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Electrochemical polymerization of 3,4-ethylenedioxythiophene in the presence of water-soluble fullerene derivatives was investigated. The electronic structure, morphology, spectroelectrochemical, electrochemical properties and near-IR photoconductivity of composite films of poly(3,4-ethylenedioxythiophene) with fullerenes were studied for the first time. It was shown that fullerene with hydroxyl groups creates favorable conditions for the formation of PEDOT chains and more effectively compensates for the positive charges on the PEDOT chains. The near-IR photoconductivity results from the generation of charge carriers due to electron transfer from the photoexcited PEDOT molecule to the fullerene acceptor. [ABSTRACT FROM AUTHOR]

Self-assembly into tubular structures typically proceeds by helical winding of ribbon intermediates, however, only the central parts of the tubes, that retain no information on the ribbon geometry, have received attention so far. We propose the procedure of establishing the crystal structure of ribbons and ribbon-based tubes on the basis of crystallographic analysis of the tube-end geometry, where the terminal parts of the ribbons fold and form characteristic mono/bilayer polygonal shapes. The terminal parts of flattened Jaggregate nanotubes of trimethine cyanine dye were clearly resolved in electron microscopy and atomic force microscopy images, and the original parallelogram shape of ribbons was reconstructed and interpreted as a two-dimensional [1-10]/[010] facetted crystal with inclined molecular π-stacks parallel to the long ribbon side. The back-reconstructed molecular orientations in a tube wall tend to be close to the tube normal. A two-stage ''nucleation and growth'' type model of the ribbon to tube transition is proposed that takes into account the established ribbon mechanical asymmetry. The model includes closure of the single ribbon loop as a nucleation event and explains, mostly observed in experiments, nearly rectangular shapes of tubes by the transition kinetics. Due to its universal character, the suggested approach can be applied to any ribbon-based tubes, regardless of their chemical composition. [ABSTRACT FROM AUTHOR]

Background. In many studies over the past decade, scientists have made a connection between the composition of gut microbiota and human health. A number of publications have shown that gut bacteria are involved in many metabolic and physiological processes of the organism. The composition of the gut microbiome is unique for each person and is formed under the influence of various factors associated with both the individual characteristics of the body and the characteristics of the environment. Different regional characteristics make it necessary for the body to adapt to certain conditions, including temperature fluctuations. Living in areas with low temperatures, such as the Arctic zone, dictates the need for increased energy consumption, which affects the composition of the gut microbiome. Methods. In our study, an extensive questionnaire was conducted among the participants, where many questions were included about the dietary preferences of the study participants, which allowed them us to further divide them into groups according to their diets. Stool samples were collected from participants from 3 groups: Arctic native, Arctic newcomer and the control group. The next step was the isolation of bacterial DNA and sequencing the 16S rRNA gene. The analysis of the results of the diversity of the intestinal microbiota was carried out both with and without taking into account the dietary preferences of the participants. Results. As a result of comparing the intestinal microbiota obtained from residents of the Arctic zone with the gut microbiota of residents of other regions with a milder climate, significant differences are found. These differences may be related to limited food resources and a reduction in the variety of food products characteristic of this Arctic region. t was also found that representatives of the bacterial families Christensenellaceae and Muribaculaceae dominated the control group, both with traditional nutrition and with a dairy-free diet in comparison with the Arctic groups. The control group was dominated by representatives of the Prevotellaceae, Enterobacteriaceae and Comamonadaceae families compared to the Arctic group (with a traditional diet). The results also show that the number of representatives of the families Desulfovibrionaceae (with traditional diet) and Enterobacteriaceae (with milk-free diet) is growing in the Arctic group. Conclusions. In the course of this work, bacterial families characteristic of people living in the Arc-tic zone of the Far Eastern region of the Russian Federation were identified. Poor diet, difficult climatic conditions, and problems with logistics and medical care can have a strong impact on the health of this population. The main type of diet for the inhabitants of the Arctic is the traditional type of diet. They consume a large number of low-cost products, obtainget animal protein from poultry and canned food, and also eat a small number of fresh vegetables and fruits. Such a diet is due to the social status of the study participants and the climatic and geographical features of the region (difficulties in agriculture). With such a diet, we observe a decrease in representatives of the Christensenellaceae, Muribaculaceae, Eubacteriaceae, and Prevotellaceae families and an increase in representatives of the Enterobacteriaceae and Desulfovibrionaceae families among Arctic residents. This imbalance in the futuremay cause, this population may to develop various diseases in the future, including chronic diseases such as obesity, intestinal dysbiosis, inflammatory bowel diseases, and type 2 diabetes. [ABSTRACT FROM AUTHOR]

