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We examine firm disclosure choice during the initial public offering (IPO) roadshow presentation to understand the informativeness of a management presentation designed to attract investors. Although firms submit a comprehensive registration filing during the IPO, managers also prepare a roadshow presentation, which is shorter and typically allows managers more autonomy to select the information released and how it is discussed. We find that IPO roadshows have significantly more positive, less negative, and less uncertain language than the SEC filing. Using machine learning to classify roadshow sentences into five major topics from the registration statement, we find that roadshows differ in both the topics selected and the language used within each topic. We then examine the predictive ability of the roadshow language, finding that roadshow language predicts future accounting performance, whereas filing language does not. These results highlight the informational role of management presentations, despite the flexibility they grant managers. JEL Classifications: M41; G10; M13.

Firms’ use of special purpose acquisition companies (SPACs) to go public has increased dramatically, leading to market and regulatory debate about their use of projections. Examining SPAC mergers from 2004 through 2021, we find that 80% of firms provide projections for four years ahead on average, with approximately one-quarter of recent projections extending more than five years. For the sample of SPAC mergers with observable postmerger revenue, we find that only 35% of firms meet or beat their projections. This proportion declines for forecasts that are longer horizon, and nonserial SPAC sponsors miss forecasts by greater percentages. When we compare SPAC projected revenue growth with benchmark samples of firms completing an initial public offering (IPO) and matched firms, the SPAC projections are approximately three times larger on average than benchmark firms’ actual revenue growth, with even greater differences for long-term projections. After the merger, firms reduce their use of projections, providing them at statistically similar rates as benchmark firms. Overall, the evidence supports concerns that the SPAC merger includes highly optimistic projections. This paper was accepted by Suraj Srinivasan, accounting.

Motivated by the increasing influence of shareholder votes on corporate policies, we examine investors’ perceptions of activism via voting. To identify instances of activism via voting, we focus on annual meetings with at least one ballot item where a substantial fraction of shareholders is expected to vote against management’s voting recommendation, indicating an increase in their monitoring activity. We define such meetings as “contentious.” Using a sample of almost 28,000 meetings between 2003 and 2012, we examine stock returns over the period between the proxy filing and the annual meeting. This period captures when investors learn about the contentious nature of the upcoming meeting and form expectations about its likely impact on firms’ policies. We find that abnormal stock returns prior to contentious meetings are significantly positive and higher than those prior to non-contentious meetings. These higher abnormal returns increase with the contentiousness of the meeting; are more pronounced in firms with poor past performance, which are more likely to respond to shareholder pressure; and persist after controlling for firm-specific news and proxies for risk factors. Our results are consistent with investors’ expecting activism via voting to have a positive impact on firm value, on average, and cast doubts on regulatory attempts to restrict the use of shareholder votes.

A dedicated investor relations (IR) function facilitates direct and ongoing dialog between management and shareholders. This paper examines whether this form of engagement mitigates activism that relies upon support from other shareholders. We find that IR engagement is associated with increased investor confidence in management and the board, as well as a lower likelihood of activism, with this deterrent effect becoming stronger when there are fewer frictions surrounding the development of mutual understanding and trust with investors. We also find that when firms do experience an activist campaign, firms with IR engagement have less costly and contentious campaigns, including a lower likelihood of CEO turnover, than those without such a commitment. Taken together, our findings suggest that direct and ongoing IR engagement is an important factor in achieving mutual understanding and trust between the firm and its shareholders, which deters activist investors and mitigates the costly escalation of initiated campaigns. JEL Classifications: G10; G32; G34; M40; M41.

Excited state lifetime-based separation of fluorophore-tagged antibiotic conjugate emission from the spectrally broad plant autofluorescence enables in planta tracking of the translocation of systemic cargo such as antibiotics via fluorescence lifetime imaging. The efficacy of antibiotic treatments in citrus crops is uncertain due to mixed results from in-field experiments and a lack of study on their systemic movement. As of yet there has been an inability to track treatments using traditional fluorescence microscopy due to treatments having little fluorescence characteristics, and signal convolution due to plant autofluorescence. In this study, we used streptomycin sulfate, a commercially available antibiotic, and conjugated it to a modified tris(bipyridine) ruthenium (II) chloride, a dye with an excited state lifetime magnitudes higher than other commonly used organic fluorescent probes. The resultant is a fluorescence lifetime imaging (FLIM) trackable antibiotic conjugate, covalently attached via an amide linkage that is uniquely distinguishable from plant autofluorescence. Characterization of the fluorescent antibiotic conjugate showed no mitigation of excited state lifetime, and a distinct IR peak not found in any synthetic components. Subsequent tracking using FLIM in citrus tissue was achieved, with identification of movement through citrus plant vasculature via tissue localization in xylem and phloem. Results indicated upwards systemic movement of the conjugate in both xylem and phloem after 48 h of incubation. However, the conjugate failed to move down towards the root system of the plant by 168 h. Mechanistically, it is likely that xylem contributes heavily in the translocation of the conjugate upwards; however, phloem led flow due to growth changes could act as a contributor. This proof-of-concept sets groundwork for subsequent studies regarding antibiotic localization and movement in citrus.

