Abnormal Accrual, Informed Trader, and Long-Term Stock Return: Evidence from Japan

This study examines the association among abnormal accruals, long-term stock returns, and probability of informed trading. Some analytical and empirical research for postearnings announcement drift provide evidence that a high arrival rate of informed traders helps stock prices become more efficient. We focus on the abnormal accrual anomaly, and investigate these studies' implications using data from the Tokyo Stock Exchange in Japan. Consistent with these studies, we show that stocks with a high probability of informed trading exhibit less abnormal accrual mispricing relative to stocks with a low probability of informed trading.Abnormal accruals, Market microstructure, High-frequency data, Informed trader

Value Relevance of Accounting Information During IFRS Convergence Process In Indonesia

Abstract: The purpose of this study is to examine the value relevance of accounting information in Indonesian market during the IFRS convergence process. Specifically, we investigate whether value relevance improves after significant revisions of standards during the period from 2005 to 2012. Using the price model and return model, we examine the accounting information value relevance of Indonesia listed firms. As predicted, we find that the value relevance of accounting information increases after the accounting standards change. We further document some determinants of value relevance, such as the less informativeness of negative earnings and the more value relevance both of large firms and firms with a higher level of good corporate governance before and after accounting standard change. Finally, these findings contribute to the ongoing debate of IFRS convergence effect on accounting quality, especially the case in emerging markets.Abstrak: Penelitian ini bertujuan untuk menguji relevansi nilai dari informasi akuntansi di pasar modal Indonesia selama proses konvergensi IFRS. Secara khusus, penelitian ini menginvestigasi adanya peningkatan relevansi nilai setelah adanya revisi standar akuntansi secara signifikan selama periode tahun 2005 sampai 2012. Dengan menggunakan price model dan return model, penelitian ini menguji relevansi nilai informasi akuntansi dari perusahaan-perusahaan yang terdaftar di Bursa Efek Indonesia. Sebagaimana telah diprediksi, penelitian ini menemukan bahwa relevansi nilai informasi akuntansi meningkat setelah perubahan standar akuntansi. Dari analasis tambahan, penelitian ini juga menemukan beberapa determinan relevansi nilai akuntansi yaitu laba positif vs laba negatif, ukuran perusahaan dan tingkat penerapan good corporate governance. Temuan dalam penelitian ini memberikan kontribusi pada isu tentang efek konvergensi IFRS pada kualitas informasi akuntansi yang masih menjadi perdebatan terutama untuk kasus pada pasar modal di negara sedang berkembang

Reporting of Internal Control Deficiencies, Restatements, and Management Forecasts

We examine the relationship between accuracy in management forecasts and the effectiveness of internal controls by using the unique setting in Japan, where disclosing management forecasts is effectively mandated. Feng et al. (2009) posit and find that managers of firms reporting internal control weaknesses under the Sarbanes-Oxley Act (SOX) report less accurate earnings forecasts compared with other firms in the U.S., where management forecasts are disclosed voluntarily. In line with this notion, our results show that firms disclosing internal control deficiencies and those restating financial highlights report less accurate management forecasts in the Japanese market, where the disclosure of management forecasts are effectively mandated. Furthermore, we find that manager's optimistic biases cause such inaccurate management forecasts. Our results indicate that the effectiveness of internal controls has a significant impact on internal reports, which are used in forming forecasts; therefore, internal control weaknesses induce less accurate management forecasts.

Bispectrum as Baryon Acoustic Oscillation Interferometer

The galaxy bispectrum, measuring excess clustering of galaxy triplets, offers a probe of dark energy via baryon acoustic oscillations (BAOs). However up to now it has been severely underused due to the combinatorically explosive number of triangles. Here we exploit interference in the bispectrum to identify triangles that amplify BAOs. This approach reduces the computational cost of estimating covariance matrices, offers an improvement in BAO constraints equivalent to lengthening BOSS by 30%, and simplifies adding bispectrum BAO information to future large-scale redshift survey analyses.Comment: 6 pages, 3 figures; revised to match published versio

Effects of Media on Overcoming Vitrification of Carnation in Apex Culture

スプレータイプのカーネーション“ナティラ”と“ピンクカジノ”を供試し,茎頂培養に適した培地の支持体を検討した.基本培地としてハイポネックス,NH4NO3,MgSO4・7H20,Na-EDTA,塩酸ピリドキシン,カイネチン,NAA,しょ糖を含む培地に,支持体として寒天0.6% ,gelrite0.2% またはペーパーブリッジを別々に添加した.茎頂は0.3～0.5mmの部分を切り出し,培地に植え付けた.3か月培養の結果,寒天培地上で最も高率に正常な植物が生長し,gelrite上では最も水浸状の,しかも多芽体が多かった.生体重と乾燥重の比較では,gelrite,寒天,ペーパーブリッジの順であったが,乾物率は寒天が最も高く,gelriteは低かった

Mitigating the impact of fiber assignment on clustering measurements from deep galaxy redshift surveys

