International Variation in Accounting Measurement Rules and Analysts' Earnings Forecast Errors

We theorize that accounting systems affect analysts' forecast accuracy through changes in earnings variability. We argue that the matching and historical cost principles reduce earnings variability, and hence, reduce analysts' earnings forecast errors. We also argue that restricting the choice of accounting methods can result in larger forecast errors. We argue that more informative disclosure environments should reduce forecast errors. We test whether variation in these factors across countries explain variation in analysts' earnings forecast bias and accuracy. Our results indicate that these characteristics of financial accounting systems are complements, and that they affect financial analysts' earnings forecast errors.     

International Divider Walls

The subject of this teaching case is the Enterprise Resource Planning (ERP) system implementation at International Divider Walls, the world market leader in design, production, and sales of divider walls. The implementation in one of the divisions of this multi-national company had been successful, and now the Chief Information Officer (CIO) was asked to advise the board of directors on the next step in the worldwide roll out of the ERP system. A choice had to be made between a centrally managed ERP option, and an option in which each of the divisions set up its own ERP project.     

功能翻译理论视野下的旅游外宣文本研究

中国即将成为世界上最大的旅游目的地国。旅游外宣文本在提供信息,吸引潜在游客,促进中国旅游业的发展和文化的传播等方面发挥着重要作用。本文通过对旅游外宣文本的类型和功能的分析,认为功能翻译理论在一定程度上对旅游翻译实践具有积极的指导意义。     

Sanyal and Jones on trade in middle products

This paper reports, for the first time, empirical estimates of one of the most ingenious models of trade in intermediate products – the model of Sanyal and Jones. We show how the restrictions implied by the Sanyal and Jones production structure can be imposed and tested with the help of aggregate data even though information about the allocation of inputs and outputs between tiers and industries is not available. A new theoretical concept, that of 'disjoint production' is introduced. We also propose a new functional form that is a generalization of the Symmetric Normalized Quadratic restricted profit function.     

The Italian way to functional separation: An assessment of background and criticalities

The paper describes the approach to functional separation followed in Italy. The analysis places the notion of functional separation in the context of the reform of the European Regulatory Framework in particular the Access Directive of the European Commission. It concentrates on the two main aspects of functional separation in the Italian telecommunications market: (i) the creation of an Open Access unit and (ii) the undertakings suggested by Telecom Italia and approved by AGCOM with the Decision 718/08/CONS. The paper shows that even if these measures are primarily aimed at fostering transparency, promoting equal access and non-discrimination practices, some doubts remain with respect to the impact of functional separation on incumbency of Telecom Italia. It proposes that the outcome of functional separation will have to be determined by joint efforts of regulation by AGCOM and changes in the strategy of Telecom Italia.     

The economic impact of galantamine vs placebo: An analysis based on functional capacity in a Swedish cohort study

Abstract

Objective:

To analyse the economic impact of galantamine, based on basic activities of daily living (ADL).

Methods:

Data were derived from Swedish patients enrolled in a 6-month placebo-controlled trial of galantamine (GAL-INT-1; n?=?80), and from the Kungsholmen–Nordanstig Project, a longitudinal study of 919 elderly persons in Sweden. Basic ADL were assessed using the Katz’ Index of Independence in Activities of Daily Living (ADL) (number of ADL lost [dependency in 0, 1–2, 3–4, or 5–6 ADL]). Costs were appraised based on regression analysis and on costs directly linked to ADL. Six-month costs for galantamine and placebo were calculated.

Results:

In the regression analyses, each increase in a Katz stage was associated with an annual cost increase of SEK 81,415–83,683 (～€8000). Results were similar using stage-specific costs. Overall, there was a small, non-significant numerical cost benefit for galantamine indicating cost neutrality.

Limitations:

The small number of Swedish patients in the GAL-INT-1 study, which was not powered for economic outcomes, limits the statistical power of the analysis. In addition, long-term outcomes are difficult to assess in persons with dementia because of practical and logistical problems.

Conclusions:

The benefits of galantamine in patients with AD can be achieved with no increase in cost. Combined with positive effects in terms of outcome, treatment with galantamine can be regarded as cost-effective using a cost–consequence approach.     

Interrelación de la cultura,flexibilidad laboral,alineación estratégica,innovación y rendimiento empresarial

The objectives of this research are to understand the relationships between the organizational practices related to alignment strategies (AE), organizational culture (CO), innovation initiatives (INN), and flexible labor practices (PFL), with the perceived firm's performance from the worker's perspective. To achieve these goals, we use a quantitative analysis with a sample of 98 people working on a firm with more than 500 employees. We define firm's performance using five alternative definitions: Creativity and initiatives (IC), goals achieved (OA), workers’ satisfaction (ST), fast workers’ advance (EO), and resources’ efficient use (AR). Preliminary results indicate that CO and AE positively affect firm's performance under the five alternative definitions used. However, INN and PFL have asymmetric effects in firm's performance, which are sensitive to the firm's performance definition used. Particularly, firms face a tradeoff between performance objectives selection and the organizational flexible processes they pursue. In summary, innovation processes and flexible labor practices work in opposite directions in pursuing the firm's goals achievement, and consequently do not lead to the development of a unidirectional development of a sustainable competitive advantage.     

红景天黑玉米复合功能饮料的研制

用乙醇提取法从红景天根茎中提取分离得到有效成分红景天甙提取物,并与黑糯玉米原料配伍,制成风味独特的红景天黑玉米复合功能饮料。经正交设计试验得到优选的工艺参数和配方,即红景天甙粗品用量0.05%,玉米提取液用量25%,蔗糖用量9%,柠檬酸用量0.20%。     

Non-Existence of the First Moment of the Adjusted Least Squares Estimator in Multivariate Errors-in-Variables Model

The linear normal multivariate errors-in-variables model is considered. The model involves an equation error. It is proved in both structural and functional cases that the first moment of the adjusted least squares estimator does not exist.     

Defining functional urban regions in Bahia,Brazil, using roadway coverage and population density variables

The concept of Functional Urban Regions (FURs), also called Metropolitan Regions (MRs), is not simple. It is clear, though, that they are not simply a combination of adjacent municipalities or areas. Different methods can be used for their definition. However, especially in developing countries, the application of some methods is not possible, due to the unavailability of detailed data. Alternative approaches have been developed based on spatial analysis methods and using variables extracted from available data. The objective of this study is to compare the results of two spatial analysis methods exploring two variables: population density and an indicator of transport infrastructure supply. The first method regards Exploratory Spatial Data Analyses tools, which define uniform regions based on specific variables. The second method used the same variables and the spatial analysis technique available in the computer program SKATER – Spatial ‘K’luster Analysis by Tree Edge Removal. Assuming that those classifications of regions with similar characteristics can be used for identifying potential FURs, the results of all analyses were compared with one another and with the ‘official’ MR. A combined approach was also considered for comparison, but none of the results match the existing MR boundaries, what challenges the official definitions.