Background. Currently, it is known that the gut microbiota plays an important role in the functioning of the immune system, and a rebalancing of the bacterial community can arouse complex immune reactions and lead to immune-mediated responses in an organism, in particular, the development of atopic dermatitis (AD). Cytokines and chemokines are regulators of the innate and adaptive immune response and represent the most important biomarkers of the immune system. It is known that changes in cytokine profiles are a hallmark of many diseases, including atopy. However, it remains unclear how the bacterial imbalance disrupts the function of the immune response in AD. Objectives. We attempted to determine the role of gut bacteria in modulating cytokine pathways and their role in atopic inflammation. Methods. We sequenced the 16S rRNA gene from 50 stool samples of children aged 3–12 years who had confirmed atopic dermatitis, and 50 samples from healthy children to serve as a control group. To evaluate the immune status, we conducted a multiplex immunofluorescence assay and measured the levels of 41 cytokines and chemokines in the serum of all participants. Results. To find out whether changes in the composition of the gut microbiota were significantly associated with changes in the level of inflammatory cytokines, a correlation was calculated between each pair of bacterial family and cytokine. In the AD group, 191 correlations were significant (Spearman's correlation coefficient, p ≤ 0.05), 85 of which were positive and 106 which were negative. Conclusions. It has been demonstrated that intestinal dysbiosis is associated with alterations in cytokine profiles, specifically an increase in proinflammatory cytokine concentrations. This may indicate a systemic impact of these conditions, leading to an imbalance in the immune system's response to the Th2 type. As a result, atopic conditions may develop. Additionally, a correlation between known AD biomarkers (IL-5, IL-8, IL-13, CCL22, IFN-γ, TNF-α) and alterations in the abundance of bacterial families (Pasteurellaceae, Barnesiellaceae, Eubacteriaceae) was observed. [ABSTRACT FROM AUTHOR]

While the production of credit ratings has long been limited mainly to rating agencies (CRAs), recent years have seen the growing popularity of consensus credit ratings crowdsourced from banks (i.e., bank ratings). We provide the first comprehensive examination of the properties and informativeness of bank ratings relative to CRA ratings. We find that bank ratings often deviate from CRA ratings, with over 60% of firm-months having different bank and CRA ratings. These deviations contain useful information. Bank ratings improve out-of-sample prediction of defaults and CRA rating revisions and explain the cross-section of credit spreads. However, bank ratings do not improve out-of-sample prediction of credit excess returns, indicating that current prices incorporate bank rating information. Overall our findings suggest that bank ratings are a useful supplement to traditional credit ratings. [ABSTRACT FROM AUTHOR]

The gut microbiota plays an important role in maintaining human health, as well as in the development of various pathologies, as indicated by a large amount of research. One of the manifestations of an imbalance in the gut microbiome composition is the appearance of various diseases or immune reactions, in particular, atopic dermatitis (AD) and/or food allergies (FA). In this research, using 16S NGS sequencing, it was found that the gut microbiome of children with food allergies and children with atopic dermatitis can be characterized as having higher inflammatory potential. Both groups exhibited an abundance of representatives from the Pasteurellaceae and Erysipelotrichaceae families, as well as a decrease in the relative number of representatives from the Barnesiellaceae family compared to healthy participants. In the group of participants with food allergies, there was a decrease in the relative number of Desulfovibrionaceae representatives and Bifidobacteriaceae family enrichment in relatively healthy participants. In addition, when comparing this group with patients with atopic dermatitis, it was revealed that a number of representatives of such families as Erysipelotrichaceae, Ruminococcaceae and Sutterellaceae prevailed. This information confirms that AD and FA correlate with changes in the composition of the gut microbiota. Further research is needed to determine the cause–effect connections and the effect of compounds derived from the microbiota on the AD and FA development and progression, as well as to create new probiotic drugs to prevent and modulate immune responses, including at an early age. [ABSTRACT FROM AUTHOR]

