To Guide Or Not to Guide? Causes and Consequences of Stopping Quarterly Earnings Guidance

In recent years, quarterly earnings guidance has been harshly criticized for inducing managerial short-termism and other ills. Managers are, therefore, urged by influential institutions to cease guidance. We examine empirically the causes of such guidance cessation and find that poor operating performance¿decreased earnings, missing analyst forecasts, and lower anticipated profitability¿is the major reason firms stop quarterly guidance. After guidance cessation, we do not find an appreciable increase in long-term investment once managers free themselves from investors' myopia. Contrary to the claim that firms would provide more alternative, forward-looking disclosures in lieu of the guidance, we find that such disclosures are curtailed. We also find a deterioration in the information environment of guidance stoppers in the form of increased analyst forecast errors and forecast dispersion and a decrease in analyst coverage. Taken together, our evidence indicates that guidance stoppers are primarily troubled firms and stopping guidance does not benefit either the stoppers or their investors

The underground economy: a troubling issue for policymakers

Informal sector (Economics) ; Taxation ; Gross national product

Dasar-dasar Manajemen Keuangan Buku 1 -11/E.

DASAR – DASAR MANAJEMEN KEUANGAN- BUKU 1 EDISI 11 Buku ini dimaksudkan untuk digunakan dalam mata kuliah pengantar ilmu keuangan. Bab - bab uatama dapat dibahas dalam mata kuliah satu semester. Namun, jika ditambahkan dengan kasus dan mungkin beberapa materi bacaan pendukung lainya, buku ini juga dapat digunakan untuk mata kuliah dua semester. Jika dibahas dalam satu semester, pengajar biasanya memilih beberapa bab tertentu, dan membiarkan mahasiswa untuk membaca sendiri bab – bab lainyan atau menggunakanya sebagai bahan referensi mata kuliah berikutnya dan setelah kelulusan. Buku ini ditulis dalam format yang fleksibel dan modular sehingga membantu pengajar membahas materi sesuai dengan urutan yang mereka inginkan. Materi yang dibahas dalam buku ini mencakup: Bagian 1 Pengenalan Manajemen Keuangan Bab 1 Tinjauan atas manajemen Keuangan Bagian 2 Konsep – konsep Dasar dalam Mamajemen Keuangan Bab 2 nilai waktu dari uang Bab 3 Laporan keuangan, Arus Kas, dan perpajakan Bab 4 Analisis laporan keuangan Bab 5 Pasar dan Institusi Keuangan Bagian 3 Aset - aset Keuangan Bab 6 Tingkat bunga Bab 7 Obligasi dan Valuasinya Bab 8 Risiko dan tingkat pengembalian Bab 9 Saham dan Evaluasiny

Three Decades of Financial Sector Risk

This paper examines the evolution of risk in the U.S. financial sector using firm-level equity market data from 1975 to 2005. Over this period, financial sector volatility has steadily increased, reaching extraordinary levels from 1998 to 2002. Much of this recent turbulence can be attributed to a series of major financial shocks, and we find evidence of an upward trend in volatility only for the common component that affects the entire financial sector. While idiosyncratic volatility remains dominant, a combination of common shocks, deregulation, and diversification has reduced its relative importance since the early 1990s. Within the financial sector, commercial banks show the largest rise in volatility, which also reflects industry shocks and not the idiosyncratic component. Despite these changes, we find that the links between the financial sector and economic activity have declined in recent years. These results have implications for investors, bank regulators, and other policymakers concerned with the origins of financial sector risk and with the links between the financial markets and real activity

Dasar-dasar Manajemen Keuangan Buku 2 -11/E.

