The Economic Consequences of IFRS: The Impact of IAS 32 on Preference Shares in the Netherlands

The consequences of international accounting standards are likely to reach beyond the impact on financial statements. This paper demonstrates one of the economic implications of international standards. We focus on the impact of the IFRS regulation on preference shares (IAS 32) in the Netherlands. IAS 32 causes most preference shares to lose their classification as equity and these shares will hence be classified as liabilities. We document that for Dutch firms with preferred stock outstanding, the reclassification will on average increase the reported debt ratio by 35%. We find that 71% of the firms that are affected by IAS 32 buy back their preference shares or alter the specifications of the preference shares in such a way that the classification as equity can be maintained. The main determinant of the decision whether to give these consequences to IAS 32 is the magnitude of the impact of IAS 32 on a firm’s debt ratio. We conclude that IFRS does not only lead to a decrease in the use of financial instruments that otherwise would have added to the capital structure diversity, but also changes firms’ real capital structure.IFRS;Accounting Changes;Economic Consequences;IAS 32;Magnitude Effect;Preference Shares

Computational Sociolinguistics: A Survey

Language is a social phenomenon and variation is inherent to its social nature. Recently, there has been a surge of interest within the computational linguistics (CL) community in the social dimension of language. In this article we present a survey of the emerging field of "Computational Sociolinguistics" that reflects this increased interest. We aim to provide a comprehensive overview of CL research on sociolinguistic themes, featuring topics such as the relation between language and social identity, language use in social interaction and multilingual communication. Moreover, we demonstrate the potential for synergy between the research communities involved, by showing how the large-scale data-driven methods that are widely used in CL can complement existing sociolinguistic studies, and how sociolinguistics can inform and challenge the methods and assumptions employed in CL studies. We hope to convey the possible benefits of a closer collaboration between the two communities and conclude with a discussion of open challenges.Comment: To appear in Computational Linguistics. Accepted for publication: 18th February, 201

Speech-based recognition of self-reported and observed emotion in a dimensional space

The differences between self-reported and observed emotion have only marginally been investigated in the context of speech-based automatic emotion recognition. We address this issue by comparing self-reported emotion ratings to observed emotion ratings and look at how differences between these two types of ratings affect the development and performance of automatic emotion recognizers developed with these ratings. A dimensional approach to emotion modeling is adopted: the ratings are based on continuous arousal and valence scales. We describe the TNO-Gaming Corpus that contains spontaneous vocal and facial expressions elicited via a multiplayer videogame and that includes emotion annotations obtained via self-report and observation by outside observers. Comparisons show that there are discrepancies between self-reported and observed emotion ratings which are also reflected in the performance of the emotion recognizers developed. Using Support Vector Regression in combination with acoustic and textual features, recognizers of arousal and valence are developed that can predict points in a 2-dimensional arousal-valence space. The results of these recognizers show that the self-reported emotion is much harder to recognize than the observed emotion, and that averaging ratings from multiple observers improves performance

Resource-Efficient Chemistry on Quantum Computers with the Variational Quantum Eigensolver and the Double Unitary Coupled-Cluster Approach.

Applications of quantum simulation algorithms to obtain electronic energies of molecules on noisy intermediate-scale quantum (NISQ) devices require careful consideration of resources describing the complex electron correlation effects. In modeling second-quantized problems, the biggest challenge confronted is that the number of qubits scales linearly with the size of the molecular basis. This poses a significant limitation on the size of the basis sets and the number of correlated electrons included in quantum simulations of chemical processes. To address this issue and enable more realistic simulations on NISQ computers, we employ the double unitary coupled-cluster (DUCC) method to effectively downfold correlation effects into the reduced-size orbital space, commonly referred to as the active space. Using downfolding techniques, we demonstrate that properly constructed effective Hamiltonians can capture the effect of the whole orbital space in small-size active spaces. Combining the downfolding preprocessing technique with the variational quantum eigensolver, we solve for the ground-state energy of H2, Li2, and BeH2 in the cc-pVTZ basis using the DUCC-reduced active spaces. We compare these results to full configuration-interaction and high-level coupled-cluster reference calculations