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The electrochemical polymerization of 3,4-ethylenedioxythiophene (EDOT) was performed in the presence of a water-soluble anionic copper and zinc octa(3′,5′-dicarboxyphenoxy)phthalocyaninate containing 16 ionogenic carboxylate groups. The influences of the central metal atom in the phthalocyaninate and EDOT-to-carboxylate group ratio (1:2, 1:4, and 1:6) on the course of electropolymerization were studied using electrochemical methods. It has been shown that the polymerization of EDOT in the presence of phthalocyaninates proceeds at a higher rate compared to that in the presence of a low-molecular-weight electrolyte (sodium acetate). Studies of the electronic and chemical structure using UV–Vis–NIR and Raman spectroscopies showed that the use of copper phthalocyaninate leads to a higher content of the latter in PEDOT composite films. The 1:2 EDOT-to-carboxylate group ratio was found to be optimal for a higher content of phthalocyaninate in the composite film. [ABSTRACT FROM AUTHOR]

Two reported D‐A‐D monomers based on 3,4‐ethylenedioxythiophene (EDOT) were selected for electrochemical copolymerization to obtain copolymer film, named pRG. Then, a soluble polymer poly[3,4‐ethylenedioxythiophene‐alt‐3,4‐bis([2‐ethylhexyl]oxy)thiophene] (pEA) based on the EDOT derivative was screened out, which is complementary to the absorption trough of the pRG film in visible region and matched with its working potential. The bilayer composite film pRG/pEA was obtained by spinning pEA basement membrane on fluorine doped tin oxide (FTO) coated glass surface, and then in situ electrochemical polymerization of pRG film. Compared to the pRG monolayer film, the bilayer composite film shows a more saturated black color in the neutral state and significant improvement on cyclic stability (only decreased by 1.7% after 250 cycles, while pRG film decreased by 17.1%). The introduction of pEA buffer layer not only achieves the full spectral absorption of the composite film in the visible region, but also significantly improves the cyclic stability of the bilayer composite film. The assembled EC prototype device based on the pRG/pEA composite film exhibits a "black to high transmission" reversible switch. Finally, this method combining electrochemical copolymerization, spin‐coating, lamination and other methods provides a new research idea for designing and preparing black to transmissive electrochromic materials. [ABSTRACT FROM AUTHOR]

We propose the visual attention hypothesis that visuals in firm earnings announcements increase attention to the earnings news. We find that visuals in firms' Twitter earnings announcements are associated with more retweets, consistent with greater user engagement with announcements that have visuals. This result holds for earnings tweets sent by the same firm and on the same day in firm-level and tweet-level analyses. Consistent with managerial opportunism, firms are more likely to use visuals in their earnings tweets when performance is good but less persistent. Consistent with visuals increasin g investor attention, the initial return response to earnings news is stronger and the post-announcement response is lower when visuals are used. Our evidence of a post-announcement return reversal indicates that visuals can be a double-edged sword. Furthermore, the higher earnings response coefficient from visuals is more pronounced on days with high investor distraction (when many other firms are also announcing earnings). [ABSTRACT FROM AUTHOR]