DASAR – DASAR MANAJEMEN KEUANGAN - BUKU 2 EDISI 11 Buku ini dimaksudkan untuk digunakan dalam mata kuliah pengantar ilmu keuangan. Bab - bab uatama dapat dibahas dalam mata kuliah satu semester. Namun, jika ditambahkan dengan kasus dan mungkin beberapa materi bacaan pendukung lainya, buku ini juga dapat digunakan untuk mata kuliah dua semester. Jika dibahas dalam satu semester, pengajar biasanya memilih beberapa bab tertentu, dan membiarkan mahasiswa untuk membaca sendiri bab – bab lainyan atau menggunakanya sebagai bahan referensi mata kuliah berikutnya dan setelah kelulusan. Buku ini ditulis dalam format yang fleksibel dan modular sehingga membantu pengajar membahas materi sesuai dengan urutan yang mereka inginkan. Materi yang dibahas dalam buku ini mencakup: Bagian 4 penganggaran Modal Bab 10 Biaya Modal Bab 11 dasar – dasar Penganggaran Modal Bab 12 Estimasi Arus Kas dan Analisis Risiko Bab 13 Opsi Riil dan Topik Lainya dalam Penganggaran Modal Bagian 5 Struktur Modal dan Kebijakan Dividen Bab 14 Struktural Modal dan Leverage Bab 15 Distribusi kepada pemengang saham Bagian 6 Modal Kerja dan Perencanaan keuangan Bab 16 Manajemen Modal Kerja Bab 17 Perencanaan dan Peramalan Keuangan Bagian 7 Topik - topik khusus dalam manajemen Keuangan Bab 18 Derivatif dan Manajemen Risik

q-AQUA: a many-body CCSD(T) water potential, including 4-body interactions, demonstrates the quantum nature of water from clusters to the liquid phase

Many model potential energy surfaces (PESs) have been reported for water; however, none are strictly from "first principles". Here we report such a potential, based on a many-body representation at the CCSD(T) level of theory up to the ultimate 4-body interaction. The new PES is benchmarked for the isomers of the water hexamer for dissociation energies, harmonic frequencies, and unrestricted diffusion Monte Carlo (DMC) calculations of the zero-point energies of the Prism, Book, and Cage isomers. Dissociation energies of several isomers of the 20-mer agree well with recent benchmark energies. Exploratory DMC calculations on this cluster verify the robustness of the new PES for quantum simulations. The accuracy and speed of the new PES are demonstrated for standard condensed phase properties, i.e., the radial distribution function and the self-diffusion constant. Quantum effects are shown to be substantial for these observables and also needed to bring theory into an excellent agreement with experiment

Rhizobial peptidase HrrP cleaves host-encoded signaling peptides and mediates symbiotic compatibility

Legume–rhizobium pairs are often observed that produce symbiotic root nodules but fail to fix nitrogen. Using the Sinorhizobium meliloti and Medicago truncatula symbiotic system, we previously described several naturally occurring accessory plasmids capable of disrupting the late stages of nodule development while enhancing bacterial proliferation within the nodule. We report here that host range restriction peptidase (hrrP), a gene found on one of these plasmids, is capable of conferring both these properties. hrrP encodes an M16A family metallopeptidase whose catalytic activity is required for these symbiotic effects. The ability of hrrP to suppress nitrogen fixation is conditioned upon the genotypes of both the host plant and the hrrP-expressing rhizobial strain, suggesting its involvement in symbiotic communication. Purified HrrP protein is capable of degrading a range of nodule-specific cysteine-rich (NCR) peptides encoded by M. truncatula. NCR peptides are crucial signals used by M. truncatula for inducing and maintaining rhizobial differentiation within nodules, as demonstrated in the accompanying article [Horváth B, et al. (2015) Proc Natl Acad Sci USA, 10.1073/pnas.1500777112]. The expression pattern of hrrP and its effects on rhizobial morphology are consistent with the NCR peptide cleavage model. This work points to a symbiotic dialogue involving a complex ensemble of host-derived signaling peptides and bacterial modifier enzymes capable of adjusting signal strength, sometimes with exploitative outcomes.National Institutes of Health (U.S.) (GM31010