We examine firm disclosure choice during the initial public offering (IPO) roadshow presentation to examine the informativeness of a management presentation designed to attract investors. While firms must submit a comprehensive registration filing during the IPO, investors convey strong interest in the IPO roadshow, which is shorter and typically allows managers more autonomy to select what information is released and how it is discussed. We find that IPO roadshows have significantly more positive, less negative, and less uncertain language than the SEC filing. Using machine learning to classify roadshow topics into one of five major topics from the registration statement, we find that roadshows differ in both the topics selected and the language used within each topic. We then examine the predictive ability of the roadshow language, and we find that roadshow language predicts future accounting performance while filing language does not. These results highlight the informational role of management presentations.

We examine how managers' ethnic cultural background affects their communication with investors. Using earnings conference calls with executives from 42 countries, we find that managers from ethnic groups that have a more individualistic culture use a more optimistic tone and exhibit greater self-reference. Managers' ethnic culture has a lasting effect and persists for executives whose work experience later exposes them to different ethnic cultures. The effect of ethnic heritage is observed in dialogues that reflect real-time interactions (i.e., Q&A ) and is less pronounced in the scripted, less spontaneous portion of the calls (i.e., management discussion). Analysts respond positively to optimistic tone, but only those who share the manager's ethnic background adjust their earnings forecasts for the cultural component of managerial tone. The findings suggest that managers' ethnic background has a significant effect on how they communicate with the capital market and how the market responds to the disclosure.

Research has shown the importance of corporate disclosure and dissemination in reducing information asymmetry and improving market efficiency. However, while investors and analysts might receive corporate disclosures, they often need help with assimilating the information to better understand its implications for firm value. This paper examines whether investor relations (IR) officers provide value by facilitating the assimilation of firm information by the market. We find that firms with IR officers have lower stock price volatility, lower analyst forecast dispersion, higher analyst forecast accuracy, and quicker price discovery, consistent with IR officers aiding market participants in their assimilation of firm information. We also show that our findings are stronger for firms with longer-tenured IR officers. Finally, we find that when firms transition from a long-tenured IR officer to a new IR officer, stock price volatility increases, analyst forecasts become more disperse and less accurate, and the price discovery process slows, despite no significant change in the firm’s disclosures, media coverage, or performance around the turnover. Collectively, these findings suggest that in-house IR officers, particularly those with greater experience, help facilitate information assimilation by the market, which has positive market effects.

Dyer et al. (2017) examines trends in 10-K textual disclosure from 1996–2013. Using a set of variables from prior textual research, they show a decrease in characteristics generally considered desirable and an increase in attributes considered undesirable. The trend is driven by disclosures to comply with new regulatory reporting standards. The study takes a high-level approach allowing an overview perspective. However, that approach also means readers should take caution in reaching strong conclusions on any one finding. In this discussion I point out a few areas where I believe readers should be particularly aware of limitations this approach imposes.

This paper examines whether selective access to corporate managers allows investors to revise their beliefs and execute profitable trades. We examine whether investors benefit from two potential opportunities for selective access at invitation-only investor conferences: one-on-one meetings with managers throughout the day and breakout sessions with managers after the webcast presentation. We find significant increases in trade sizes during the hours when firms provide offline access to investors, consistent with selective access providing investors with information they perceive to be valuable enough to trade upon. We also find significant potential trading gains concentrated primarily in three-day horizons after the conference for firms providing formal offline access, suggesting that selective access can lead to profitable trading opportunities. These trading gains are associated with analyst notes published during that period, indicating that such notes are one potential source of revelation to the broader market. Our evidence suggests that selective access to management conveys benefits to certain investors even in the post-Reg FD period. JEL Classifications: M41; K22.

This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to capture viewers’ overall perceptions of a CEO, is positively associated with pricing at all stages of the IPO (proposed price, offer price and end of first day of trading). The result is robust to controls for traditional determinants of firm value. We also show that firms with highly perceived management are more likely to be matched to high-quality underwriters. In further exploratory analyses, we find the impact is greater for firms with more uncertain language in their written S-1. Taken together, our results provide evidence that investors’ instinctive perceptions of management are incorporated into their assessments of firm value. This article is protected by copyright. All rights reserved

We present rate constants and product branching ratios for the reactions of FeOx+ (x = 0–4) with ozone at 500 K. Fe+ is observed to react with ozone at the collision rate to produce FeO+ + O2. The FeO+ in turn reacts with ozone at the collision rate to yield both Fe+ and FeO2+ product channels. Ions up to FeO4+ display similar reactivity patterns. Three-body clustering reactions with O2 prevent us from measuring accurate rate constants at 300 K although the data do suggest that the efficiency is also high. Therefore, it is probable that little to no temperature dependence exists over this range. Implications of our measurements to the regulation of atmospheric iron and ozone are discussed. Density functional calculations on the reaction of Fe+ with ozone show no substantial kinetic barriers to make the FeO+ + O2 product channel, which is consistent with the reaction’s efficiency. While a pathway to make FeO2+ + O is also found to be barrierless, our experiments indicate no primary FeO2+ formation for this...