Employee turnover is a significant cost for businesses and a key human capital metric, but firms do not disclose this measure. We examine whether turnover is informative about future firm performance using a large panel of turnover data extracted from employees' online profiles. We find that turnover is negatively associated with future financial performance (one-quarter ahead return on assets and sales growth). The negative association between turnover and future performance is stronger for small firms, for young firms, for firms with low labor intensity, when the local labor market is tight, and when the firm is trying to replace departing employees. The negative association disappears when turnover is very low, suggesting that a certain amount of turnover can be beneficial. Consistent with the concern that turnover increases operational uncertainty, we find a positive association between turnover and the uncertainty of future financial performance. Finally, we find a significant association between turnover and future stock returns, suggesting that investors do not fully incorporate turnover information. Our findings answer the call from the Securities and Exchange Commission to determine the importance of turnover disclosure. This paper was accepted by Brian Bushee, accounting. [ABSTRACT FROM AUTHOR]

We study how institutional investor attention to a firm affects the timeliness of analysts' forecasts for that firm. We measure abnormal institutional attention (AIA) using Bloomberg news search activity for the firm on earnings announcement days. We find that analysts issue more timely forecasts when AIA is high on the earnings announcement day. Analyst responsiveness to AIA is stronger when analysts have more resources and experience and weaker when the AIA of other covered firms is high. Analysts who respond more to AIA are more likely to be named all-star analysts and less likely to be demoted to a smaller brokerage. We address endogeneity concerns using a measure of expected AIA that is unaffected by concurrent information. Our findings suggest that responsiveness to institutional attention influences the production of analyst research and analysts' career outcomes. This paper was accepted by Brian Bushee, accounting. [ABSTRACT FROM AUTHOR]

This paper reveals that in addition to fundamental factors, the 52‐week high price and recent investor sentiment play an important role in analysts' target price formation. Analysts' forecasts of short‐term earnings and long‐term earnings growth are shown to be important explanatory variables for target prices; equally, the 52‐week high price and recent investor sentiment are also shown to explain target price levels and especially target price biases. Our analysis additionally reveals that analysts place greater weight on these two non‐fundamental factors in settings with greater task complexity and to some extent in those with greater resource constraints. Conversely, on balance, the results suggest that this increased reliance does not translate into an increased impact per unit of each non‐fundamental factor on forecast bias. Finally, our results show that target prices are useful in predicting future stock returns beyond earnings forecasts and commonly used risk proxies. However, in an internally consistent fashion, the informativeness of target prices for future returns is significantly reduced when greater weight is placed on either the 52‐week high or recent investor sentiment in the target price formation process. [ABSTRACT FROM AUTHOR]

Human capital is a key factor in value creation in the modern corporation. Yet the disclosure of investment in human capital is scant. We propose that a company's online job postings are disclosures made outside of the investor-relations channel that contain forward-looking information that could be informative to investors about future growth. We find that changes in the number of job postings are positively associated with changes in future performance and that this relation is stronger when postings likely represent growth rather than replacement. Consistent with job postings providing new information to the market, investors react positively to changes in the number of job postings. The market reaction to postings is stronger when firms are likely to be hiring for growth rather than replacement and for firms with low labor intensity (and therefore high marginal productivity of labor). This paper was accepted by Brian Bushee, accounting. [ABSTRACT FROM AUTHOR]

We define a delayed disclosure ratio (DD) as the fraction of 10-Q financial statement items that are withheld at the earlier quarterly earnings announcement. We find that higher DD firms have a greater delay in investor and analyst response to earnings surprises: (i) the fraction of total market reaction to quarterly earnings news realized around the earnings announcement (after the 10-Q filing) is smaller (greater), and (ii) analysts are more likely to defer issuing forecasts from immediately after the earnings announcement to after the 10-Q filing. Consistent with our limited attention model predictions, the response catch-up associated with DD is incomplete, even after the delayed items are fully disclosed at the 10-Q filing date, and persists until the next earnings announcement date. The return reaction to earnings news over the entire quarter does not vary with DD, so differences in earnings informativeness do not explain the DD effect. Our findings suggest that, for limited attention effects to be mitigated, the timing of disclosures must be coincident with the focal periods—at earnings announcement dates—when investors and analysts are paying the most attention. [ABSTRACT FROM AUTHOR]

