45 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
Trophoniella radesiensis Chaibi & Antit & Bouhedi & Meca & Gillet & Azzouna & Martin 2019, n. sp.
No full textTrophoniella radesiensis n. sp. Chaibi and Gillet Figures 3–6 urn:lsid:zoobank.org:act: D7C85C70-87FF-4AF4-8599-A8462B3FB8B1 Material examined. Holotype: MNCN16.01 /18453, collected on 25 Nov 2015 in Radés Station, Gulf of Tunis (15°55′ N, 97°41′ W) by the first author. Paratypes: MNCN 16.01 /18454. 6 specimens, same data as for holotype; UCO T FLA 025.1specimen, same data as for holotype. Diagnosis. Body covered by sediments of different grain size (50–1000 µm of long axe) embedded on tunic, completely concealed except in posterior region. Tunic pale, dorsally smooth, ventrally rough, with large papillae, carrying sediment grains and particles. Body papillae arranged in two dorsal and four ventral rows. Branchial plate tongue-shaped. Unidentate anchylosed neurohooks from chaetiger 20. Description. Holotype with some chaetae broken, non-reproductive adult, unknown sex. 35 mm long, 4 mm wide, with 60 chaetigers; paratypes varying from 30–43 mm long and 1–4 mm wide for 43–74 chaetigers (Fig. 3 A– E). Anterior body sub-cylindrical in cross-section, tapering towards pygidium. Tunic transparent, dorsally smooth, ventrally rough with large papillae, carrying sediment grains and particles with long axes ranging from 50 to 1000 µm, totally embedded in tunic, completely concealing it dorsally and ventrally, absent in posterior region. Pale brown, slightly reddish anteriorly. Cephalic cage 12 mm long, with chaetae ca. 1.5 times longer than body width, formed by chaetigers 1–5; chaetiger 2 dorsolateral, chaetiger 3–4 lateral. Chaetal transition from cephalic cage to body chaetae gradual (Fig. 3A, 3 C–E). Body papillae similar in colour to body wall, mostly eroded, arising in two dorsal and four ventral longitudinal rows from first chaetiger to posterior end, better preserved anterior-most body region (Fig. 3A, 3 C–E). Parapodia well developed. Noto and neuropodia have four prechaetal papillae and five postchaetal papillae (Fig. 3C). Especially long papillae absent from anterior chaetigers. Gonopodial papillae not seen. Chaetiger 1 with about six notochaetae and eight neurochaetae; anterior dorsal margin with dorsal papillae, arising as a multifid cephalic veil (Fig. 4A). Chaetiger 5 widening posteriorly. Cephalic hood not exposed. Caruncle short and triangular (Fig. 4C, 4D). Branchiae cirriform, arising from tongue-shaped branchial plate, arranged in two lateral lobes (Fig. 4A, 4D), thin, long (0.5–3mm), whitish once preserved in ethanol, with ca. 60 filaments. Palp, long, corrugated, pale, as long as largest branchiae, 6 mm long (Fig. 4B, 4C). Prostomium lowcone, with two large and two small black eyes (Fig. 3D, 3E). Lateral lip expanded; dorsal and ventral lips not well developed (Fig. 3D, 3E). Notochaetae all multiarticulated capillaries; articles progressively longer towards falcate tips; medial ones in short longitudinal series, 4–7 per bundle; some yellowish some dark brown; unidentate tips (Fig. 5 A–5D). Multiarticulated capillary neurochaeta from chaetiger 2 to 5, then short unidentate neurohooks from chaetiger 6 to 19 (Fig. 6A) and anchylosed hooks from chaetiger 20 to body end (Fig. 6B), darker than preceding ones, arranged in transverse series of 4–6 units per bundle, similarly wide along their length, subdistally not or slightly expanded, with short rings continued up to a subdistal, non-annulated hyaline region, hooked, tapering to roughly pointed, unidentate tips (Fig. 5A, 6B). Pygidium simple, with single anal cirrus. No intra-specific variability in morphological characters was observed, except for lacking sediment gains in some specimens. Distribution. Known only from the type locality, Radés Station (Gulf of Tunisia, Mediterranean Sea). Collected from both soft and rocky bottoms, from 3–4 m to 10 m depth. Etymology. The species name radesiensis refers to the type locality, Radés Station.Published as part of Chaibi, Marwa, Antit, Mouna, Bouhedi, Marwa, Meca, Miguel A., Gillet, Patrick, Azzouna, Atf & Martin, Daniel, 2019, A new species of Flabelligeridae (Annelida), Trophoniella radesiensis n. sp., from Tunisia, pp. 551-561 in Zootaxa 4571 (4) on pages 554-556, DOI: 10.11646/zootaxa.4571.4.7, http://zenodo.org/record/261426
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 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.
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 textNetwork Coding for Energy Optimization of SWIMAC in Smart Cities Using WSN Based on IR-UWB
No full text
