Investors' Reactions to Management Guidance Forms: The Influence of Multiple Benchmarks

2007 ◽  
Vol 82 (2) ◽  
pp. 521-543 ◽  
Author(s):  
Jun Han ◽  
Hun-Tong Tan
Keyword(s):  
Earnings Announcements ◽  
Management Guidance ◽  
High Knowledge ◽  
Underlying Mechanisms ◽  
Hybrid Management ◽  
Do So ◽  
Best Estimates

In this study, we investigate underlying mechanisms for the effects of management guidance forms on investors' judgments. We do so by comparing effects of point and range guidance with those associated with a hybrid management guidance form that combines the attributes of both point and range guidance. With respect to investors' earnings reestimates made after actual earnings announcements, we find that both the number and type of benchmarks associated with the guidance forms matter. High-knowledge investors use both primary (explicitly stated) and secondary (implicitly stated) benchmarks, whereas low-knowledge investors attend only to primary benchmarks. We also find that investors have greater confidence in their earnings estimates when management guidance explicitly provides best estimates.

scholarly journals Immunomodulatory Protein Hydrolysates and Their Application

Nutrients ◽  
2018 ◽  
Vol 10 (7) ◽  
pp. 904 ◽  
Author(s):  
Mensiena Kiewiet ◽  
Marijke Faas ◽  
Paul de Vos
Keyword(s):  
Current Knowledge ◽  
Protein Hydrolysate ◽  
Protein Hydrolysates ◽  
Active Protein ◽  
Promising Application ◽  
Immunomodulatory Protein ◽  
Underlying Mechanisms ◽  
Number Of Individuals ◽  
Do So

Immunomodulatory protein hydrolysate consumption may delay or prevent western immune-related diseases. In order to purposively develop protein hydrolysates with an optimal and reproducible immunomodulatory effect, knowledge is needed on which components in protein hydrolysates are responsible for the immune effects. Important advances have been made on this aspect. Also, knowledge on mechanisms underlying the immune modulating effects is indispensable. In this review, we discuss the most promising application possibilities for immunomodulatory protein hydrolysates. In order to do so, an overview is provided on reported in vivo immune effects of protein hydrolysates in both local intestinal and systemic organs, and the current insights in the underlying mechanisms of these effects. Furthermore, we discuss current knowledge and physicochemical approaches to identify the immune active protein sequence(s). We conclude that multiple hydrolysate compositions show specific immune effects. This knowledge can improve the efficacy of existing hydrolysate-containing products such as sports nutrition, clinical nutrition, and infant formula. We also provide arguments for why immunomodulatory protein hydrolysates could be applied to manage the immune response in the increasing number of individuals with a higher risk of immune dysfunction due to, for example, increasing age or stress.

Do local union strategies explain the (unexpected) union pay premium in China?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yao Yao ◽  
Morley Gunderson
Keyword(s):  
Union Wage ◽  
Content Type ◽  
Individual Level ◽  
Local Union ◽  
Union Wage Premium ◽  
Level Data ◽  
Timely Fashion ◽  
Underlying Mechanisms ◽  
The Impact ◽  
Do So

PurposeThe authors investigate the extent to which differences in provincial union legislation have impacts on the union earnings premium.Design/methodology/approachContent analysis of provincial union regulations of 25 provinces is conducted to create two indices: one reflecting the degree of stringency of the local requirement that unions be established in a timely fashion and the other reflecting requirements for employers to negotiate wages with the union. The authors use individual level data from the China Family Panel Studies (CFPS) of 2010 to estimate the union earnings premium.FindingsThe authors find that unionised workers in China receive an earnings premium ranging from 6.4 to 9.6%, which is in range of other studies (but not all) for China that tend to find a (perhaps surprising) union wage premium in spite of the fact that unions tend to be “company unions” designed to foster stability and growth and to serve as a transmission belt for the wishes of the Party rather than bargaining for the benefit of their members. The authors also find that provincial requirements to establish unions in a timely fashion enhance the impact of unions on the earnings of their members, but provincial requirements to negotiate wages dampen the effect of unions on the earnings of their members. Reasons for these results are discussed.Originality/valueDespite this lack of independence of the Chinese unions, research continuously finds that Chinese unions have effects that are surprisingly similar to those of unions in Western countries. This paper drills deeper into the underlying mechanisms to see if local union strategies, exemplified by provincial union legislation, can explain the unexpected union effects on compensation. To the authors’ knowledge, this is the first paper to do so. Moreover, the authors use individual-level data in contrast to most studies on China that use firm or provincial level aggregate data.

