Value Relevance of Financial and Non-Financial Information: Evidence from the Gaming Industry

Using financial and non-financial data from casino gaming firms listed in the United States from 1999–2017, we explore two research questions: (1) Is financial information value relevant to financial markets in the casino gaming industry? (2) Does non-financial information have incremental explanatory power over financial information? In general, we find that accounting numbers can explain a firm’s market value and stock returns in the casino gaming industry, except for accounting accruals, which may behave differently compared to other industries. We also find that non-financial information, such as the number of table games, number of slot machines, and their relative proportion, have significant value relevance in explaining market valuation. Our findings contribute to a better understanding of the value relevance of financial and non-financial information in the casino gaming industry. We also provide analysis of firms characterized by these non-financial attributes. Keywords: hospitality, casino, gaming, value relevance, table games, slot machines JEL Code: L83, M19, M4

Kiara Park To Retain A Malaysian Identity

The planned 189.93ha Bukit Kiara Public Park, which is equivalent to the size of 300 groundwork by the quarter of next year

Constraining constant and tomographic coupled dark energy with low-redshift and high-redshift probes

We consider coupled dark energy (CDE) cosmologies, where dark matter particles feel a force stronger than gravity, due to the fifth force mediated by a scalar field which plays the role of dark energy. We perform for the first time a tomographic analysis of coupled dark energy, where the coupling strength is parametrised and constrained in different redshift bins. This allows us to verify which data can better constrain the strength of the coupling and how large the coupling can be at different epochs. First, we employ cosmic microwave background data from $\textit{Planck}$, the Atacama Cosmology Telescope (ACT) and South Pole Telescope (SPT), showing the impact of different choices that can be done in combining these datasets. Then, we use a range of low redshift probes to test CDE cosmologies, both for a constant and for a tomographic coupling. In particular, we use for the first time data from weak lensing (the KiDS-1000 survey), galaxy clustering (BOSS survey), and their combination, including 3x2pt galaxy-galaxy lensing cross-correlation data. We see that with a tomographic CDE model, there can be a considerable degree of variation in coupling strength between different epochs. When combining CMB and low redshift probes other than weak lensing and galaxy clustering, we see that coupling at redshifts $z\leq 5$ is considerably unconstrained. On the other hand, galaxy clustering and consequently 3x2pt are able to place tight constraints on the coupling strength $\beta$, with $\beta \lesssim 0.02$ at 68% C.L. for a constant coupling case, making upcoming galaxy surveys potentially powerful probes to constrain such CDE models.Comment: 25 pages, 17 figure

Observational Constraints on Early Coupled Quintessence

We investigate an Early Coupled Quintessence model where a light scalar mediates a fifth force stronger than gravity among dark matter particles and leads to the growth of perturbations prior to matter-radiation equality. Using cosmological data from the $\textit{Planck}$ Cosmic Microwave Background power spectra, the Pantheon+ Type 1a Supernovae, Baryon Acoustic Oscillations, and Big Bang Nucleosynthesis, we constrain the coupling strength $\beta$ and the redshift $z_{\rm OFF}$ at which the interaction becomes effectively inactive, finding a firm degeneracy between these two parameters which holds true regardless of when the scaling regime begins.Comment: 6 pages, 4 figure

RALFL34 regulates formative cell divisions in Arabidopsis pericycle during lateral root initiation

We describe the role of RALFL34 during early events in lateral root development, and demonstrate its specific importance in orchestrating formative cell divisions in the pericycle.In plants, many signalling molecules, such as phytohormones, miRNAs, transcription factors, and small signalling peptides, drive growth and development. However, very few small signalling peptides have been shown to be necessary for lateral root development. Here, we describe the role of the peptide RALFL34 during early events in lateral root development, and demonstrate its specific importance in orchestrating formative cell divisions in the pericycle. Our results further suggest that this small signalling peptide acts on the transcriptional cascade leading to a new lateral root upstream of GATA23, an important player in lateral root formation. In addition, we describe a role for ETHYLENE RESPONSE FACTORs (ERFs) in regulatingRALFL34 expression. Taken together, we put forward RALFL34 as a new, important player in lateral root initiation

Are bond ratings informative? Evidence from regulatory regime changes

Published in Journal of Fixed Income, 2019, 29 (1), 6-13. https://doi.org/10.3905/jfi.2019.29.1.006</p

Predicting the catalytic sites of isopenicillin N synthase (IPNS) related non-haem iron-dependent oxygenases and oxidases (NHIDOX) through a structural superimposition and molecular docking approach

Isopenicillin N synthase (IPNS) related Non-haem iron-dependent oxygenases and oxidases (NHIDOX) demonstrated a striking structural conservativeness, even with low protein sequence homology. It is evident that these enzymes have an architecturally similar catalytic centre with active ligands lining the reactive pocket. Deacetoxycephalosporin C synthase (DAOCS), isopenicillin N synthase (IPNS), deacetylcephalosporin C synthase (DACS), clavaminate synthase 1 and 2 (CAS1 and 2) are important bacterial enzymes that catalyze the formation of β-lactam antibiotics belonging to this enzyme family. Most plant enzyme members within this subfamily namely flavonol synthase (FLS), leucoanthocyanidin dioxygenase (LDOX), anthocyanidin synthase (ANS), 1-aminocyclopropane-1-carboxylic acid oxidase (ACCO), gibberellin 20-oxidase (G20O), desacetoxyvindoline-4-hydroxylase (D4H), flavanone 3β-hydroxylase (F3H), and hyoscyamine 6β-hydroxylase (H6H) are involved in catalyzing the biosyntheses of plant secondary metabolites. With the advancement of protein structural analysis software, it is possible to predict the catalytic sites of protein that shared a structural resemblance. By exploiting the superimposition model of DAOCS-IPNS, DAOCS-IPNS-CAS, G20O-LDOX, FLS-LDOX, ACCO-LDOX, D4H-LDOX, F3H-LDOX and H6H-LDOX model; a computational protocol for predicting the catalytic sites of proteins is now made available. This study shows that without the crystallized or nuclear magnetic resonance (NMR) structures of most NHIDOX enzyme, the plausible catalytic sites of protein can be forecasted using this structural bioinformatics approach.Keywords: Enzyme, catalytic sites, isopenicillin N synthase, ligand