Inter-Temporal Persistence and Mispricing of Accruals and Growth in Long-Term Net Operating Assets: Growth or Accounting Distortions?

2007 ◽  
Author(s):  
Xiumin Martin
Keyword(s):  
Temporal Persistence ◽  
Net Operating Assets

Accrued Earnings and Growth: Implications for Future Profitability and Market Mispricing

2003 ◽  
Vol 78 (1) ◽  
pp. 353-371 ◽  
Author(s):  
Patricia M. Fairfield ◽  
J. Scott Whisenant ◽  
Teri Lombardi Yohn
Keyword(s):  
Cash Flows ◽  
Return On Assets ◽  
Growth Anomaly ◽  
Conservative Accounting ◽  
Net Operating Assets ◽  
One Year ◽  
Marginal Returns ◽  
Accrued Earnings ◽  
Special Case

Prior research reveals that the accrual component of profitability is less persistent than the cash flow component, and that investors fail to fully appreciate their differing implications for future profitability (Sloan 1996). However, accruals are a component of growth in net operating assets as well as a component of profitability. Just as we can disaggregate profitability into accruals and cash flows from operations, we can disaggregate growth in net operating assets into accruals and growth in long-term net operating assets. We find that, after controlling for current profitability, both components of growth in net operating assets—accruals and growth in long-term net operating assets—have equivalent negative associations with one-year-ahead return on assets. This result is consistent with conservative accounting and diminishing marginal returns on investments. We also find that, after controlling for current profitability, the market appears to equivalently overvalue accruals and growth in long-term net operating assets relative to their association with one-year-ahead ROA. Our evidence suggests that the accrual anomaly documented in Sloan (1996) is a special case of what could be viewed as a more general growth anomaly.

Nonrandom association patterns at northern long-eared bat maternity roosts

2007 ◽  
Vol 85 (9) ◽  
pp. 956-964 ◽  
Author(s):  
Colin J. Garroway ◽  
Hugh G. Broders
Keyword(s):  
Social Structure ◽  
Analytical Techniques ◽  
Lactation Period ◽  
Association Rate ◽  
Association Index ◽  
The Social ◽  
Temporal Persistence ◽  
Best Fit ◽  
Behavioural Evidence

Bats are among the most ecologically diverse mammalian orders. Most species live in groups for at least a portion of their life cycle and behavioural evidence suggests that individuals of many species live within complex nonrandomly assorting societies. However, rigorous quantitative characterizations of bat societies have been rare because of the difficulties inherent in studying these highly mobile, small, nocturnal animals. Here we use an automated monitoring system (PIT tags), telemetry, and recently developed analytical techniques to investigate the social organization (size, sexual composition, and spatiotemporal cohesion) and social structure (pattern of social interactions and relationships among individuals) of a colony of free-living northern long-eared bats, Myotis septentrionalis (Trouessart, 1897). Cluster analysis of HWI (half-weight association index) for all pairs and permutation tests indicate that colonies consist of multiple, nonrandomly assorting subgroups. A plot of the temporal persistence of relationships (standardized lagged association rate) showed that roosting groups dissociate over periods of approximately 10 days after which subsets of individuals remain associated throughout the summer roosting season. A model representing a two-levelled social structure of long-term (whole summer) and short-term (up to 10 days) acquaintances best fit the lagged association rate. Subgroups were most cohesive during the lactation period, but we found no evidence for the effects of minimum nightly temperature on subgroup cohesion.

scholarly journals An International Investigation Of Conservative Bias And Accounting Practices

2010 ◽  
Vol 9 (7) ◽  
Author(s):  
Joan Hollister ◽  
Victoria Shoaf
Keyword(s):  
Stock Prices ◽  
Earnings Persistence ◽  
Short Term ◽  
Development Costs ◽  
Net Operating Assets ◽  
Relationship Of ◽  
The Impact ◽  
The Relationship ◽  
Conservative Bias

This paper investigates the relationship between conservatism of accrual accounting and the relationship described by Ohlson (1995) and Feltham and Ohlson (1995) between future profitability and both current profitability and the growth in net operating assets.  To evaluate the conservatism of accounting practices, we construct an annual index for six countries based on the relationship of depreciation and amortization expense and research and development costs expensed to the underlying long-term operating assets.  As in Fairfield, Whisenant, and Yohn (2003, hereafter FWY), the growth in net operating assets is disaggregated into growth in long-term net operating assets and accruals.  We focus on the accrual practices used by companies listed on the primary exchanges in six countries, to assess whether there are country-specific accounting differences that affect the profitability relationship, and whether such differences are related to the negative earnings persistence of the components of growth in net operating assets documented by FWY for the US.  Following FWY, we also disaggregate growth in net operating assets into growth in net long-term operating assets and growth in net short-term operating assets to assess their relative persistence.  Our findings suggest that variation in the conservative bias in accounting practices affects the impact of the growth in short-term and long-term net operating assets differently, providing evidence that the accrual anomaly is not just another representation of the growth anomaly.  Finally, we employ the Mishkin (1983) model to extend internationally the FWY findings of market inefficiency with regards to the impounding in stock prices information conveyed by investments in short-term and long-term net operating assets.

