How Do Firms Change Investments Based on MD&A Disclosures of Peer Firms?

2020 ◽  
Author(s):  
Hyunkwon Cho ◽  
Volkan Muslu
Keyword(s):  
Information Content ◽  
Capital Investments ◽  
Proprietary Costs ◽  
Peer Firms ◽  
One Year ◽  
Investment Response

We show that a firm's one-year-ahead capital investments and inventory increase (decrease) when peer firms' MD&A narratives become more optimistic (pessimistic). This finding is driven by firms that access peer firms' 10-K filings within seven days of filing, and remains after controlling for other determinants of a firm's investments as well as economic connections between the firm and peer firms. Moreover, a firm's investment response varies based on content in peer firms' MD&A narratives. For instance, a firm makes more (less) capital investments when peer firms become more optimistic in their narratives that discuss the industry and investments (competition). Our findings provide broad insights on the information content and proprietary costs of MD&A disclosures.

Do False Financial Statements Distort Peer Firms' Decisions?

2015 ◽  
Vol 91 (1) ◽  
pp. 251-278 ◽  
Author(s):  
Valerie Li
Keyword(s):  
Capital Investment ◽  
Financial Statements ◽  
Information Environment ◽  
External Information ◽  
Specific Information ◽  
Capital Investments ◽  
Bottom Line ◽  
High Profile ◽  
Peer Firms ◽  
Financial Misstatements

ABSTRACT Beatty, Liao, and Wu (2013) document that financial misreporting by prominent firms distorts peer firms' capital investment decisions. Using a large sample of firms subject to SEC and DOJ enforcement actions for accounting misstatements, I establish three important generalizations. First, the adverse effect of financial misstatements documented by Beatty et al. (2013) is not limited to high-profile scandals and can be generalized to a larger population. Second, the distortions are not confined to capital investments; they also extend to choices peer firms make with respect to R&D, advertising, and pricing policies—decisions with immediate bottom-line impact. Third, I document that the magnitude of the distortion varies predictably with peer firms' characteristics, the misstating firms' external information environment, and the industry-specific information environment within which the misstatement occurs. Specifically, I find smaller distortions for larger peers and peers managed by more able managers, and larger distortions for more widely followed misstating firms and in the industries in which more firms misstate. Collectively, my results suggest that the distortive effect of financial misstatements is larger and more pervasive than documented in prior research.

scholarly journals The Accounting and Analytical Provision of Management of the Non-Material Assets of Enterprise

2020 ◽  
Vol 10 (513) ◽  
pp. 286-293
Author(s):  
M. O. Melnychuk ◽  
◽  
Y. M. Kryshtopets ◽  
Keyword(s):  
Economic Analysis ◽  
Development Strategy ◽  
Economic Benefits ◽  
Capital Investments ◽  
Internal Factors ◽  
Professional Literature ◽  
Managerial Decisions ◽  
Economic Ground ◽  
One Year ◽  
Accounting Policy

The article is aimed at examining the economic ground of the formation of information-analytical provision for the management of non-material assets of enterprises. A review of normative and professional literature showed that the concept of«non-material assets» is used in terms of their use as property of the owner, which has no materially reserved form and can be identified in the following way: as means of work – resources with a term of use for more than one year in order to obtain economic benefits for the enterprise; as objects of intellectual property rights. In order to strengthen the significance of information about non-material assets, their classification for accounting and economic analysis purposes by a number of features and relevant types is closer defined, allowing to form and provide disclosure in the financial statements. For modern domestic accounting methodology, accounting policy on a separate accounting object is a priority, so the article proposes a generalized architecture of accounting policy on non-material assets in the following three blocks: general, methodical, organizational and technical parts. Each block is imbued with with basic components that ensure the implementation of accounting policy on non-material assets at the enterprise. Taking into consideration the accounting objects concerning non-material assets of the enterprise, both external and internal factors that influence the elements of accounting policy are generalized. It is recommended to introduce a system of analytical accounting of accounting nomenclatures on the following objects of non-material assets: capital investments, identifiable objects and not always identified objects. The main directions of economic analysis of non-material assets at the enterprise are formed by developing the appropriate algorithm. The proposed algorithm can be used for carrying out analysis along with formation of analytical indicators on non-material assets in order to substantiate managerial decisions in the system of implementation of the enterprise’s development strategy.