The documented decline in the information content of earnings numbers has paralleled the emergence of disclosures, mostly voluntary, of industry-specific key performance indicators (KPIs). We find that the incremental information content conveyed by KPI news is significant for many KPIs yet diminished when details about the computation of the KPI are absent or when the computation changes over time. Consistent with analysts responding to investor information demand, we find that analysts are more likely to produce forecasts for a KPI when that KPI has more information content and when earnings are less informative. We also analyze the properties of analysts' KPI forecasts and find that KPI forecasts are more accurate than mechanical forecasts and their accuracy exceeds that of earnings forecasts. Our study contributes to the literature on the information content of KPIs as well as research on the properties of analysts' forecasts. We provide evidence on whether and how to regulate voluntary disclosures. [ABSTRACT FROM AUTHOR]

Limited attention theory predicts that higher salience of earnings news implies a stronger immediate market reaction to earnings news and a weaker post-earnings announcement drift (PEAD) or reversal (PEAR). Using a new measure, SALIENCE, defined as the number of quantitative items in an earnings press release headline, we find strong evidence consistent with salience effects. Higher SALIENCE is associated with stronger announcement reaction and subsequent PEAR. Managers are more likely to choose higher SALIENCE before selling shares in the post-announcement period and when earnings are high, but less persistent, and to choose lower SALIENCE before stock option grants. The results are robust to using residual salience and an extended set of control variables. The findings are consistent with managers opportunistically headlining positive financial information in the earnings press release to incite over-optimism in investors with limited attention. [ABSTRACT FROM AUTHOR]

Polymer nanocomposite based on stable water-dispersible polyaniline complex with poly(2-acrylamido-2-methyl-1-propanesulfonic acid) (PANI-PAMPSA) and 2D molybdenum disulphide (MoS2) was developed. The nanocomposite layers obtained by drop-casting were characterized by Vis-NIR- and FTIR spectroscopies, as well as by atomic force, transmission electron, and Kelvin-probe microscopies, X-ray diffraction, cyclic voltammetry, Hall effect, and DC-conductivity measurements. It was shown that the preparation procedure allows easy adjusting of MoS2 content in the nanocomposite resulting in the growth of DC conductivity by up to six times in the case of 20 wt% MoS2 as compared with the additive-free PANI-PAMPSA complex. FTIR spectroscopy revealed the existence of hydrophobic interactions between PANI-PAMPSA and 2D MoS2 nanophase, which facilitate interchain electron transfer. Hall effect studies showed that while increasing MoS2 content in the nanocomposite, a transition occurs from monopolar hole transport, characteristic of PANI-PAMPSA, to ambipolar transport. This feature makes the obtained PANI-PAMPSA/MoS2 composite a promising material for different optoelectronic devices, in particular tandem solar cells. [ABSTRACT FROM AUTHOR]

Abstract: We examine the role of January in the relation between expected losses/profits and future stock returns. We predict and find that the relation between expected losses/profits and future returns reverses from the usual positive relation in non‐January months to a negative one in January. The reverse January relation is consistent across sample years, is observed in the United States and international markets, and is incremental to other variables associated with January returns. At least part of the reverse January relation is explained by tax‐loss selling. Further analysis shows that the reverse January relation results in a temporary price drift away from fundamental value. In other words, we find that abnormal positive (negative) future returns do not always indicate past under(over)valuation. Overall, our results illustrate the importance of controlling for the effect of January when examining how investors price expected losses/profits. [ABSTRACT FROM AUTHOR]

