Does the Capitalization of Intangible Assets Increase the Predictability of Corporate Failure?

2011 ◽  
Vol 25 (1) ◽  
pp. 41-70 ◽  
Author(s):  
Stewart Jones
Keyword(s):  
Default Risk ◽  
Predictive Power ◽  
Intangible Assets ◽  
Value Relevance ◽  
Extended Period ◽  
Failure Model ◽  
Statistical Association ◽  
Corporate Failure ◽  
Wide Range ◽  
Reporting Environment

SYNOPSIS: The value relevance of intangible assets is now well documented in the literature, leading to calls for standard setters to adopt more flexible reporting rules for these assets. In this study, I evaluate the merits of intangibles capitalization from a bankruptcy and default risk perspective, which has not been previously considered in the literature. The study is conducted in a unique reporting environment, where managers have had considerable discretion to capitalize a wide range of intangibles over an extended period. Three main results are reported. First, failing firms capitalize intangible assets more aggressively than non-failed firms over the 16-year sample period, but particularly over the five-year period leading up to firm failure. Second, drawing on the accounting choice literature, I find that managers’ propensity to capitalize intangible assets has a strong statistical association with earnings management proxies, particularly among failing firms. Finally, voluntary capitalization of intangibles has strong discriminating and predictive power in a firm failure model, even after controlling for several other factors.

Prevalence of Hand Malformations in Patients With Moebius Syndrome and Their Management

Hand ◽  
2021 ◽  
pp. 155894472199426
Author(s):  
Jose E. Telich-Tarriba ◽  
David F. Navarro-Barquin ◽  
Karol Verdezoto-Gaibor ◽  
Alexander Cardenas-Mejia
Keyword(s):  
Upper Extremity ◽  
Treatment Strategies ◽  
Abducens Nerve ◽  
Poland Syndrome ◽  
Statistical Association ◽  
Moebius Syndrome ◽  
Cross Sectional ◽  
Reconstructive Procedures ◽  
Nerve Paralysis ◽  
Wide Range

Background: Moebius syndrome is a disorder characterized by facial and abducens nerve paralysis. Patients can present a wide range of upper extremity malformations. Literature focused on orthopedic manifestations of Moebius syndrome shows variability in the prevalence and clinical presentation of upper extremity anomalies. The aim of this work is to evaluate the prevalence of upper extremity malformations in patients with Moebius syndrome, clarify its various clinical presentations, and present treatment strategies for their management. Methods: This is a retrospective, cross-sectional study including patients with Moebius syndrome and upper extremity malformations between 2012 and 2019. Data include demographic characteristics, Moebius syndrome subtype, type of malformation, affected extremity, and surgical procedures underwent. Quantitative data were recorded as mean (standard deviation [SD]), and qualitative data were expressed in terms of totals and percentages. Statistical association between Moebius syndrome subtype and development of upper extremity anomalies was evaluated using binary logistic regression. Results: Twenty-five out of 153 patients (16.3%) presented upper extremity malformations (48% male). Mean age of presentation was 9.08 ± 9.43 years. Sixty-eight percent of the malformations were unilateral. The most common presentations included Poland syndrome and simple syndactyly with 8 cases each (32%), followed by 5 cases of brachysyndactyly (20%), 3 cases of amniotic band syndrome (12%), and 1 case of cleft hand (4%). No statistical association was found between Moebius syndrome subtype and odds ratio for development of upper extremity anomalies. Thirteen patients (52%) underwent reconstructive procedures. Conclusion: Poland syndrome and syndactyly are the most common anomalies in patients with Moebius syndrome. Patients may present with a wide range of hand malformations, each patient should be carefully evaluated in order to determine whether surgical treatment is needed and to optimize rehabilitation protocols.

scholarly journals Comparison of Round Window Anatomy between Pediatric and Adult Population: A Perspective from Cochlear Implantation Surgery

2020 ◽  
Vol 42 (3) ◽  
pp. 23-25
Author(s):  
Rabindra B Pradhananga ◽  
Bigyan R Gyawali ◽  
Pabina Rayamajhi
Keyword(s):  
Cochlear Implantation ◽  
Adult Population ◽  
Round Window ◽  
Round Window Membrane ◽  
Institute Of Medicine ◽  
Statistical Association ◽  
Complex Anatomy ◽  
Wide Range ◽  
Posterior Tympanotomy ◽  
Round Window Niche

