The Party\u27s Over: The Role of Earnings Guidance in Resolving Sentiment-Driven Overvaluation

This paper shows that an important link between investor sentiment and firm overvaluation is optimistic earnings expectations, and that management earnings guidance helps resolve sentiment-driven overvaluation. Using previously identified firm characteristics, we find that most of the negative returns to uncertain firms in months following high-sentiment periods fall within the three-day window around the issuance of management earnings guidance. Comparisons of guidance months to nonguidance months show that guidance issuance affects the magnitude and not just the daily distribution of negative returns. There is also some evidence of negative returns around earnings announcements for firms that previously issued guidance, suggesting that guidance does not entirely correct optimistic earnings expectations. To provide additional insight into the strength of the guidance effect, we show that the market reacts more strongly to surprises, particularly negative surprises, following high-sentiment periods. Finally, firms with higher transient institutional ownership are less likely to guide, and their guidance is less likely to contain bad news following high-sentiment periods, indicating that managers with a short-term focus are hesitant to correct optimistic market expectations

A steganalytic algorithm for 3D polygonal meshes

We propose a steganalytic algorithm for watermarks embedded by Cho et al.'s mean-based algorithm [1]. The main observation is that while in a clean model the means of Cho et al.'s normalized histogram bins are expected to follow a Gaussian distribution, in a marked model their distribution will be bimodal. The proposed algorithm estimates the number of bins through an exhaustive search and then the presence of a watermark is decided by a tailor made normality test. We also propose a modification of Cho et al.'s algorithm which is more resistant to the steganalytic attack and offers an improved robustness/capacity trade-off

Capital Market Consequences of Managers' Voluntary Disclosure Styles

This paper studies the capital market consequences of managers establishing an individual forecasting style. Using a manager-firm matched panel dataset, I examine whether and when manager-specific credibility matters. If managers\u27 forecasting styles affect their perceived credibility, then the stock price reaction to forecast news should increase with managers\u27 prior forecasting accuracy. Consistent with this prediction, I find that the stock price reaction to management forecast news is stronger when information uncertainty is high and when the manager has a history of issuing more accurate forecasts, indicating that individual managers benefit from establishing a personal disclosure reputation

Sr and Nd isotope data for arc-related (meta) volcanics (SW Iberia)

In the southern sector of the Ossa-Morena Zone (Iberian Variscan Chain), along its boundaries with the Beja-Acebuches Ophiolite and the South-Portuguese Zone, Upper Palaeozoic igneous mafic and intermediate rocks, both intrusive and extrusive, are widely represented. The so-called Odivelas Unit (Andrade,1983), include (meta-) basalts and (meta-) andesites, which, according with previous studies, display low-K tholeiitic to calc-alkaline signatures and, therefore, are interpreted as remnants of an active margin volcanic arc. Santos et al. (1990) subdivided those volcanics into two groups: in Alfundão-Peroguarda, the tholeiitic nature is dominant; in Odivelas-Penique, the calc-alkaline signature becomes more pronounced. Intercalation of limestone layers provided some age constraints, showing that the subduction-related volcanic activity in the studied area began in the Lower Devonian and continued, at least, through the Middle Devonian (Conde & Andrade, 1974; Machado et al., 2010). In this work, samples previously studied by Santos et al. (1990) and Silva et al. (2011) were analysed for Sm-Nd and Rb-Sr isotopes. Considering that the volcanics were systematically affected by hydrothermal metamorphism, it is expected that the Sr signatures show significant disturbance. In contrast, Nd isotope ratios probably reflect the primary features. Alfundão-Peroguarda samples show a very limited range of positive initial εNd, from +5.1 to +4.3 (assuming 400 Ma), showing no evidence for significant crustal assimilation and, therefore, allowing the attribution of negative Nb and Ta anomalies to arc-related processes On the other hand, 87Sr/86Sr varies from 0.7044 to 0.7060 (for 400Ma). These samples rocks define a horizontal trend on the initial εNd vs. initial 87Sr/86Sr plot, typical of co-genetic rocks that underwent interaction with seawater. On the other hand, Odivelas-Penique volcanics show wide spectra for both initial 87Sr/86Sr (from 0.7038 to 0.7066) and εNd (from +4.6 to -4.1). Significantly, the highest εNd values for this group are within the narrow range defined by Alfundão-Peroguarda tholeiitic basalts, suggesting a common mantle source (or very similar sources) for the most mafic magmas of both sectors. The whole set of Nd isotope ratios supports the distinction previously proposed between the two groups of volcanics. In addition, the variation from positive to negative initial εNd values in the Odivelas-Penique suite shows that its geochemical features were likely influenced by assimilation of continental crustal material

