1,449 research outputs found
SEC Regulation Fair Disclosure, Information, and the Cost of Capital
No full textWe empirically investigate the effects of the adoption of Regulation Fair Disclosure ( Reg FD') by the U.S. Securities and Exchange Commission in October 2000. This rule was intended to stop the practice of selective disclosure,' in which companies give material information only to a few analysts and institutional investors prior to disclosing it publicly. We find that the adoption of Reg FD caused a significant reallocation of information-producing resources, resulting in a welfare loss for small firms, which now face a higher cost of capital. The loss of the selective disclosure' channel for information flows could not be compensated for via other information transmission channels. This effect was more pronounced for firms communicating complex information and, consistent with the investor recognition hypothesis, for those losing analyst coverage. Moreover, we find no significant relationship of the different responses with litigation risks and agency costs. Our results suggest that Reg FD had unintended consequences and that information' in financial markets may be more complicated than current finance theory admits.
Cutting edge: Leptin-induced ROR?t expression in CD4+ T cells promotes Th17 responses in systemic lupus erythematosus.
No full textFD: A feature difference based image clutter metric for targeting performance
No full textPrevious image clutter metrics were proposed based on the sensitivity of human visual perception to one feature of image. In this paper, a novel feature difference based image clutter metric is proposed by fully considering low-level image features, such as step edges, lines and Mach bands. As phase congruency is an invariant property of image features, the phase congruency (PC) is used to quantify the feature difference between the target and clutter images. Because PC is invariant to changes in image contrast while human visual perception is sensitive to contrast changes, a directional contrast (DC) feature is developed to calculate the contrast difference between the two images. Then we utilize the DC of the target image as an information content weighting measure to pool the local difference map to be a clutter metric. Comparative experiments demonstrate that this clutter metric correlates stronger with detection probabilities, false alarm probabilities and mean search times than previously proposed metrics.Number of references:3
Incentive effects on creativity of field dependent-independent children
No full textMotivation is an important aspect in social psychology of creativity. It is supposed that evaluation and reward have effects on individual’s motivation, then on creativity. In the present study, 100 children aged 9-10 with typical Field-Dependence (FD) and Field-Independence (FI) were selected with GEFT. FD and FI Ss were matched into evaluation, reward, and control groups. 5 judges were asked to evaluate their creativity with Consensual Assessment Technique. The results suggested in evaluation group, FI showed higher creativity than FD, and FD-FI had interaction with gender. In reward group, FI showed higher creativity and less motivated by reward than FD
Combination of 15 lipid metabolites and motilin to diagnose spleen-deficiency FD
No full textAbstract Background This study aims to assess clinical characteristics in FD with spleen deficiency syndrome and metabolic perturbations involved in FD progress. We combined metabolic biomarkers and clinical features into a better prediction for FD with Spleen Deficiency syndrome. Methods A total of 276 people were recruited, including 215 FD patients and 61 healthy control group (HC). The clinical characteristics and gastric emptying rate were compared between spleen deficiency-FD group and non-spleen deficiency-FD. The serum lipids metabonomics analysis was performed to determine the metabolic differences in spleen deficiency-FD group and HC. Results The symptoms of postprandial discomfort in Spleen Deficiency group were more severe (P < 0.05), and delayed gastric emptying was more pronounced (P < 0.05) vs. non-Spleen deficiency. Decreased motilin (OR = 0.990, 95% confidence interval (CI) 0.982–0.997) was independent risk factor related to Spleen Deficiency group. We identified 15 metabolites for spleen deficiency group vs. HC, majority of those biomarkers belonged to the glycerophospholipid metabolic pathway. The combination of 15 metabolics could diagnose spleen deficiency-FD, with the AUC of 0.9943, 95% CI 0.9854–1.0000), and the combination of 15 metabolics and motilin could diagnose spleen deficiency-FD, with the AUC of 0.9615, 95% CI 0.9264–9967). Conclusions This study provides supportive evidence that Spleen deficiency syndrome was associated with delayed gastric emptying and the glycerophospholipid metabolic pathway was perturbed in FD patients. The combination of metabolic biomarkers and clinical features provided us with new ideas for multidimensional diagnosis of FD. Trial registration http://www.chictr.org.cn, no: ChiCTR-TRC-13003200. clinicaltrials.gov, no: NCT0276213
MISUNDERSTANDING OF ROLE AND POSITION OF ACCOUNTING STANDARD SETTING AUTHORITIES TO REDUCE INFORMATION ASYMMETRY: EMPIRICAL EVIDENCE OF IRAN
No full textPurpose - Critical role of accounting and financial reporting is providing useful information for different and entitled users to help them in making economical decisions. While repeatedly it is stressed that the quality of financial information is a function of both the quality of accounting standards and the regulatory enforcement, it is vital that standard setting authorities bodies to have independence and suitable enforcement power to guarantee their issued standards implementation with accountants in preparing and releasing accounting information, where their enacting mechanisms differ significantly across countries, even being non-existent in some countries. This study seeks with aid of Abdolmohammadi’s enforcement powers classification of standards (2002) including: Reward, Legitimate, Referent, Expert and Coercive Powers, determine from perspective of respondents and current condition of accounting profession, which powers are dominant, besides it also tends to evaluate past performance of Iranian accounting regulatory. Design/methodology/approach - in order to test two main hypotheses of the study, a suitable questionnaire was used with some questions about current condition of enforcement ways of accounting standards in Iran. 281 questionnaires distributed among accounting related financial society members including: accountants, auditors, bank specialists, and accounting students as agents of financial society. After assuring of its validity and reliability, collected data tested by Kruskal-Wallis, Friedman, and T-test statistical methods. Findings - The results showed that among various enforcement accounting standards powers respondents believe coercive power is more apparent and main motivation for providing accounting formal reports in accordance to GAAP come from managers’ concern of blocking their companies stock dealing by Tehran Stock Exchange organization, besides they accept standard setting professional abilities. Also respondents believe that Iran’s Audit organization in standard setting process has had behaved unfairly and didn’t pay attention to regulate accounting of governmental and Not-For-Profits parts as equal as large private corporation accounting. Research limitation/implication - A key technical result is that the five original powers of enforcement accounting standards don’t have equal weight and influence on current accounting environment of Iran and to enhance disclosure quality and reduce information asymmetry, some work must been done to more highlight powers with positive and professional perspective. Practical implications - The paper will be of interest to standards setting authority bodies’ when regulating accounting information releasing process to achieve high level of market efficiency and also to academics’ investigating the reliability and value of current standard setting condition. Originality value - The paper reports an original application of accounting standard enforcement origins as a determinant level of dominance financial wisdom in financial society of Iran.Accounting standard, enforcement powers, Information asymmetry, financial wisdom, and fairness in standard setting.