We examine the impact of fiber assignment on clustering measurements from fiber-fed spectroscopic galaxy surveys. We identify new effects which were absent in previous, relatively shallow galaxy surveys such as Baryon Oscillation Spectroscopic Survey . Specifically, we consider deep surveys covering a wide redshift range from z=0.6 to z=2.4, as in the Subaru Prime Focus Spectrograph survey. Such surveys will have more target galaxies than we can place fibers on. This leads to two effects. First, it eliminates fluctuations with wavelengths longer than the size of the field of view, as the number of observed galaxies per field is nearly fixed to the number of available fibers. We find that we can recover the long-wavelength fluctuation by weighting galaxies in each field by the number of target galaxies. Second, it makes the preferential selection of galaxies in under-dense regions. We mitigate this effect by weighting galaxies using the so-called individual inverse probability. Correcting these two effects, we recover the underlying correlation function at better than 1 percent accuracy on scales greater than 10 Mpc/h.Comment: 17 pages, 11 figure

Vegetative Propagation of Yakon by Shoot Apex, Node and Callus Cultures

ヤーコンの無病苗の増殖のために,茎頂培養,節培養,カルス培養を試みた.茎頂培養は,0.01mg/l NAAとBAを添加したMS培地に0.3～0.5mmの茎頂を植え付けて約1か月間培養することにより,植物体となった.これはバーミキュライトで順化することが可能であった. 節培養は,葉を切り捨てた無菌植物の節を0.01mg/l NAA及びBA添加又は無添加のMS又はハイポネックス培地に植え付けることにより,節当たり約2苗条得ることができ,そのままの培地で培養することにより発根した.基部側の下半分の節からの苗条の生育が非常に良く,MS,ハイポネックスいずれの培地でもホルモン無添加培地でよく生育した. カルス培養は,供試材料として無菌植物の葉,茎,根を比較したところ茎で一番大きなカルスができたが,培地によっては再現性にかける.茎のみならず葉でも根でも0.lmg/l 2,4-DとBAを添加したMS培地で大きなカルスが出来た. 茎頂培養で形成された植物の茎頂を,0.1mg/l 2,4-Dと1mg/l BAを添加した培地に移植してカルスを形成させ,さらに0.1mg/l BA添加培地に移植したところ,低率ながら不定胚が形成された.これは植物体にまで生長した

The Intrinsic Alignment of Galaxy Clusters and Impact of Projection Effects

Galaxy clusters, being the most massive objects in the Universe, exhibit the strongest alignment with the large-scale structure. However, mis-identification of members due to projection effects from the large scale structure can occur. We studied the impact of projection effects on the measurement of the intrinsic alignment of galaxy clusters, using galaxy cluster mock catalogs. Our findings showed that projection effects result in a decrease of the large scale intrinsic alignment signal of the cluster and produce a bump at $r_p\sim 1h^{-1}/Mpc$, most likely due to interlopers and missed member galaxies. This decrease in signal explains the observed similar alignment strength between bright central galaxies and clusters in the SDSS redMaPPer cluster catalog. The projection effect and cluster intrinsic alignment signal are coupled, with clusters having lower fractions of missing members or having higher fraction of interlopers exhibiting higher alignment signals in their projected shapes. We aim to use these findings to determine the impact of projection effects on galaxy cluster cosmology in future studies.Comment: 15 pages, 14 figures, Accepted by MNRA

The intrinsic alignment of galaxy clusters and impact of projection effects

Galaxy clusters, being the most massive objects in the Universe, exhibit the strongest alignment with the large-scale structure. However, mis-identification of members due to projection effects from the large-scale structure can occur. We studied the impact of projection effects on the measurement of the intrinsic alignment of galaxy clusters, using galaxy cluster mock catalogues. Our findings showed that projection effects result in a decrease of the large-scale intrinsic alignment signal of the cluster and produce a bump at rp ∼ 1 h-1 Mpc, most likely due to interlopers and missed member galaxies. This decrease in signal explains the observed similar alignment strength between bright central galaxies and clusters in the SDSS redMaPPer cluster catalogue. The projection effect and cluster intrinsic alignment signal are coupled, with clusters having lower fractions of missing members or having higher fraction of interlopers exhibiting higher alignment signals in their projected shapes. We aim to use these findings to determine the impact of projection effects on galaxy cluster cosmology in future studies

マウス胸腺での脂肪細胞分化過程の解析

Logarithmic transcript-ratios of secreted frizzled-related protein 5（SFRP5）,lipocalin2（LC2） andPPAR γ（PR）, expressing in the thymus of mouse, were measured with aging by realtime PCR method.LogPR/SFRP5 and logPR/LC2 tended to increase for several weeks after birth and then became constan practically. Rate theory was applied to adipocyte-differential model, and rate constants were determined for theprocesses, where SFRP5- and LC2-transcribing cells differentiated into PR-transcribing cells. It was concludedthat SFRP5 was transcribed firstly, then LC2 in the process where stem cells differentiated into preadipocytes