Does Analyst Stock Ownership Affect Reporting Behavior?

2013 ◽  
Vol 16 (02) ◽  
pp. 1350008 ◽  
Author(s):  
Rick Johnston
Keyword(s):  
Conflict Of Interest ◽  
Potential Benefit ◽  
Detrimental Effect ◽  
Securities And Exchange Commission ◽  
Ordered Probit ◽  
Stock Ownership ◽  
Potential Conflict ◽  
Two Samples ◽  
Personal Interests ◽  
Robust Evidence

An analyst who owns stock in the company she covers may be tempted to protect or enhance her personal interests. This paper examines how this potential conflict of interest affects the reporting of sell-side analysts by identifying and collecting two samples, the first from Securities and Exchange Commission (SEC) Form 144 filings, and the second from voluntary ownership disclosures. Ordered probit analyses show that owning analyst recommendations are slightly more cautious than those of the control analysts. There is little robust evidence that stock ownership leads to optimistic analyst reporting, however findings indicate that analysts who are consistently optimistic are owners. The results are consistent with a conclusion that analyst stock ownership, unlike other potential incentives, may not be a significant concern since in many cases multiple nonowning analysts also provide reports. Being an outlier potentially reduces any benefit to the owning analyst and risks her personal reputation. In the absence of a detrimental effect, ownership offers a potential benefit as a credible signal of an analyst's conviction in a company's prospects.

scholarly journals Emotion Modulation of the Body-Selective Areas in the Developing Brain

2019 ◽  
Author(s):  
Paddy Ross ◽  
Beatrice de Gelder ◽  
Frances Crabbe ◽  
Marie-Hélène Grosbras
Keyword(s):  
Conflict Of Interest ◽  
Right Hemisphere ◽  
Brain Activity ◽  
The Body ◽  
Childhood And Adolescence ◽  
Body Perception ◽  
Body Area ◽  
Potential Conflict ◽  
First Time ◽  
Posterior Superior Temporal Sulcus

AbstractEmotions are strongly conveyed by the human body and the ability to recognize emotions from body posture or movement is still developing through childhood and adolescence. To date, there are very few studies exploring how these behavioural observations are paralleled by functional brain development. Furthermore, there are currently no studies exploring the development of emotion modulation in these areas. In the current study, we used functional magnetic resonance imaging (fMRI) to compare the brain activity of 25 children (age 6-11), 18 adolescents (age 12-17) and 26 adults while they passively viewed short videos of angry, happy or neutral body movements. We observed that when viewing bodies generally, adults showed higher activity than children bilaterally in the body-selective areas; namely the extra-striate body area (EBA), fusiform body area (FBA), posterior superior temporal sulcus (pSTS) and amygdala (AMY). Adults also showed higher activity than adolescents, but only in right hemisphere body-selective areas. Crucially, however, we found that there were no age differences in the emotion modulation of activity in these areas. These results indicate, for the first time, that despite activity selective to body perception increasing across childhood and adolescence, emotion modulation of these areas in adult-like from 7 years of age.Conflict of InterestThe author declares that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

scholarly journals Muscles Recruited During an Isometric Knee Extension is Defined by Proprioceptive Feedback

2019 ◽  
Author(s):  
Gareth York ◽  
Hugh Osborne ◽  
Piyanee Sriya ◽  
Sarah Astill ◽  
Marc de Kamps ◽  
...  
Keyword(s):  
Spinal Cord ◽  
Conflict Of Interest ◽  
Rectus Femoris ◽  
Knee Extension ◽  
Proprioceptive Feedback ◽  
Muscle Synergy ◽  
Knee Angle ◽  
Potential Conflict ◽  
Dynamic Task ◽  
Isometric Knee Extension

AbstractProprioceptive feedback and its role in control of isometric tasks is often overlooked. In this study recordings were made from upper leg muscles during an isometric knee extension task. Internal knee angle was fixed and subjects were asked to voluntarily activate their rectus femoris muscle. Muscle synergy analysis of these recordings identified canonical temporal patterns in the data. These synergies were found to encode two separate features: one concerning the coordinated contraction of the recorded muscles and the other indicating agonistic/antagonistic interactions between these muscles. The second synergy changed with internal knee angle reflecting the influence of afferent activity. This is in contrast to previous studies of dynamic task experiments which have indicated that proprioception has a negligible effect on synergy expression. Using the MIIND neural simulation platform, we developed a spinal population model with an adjustable input representing proprioceptive feedback. The model is based on existing spinal population circuits used for dynamic tasks. When the same synergy analysis was performed on the output from the model, qualitatively similar muscle synergy patterns were observed. These results suggest proprioceptive feedback is integrated in the spinal cord to control isometric tasks via muscle synergies.Significance statementSensory feedback from muscles is a significant factor in normal motor control. It is often assumed that instantaneous muscle stretch does not influence experiments where limbs are held in a fixed position. Here, we identified patterns of muscle activity during such tasks showing that this assumption should be revisited. We also developed a computational model to propose a possible mechanism, based on a network of populations of neurons, that could explain this phenomenon. The model is based on well established neural circuits in the spinal cord and fits closely other models used to simulate more dynamic tasks like locomotion in vertebrates.Conflict of interest statementThe authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

scholarly journals Certolizumab pegol: new opportunities for treatment of moderate to severe plaque psoriasis

