Managerial Ownership, Information Content of Earnings, and Discretionary Accruals in a Non–US Setting

This study employs Danish data to examine the empirical relationship between the proportion of managerial ownership and two characteristics of accounting earnings: the information content of earnings and the magnitude of discretionary accruals. In previous research concerning American firms, Warfield et al. (1995) document a positive relationship between managerial ownership and the information content of earnings, and a negative relationship between managerial ownership and discretionary accruals. We question the generality of the Warfield et al. result, as the ownership structure found in most other countries, including Denmark, deviates from the US ownership configuration. In fact, Danish data indicate that the information content of earnings is inversely related to managerial ownership.     

Organic matter release in low temperature thermal treatment of biological sludge for reduction of excess sludge production.

Thermal treatment applied in association with a biological system allows for a significant reduction in excess sludge production (approximately 50%). In general, heat treatment is described as a sludge disintegration technique. This paper offers a thorough study on the impact of heat treatment, at temperatures below 100 degrees C, on the solubilisation of the sludge COD and its biodegradability. Discontinuous heating experiments were performed on activated and digested sludge. At all temperatures tested the released COD for digested sludge was systematically higher than that for activated sludge (15 and 40%, respectively, at 95 degrees C for 40 min of contact time). For the first 30 min, a 1st order kinetic, with respect to the residual COD, was systematically found. In the range of 40-95 degrees C, digested sludge had a lower activation energy than activated sludge (26 kcal/mol compared to 70-160 kcal/mol). COD solubilisation is thus more positively influenced by temperature in the case of activated sludge. This may be due to the significant difference in the ratio of protein/carbohydrate in digested and activated sludge (1-5 and 0.2-0.7, respectively). The increase in the COD/TKN ratio in the solubilised fraction after thermal treatment of activated sludge suggests a preferential solubilisation of proteins over carbohydrates. Respirometric tests performed on the solubilised COD showed that whatever the sludge origin, only 40-50% of released COD is biodegradable at a conventional hydraulic retention time (i.e., 24 h). Hence, heat treatment would act more through organic matter solubilisation rather than by a biodegradability increase.     

The economic performance of the Russian economy in 2006 and a forecast for 2008–2010

This article examines the economic outcome of 2006 and builds a forecast for 2007–2010. The medium-term development risks of the Russian economy are analyzed.     

2008:全球经济预测和中期展望

一、全球经济展望 实际上要想做得精确非常容易,但是要想做正确是很难的,经济学家在社会当中只会"正确"两字,所以我想给大家介绍各种各样的想法,并进行讨论,你们可以自己判断经济的前景到底如何,以及我们面临怎样的风险.     

Use of electrochemical oxidation process as post-treatment for the effluents of a UASB reactor treating cellulose pulp mill wastewater.

The main purpose of this study was to evaluate the performance of the electrochemical oxidation process as a post-treatment for the effluents of a bench-scale UASB reactor treating simulated wastewater from an unbleached pulp plant. The oxidation process was performed using a single compartment cell with two plates as electrodes. The anode was made of Ti/Ru0.3Ti0.7O2 and the cathode of stainless steel. The following variables were evaluated: current density (75, 150 and 225 mA cm(-2)) and recirculation flow rate in the electrochemical cell (0.22, 0.45 and 0.90 L h(-1)). The increase in current density from 75 to 225 mA cm(-2) did not increased the color removal efficiency for the tested flow rates, 0.22, 0.45 and 0.90 L h(-1), however the energy consumption increased significantly. The results indicated the technical feasibility of the electrochemical treatment as post-treatment for UASB reactors treating wastewaters from pulp and paper plants.     

EFFECT OF FED POLICY ACTIONS ON THE DEFAULT LIKELIHOOD OF COMMERCIAL BANKS

Using a measure of default likelihood based on an option pricing method, we provide evidence that Fed policy actions affect the financial distress of commercial banks. When the Fed increases (decreases) interest rates, the measure of default likelihood increases (decreases). We show that when the Fed uses a tight money policy, the increase in default likelihood is more pronounced for banks that have less capital, have greater financial leverage, are smaller, have fewer growth opportunities, and have lower asset quality. Additionally, the effects on bank default likelihood are more pronounced when the Fed's policy signals less concern about economic growth, as indicated by its bias toward further tightening, and when there is a market expectation of higher short‐term market rates in the future.     

The appraisal of ordinary shares by Saudi investors

This paper reports on a questionnaire survey about share valuation practices among investors and their intermediaries in Saudi Arabia. The findings suggest that fundamental analysis is used most by investor respondents where a P/E multiple is applied to an earnings forecast to generate a prediction of future price. However, technical analysis is also used to a much greater extent than in developed markets. Finally, the results indicate that quarterly and annual reports as well as newspapers are widely consulted by investors when forming their expectations about share valuations.     

Anaerobic biodecolorization of textile reactive anthraquinone and phthalocyanine dyebaths under hypersaline conditions.

The biological decolorization of two industrial, spent textile reactive dyebaths was investigated using a suspended-growth, halophilic mixed culture fed with glucose. Dyebath I contained mainly Reactive Blue 19 (RB19), an anthraquinone dye, whereas dyebath II contained mainly Reactive Blue 21 (RB21), a phthalocyanine dye. Batch assays under anaerobic conditions with the two neutralized dyebaths resulted in 87 and 37% extent of decolorization for dyebaths I and II, respectively. The rate of glucose utilization and the extent of acetate production were impacted in the presence of each dyebath as compared to the control culture. However, dyebath decolorization occurred despite moderate culture inhibition. Reuse of a biologically renovated RB19-containing dyebath in the dyeing process resulted in reproducible but not identical cotton fabric shades as compared to a standard dyeing (i.e., control) using fresh water. This difference is attributed to a variable degree of RB19 aggregation during the dyeing process and is not related to the efficiency of the biodecolorization process. Further improvement of the redyeing efficiency will lead to the development of an in-plant, closed-loop decolorization system resulting in significant water conservation and minimization of textile pollutants such as salt and dyes.     

Learning and the monetary policy strategy of the European Central Bank

This paper examines the welfare implications of alternative inflation targeting proposals for the monetary policy of the European Central Bank. We assume that policy makers have to “learn” the laws of motion of inflation in an economy characterized by “stickiness” in domestic price setting behavior and subjected to recurring shocks to productivity, exports and foreign price. We find that a switch from an “asymmetric” inflation targeting strategy to an “symmetric” makes little difference in welfare payoffs, but it comes at a cost of much higher interest-rate variability. We also find that there are practically no welfare gains from switching from an inflation-targeting strategy based on the Harmonized Index of Consumer Prices (HICP) to a strategy based on the domestic price component of the HICP.