Investor Demand for Sell-Side Research

2016 ◽  
Vol 92 (2) ◽  
pp. 123-149 ◽  
Author(s):  
Alastair Lawrence ◽  
James P. Ryans ◽  
Estelle Y. Sun
Keyword(s):  
Earnings Announcements ◽  
Financial Statement ◽  
Earnings Announcement ◽  
Management Guidance ◽  
Analyst Estimates ◽  
Jel Classifications

ABSTRACT We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when users seek sell-side analyst research. Demand for this information is most pronounced on days with earnings announcements, management guidance, and All-Star analyst reports. Surprisingly, demand does not increase at Form 10-K and Form 10-Q filings. While the overall demand for analyst estimates is 19.9 percent less than for analyst ratings and target prices, on earnings announcement and management guidance days, this preference is reversed. Moreover, the demand for analyst information substantially trumps that of SEC filings and financial statement information. JEL Classifications: M41; G14; G24.

scholarly journals Connected Carabids: Network Interactions and Their Impact on Biocontrol by Carabid Beetles

BioScience ◽  
2020 ◽  
Vol 70 (6) ◽  
pp. 490-500 ◽  
Author(s):  
Stefanie E De Heij ◽  
Christian J Willenborg
Keyword(s):  
Spatial Structure ◽  
Feeding Behavior ◽  
Present Article ◽  
Vegetation Structure ◽  
Insect Pests ◽  
Interaction Network ◽  
Carabid Beetles ◽  
Weed Seeds ◽  
Underlying Mechanisms ◽  
Do So

Abstract Carabid beetles can greatly contribute to biocontrol in agroecosystems, reducing both insect pests and weed seeds. However, insect foraging and feeding behavior can be highly dependent on the interaction network and spatial structure of the environment, which can make their biocontrol contributions variable. In the present article, we explore how the interaction network of carabids can affect their behavior and how spatial vegetation structure and specific agronomy practices can, in turn, affect the strength of interactions in their network. We suggest that research on carabid biocontrol should move toward an approach in which the network of interactions among pests, carabids, and other organisms within its spatial structure is evaluated, with equal focus on direct and indirect interactions, and provide examples of tools to do so. Overall, we believe this approach will improve our knowledge of carabid networks, help to elucidate the underlying mechanisms of biocontrol, and lay the foundation for future biocontrol strategies.

scholarly journals The Wisdom in Virtue: Pursuit of Virtue Predicts Wise Reasoning About Personal Conflicts

2017 ◽  
Vol 28 (12) ◽  
pp. 1848-1856 ◽  
Author(s):  
Alex C. Huynh ◽  
Harrison Oakes ◽  
Garrett R. Shay ◽  
Ian McGregor
Keyword(s):  
Social Conflicts ◽  
Intellectual Humility ◽  
Reasoning Strategies ◽  
Personal Ideals ◽  
Underlying Mechanisms ◽  
Do So

Most people can reason relatively wisely about others’ social conflicts, but often struggle to do so about their own (i.e., Solomon’s paradox). We suggest that true wisdom should involve the ability to reason wisely about both others’ and one’s own social conflicts, and we investigated the pursuit of virtue as a construct that predicts this broader capacity for wisdom. Results across two studies support prior findings regarding Solomon’s paradox: Participants ( N = 623) more strongly endorsed wise-reasoning strategies (e.g., intellectual humility, adopting an outsider’s perspective) for resolving other people’s social conflicts than for resolving their own. The pursuit of virtue (e.g., pursuing personal ideals and contributing to other people) moderated this effect of conflict type. In both studies, greater endorsement of the pursuit of virtue was associated with greater endorsement of wise-reasoning strategies for one’s own personal conflicts; as a result, participants who highly endorsed the pursuit of virtue endorsed wise-reasoning strategies at similar levels for resolving their own social conflicts and resolving other people’s social conflicts. Implications of these results and underlying mechanisms are explored and discussed.

scholarly journals The Me-File: An Event-Coding Approach to Self-Representation

2021 ◽  
Vol 12 ◽  
Author(s):  
Bernhard Hommel
Keyword(s):  
General Theory ◽  
Perception And Action ◽  
Human Perception ◽  
Action Control ◽  
Artificial Agents ◽  
Event File ◽  
Theory Of Event Coding ◽  
Mechanistic Basis ◽  
Underlying Mechanisms ◽  
Do So