Between ‘Savage Man’ and ‘Most Faithful Englishman’ Manteo and the Early Anglo-Indian Exchange, 1584–1590

Itinerario ◽  
2000 ◽  
Vol 24 (2) ◽  
pp. 146-169 ◽  
Author(s):  
Michael Leroy Oberg
Keyword(s):  
North Carolina ◽  
Chesapeake Bay ◽  
One Year ◽  
Anglo Indian

In August of 1587 Manteo, an Indian from Croatoan Island, joined a group of English settlers in an attack on the native village of Dasemunkepeuc, located on the coast of present-day North Carolina. These colonists, amongst whom Manteo lived, had landed on Roanoke Island less than a month before, dumped there by a pilot more interested in hunting Spanish prize ships than in carrying colonists to their intended place of settlement along the Chesapeake Bay. The colonists had hoped to re-establish peaceful relations with area natives, and for that reason they relied upon Manteo to act as an interpreter, broker, and intercultural diplomat. The legacy of Anglo-Indian bitterness remaining from Ralph Lane's military settlement, however, which had hastily abandoned the island one year before, was too great for Manteo to overcome. The settlers found themselves that summer in the midst of hostile Indians.

Some Biological Applications of High Voltage Electron Microscopy

1974 ◽  
Vol 32 ◽  
pp. 298-299
Author(s):  
Hans Ris
Keyword(s):  
High Voltage ◽  
Chromosome Structure ◽  
Nerve Fibers ◽  
Good Resolution ◽  
High Voltage Electron Microscopy ◽  
Voltage Electron ◽  
University Of Wisconsin ◽  
High Voltage Electron ◽  
One Year ◽  
The University

The High Voltage Electron Microscope Laboratory at the University of Wisconsin has been in operation a little over one year. I would like to give a progress report about our experience with this new technique. The achievement of good resolution with thick specimens has been mainly exploited so far. A cold stage which will allow us to look at frozen specimens and a hydration stage are now being installed in our microscope. This will soon make it possible to study undehydrated specimens, a particularly exciting application of the high voltage microscope.Some of the problems studied at the Madison facility are: Structure of kinetoplast and flagella in trypanosomes (J. Paulin, U. of Georgia); growth cones of nerve fibers (R. Hannah, U. of Georgia Medical School); spiny dendrites in cerebellum of mouse (Scott and Guillery, Anatomy, U. of Wis.); spindle of baker's yeast (Joan Peterson, Madison) spindle of Haemanthus (A. Bajer, U. of Oregon, Eugene) chromosome structure (Hans Ris, U. of Wisconsin, Madison). Dr. Paulin and Dr. Hanna are reporting their work separately at this meeting and I shall therefore not discuss it here.

Applications of Scanning Microscopy in Biomedical Research

1968 ◽  
Vol 26 ◽  
pp. 354-355
Author(s):  
T. L. Hayes
Keyword(s):  
Information Content ◽  
Biomedical Research ◽  
Biomedical Applications ◽  
Three Dimensional ◽  
Dental Enamel ◽  
Resolving Power ◽  
Whole Mount ◽  
Two Parameters ◽  
Content Information ◽  
Sectioned Tissue

Biomedical applications of the scanning electron microscope (SEM) have increased in number quite rapidly over the last several years. Studies have been made of cells, whole mount tissue, sectioned tissue, particles, human chromosomes, microorganisms, dental enamel and skeletal material. Many of the advantages of using this instrument for such investigations come from its ability to produce images that are high in information content. Information about the chemical make-up of the specimen, its electrical properties and its three dimensional architecture all may be represented in such images. Since the biological system is distinctive in its chemistry and often spatially scaled to the resolving power of the SEM, these images are particularly useful in biomedical research.In any form of microscopy there are two parameters that together determine the usefulness of the image. One parameter is the size of the volume being studied or resolving power of the instrument and the other is the amount of information about this volume that is displayed in the image. Both parameters are important in describing the performance of a microscope. The light microscope image, for example, is rich in information content (chemical, spatial, living specimen, etc.) but is very limited in resolving power.