Evaluation of CAN-FD Protocol for Traffic Signalling
No full textU ovom diplomskom radu je evaluiran CAN-FD protokol u svrhu upravljanja prometnom signalizacijom. Naglasak je stavljen na ispitivanje karakteristika protokola u realnim uvjetima te je zbog toga razvijen elektronički modul koji simulira funkcionalnosti LED modula čijim kaskadiranjem se dobiva promjenjivi prometni znak veće površine. Opisane su razlike između CAN 2.0B i CAN-FD protokola te su opisane funkcije pojedinih okvira u jednom CAN-FD paketu. U poglavljima koji se tiču razvoja programske podrške je opisano kako se konfiguriraju generatori signala takta te osnovne inicijalizacije sustava, kao i verifikacija pojedinih segmenata programskog koda. Osim razvoja sklopovlja i programske podrške pokazan je i način odabira adekvatnog mikrokontrolera u smislu karakteristika, kućišta te cijene.In this master thesis author evaluated new CAN-FD communications protocol for use in controlling dynamic traffic signs. Protocol testing was done on a custom made embedded system that simulates the funcionality of a real LED module used in dynamic signs. The differences between CAN-FD and CAN2.0B and the functions are described in the third chapter. Clock configuration and system initialization are described in the chapters regarding development of a software solution for this system as well as testing individual code segments to verify their functionality. In addition to the development of hardware and software this thesis also considers the selection of an adequate microcontroller in terms of characteristics, package and price
Regulation FD: SEC Reestablishes Enforcement Capabilities over Selective Disclosure.
No full textThis Recent Development focuses on the potential effects Regulation Fair Disclosure (FD) will have on the participants in the American capital market and on the stock markets themselves. Congress and the Securities Exchange Commission (SEC) seek to achieve confidence in the integrity and fairness of the American stock market and protection of investors from fraud by promoting equal opportunities for investors. In order to maintain a competitive edge, vis-à-vis its foreign counterparts, the United States must continually refine its financial systems to maximize fairness and integrity. This Recent Development focuses on selective disclosure—allowing a limited segment of investors access to information about a company’s financial performance—along with the inability of existing securities regulations to prohibit such practices. The recently promulgated Regulation FD is a measure anticipated to reign in the disclosure of nonpublic information to a privileged few. Specific requirements within the Regulation FD are examined by the author, and the SEC intends for the Regulation FD to level the playing field for investors. Furthermore, this Recent Development addresses potential trouble areas caused by the regulation’s interplay with other securities rules and regulations. In addition to suggestions for compliance, the various touchstones of controversy such as the effects related to Regulation FD on the securities industry are also discussed. Regulation FD molds a remedy to the perceived evils of selective disclosure. Confidentiality agreements represent the SEC’s strategy for controlling selective disclosure, without expressly authorizing it. This Recent Development concludes with an assessment of the practical effects that Regulation FD will have on the securities industry and the likelihood that it is here to stay
Robust joint hybrid transceiver design for mmWave full-duplex MIMO relay systems
No full textThe joint design of hybrid beamforming matrices is conceived for multiuser mm-wave full-duplex (FD) multiple-input multiple-output (MIMO) relay-aided systems in the presence of realistic channel state information (CSI) errors. Specifically, considering a probabilistic CSI error model, we maximize the system’s worst-case sum rate by jointly optimizing the base station’s (BS’s) analog and digital beamforming matrices, plus the analog receive and transmit beamforming matrices of the relay station (RS) as well as its digital amplify-and-forward beamforming matrix under practical constraints. Explicitly, the transmit power constraints of the BS and RS, the residual self-interference power constraint of the RS, the per-user quality of service constraints, and the unit-modulus constraints on the analog beamforming matrix elements are all taken into account. Since the resultant optimization problem is very challenging due to its highly nonlinear objective function and nonconvex coupling constraints, we first transform it into a more tractable form. We then develop a novel joint optimization algorithm based on the penalty dual decomposition (PDD) technique to solve the resultant problem. The proposed PDD-based algorithm performs double-loop iterations: the inner loop updates the optimization variables in a block coordinate descent fashion, while the outer loop adjusts the Lagrange multipliers and penalty parameter, hence ensuring convergence to the set of stationary solutions of the original problem. Our simulations show that the mm-wave FD hybrid MIMO relay systems relying on our new algorithm significantly outperform both their non-robust FD and conventional half-duplex counterparts
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