Polyaniline (PANI) films were prepared by electrochemical polymerization of aniline on Pt-electrode in aqueous medium in the presence of polymeric sulfonic acids distinguished by different flexibility of the polymer chain: (1) poly(2-acrylamido-2-methyl-1-propanesulfonic acid) (PAMPSA, flexible chain); (2) poly(4-styrenesulfonic acid) (PSSA, flexible chain), (3) poly-4,4′-(2,2′-disulfoacid)-diphenylene- iso-phthalamide (i-PASA, semi-rigid chain); and (4) poly-4,4′-(2,2′-disulfoacid)-diphelylene- tere-phthalamide (t-PASA, rigid chain). Raman spectroelectrochemical studies using 532 nm laser excitation were carried out in aqueous HCl. The conventional HCl-doped PANI films were also studied for comparison. The results allowed one to distinguish the potential-dependent vibrations belonging to PANI and potential-independent vibrations belonging to the polyacids. In addition, amide C=O vibration was separated in the spectra by comparing the results for amide-containing (PAMPSA, i-PASA, and t-PASA) and amide-free (PSSA) PANI-polyacid complexes. The films of PANI-polyacid complexes demonstrated increased content of radical cation moieties at low potentials compared to PANI-HCl films. [ABSTRACT FROM AUTHOR]

A review is presented of the article "Equity Value as a Function of (eps1, eps2, dps1, bvps, beta): Concepts and Realities" by J. Ohlson.

Polyaniline (PANI) was synthesized by chemical oxidation of aniline in the presence of mixtures of water-soluble poly(sulfonic acids) of different nature. Under these conditions, the use of polyacid templates leads to the formation of interpolymer complexes of PANI and polyacid mixtures. The obtained PANI complexes were characterized by UV, visible, near IR, and Fourier transform infrared spectroscopy. It was shown that the rigidity of the polyacid backbone and the composition of a polyacid mixture affect the electronic structure of PANI complexes and the duration of the induction period of aniline oxidation. Domination of the more rigid-backbone template in the synthesis of PANI complexes with mixtures of the rigid- and flexible-backbone polyacids was observed. According to the viscometry and FTIR spectroscopic data, the reason of the domination is the existence of the intermolecular interaction between the polyacids in the mixture. In this case, duration of the induction period of aniline oxidation was between these values for pure polyacids. [ABSTRACT FROM AUTHOR]

A growing body of literature in accounting and finance relies on implied cost of equity (COE) measures. Such measures are sensitive to assumptions about terminal earnings growth rates. In this paper we develop a new COE measure that is more accurate than existing measures because it incorporates endogenously estimated long-term growth in earnings. Our method extends Easton et al. (J Account Res, 40, 657-676, ) method of simultaneously estimating sample average COE and growth. Our method delivers COE (growth) estimates that are significantly positively associated with future realized stock returns (future realized earnings growth). Moreover, the predictive ability of our COE measure subsumes that of other commonly used COE measures and is incremental to commonly used risk characteristics. Our implied growth measure fills the void in the earnings forecasting literature by robustly predicting earnings growth beyond the five-year horizon. [ABSTRACT FROM AUTHOR]

With the purpose of determining prospects of possible applications of interpolymer complexes of polyaniline (PANI) with poly(amidosulfonic acid)s, we have performed a comparative study of polyaniline films prepared by electrochemical polymerization of aniline in the presence of the polyacids distinguished by different rigidities of the polymer backbone: (1) poly(2-acrylamido-2-methyl-1-propanosulfonic acid) (flexible backbone); (2) poly- p, p′-(2,2′-disulfoacid)-diphenylen-iso-phthalamid (semi-rigid backbone); (3) poly- p, p′-(2,2′-disulfoacid)-diphelylen-tere-phthalamid (rigid backbone); and (4) a copolymer of the latter two acids with monomer feed ratio 1:1 (co-PASA). Spectroelectrochemical studies in the UV–vis–NIR range showed that PANI complexes with rigid-chain polyacids far more effectively modulate absorbance in the Vis–NIR range and can be considered as promising candidates for “smart windows” development. Due to the presence of bulky unmovable polyacid anion, PANI interpolymer complexes (particularly those with the semi-rigid-chain polyacids) possess much wider pH range of electroactivity than common PANI, which is of great importance for biosensor applications. The interpolymer complexes with flexible-chain and semi-rigid-chain polyacids exhibit good optical response to ammonia vapors at conditions of high humidity, which make them promising materials for the development of ammonia optical sensors. [ABSTRACT FROM AUTHOR]

