomes towards HDR and away from other repair outcomes. Here, we utilize a pooled CRISPR screen to define host cell involvement in HDR between a Cas9 DSB and a plasmid double stranded donor DNA (dsDonor). We find that the Fanconi Anemia (FA) pathway is required for dsDonor HDR and that other genes act to repress HDR. Small molecule inhibition of one of these repressors, CDC7, by XL413 and other inhibitors increases the efficiency of HDR by up to 3.5 fold in many contexts, including primary T cells. XL413 stimulates HDR during a reversible slowing of S-phase that is unexplored for Cas9-induced HDR. We anticipate that XL413 and other such rationally developed inhibitors will be useful tools for gene modification