Post-pandemic assessment of public knowledge, behavior, and skill on influenza prevention among the general population of Beijing, China

SummaryBackgroundThe aim of this study was to assess the knowledge, behavioral, and skill responses toward influenza in the general population of Beijing after pandemic influenza A (H1N1) 2009.MethodsA cross-sectional study was conducted in Beijing, China, in January 2011. A survey was conducted in which information was collected using a standardized questionnaire. A comprehensive evaluation index system of health literacy related to influenza was built to evaluate the level of health literacy regarding influenza prevention and control among residents in Beijing.ResultsThirteen thousand and fifty-three valid questionnaires were received. The average score for the sum of knowledge, behavior, and skill was 14.12±3.22, and the mean scores for knowledge, behavior, and skill were 4.65±1.20, 7.25±1.94, and 2.21±1.31, respectively. The qualified proportions of these three sections were 23.7%, 11.9%, and 43.4%, respectively, and the total proportion with a qualified level was 6.7%. There were significant differences in health literacy level related to influenza among the different gender, age, educational level, occupational status, and location groups (p<0.05). There was a significant association between knowledge and behavior (r=0.084, p<0.001), and knowledge and skill (r=0.102, p<0.001).ConclusionsThe health literacy level remains low among the general population in Beijing and the extent of relativities in knowledge, behavior, and skill about influenza was found to be weak. Therefore, improvements are needed in terms of certain aspects, particularly for the elderly and the population of rural districts. Educational level, as a significant factor in reducing the spread of influenza, should be considered seriously when intervention strategies are implemented

Dietary n-3-polyunsaturated fatty acids and energy balance in overweight or moderately obese men and women: a randomized controlled trial

<p>Abstract</p> <p>Background</p> <p>Dietary n-3-polyunsaturated fatty acids (n-3-PUFA) have been shown to reduce body weight and fat mass in rodents as well as in humans in one small short-term study. We conducted this controlled randomized dietary trial to test the hypothesis that n-3-PUFA lower body weight and fat mass by reducing appetite and <it>ad libitum </it>food intake and/or by increasing energy expenditure.</p> <p>Methods</p> <p>Twenty-six overweight or moderately obese (body mass index 28–33 kg/m²) men and women were included, and received either a diet rich in n-3-PUFA from both plant and marine sources or a control diet. Diets were administered in an isocaloric fashion for 2 weeks followed by 12 weeks of <it>ad libitum </it>intake. The n-3-PUFA and control diets were identical in all regards except for the fatty acid composition. All foods were provided to subjects, and leftovers were weighed back to assess actual food intake accurately for each day of the study. This design gave us 80% power to detect a difference in weight change between the n-3-PUFA and control diet groups of 2.25 kg at an α-error level of 5%.</p> <p>Results</p> <p>Both groups lost similar amounts of weight when these diets were consumed <it>ad libitum </it>for 12 weeks [mean (SD): -3.5 (3.7) kg in the control group vs. -2.8 (3.7) kg in the n-3-PUFA group, F_(1,24)= 13.425, p = 0.001 for time effect; F_(1,24)= 0.385, p = 0.541 for time × group interaction]. Consistent with this finding, we also found no differences between the n-3-PUFA and control groups with regard to appetite as measured by visual analogue scale, <it>ad libitum </it>food intake, resting energy expenditure as measured by indirect calorimetry, diurnal plasma leptin concentrations, or fasting ghrelin concentrations.</p> <p>Conclusion</p> <p>Our results suggest that dietary n-3-PUFA do not play an important role in the regulation of food intake, energy expenditure, or body weight in humans.</p