Various polyaniline (PANI) interpolymer complexes with polyacids in the form of molecular solutions were synthesized by chemical oxidative polymerization of aniline in the presence of water-soluble poly-(2-acrylamido-2-methyl-1-propanesulfonic acid) (flexible backbone), poly- p, p′-(2,2′-disulfoacid)-diphenylene-terephthalamide (t-PASA, rigid backbone), and their mixtures in different ratios. The complexes were characterized by UV-Vis-near infrared spectroscopy in solutions; also, the films’ drop-casts from these solutions were investigated by cyclic voltammetry, spectroelectrochemical, direct current (DC) conductivity, and atomic force microscopy (AFM) measurements. It was shown that the nature of polyacid affects the shape of spectra and the dynamics of their changes. The character of spectral changes during the matrix synthesis of PANI in the presence of mixtures of the rigid-chain and flexible-chain matrixes and the study of spectral properties of the obtained PANI solutions demonstrates the existence of the rigid-matrix domination effect in the process of formation of PANI interpolymer complexes. Spectral properties of the obtained PANI complexes with the mixtures of flexible-chain and rigid-chain polyacids of different ratios (3:1, 1:1, 1:3, and 1:6) are very similar to those ones for the complex with rigid-chain t-PASA. At the same time, there is a correlation between the electrical conductivity and morphology of the films of PANI complexes and their composition, the conductivity passing through a minimum for the complexes with the polyacid mixtures (6:1, 3:1, and 1:1). [ABSTRACT FROM AUTHOR]

We propose a methodology to incorporate risk measures based on economic fundamentals directly into the valuation model. Fundamentals-based risk adjustment in the residual income valuation model is captured by the covariance of ROE with market-wide factors. We demonstrate a method of estimating covariance risk out of sample based on the accounting beta and betas of size and book-to-market factors in earnings. We show how the covariance risk estimate can be transformed to obtain the fundamentals-based cost of equity. Our empirical analysis shows that value estimates based on fundamental risk adjustment produce significantly smaller deviations from price relative to the CAPM or the Fama-French three-factor model. We further find that our single-factor risk measure, based on the accounting beta alone, captures aspects of risk that are indicated by the book-to-market factor, largely accounting for the ''mispricing'' of value and growth stocks. Our study highlights the usefulness of accounting numbers in pricing risk beyond their role as trackers of returns-based measures of risk. [ABSTRACT FROM AUTHOR]

The electrochemical synthesis of poly(3,4-ethylenedioxythiophene) (PEDOT) was first carried out in the presence of mixtures of flexible-chain and rigid-chain polyacids and their Na-salts. Earlier on with the example of polyaniline, we have shown the non-additive effect of the rigid-chain component of polyacid mixtures on the electrodeposition of polyaniline films, their morphology and spectroelectrochemical properties. In this study, we confirmed the non-additive effect and showed that such mixed PEDOT–polyelectrolyte films possess unique morphology, spectroelectrochemical and ammonia sensing properties. The electrosynthesis was carried out in potential cycling, galvanostatic and potentiostatic regimes and monitored by in situ UV–Vis spectroscopy. UV–Vis spectroelectrochemistry of the obtained PEDOT–polyelectrolyte films revealed the dominating influence of the rigid-chain polyacid on the electronic structure of the mixed complexes. The mixed PEDOT–polyacid films demonstrated the best ammonia sensing performance (in the range of 5 to 25 ppm) as compared to the films of individual PEDOT–polyelectrolyte films. [ABSTRACT FROM AUTHOR]

Thin films of conducting polymer complexes with polysulfonic acids of various structures were electrochemically deposited onto transparent FTO electrodes. The behavior of the polymer-based optical ammonia vapor sensors in response to various concentrations of ammonia vapors, ranging from 5 to 135 ppm, was investigated, including the response time and response amplitude. It was found that the nature of the conducting polymers (poly (3,4-ethylenedioxythiophene), polypyrrole, polyaniline), as well as the structure of the polyacids, affected the sensing performance of the obtained complexes. [ABSTRACT FROM AUTHOR]

