The Differential Value Relevance of S&P's Core Earnings Versus GAAP Earnings: The Role of Stock Option Expense

In 2002, Standard & Poor's (S&P) introduced Core Earnings as a proprietary, uniform earnings metric, with the goal of improving financial reporting. The distinguishing feature of Core Earnings is its consistent treatment of seven adjustments to GAAP earnings for which there is no consensus adjustment by managers and analysts. We use stock price and return data to assess whether investors perceive Core Earnings to be more value relevant than GAAP earnings. The implementation of FASB 123R changed the calculation of GAAP and Core Earnings. This change allows us to assess the role of stock option expense in the valuation of earnings numbers by partitioning the sample into pre‐ and post‐FASB 123R periods and creating consistent measures of GAAP and Core Earnings. Our price results indicate that Core Earnings is more value relevant than GAAP earnings in the pre‐period after controlling for stock option expense, and in the post‐FASB 123R periods. The price results provide empirical evidence consistent with S&P's expectation that a uniformly calculated earnings measure is a more consistent and useful indicator of current performance and future earnings.     

Promoting Gondwana: presentation of the Gondwana Rainforests of Australia World Heritage Area in tourist brochures

An 800 km stretch of the Eastern coast of Australia contains some of the last remnant fragments of the sub-tropical rainforests that once covered much of the region. This natural resource – declared as World Heritage in 1986 as the Central Eastern Rainforest Reserves of Australia, but now known as the Gondwana Rainforests of Australia – serves as an important drawcard for tourist visitation to the region. Using a content analysis of 343 tourism brochures collected across one section of the Gondwana Rainforests area, this study examined the extent to which ‘rainforest’, ‘World Heritage’ and the ‘Gondwana Rainforests’ are present within text and imagery. Findings reveal a low prevalence of this ‘branding’; indeed only 3% of brochures mention ‘Gondwana’ or ‘Gondwana Rainforests’. As presentation is a key component of World Heritage-listed forests like Gondwana, the study's results reveal the importance of building awareness of the brand in the minds of users and the community.     

浅谈宏观经济学教学内容改革方案

现如今的宏观经济学教学内容普遍存在过度西化和偏重理论的不足,使培养应用型人才的实现加大了难度.中国改革开放的实践为宏观经济学教学内容改革提供了诸多方案,而教学手段、教学指导文件、科研、教学案例、教学体系等方面则是教学内容改革所必须包括的.     

中职学校体育课准备活动的认识

体育课的准备活动是体育课的基本部分。正确地认识准备活动的作用,有效地选择准备活动的内容与组织形式,能够使学生在体育课上做好身体、心理等方面的准备。在体育教学中,合理的准备活动能有效地避免学生肌肉、韧带等软组织的损伤,使学生有效地掌握运动技术技能,提高基本素质,保证体育课任务顺利完成。     

Deployment of Restaurants Websites’ Marketing Features: The Case of Spanish Michelin-Starred Restaurants

ABSTRACT

Websites have become a fundamental marketing tool for tourism businesses and have a special importance for highly rated restaurants. The aim of this article is to propose and apply a model to evaluate the deployment and adoption of website marketing features of restaurants from a specific category. The model is based on the application of an extended model of Internet commerce adoption (eMICA) technique for technical depth, combined with content analysis for breadth. This study analyzes the website features and capabilities for Spanish restaurants in the 2015 Michelin Red Guide. A total of 102 restaurants were analyzed. The results of the website evaluation model suggest that, despite the importance of the restaurant sector in the economy and in the tourism industry, the websites of high-quality restaurants require improvements to adapt to customers’ demands. Results further found that these websites are not tourist-orientated and are established at different stages of development.     

社区建设中公民教育的主要内容

社区公民教育内容的确定,应当围绕社区基本现实与公民教育的目的。基于历史传统与文化特点、教育目的与社会现实,社区公民教育内容的确定应当包括民主政治与法纪教育、心理适应与责任教育、危机应对与科学教育、和谐社会与伦理教育四个部分。     

羽毛球基础阶段教学训练目标的研究

羽毛球基础阶段教学训练主要适用于通过启蒙阶段学习与训练，经过考核达到一定要求的9～15岁少儿羽毛球运动员。文章从羽毛球基础阶段的训练任务日标、负荷安排、训练内容三个方面进行分析研究，总结出羽毛球基础阶段教学训练的一般要求及其特点。     

几种辅料对罗红霉素胶囊质量的影响

文章通过选择合适的辅料并调整其在罗红霉素胶囊中比例的试验，发现淀粉、预胶化淀粉、羧甲基淀粉钠（CMS- NA）、滑石粉、微粉硅胶等辅料的选择与用量大小对罗红霉素胶囊产品质量有一定的影响。     

高职高专旅游英语教学中跨文化交际能力的培养

语言是文化的裁体,文化支配着语言。不同文化背景的人们在交际的过程中,由于文化差异,交流双方很容易产生文化障碍。要获得跨文化交际的最佳效果,我们不仅要掌握语言本身的规律,更要了解语言所承载的深刻文化内涵,通过一些手段来培养学生的跨文化交际能力。