The Trouble with Hubble Types in the Virgo Cluster

Quantitative measures of central light concentration and star formation activity are derived from R and Halpha surface photometry of 84 bright S0-Scd Virgo Cluster and isolated spiral galaxies. For isolated spirals, there is a good correlation between these two parameters and assigned Hubble types. In the Virgo Cluster, the correlation between central light concentration and star formation activity is significantly weaker. Virgo Cluster spirals have systematically reduced global star formation with respect to isolated spirals, with severe reduction in the outer disk, but normal or enhanced activity in the inner disk. Assigned Hubble types are thus inadequate to describe the range in morphologies of bright Virgo Cluster spirals. In particular, spirals with reduced global star formation activity are often assigned misleading early-type classifications, irrespective of their central light concentrations. 45+-25% of the galaxies classified as Sa in the Virgo Cluster sample have central light concentrations more characteristic of isolated Sb-Sc galaxies. The misleading classification of low concentration galaxies with low star formation rates as early-type spirals may account for part of the excess of `early-type' spiral galaxies in clusters. Thus the morphology-density relationship is not all due to a systematic increase in the bulge-to-disk ratio with environmental density.Comment: Accepted for publication in ApJ Letters. Latex aaspp4.sty, 9 pages, 2 Postscript (embedded) figures. Also available at http://www.astro.yale.edu/koopmann/preprint.htm

Arousal and Valence Prediction in Spontaneous Emotional Speech: Felt versus Perceived Emotion

In this paper, we describe emotion recognition experiments carried out for spontaneous affective speech with the aim to compare the added value of annotation of felt emotion versus annotation of perceived emotion. Using speech material available in the TNO-GAMING corpus (a corpus containing audiovisual recordings of people playing videogames), speech-based affect recognizers were developed that can predict Arousal and Valence scalar values. Two types of recognizers were developed in parallel: one trained with felt emotion annotations (generated by the gamers themselves) and one trained with perceived/observed emotion annotations (generated by a group of observers). The experiments showed that, in speech, with the methods and features currently used, observed emotions are easier to predict than felt emotions. The results suggest that recognition performance strongly depends on how and by whom the emotion annotations are carried out. \u

Dynamics of the molecular orientation field coupled to ions in two-dimensional ferroelectric liquid crystals

Molecular orientation fluctuations in ferroelectric smectic liquid crystals produce space charges, due to the divergence of the spontaneous polarization. These space charges interact with mobile ions, so that one must consider the coupled dynamics of the orientation and ionic degrees of freedom. Previous theory and light scattering experiments on thin free-standing films of ferroelectric liquid crystals have not included this coupling, possibly invalidating their quantitative conclusions. We consider the most important case of very slow ionic dynamics, compared to rapid orientational fluctuations, and focus on the use of a short electric field pulse to quench orientational fluctuations. We find that the resulting change in scattered light intensity must include a term due to the quasistatic ionic configuration, which has previously been ignored. In addition to developing the general theory, we present a simple model to demonstrate the role of this added term

A comprehensive Maximum Likelihood analysis of the structural properties of faint Milky Way satellites

We derive the structural parameters of the recently discovered very low luminosity Milky Way satellites through a Maximum Likelihood algorithm applied to SDSS data. For each satellite, even when only a few tens of stars are available down to the SDSS flux limit, the algorithm yields robust estimates and errors for the centroid, position angle, ellipticity, exponential half-light radius and number of member stars. This latter parameter is then used in conjunction with stellar population models of the satellites to derive their absolute magnitudes and stellar masses, accounting for `CMD shot-noise'. We find that faint systems are somewhat more elliptical than initially found and ascribe that to the previous use of smoothed maps which can be dominated by the smoothing kernel. As a result, the faintest half of the Milky Way dwarf galaxies (M_V>-7.5) is significantly (4-sigma) flatter (e=0.47+/-0.03) than its brightest half (M_V<-7.5, e=0.32+/-0.02). From our best models, we also investigate whether the seemingly distorted shape of the satellites, often taken to be a sign of tidal distortion, can be quantified. We find that, except for tentative evidence of distortion in CVnI and UMaII, these can be completely accounted for by Poisson scatter in the sparsely sampled systems. We consider three scenarios that could explain the rather elongated shape of faint satellites: rotation supported systems, stars following the shape of more triaxial dark matter subhalos, or elongation due to tidal interaction with the Milky Way. Although none of these is entirely satisfactory, the last one appears the least problematic, but warrants much deeper observations to track evidence of such tidal interaction.Comment: 20 pages, 11 figures, ApJ in press; some typos corrected, magnitude of BooII corrected (thanks go to Shane Walsh for spotting the erroneous original value