Does graph disclosure bias reduce the cost of equity?

Research on disclosure and capital markets focuses primarily on the amount of information provided but pays little attention to the presentation format of this information. This paper examines the impact of graph utilization and graph quality (distortion) on the cost of equity capital, controlling for the interaction between disclosure and graph distortion. Despite the advantages of graphs in communicating information, our results show that graph utilization does not have a significant impact on users’ decisions. However we observe a significant (negative) association between graph distortion and the exante cost of equity. This effect though, disappears if we use realised returns as a measure of expost cost of equity. Moreover, we find that disclosure and graph distortion interact so that the impact of disclosure on the cost of capital depends on graph integrity. For low level of overall disclosure, graph distortion reduces the exante cost of equity. However for high level of disclosure graph distortion increases the exante cost of equity

Patterns of Inter-Chromosomal Gene Conversion on the Male-Specific Region of the Human Y Chromosome

The male-specific region of the human Y chromosome (MSY) is characterized by the lack of meiotic recombination and it has long been considered an evolutionary independent region of the human genome. In recent years, however, the idea that human MSY did not have an independent evolutionary history begun to emerge with the discovery that inter-chromosomal gene conversion (ICGC) can modulate the genetic diversity of some portions of this genomic region. Despite the study of the dynamics of this molecular mechanism in humans is still in its infancy, some peculiar features and consequences of it can be summarized. The main effect of ICGC is to increase the allelic diversity of MSY by generating a significant excess of clustered single nucleotide polymorphisms (SNPs) (defined as groups of two or more SNPs occurring in close proximity and on the same branch of the Y phylogeny). On the human MSY, 13 inter-chromosomal gene conversion hotspots (GCHs) have been identified so far, involving donor sequences mainly from the X-chromosome and, to a lesser extent, from autosomes. Most of the GCHs are evolutionary conserved and overlap with regions involved in aberrant X-Y crossing-over. This review mainly focuses on the dynamics and the current knowledge concerning the recombinational landscape of the human MSY in the form of ICGC, on how this molecular mechanism may influence the evolution of the MSY, and on how it could affect the information enclosed within a genomic region which, until recently, appeared to be an evolutionary independent unit

THE REPUTATIONAL CONSEQUENCES OF DISCLOSURES

In our study we focus on the determinants of reputation and, in particular, on the relation between the quality of annual report disclosures of companies and their reputation. We try to bring together two strands of literature: the literature on corporate reputation and the literature on corporate disclosures. Using data on corporate reputation and on quality of annual report disclosures for a sample of Spanish companies, we test the hypothesis that annual report disclosure quality is a crucial determinant of corporate reputation. After controlling for other possible determinants, especially size, we find significant evidence in favour of our hypothesis. Firms with a better annual report disclosure score are more likely to be rated among the top 50 national companies in terms of corporate reputation. Moreover the disclosure score positively affects the reputation score. Nuestro trabajo se centra en los determinantes de la reputación y, en particular,en la relación entre la calidad de la revelación de los informes anuales de las empresas ysu reputación. Tratamos de entrelazar dos grandes ramas de la literatura: la literaturarelativa a la reputación corporativa y la relacionada con revelación en los informesanuales. Utilizando datos de reputación empresarial y de calidad de los informes anualespara una muestra de empresas españolas, contrastamos la hipótesis de que la calidad dela revelación del informe anual es un determinante significativo de la reputaciónempresarial. Después de controlar el efecto de otros posibles determinantes,especialmente el tamaño, encontramos evidencia significativa a favor de nuestrahipótesis. Las empresas con mayor calidad de información en sus informes anualestienen más posibilidades de figurar entre las 50 mejores empresas españolas en términosde reputación.reputación empresarial, calidad de la revelación, informe anual. corporate reputation, disclosure quality, annual report, financial performance