Osseointegration interface of calcified bone and endosseous implants

1992 ◽  
Vol 50 (2) ◽  
pp. 1096-1097
Author(s):  
K.E. Krizan ◽  
J.E. Laffoon ◽  
M.J. Buckley
Keyword(s):  
Structure And Function ◽  
Titanium Implants ◽  
En Bloc ◽  
Endosseous Implants ◽  
Ultrastructural Studies ◽  
The Past ◽  
Cacodylate Buffer ◽  
One Year ◽  
And Function

With increase use of tissue-integrated prostheses in recent years it is a goal to understand what is happening at the interface between haversion bone and bulk metal. This study uses electron microscopy (EM) techniques to establish parameters for osseointegration (structure and function between bone and nonload-carrying implants) in an animal model. In the past the interface has been evaluated extensively with light microscopy methods. Today researchers are using the EM for ultrastructural studies of the bone tissue and implant responses to an in vivo environment. Under general anesthesia nine adult mongrel dogs received three Brånemark (Nobelpharma) 3.75 × 7 mm titanium implants surgical placed in their left zygomatic arch. After a one year healing period the animals were injected with a routine bone marker (oxytetracycline), euthanized and perfused via aortic cannulation with 3% glutaraldehyde in 0.1M cacodylate buffer pH 7.2. Implants were retrieved en bloc, harvest radiographs made (Fig. 1), and routinely embedded in plastic. Tissue and implants were cut into 300 micron thick wafers, longitudinally to the implant with an Isomet saw and diamond wafering blade [Beuhler] until the center of the implant was reached.

Effectiveness of a 24-hour nicotine patch in conjunction with a cognitive behavioural programme: one year outcome transdermal

Addiction ◽  
1997 ◽  
Vol 92 (1) ◽  
pp. 27-31
Author(s):  
Robyn L. Richmond ◽  
Linda Kehoe ◽  
Abilio Cesar De Almeida Neto
Keyword(s):  
Nicotine Patch ◽  
Cognitive Behavioural ◽  
One Year

Resources: Internet Resources for the Independent Medical Evaluator – 2007

2007 ◽  
Vol 12 (4) ◽  
pp. 4-7
Author(s):  
Christopher R. Brigham ◽  
Jenny Walker
Keyword(s):  
Head Trauma ◽  
Clonic Seizure ◽  
Acute Subdural Hematoma ◽  
Orbital Fracture ◽  
Orbital Wall ◽  
First Occurrence ◽  
One Year ◽  
The One ◽  
Neurological Injuries ◽  
Medial Orbital Wall

Abstract Rating patients with head trauma and multiple neurological injuries can be challenging. The AMA Guides to the Evaluation of Permanent Impairment (AMA Guides), Fifth Edition, Section 13.2, Criteria for Rating Impairment Due to Central Nervous System Disorders, outlines the process to rate impairment due to head trauma. This article summarizes the case of a 57-year-old male security guard who presents with headache, decreased sensation on the left cheek, loss of sense of smell, and problems with memory, among other symptoms. One year ago the patient was assaulted while on the job: his Glasgow Coma Score was 14; he had left periorbital ecchymosis and a 2.5 cm laceration over the left eyelid; a small right temporoparietal acute subdural hematoma; left inferior and medial orbital wall fractures; and, four hours after admission to the hospital, he experienced a generalized tonic-clonic seizure. This patient's impairment must include the following components: single seizure, orbital fracture, infraorbital neuropathy, anosmia, headache, and memory complaints. The article shows how the ratable impairments are combined using the Combining Impairment Ratings section. Because this patient has not experienced any seizures since the first occurrence, according to the AMA Guides he is not experiencing the “episodic neurological impairments” required for disability. Complex cases such as the one presented here highlight the need to use the criteria and estimates that are located in several sections of the AMA Guides.

1848: Revolix 70 Watt 2 Micron Continuous Wave Laser Vaporesection of the Prostate. Preliminary Results After a One Year Follow-Up

2007 ◽  
Vol 177 (4S) ◽  
pp. 614-614
Author(s):  
Thorsten Bach ◽  
Thomas R.W. Herrmann ◽  
Roman Ganzer ◽  
Andreas J. Gross
Keyword(s):  
Continuous Wave ◽  
Continuous Wave Laser ◽  
Preliminary Results ◽  
Wave Laser ◽  
One Year
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