Introduction The round window is thought to be an ideal port for inserting electrodes during cochlear implantation. Considering its complex anatomy with an individual variation, this study aims to review the anatomy of round window based on the visibility of round window niche and round window membrane via posterior tympanotomy in pediatric and adult population who underwent cochlear implantation. MethodsThis was a retrospective observational study conducted at the Department of ENT-HNS, Institute of Medicine, Kathmandu, Nepal. Surgical notes of adult (>15 years) and pediatric cases (<15years) who underwent primary cochlear implantation from January 2015 to January 2018 were assessed for different grading of round window niche and round window membrane visibility via posterior tympanotomy. Cases with revision surgery and with incomplete documentation of intra-operative findings were excluded from the study. Statistical analysis was done using SPSS software version 25. We used Chi-square and Fisher’s exact tests to analyze the statistical association. ResultsType B round window niche (partially visible) was the most common variant seen in the pediatric group while in adults, both Type B (partially visible) and Type C (fully visible) round window niche were common. Compared to the adults, the pediatric group had good visibility of RWM. However, there was no statistical association between these observations. ConclusionThe round window has a wide range of anatomical variations with different levels of visibility of RWN and RWM in the different age groups. Although statistically insignificant, RWM visibility seemed to be better in pediatric cases compared to adults.

scholarly journals Expansion of Human Pluripotent Stem Cell-derived Early Cardiovascular Progenitor Cells by a Cocktail of Signaling Factors

2019 ◽  
Vol 9 (1) ◽  
Author(s):  
Sadaf Vahdat ◽  
Sara Pahlavan ◽  
Elena Mahmoudi ◽  
Maryam Barekat ◽  
Hassan Ansari ◽  
...  
Keyword(s):  
Progenitor Cells ◽  
Large Scale ◽  
Culture Medium ◽  
Gene Expression Pattern ◽  
Extended Period ◽  
Scale Production ◽  
Chemical Screening ◽  
Wide Range ◽  
Cell Sources

Abstract Cardiovascular progenitor cells (CPCs) derived from human pluripotent stem cells (hPSCs) are proposed to be invaluable cell sources for experimental and clinical studies. This wide range of applications necessitates large-scale production of CPCs in an in vitro culture system, which enables both expansion and maintenance of these cells. In this study, we aimed to develop a defined and efficient culture medium that uses signaling factors for large-scale expansion of early CPCs, called cardiogenic mesodermal cells (CMCs), which were derived from hPSCs. Chemical screening resulted in a medium that contained a reproducible combination of three factors (A83-01, bFGF, and CHIR99021) that generated 1014 CMCs after 10 passages without the propensity for tumorigenicity. Expanded CMCs retained their gene expression pattern, chromosomal stability, and differentiation tendency through several passages and showed both the safety and possible cardio-protective potentials when transplanted into the infarcted rat myocardium. These CMCs were efficiently cryopreserved for an extended period of time. This culture medium could be used for both adherent and suspension culture conditions, for which the latter is required for large-scale CMC production. Taken together, hPSC-derived CMCs exhibited self-renewal capacity in our simple, reproducible, and defined medium. These cells might ultimately be potential, promising cell sources for cardiovascular studies.

scholarly journals The Value of Discretion in Africa: Evidence from Acquired Intangible Assets Under IFRS 3

2020 ◽  
Vol 55 (02) ◽  
pp. 2050008
Author(s):  
Abongeh A. Tunyi ◽  
Dimu Ehalaiye ◽  
Ernest Gyapong ◽  
Collins G. Ntim
Keyword(s):  
Financial Reporting ◽  
Intangible Assets ◽  
Value Relevance ◽  
Managerial Discretion ◽  
African Countries ◽  
Target Firm ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
Main Hypothesis

This paper examines the value of managerial discretion in financial reporting by exploring the value relevance of intangible assets acquired in business combinations (AIA) before and after the 2008 International Financial Reporting Standard (IFRS) 3 amendment. The 2008 IFRS 3 amendment gave managers the discretion to recognize previously unrecognized intangibles in the target firm, hence, we posit that if managerial discretion improves the quality of financial reporting, we should observe an increase in the value relevance of AIA after the amendment. Our empirical analysis is based on a dataset of 603 mergers announced between 2004 and 2016, across seven African countries. Consistent with our main hypothesis, we find that the value relevance of AIA, predominantly acquired goodwill (AGW), increased after the amendment, suggesting that managerial discretion improves the quality of financial information. Our results further show that the value of discretion is moderated by the underlying institutional quality, with the value relevance of AIA being greater in high-quality institutional contexts. Our findings are robust to alternative measures of AIA, alternative models for testing value relevance, and various controls for endogeneity. Overall, our findings have important implications for accounting standard-setters, governments, investors, and practitioners.