Cybernetic Theory as a New Approach to Studying Workers’ Well-being

The aim of the present research is to explain why well-being in the workplace is a theme of increasing interest and why many studies have analyzed its functioning and diffusion. From the literature on well-being it is evident that the findings of previous research are sometimes discordant and theoretical models particularly use diverse variables according to different needs and objectives. Despite the influence of a number of different factors, well-being can be studied by looking at three main aspects: physical well-being, mental health, and job satisfaction. The variables influencing it, however, are numerous and often analyzed from different perspectives. Methods of analysis vary across national and disciplinary contexts. The present work is based on a local survey of a small Italian district that investigates two hypotheses about the correlation between locus of control and variables determining work well-being (Spector et al., 2002) and the possibility of using perceptions and desires on the variables influencing well-being as predictors of it. We use the concepts of cybernetic theory and feedback loop (Edwards, 1992). Findings of statistical correlation and hierarchic regression are discussed; limitations and suggestions for further research are presented.work well-being, cybernetic theory, desires and perceptions

Comment on "how the huge energy of quantum vacuum gravitates to drive the slow accelerating expansion of the Universe"

In a recent paper [Q. Wang, Z. Zhu, and W. G. Unruh, Phys. Rev. D 95, 103504 (2017)PRVDAQ2470-001010.1103/PhysRevD.95.103504] it was argued that, due to the fluctuations around its mean value, vacuum energy gravitates differently from what was previously assumed. As a consequence, the Universe would accelerate with a small Hubble expansion rate, solving the cosmological constant and dark energy problems. We point out here that the results depend on the type of cutoff used to evaluate the vacuum energy. In particular, they are not valid when one uses a covariant cutoff such that the zero-point energy density is positive definite.Fil: Mazzitelli, Francisco Diego. Comisión Nacional de Energía Atómica. Gerencia del Área de Energía Nuclear. Instituto Balseiro; Argentina. Comisión Nacional de Energía Atómica. Centro Atómico Bariloche; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Norte; ArgentinaFil: Trombetta, Leonardo Giuliano. Comisión Nacional de Energía Atómica. Gerencia del Área de Energía Nuclear. Instituto Balseiro; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Norte; Argentina. Comisión Nacional de Energía Atómica. Centro Atómico Bariloche; Argentin

Does graph disclosure bias reduce the cost of equity?

Research on disclosure and capital markets focuses primarily on the amount of information provided but pays little attention to the presentation format of this information. This paper examines the impact of graph utilization and graph quality (distortion) on the cost of equity capital, controlling for the interaction between disclosure and graph distortion. Despite the advantages of graphs in communicating information, our results show that graph utilization does not have a significant impact on users’ decisions. However we observe a significant (negative) association between graph distortion and the exante cost of equity. This effect though, disappears if we use realised returns as a measure of expost cost of equity. Moreover, we find that disclosure and graph distortion interact so that the impact of disclosure on the cost of capital depends on graph integrity. For low level of overall disclosure, graph distortion reduces the exante cost of equity. However for high level of disclosure graph distortion increases the exante cost of equity.

Disclosure and liquidity

The purpose of this paper is to test empirically the relationship between two important concepts: disclosure and liquidity. Using a sample of Spanish quoted firms between 1994 and 2000 we show that the estimation of the relationship between disclosure and liquidity depends crucially on two factors: a) the multidimensionality of the concept of liquidity; b) the use of an econometric methodology that deals properly with the features of the sample used. However the use of the Amihud (2002) illiquidity measure provides evidence in favour of a positive relationship between disclosure and liquidity

Compactness in Groups of Group-Valued Mappings

We introduce the concepts of extended equimeasurability and extended uniform quasiboundedness in groups of group-valued mappings endowed with a topology that generalizes the topology of convergence in measure. Quantitative characteristics modeled on these concepts allow us to estimate the Hausdorff measure of noncompactness in such a contest. Our results extend and encompass some generalizations of Frechet-Smulian and Ascoli-Arzela compactness criteria found in the literature