2019 ◽  
Vol 95 (5) ◽  
pp. 50-57
Author(s):  
A. A. Kubanov ◽  
A. L. Bakulev ◽  
M. I. Gluzmin ◽  
M. M. Kokhan ◽  
L. S. Kruglova ◽  
...  
Keyword(s):  
Psoriatic Arthritis ◽  
Conflict Of Interest ◽  
Plaque Psoriasis ◽  
Randomized Clinical Trials ◽  
Placental Transfer ◽  
Certolizumab Pegol ◽  
Fab Fragment ◽  
Potential Conflict ◽  
Severe Plaque Psoriasis ◽  
Tnf Α

Tumor necrosis factor alpha (TNF-α) is one of the key inflammatory cytokines in the pathogenesis of psoriasis and psoriatic arthritis, and its inhibition with genetically engineered biological drugs ensures control of the main symptoms of these diseases. Certolizumab pegol is a PEGylated (linked to polyethylene glycol) Fab’ fragment of a monoclonal antibody that inhibits human TNF-α. It is approved for treatment of moderate to severe plaque psoriasis and psoriatic arthritis. This review summarizes the results of randomized clinical trials of efficacy and safety of certolizumab pegol in plaque psoriasis (CIMPASI 1, CIMPASI 2, and CIMPACT) and psoriatic arthritis (Rapid-PsA). The represented data demonstrate high efficacy of certolizumab pegol is bio-naïve patients and in patients previously exposed to other TNF inhibitors or IL17 inhibitors. The absence of the Fc-fragment in certolizumab pegol ensures minimal to no placental transfer of the drug and enables its usage during the entire pregnancy.Conflict of interest: the authors state that there is no potential conflict of interest requiring disclosure in this article.

13. Specific conflicts—CA 2006, Part 10, Ch 4, and Ch 4A

2021 ◽  
pp. 253-269
Author(s):  
Brenda Hannigan
Keyword(s):  
Conflict Of Interest ◽  
Service Contracts ◽  
Remuneration Policy ◽  
Financial Transactions ◽  
Personal Interests

This chapter considers provisions of the Companies Act 2006 (CA 2006), Pt 10, Ch 4, and Ch 4A. These provisions regulate transactions with directors where there is an acute conflict of interest between the director’s personal interests and his duty to the company and so, typically, the statute requires prior shareholder approval of the transaction. The relevant provisions address: directors’ service contracts (CA 2006, ss 188–189); payments for loss of office (CA 2006, ss 215–221); for quoted companies (which must have a directors’ remuneration policy)—remuneration payments and payments for loss of office (Ch 4A); substantial property transactions (CA 2006, ss 190–196); and loans and similar financial transactions (CA 2006, ss 197–214).

scholarly journals Sacred Nature. Diverging Use and Understanding of Old Sámi Offering Sites in Alta, Northern Norway

Religions ◽  
2020 ◽  
Vol 11 (7) ◽  
pp. 317
Author(s):  
Marte Spangen ◽  
Tiina Äikäs
Keyword(s):  
Cultural History ◽  
Conflict Of Interest ◽  
Local Population ◽  
Potential Conflict ◽  
The Public ◽  
Toilet Paper ◽  
Key Stakeholders ◽  
Non Local ◽  
Changing Practices ◽  
Different Levels

This study focuses on the contemporary use of two well-known Sámi offering sites in Alta, Finnmark, Norway. Today, these are hiking destinations and sightseeing points for both the Sámi and the non-Sámi local population, as well as a few non-local visitors. Many of these visitors leave objects at the sites, such as parts of recently slaughtered reindeer, clothing, coins, toys, sweet wrappers and toilet paper. This indicates that visitors have different levels of knowledge about and reverence for the traditional significance of these places. Through repeated surveys over several years, we also observed a certain development and change in the number and character of these depositions, as well as a variation in depositions between different sites. A series of interviews with various users and key stakeholders were performed to clarify the reasons for these changing practices, as well as what individuals and groups visit these sites, their motivation for doing so and for leaving specific objects, and what potential conflict of interest there is between different users. Furthermore, we surveyed what information has been available to the public about these sites and their significance in Sámi religion and cultural history over time. The results show that a diverse group of individuals visit the sites for a variety of reasons, and that there are contrasting views on their use, even among different Sámi stakeholders. While it is difficult to limit the knowledge and use of these places because they are already well known, more information about old Sámi ritual practices and appropriate behaviour at such sites may mediate latent conflicts and promote a better understanding of the importance of offering sites in both past and present Sámi societies.

Potential Conflict-of-Interest Statement

1986 ◽  
Vol 66 (7) ◽  
pp. 1071-1071
Author(s):  
Marilyn J. Lister
Keyword(s):  
Conflict Of Interest ◽  
Potential Conflict ◽  
Interest Statement
Sign in / Sign up

Export Citation Format

Share Document