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The aim of this paper is to compare the information and resource endowments possessed by different analyst types, classified by both location and employment within the context of seven emerging Asian markets. Our results show that local analysts are more accurate than expatriate and global analysts when we consider all earnings forecasts. However, when we control for the segregated herding behaviour of analysts, we find that herding local forecasts are one of the least accurate compared to other herding forecasts. By contrast, bold local (that is, non‐herding local) forecasts are more accurate than all other bold forecasts. This suggests that the information endowment of bold local analysts is superior to the information and resource endowments of bold expatriate analysts. We show that the superior accuracy of bold local forecasts does not stem from business group affiliations, investment banking relationships, demand for local analysts' services or the specialisation of analysts vis‐à‐vis countries or sectors. We consistently find that bold local analysts are better at assessing the earnings of the firm they forecast. Our results show that the prior documented advantage of local analysts in terms of forecasting accuracy is driven by the bold local analysts, with herding locals diluting this effect. To the best of our knowledge, this is the first study to explore the segregated herding behaviour of local, expatriate and global analysts, and its impact on relative forecast accuracy across analyst types. [ABSTRACT FROM AUTHOR]

Background: Nasal skin defect closures are challenging because the nose is a complex anatomic structure with several subunits, and the nasal tip and ala represent particularly difficult subunits to reconstruct. The traditional full‐thickness skin graft (FTSG) is an easy and well‐established method, but often results in undesirable outcomes in terms of the nasal contour caused by a lack of dermal tissue. Aims: The purpose of the study is to report the outcomes of the simultaneous application of the acellular dermal substitute (Matriderm®) with FTSG in the treatment of nasal skin defects. Patients/Methods: Five patients with various nasal skin defects were treated with multilayered Matriderm grafts followed by FTSGs harvested from the pre‐ or postauricular region. Graft survival, scar quality, and patient satisfaction were evaluated and compared with 10 patients treated with conventional FTSGs. Results: One‐stage Matriderm‐aided FTSGs were well‐taken in all cases. Scar quality in the Matriderm group (8.0 ± 1.9) was statistically superior to that in the FTSG only group (10.8 ± 1.7). The Matriderm‐aided graft was also superior in patient satisfaction. Conclusions: The multilayered application of Matriderm in combination with FTSG is a reliable method for covering nasal skin defects, especially in the thick skin zone of the tip and ala. [ABSTRACT FROM AUTHOR]

Three-dimensional printing (3DP) technology has attracted interest in various fields of applications. However, most of the previous studies are focusing on additive printing or developing new printable materials to functionalize the printed structures. Those approaches obviously have shown great performance, but still have no solution to functionalize original printing materials that are supplied by printer suppliers. In this study, we report a feasible method to fabricate three-dimensional printed micro-containers (MCs) coated with Ni-Au core-shell nanowires (NWs) that have multifunctional properties. The surfaces of the polymer-based micro-containers are modified with thiol groups. Then Ni-Au nanowires are directly attached without further treatment. Our approach expands direct applications of polymeric 3DP materials to biomedical and pharmaceutical technology as a utilized platform for functional nanostructures. [ABSTRACT FROM AUTHOR]

Non-generally accepted accounting principles (non- GAAP) earnings reporting has been linked with both informative and strategic incentives. We seek to disentangle these conflicting effects by examining the association between non- GAAP earnings disclosure and transitory items in GAAP earnings, conditional on managers' reporting incentives. We report evidence of a statistically and economically significant asymmetric relation between disclosure propensity and transitory items in GAAP earnings conditional on both the sign and magnitude of the GAAP earnings surprise. Our findings suggest that non- GAAP earnings disclosures tend to be driven by a desire for informative (strategic) reporting when GAAP earnings beat (undershoot) market expectations. [ABSTRACT FROM AUTHOR]

When producing International Financial Reporting Standards (IFRS), one of the main goals of the International Accounting Standards Board (IASB) was to create a set of standards which were more useful to investors as a predictive tool. We assess the success of the IASB in achieving this goal by investigating the effects of the introduction of IFRS on the relative information content of reported earnings and forecasted earnings under UK generally accepted accounting practices (GAAP) and IFRS. Results indicate that the value relevance of forecasted earnings is significantly lower under IFRS while the value relevance of reported earnings is significantly larger. These findings suggest that IFRS substitutes price-relevant information previously provided to the market in the form of analyst forecasts with information encoded by companies in their reported earnings. This implies that the IASB was indeed successful in its stated goal and points towards IFRS forecasts being more accurate and less dispersed than UK GAAP forecasts. This, in turn, implies that analysts are able to provide more informative forecasts under IFRS than under pre-IFRS regimes and that the aforementioned substitution effect is not a consequence of any decrease in the quality of forecasts under the new regime. [ABSTRACT FROM AUTHOR]