Electrochemically synthesized poly(3,4,-ethylenedioxythiophene) (PEDOT) films obtained in the presence of eight different polysulfonate dopants are comparatively studied by means of electrochemical quartz crystal microbalance (EQCM) and X-ray Photoelectron Spectroscopy (XPS). Differences with respect to oxidation and doping levels (OL and DL), polymerization efficiency and redox behavior are revealed based on the interplay of three factors: the type of the dopant (acid or salt form), flexibility of the polysulfonate chains and molecular weight of the polysulfonate species. For the rigid- and semi-rigid-chain dopants, use of the salt form results in higher OL and DL values and substantial involvement of solvent molecules in the course of polymerization and redox transitions whereas in the presence of their acid form compact PEDOT films with minor ionic-solvent fluxes upon redox transitions are formed. In contrast, use of the salt form of the flexible chain polysulfonates results in PEDOT with lower OL and DL in comparison to the corresponding acid form. Significant effects are observed when comparing flexible chain dopants with different molecular weights. From a practical point of view the present investigations demonstrate the large scope of possibilities to influence some basic properties of PEDOT (Ol and DL, intensity and type of the ionic and solvent fluxes upon redox transition) depending on the used polysulfonate dopants. [ABSTRACT FROM AUTHOR]

In view of climate change and the active extension of soybean cultivation in Russia, the identification of yield-limiting factors has become a relevant task. The objective of this study was to identify the climatic factors associated with the variation in soybean productivity under the contrasting eco-geographical conditions of the Krasnodar (KR) and Primorye (PR) territories of Russia. An analysis of 424 soybean varieties from the global collection of the N.I. Vavilov Institute (VIR) at experimental stations in KR and PR in 1987–2005 showed that the soybean yields were higher and time to maturity was longer in KR than in PR, while the 1000 seed weight, on average, was irrelevant to the place of cultivation. The agrometeorological regression models of the observations in 1972–2017 of varieties accepted as the standards showed that the yield in PR was positively related to the sum of the temperatures above 10 °C and negatively related to precipitation in October, while in KR it was positively related to the hydrothermal coefficient. The stability of the soybean yield and of the time to maturity were higher in PR than in KR. Under the conditions of increasing temperatures and the absence of reliable trends for precipitation, a lack of moisture becomes a significant disadvantage for soybean in KR, while in PR conditions are improving. [ABSTRACT FROM AUTHOR]

Polyaniline (PANI) layers are electrochemically obtained in the presence of four polysulfonic acids with different rigidities of the polymer backbone-iso-(and tere-)poly-(4,4′-(2,2′-disulfonic acid)-diphenylene-iso(tere)-phthalamide (i-PASA and t-PASA), polystyrenesulfonic acid (PSSA) and poly(2-acrylamido-2-methyl-1-propanesulfonic acid) (PAMPSA). Combined microgravimetric (EQCM) and electrochemical measurements are carried out in the course of polymerization and repetitive redox switching. It is found that after synthesis PASA-doped PANIs shows good stability with low exchange of mass in the course of voltammetric scans, while PAMPSA-doped PANI contains a large amount of water that gradually becomes expelled in the repetitive redox switching. PANI obtained in the presence of PSSA takes an intermediate position with respect to mass exchanged in the electrochemical redox process. XPS studies are used to obtain data for the extent of doping of the different PANI materials. The results show high doping level (about 0.5) for PASA- and PAMPSA- and lower level (0.32) for PSSA-doped PANI layers. Repeated electrochemical studies carried out with the specimens investigated by XPS after long-term storage in the dry state give evidence for structural rearrangement, perfect recuperation of the initial electrochemical activity and high stability of the electrochemical response. [ABSTRACT FROM AUTHOR]