75 research outputs found
Research and Development Expenses under IFRS Mandatory Implementation: A Value Relevance Approach
No full textThe paper focuses on the degree to which the accounting treatment of R&D expenditure is stock price informative following the adoption of IAS. Therefore, using recent data of French listed companies, starting from the year in which IFRS were applied, 2005-2015, the present study examines the value relevance of the different R&D accounting treatments. Unlike evidence regarding the pre-IFRS period in France, we find that the capitalized portion of R&D is not correlated with market values, suggesting that under IFRS mandatory implementation, R&D assets are not value relevant. The expensed portion of R&D is positively related to market values only for manufacturing companies. Accordingly, we conclude that IFRS implementation has implications on the valuation of R&D expenditure by investors in French firms
Adverse Selection, Debt Capacity And Corporate Growth: An Industry Life Cycle Perspective
No full textThis paper examines the industry impact on financing corporate growth. According to underinvestment and overinvestment problems, ?rms are more likely to have less debt capacity in their growth stage of life cycle. However, it is known that new economy firms have higher levels of growth rate, return and risk, and particularly undertake more technical projects. Therefore, I test the hypothesis that debt capacity during the growth stage of life cycle is affected by New Economy. My empirical analysis covers U.S. companies listed on NYSE, AMEX and NASDAQ in the period of 1990-2010. I find that growth firms have significantly smaller debt capacity. Nevertheless, supporting the life cycle theory of financing that emphasizes the adverse selection problem faced by new economy firms, this link tends to be less prominent in the new economy industry. The results complement prior studies that have found significant relationship between firm growth and corporate debt capacity by confirming the important role played by the industry membership (New Economy) in determining the intensity of this relation
The impact of nostalgia on college belonging and college optimism among first-generation college students
No full text• First generation (students whose parents did not earn a college degree) often come to college feeling uncertain about whether they fit or belong in college
• Belonging concerns are linked to pessimistic attitudes about success; when first-gen students face academic struggles they are likely to view these struggles as evidence that they do not belong
• Different psychological interventions and foundational initiatives (i.e, TRiO and summer bridge programs) have been implemented to promote adaptive mindsets for their belonging concerns.
• We hypothesize that nostalgia has the capacity to promote sense of belonging and academic optimism among first-generation college students.
• Nostalgic reflection inspires the confidence needed to connect with others
• Nostalgia inspires optimism about future successPresented at the annual Celebration of Undergraduate Research and Creative Activity while the author was an undergraduate student at Rutgers University-Camden
The Best Asset Pricing Model for Estimating Industry Costs of Equity in Tunisia
No full textThe Capital Asset Pricing Model (CAPM) has dominated finance theory for over 30 years; it suggests that the market beta alone is sufficient to explain security returns. However, evidence shows that the cross-section of stock returns cannot be described solely by the one-factor CAPM. Alternative studies have been proposed in response to the poor performance of the standard CAPM. The main contribution of this paper is to offer to investors planning to invest the appropriate model for estimating the cost of equity in the Tunisian market. The paper allows choosing among the CAPM, the Fama&French asset-pricing model (TPFM), and the Four Factor Pricing Model (FFPM), which adds a third and fourth moment to estimate the cost of equity of firms listed on the Tunisian stock market. In addition to the classic, the selection of the best model is based on information criteria: the Akaike Information Criteria (AIC) and the Schwartz Information Criteria (SIC). The simple FFPM of Cahart proved to be the selected model.
Belonging intervention among first-year students
No full textPersistent negative stereotypes and underrepresentation can lead racial-ethnic minority and firstgeneration students to believe that they do not belong to college (i.e., feel unaccepted or unsupported). Belonging is important because first-generation and minority college students are more inclined to drop out when they struggle academically because they view academic struggles as evidence they do not belong in the college environment. The purpose of this project was to adapt and apply a well-established belonging intervention at Rutgers University - Camden in order to find evidence that the belonging intervention encourages a sense of belonging and self-efficacy in first-year students. As part of the intervention, we have also collected written samples from students on their journey in the first year of college and what they think will help other students transition to college. Students reported feeling like the belonging intervention activities were successful in encouraging their feelings of belonging and their academic self-efficacy. The belonging intervention seemed to be particularly impactful in promoting belonging among firstgeneration and racial-ethnic minority students. In contrast, first-generation and non-firstgeneration, white and students of color, seem to report similar benefits in academic self-efficacy. A recurring theme in the student writings was feeling anxious at the beginning of the first semester as they did not have an idea of what to anticipate from the new academic atmosphere. Also, the thought of not being enough to fit in triggered many students to not seek support. Over time, they were able to socialize more and connect with people and find the resources they needed in order to overcome their worries. The thematic focus of student writings implies that student involvement and building on-campus social support are critical in assisting first-year students to overcome their belonging concerns and feel at home in college.Presented at the annual Celebration of Undergraduate Research and Creative Activity while the author was an undergraduate student at Rutgers University-Camden
Gaussian Mixture and Kernel Density-Based Hybrid Model for Volatility Behavior Extraction From Public Financial Data
No full textThis paper carried out a hybrid clustering model for foreign exchange market volatility clustering. The proposed model is built using a Gaussian Mixture Model and the inference is done using an Expectation Maximization algorithm. A mono-dimensional kernel density estimator is used in order to build a probability density based on all historical observations. That allows us to evaluate the behavior’s probability of each symbol of interest. The computation result shows that the approach is able to pinpoint risky and safe hours to trade a given currency pair
Decoder based on Parallel Genetic Algorithm and Multi-objective Optimization for Low Density Parity Check Codes
No full textGenetic algorithms are powerful search techniques that are used successfully to solve problems in many different disciplines. This article introduces a new Parallel Genetic Algorithm for decoding LDPC codes (PGAD). The results show that the proposed algorithm gives large gains over the Sum-Product decoder, which proves its efficiency. We also show that the fitness function must be improved by Multi-objective Optimization, for this, we applied the Weighted Sum method to improve PGAD, this new version is called (MOGAD) gives higher performance compared to one. Keywords: Parallel Genetic Algorithms decoder, Sum-Product decoder, Fitness Function, LDPC codes, Error correcting codes, Multi-objective optimization, Weighted sum method
Value Relevance of R&D Expenditure before and After Ifrs Mandatory Implementation: Evidence From France
No full textthe adoption of International Accounting Standards (IAS/IFRS) by an important and growing number of countries is one of the most important changes in the international accounting field. In France, there is a real change in the firm’s accounting practice related to the intangibles, and in particular accounting treatment for research and development 5 R&D) costs, following the adoption of international standards since January 2005. Consequently, the aim of our research is to analyze the impact of the adoption of International Accounting Standards (IAS/IFRS) on the value relevance of R&D expenditures based on a sample of 36 French companies (SBF120). The main results indicate that adopting IAS/IFRS did not affect the value relevance of expended R&D, whereas, applying the international standards positively affects the value relevance of capitalized R&D
Energy optimization of SWIMAC for WSN based on IR-UWB in smart cities by using network coding
No full text- …