Numerous authors have taken it for granted that people represent themselves or even have something like “a self”, but the underlying mechanisms remain a mystery. How do people represent themselves? Here I propose that they do so not any differently from how they represent other individuals, events, and objects: by binding codes representing the sensory consequences of being oneself into a Me-File, that is, into an event file integrating all the codes resulting from the behaving me. This amounts to a Humean bundle-self theory of selfhood, and I will explain how recent extensions of the Theory of Event Coding, a general theory of human perception and action control, provide all the necessary ingredients for specifying the mechanisms underlying such a theory. The Me-File concept is likely to provide a useful mechanistic basis for more specific and more theoretically productive experimentation, as well as for the construction of artificial agents with human-like selves.

scholarly journals Genetic engineering of mesenchymal stromal cells for cancer therapy: turning partners in crime into Trojan horses

2016 ◽  
Vol 1 (1) ◽  
pp. 19-32 ◽  
Author(s):  
Hanno Niess ◽  
Michael N. Thomas ◽  
Tobias S. Schiergens ◽  
Axel Kleespies ◽  
Karl-Walter Jauch ◽  
...  
Keyword(s):  
Mesenchymal Stromal Cells ◽  
Stromal Cells ◽  
Current Knowledge ◽  
Cell Types ◽  
The Body ◽  
Biological Functions ◽  
Connective Tissues ◽  
Differentiation Potential ◽  
Underlying Mechanisms ◽  
Do So

AbstractMesenchymal stromal cells (MSCs) are adult progenitor cells with a high migratory and differentiation potential, which influence a broad range of biological functions in almost every tissue of the body. Among other mechanisms, MSCs do so by the secretion of molecular cues, differentiation toward more specialized cell types, or influence on the immune system. Expanding tumors also depend on the contribution of MSCs to building a supporting stroma, but the effects of MSCs appear to go beyond the mere supply of connective tissues. MSCs show targeted “homing” toward growing tumors, which is then followed by exerting direct and indirect effects on cancer cells. Several research groups have developed novel strategies that make use of the tumor tropism of MSCs by engineering them to express a transgene that enables an attack on cancer growth. This review aims to familiarize the reader with the current knowledge about MSC biology, the existing evidence for MSC contribution to tumor growth with its underlying mechanisms, and the strategies that have been developed using MSCs to deploy an anticancer therapy.

scholarly journals Face Specific vs. Expertise Hypotheses: Insights into the Underlying Mechanisms of Face Processing in Prosopagnosia

2021 ◽  
Author(s):  
◽  
Sumaya Lamb
Keyword(s):  
Visual Perception ◽  
Face Processing ◽  
Training Programs ◽  
The Other ◽  
Object Processing ◽  
Novel Objects ◽  
Standard Training ◽  
Underlying Mechanisms ◽  
Substantial Heterogeneity ◽  
Do So

<p>A prominent debate in visual perception centers on the nature of mechanisms underlying face processing. One side of this debate argues that faces are processed by specialised mechanisms that are not involved in any form of object processing. By contrast, the other side argues that faces are processed by generic mechanisms common to all objects for which we are experts. To distinguish between these two hypotheses, I investigated whether participants with impaired face processing (developmental prosopagnosia) can acquire expertise with novel objects called greebles. To do so, I recruited 10 developmental prosopagnosics and 10 neurotypical control participants. All participants completed a standard training program for developing expertise with greebles, as well as two similar training programs with upright faces and inverted faces. Prosopagnosics were able to acquire expertise with greebles to the same extent as controls but were impaired when learning upright faces. These results demonstrate that deficits for face processing in individuals with prosopagnosia are dissociated from their ability to gain expertise with objects. Overall, the results support the hypothesis that face processing relies on specialised mechanisms, rather than generic expertise mechanisms. Despite their deficits, though, prosopagnosics still showed some evidence of learning with upright faces and showed better learning with upright faces than inverted faces. These findings suggest that prosopagnosics have face-specific mechanisms that are somewhat functional, and that training could be a useful rehabilitation tool in developmental prosopagnosia. Finally, I found substantial heterogeneity among the patterns of performance of the prosopagnosics, suggesting that further investigations into the subtypes of prosopagnosia are warranted.</p>

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