scholarly journals Token-Weighted Crowdsourcing

2020 ◽  
Vol 66 (9) ◽  
pp. 3843-3859 ◽  
Author(s):  
Gerry Tsoukalas ◽  
Brett Hemenway Falk
Keyword(s):  
Revenue Management ◽  
Predictive Power ◽  
Weighted Voting ◽  
Aggregation Mechanism ◽  
Wide Range ◽  
Marketing Materials ◽  
Optimality Gap

Blockchain-based platforms often rely on token-weighted voting (“τ-weighting”) to efficiently crowdsource information from their users for a wide range of applications, including content curation and on-chain governance. We examine the effectiveness of such decentralized platforms for harnessing the wisdom and effort of the crowd. We find that τ-weighting generally discourages truthful voting and erodes the platform’s predictive power unless users are “strategic enough” to unravel the underlying aggregation mechanism. Platform accuracy decreases with the number of truthful users and the dispersion in their token holdings, and in many cases, platforms would be better off with a “flat” 1/n mechanism. When, prior to voting, strategic users can exert effort to endogenously improve their signals, users with more tokens generally exert more effort—a feature often touted in marketing materials as a core advantage of τ-weighting—however, this feature is not attributable to the mechanism itself, and more importantly, the ensuing equilibrium fails to achieve the first-best accuracy of a centralized platform. The optimality gap decreases as the distribution of tokens across users approaches a theoretical optimum, which we derive, but tends to increase with the dispersion in users’ token holdings. This paper was accepted by Gabriel Weintraub, revenue management and market analytics.

STANDARDIZING BOOM TEST PROCEDURES1

1985 ◽  
Vol 1985 (1) ◽  
pp. 41-45
Author(s):  
M. Borst ◽  
H. W. Lichte
Keyword(s):  
Standardized Test ◽  
Extended Period ◽  
Open Water ◽  
Fold Increase ◽  
Weather Conditions ◽  
Technical Committee ◽  
Design Parameters ◽  
Sea State ◽  
Water Testing ◽  
Wide Range

ABSTRACT The Interagency Technical Committee (OITC) of the U.S. Environmental Protection Agency's (EPA) Oil and Hazardous Materials Simulated Environmental Test Tank (OHMSETT) facility sponsored a combined series of in-tank and open-water tests on five booms. The booms selected cover the wide range of sizes and design parameters often considered appropriate for spill control. The tests were conducted at the OHMSETT facility and in nearby Sandy Hook Bay between November 1983 and May 1984. The in-tank tests measured the oil-holding performance of the boom; the open-water tests demonstrated wave conformance and survivability. The objective was to correlate the two sets of data. The five in-tank tests for each boom used a standardized test matrix for oil-holding ability. Wave conformance and endurance were observed under controlled conditions. The results of this testing compared favorably with historical tests performed in the test task. The five booms were deployed in the bay over an extended period. The length of deployment varied from 14 to 27 days depending on the local weather conditions. The booms were observed and videotaped to document approximate sea-state limits of the booms. The booms deployed in the bay were approximately 500 ft long. The tank tests used 100 ft lengths. Wave conformance in the two tests was similar. The five-fold increase in boom length made any lack of conformance more obvious, however. The data derived from the open-water testing were based primarily on visual observations and sea-state estimates. The in-tank endurance tests did not correlate as well as expected with the open-water testing. Determining the deterioration of a boom during long-term deployment by in-tank testing was discounted by this program. This paper documents the results of the initial in-tank and open-water tests, emphasizing the techniques of testing, and outlines plans for the future tests.

scholarly journals How to measure development in corpora? An association strength approach

2009 ◽  
Vol 36 (5) ◽  
pp. 1075-1090 ◽  
Author(s):  
SABINE STOLL ◽  
STEFAN TH. GRIES
Keyword(s):  
Measure Development ◽  
Association Strength ◽  
Statistical Association ◽  
Association Measures ◽  
Grammatical Aspect ◽  
Occurrence Data ◽  
Wide Range

ABSTRACTIn this paper we propose a method for characterizing development in large longitudinal corpora. The method has the following three features: (i) it suggests how to represent development without assuming predefined stages; (ii) it includes caregiver speech/child-directed speech; (iii) it uses statistical association measures for investigating co-occurrence data. We exemplify the implementation of these proposals with data on the acquisition of the patterning of tense and grammatical aspect of four Russian children. The method, however, is suitable for a wide range of other acquisition questions as well.

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