Therapy and prevention for mental health: What if mental diseases are mostly not brain disorders?

2019 ◽  
Vol 42 ◽  
Author(s):  
John P. A. Ioannidis
Keyword(s):  
Mental Health ◽  
Mental Disease ◽  
Brain Disorders ◽  
Social Stressors ◽  
Labor Education ◽  
Mental Diseases ◽  
Long Term Follow Up ◽  
Political Decisions

AbstractNeurobiology-based interventions for mental diseases and searches for useful biomarkers of treatment response have largely failed. Clinical trials should assess interventions related to environmental and social stressors, with long-term follow-up; social rather than biological endpoints; personalized outcomes; and suitable cluster, adaptive, and n-of-1 designs. Labor, education, financial, and other social/political decisions should be evaluated for their impacts on mental disease.

Conceptual short-term memory (CSTM) supports core claims of Christiansen and Chater

2016 ◽  
Vol 39 ◽  
Author(s):  
Mary C. Potter
Keyword(s):  
Working Memory ◽  
Rapid Serial Visual Presentation ◽  
Language Comprehension ◽  
Short Term Memory ◽  
Visual Presentation ◽  
Long Term Memory ◽  
Short Term ◽  
Term Memory ◽  
Use Of Knowledge

AbstractRapid serial visual presentation (RSVP) of words or pictured scenes provides evidence for a large-capacity conceptual short-term memory (CSTM) that momentarily provides rich associated material from long-term memory, permitting rapid chunking (Potter 1993; 2009; 2012). In perception of scenes as well as language comprehension, we make use of knowledge that briefly exceeds the supposed limits of working memory.

Brief summary of Kleť photographic search programme for minor planets

1999 ◽  
Vol 173 ◽  
pp. 189-192
Author(s):  
J. Tichá ◽  
M. Tichý ◽  
Z. Moravec
Keyword(s):  
Ccd Camera ◽  
Minor Planet ◽  
Minor Planets ◽  
Main Belt

AbstractA long-term photographic search programme for minor planets was begun at the Kleť Observatory at the end of seventies using a 0.63-m Maksutov telescope, but with insufficient respect for long-arc follow-up astrometry. More than two thousand provisional designations were given to new Kleť discoveries. Since 1993 targeted follow-up astrometry of Kleť candidates has been performed with a 0.57-m reflector equipped with a CCD camera, and reliable orbits for many previous Kleť discoveries have been determined. The photographic programme results in more than 350 numbered minor planets credited to Kleť, one of the world's most prolific discovery sites. Nearly 50 per cent of them were numbered as a consequence of CCD follow-up observations since 1994.This brief summary describes the results of this Kleť photographic minor planet survey between 1977 and 1996. The majority of the Kleť photographic discoveries are main belt asteroids, but two Amor type asteroids and one Trojan have been found.

Evolution of Large-Scale Coronal Structures

1994 ◽  
Vol 144 ◽  
pp. 29-33
Author(s):  
P. Ambrož
Keyword(s):  
Magnetic Field ◽  
Field Line ◽  
Large Scale ◽  
Coronal Magnetic Field ◽  
Source Surface ◽  
Solar Cycles ◽  
Characteristic Relationship ◽  
The Magnetic Field ◽  
Coronal Structures

AbstractThe large-scale coronal structures observed during the sporadically visible solar eclipses were compared with the numerically extrapolated field-line structures of coronal magnetic field. A characteristic relationship between the observed structures of coronal plasma and the magnetic field line configurations was determined. The long-term evolution of large scale coronal structures inferred from photospheric magnetic observations in the course of 11- and 22-year solar cycles is described.Some known parameters, such as the source surface radius, or coronal rotation rate are discussed and actually interpreted. A relation between the large-scale photospheric magnetic field evolution and the coronal structure rearrangement is demonstrated.

Long-term Cyclic Variations of Prominences, Green and Red Coronae over Solar Cycles

2000 ◽  
Vol 179 ◽  
pp. 201-204
Author(s):  
Vojtech Rušin ◽  
Milan Minarovjech ◽  
Milan Rybanský
Keyword(s):  
Emission Lines ◽  
High Latitudes ◽  
Green Line ◽  
Solar Cycles ◽  
The South ◽  
Coronal Emission ◽  
Local Maxima ◽  
The North ◽  
Cyclic Variations

AbstractLong-term cyclic variations in the distribution of prominences and intensities of green (530.3 nm) and red (637.4 nm) coronal emission lines over solar cycles 18–23 are presented. Polar prominence branches will reach the poles at different epochs in cycle 23: the north branch at the beginning in 2002 and the south branch a year later (2003), respectively. The local maxima of intensities in the green line show both poleward- and equatorward-migrating branches. The poleward branches will reach the poles around cycle maxima like prominences, while the equatorward branches show a duration of 18 years and will end in cycle minima (2007). The red corona shows mostly equatorward branches. The possibility that these branches begin to develop at high latitudes in the preceding cycles cannot be excluded.

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