Recent changes in technology and the media are causing significant changes in how capital markets assimilate and respond to information. We identify important themes in the disclosure literature and use this as a framework to discuss the conference papers that appear in this volume. These papers examine how managers’ disclosure practices are being affected by changes in technology, the media, and capital markets. While this work makes important progress, we discuss how continuing technological change and the emergence of new forms of media offer further opportunities for research on the role of disclosure in capital markets.

Communities with well-developed animal response plans, along with trained and equipped animal response teams, are typically better able to protect resident livestock and companion animals during a disaster, with fewer animals lost, higher human evacuation compliance rates, and a greater percentage of pets staying with their families. The NCARE Study is a cross-sectional descriptive survey designed to assess, among US states and counties, the level of preparedness for managing animals in an emergency. Overall, 65% of participating states (31/48) reported having a State Animal Response Team (SART), while 48% (16/33) of counties with >1 million population (large counties) and 23% (131/565) of a random sample of counties with

Animal shelters focus much of their efforts towards decreasing euthanasia and one of the best ways to reduce euthanasia risk may be to prevent cats and dogs from ever entering a shelter. This study, conducted in Portland, Oregon, relied on the capabilities of Geographic Information Systems (GIS) to precisely and scientifically identify an intervention area (with high shelter intake) and to identify control areas to compare the project results with community-wide trends. The intervention itself was designed and implemented in a comprehensive way by seeking numerous paths to engage pet owners and reduce shelter intake of cats and Pit Bull type dogs. This research highlighted the ability of Geographic Information Systems (GIS) to significantly improve a community’s capacity to identify the most appropriate locations to focus resources and to closely track and measure interventions. Portland’s targeted intervention to reduce shelter intake utilized many outreach tools with varying levels of impact. The overall intervention yielded a reduction in intake of owned cats that was greater in total numbers and percentage than four control areas. Furthermore, this work identified a percentage of cat spay/neuter out of the estimated number of owned, originally intact cats within the intervention and control areas. As percentages approached or surpassed 20%, those areas realized larger intake reductions than control areas with lower percentages.

SYNOPSIS In this paper, we (the Financial Reporting Policy Committee of the American Accounting Association's Financial Accounting and Reporting Section) consider the 2011 Plan to Establish the Private Company Standards Improvement Council authored by the Financial Accounting Foundation (FAF). The FAF's proposal called for a standard-setting approach more sensitive to the needs of private companies, with the likely outcome being different accounting and disclosure standards for these companies than for public companies. Members of the committee have differences of opinion about the FAF's proposal. Five members generally support the FAF's plan (though raising significant implementation issues), while six oppose it and instead argue against different reporting standards for private companies. In this paper, we discuss three issues and present points and counterpoints for each, along with other related standard-setting concerns. This approach is designed to present our differing views on these issues clearly, to help standard setters, preparers, users, and academics form their own views on this highly controversial matter.

We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a destination firm trigger analysts following the origin firm to initiate coverage of the destination firm in 10 percent of our sample, which is significantly higher than in a matched sample. Analyst-manager “co-migration” is significantly stronger when both firms are within the same industry. Analysts who move with managers to the destination firm exhibit more intense and accurate coverage of the origin firm than they do in other firms and compared to other analysts covering the origin firm. The advantage no longer holds after the executive's departure, and most of the analysts' advantage does not carry over to the destination firm. However, the analysts do increase the overall market capitalization of firms in their coverage portfolio. Our results hold after Regulation Fair Disclosure, suggesting that these relationships are not based on selective disclosure. Overall, the evidence shows both the importance and limitations of professional relationships in capital markets. Data Availability: Data are publicly available from sources identified in the article.

Firm disclosures often reach only a portion of investors, which results in information asymmetry among investors and, therefore, lower market liquidity. This issue is particularly salient for firms that are not highly visible, as they tend not to receive broad news dissemination via traditional intermediaries, such as the press. This paper examines whether firms can reduce information asymmetry by more broadly disseminating their news. To isolate the impact of dissemination, we focus our analysis on firms' use of Twitter and exploit the 140-character message restriction. Specifically, using a sample of technology firms, we examine the impact of using Twitter to send market participants links to press releases that are provided via traditional disclosure methods. We find this additional dissemination of firm-initiated news via Twitter is associated with lower abnormal bid-ask spreads and greater abnormal depths, consistent with a reduction in information asymmetry. Moreover, this result holds mainly for firms that are not highly visible, consistent with them being in greater need of this additional dissemination channel. We also examine the impact of dissemination on a volume-based measure of liquidity, and find that dissemination is positively associated with liquidity. Data Availability: All data are publicly available from the sources indicated in the paper.

This paper examines the characteristics of management forecasts available on Thomson First Call’s Company Issued Guidance (CIG) database relative to a sample of forecasts hand-collected through a search of company press releases. Due to the significantly lower cost of using CIG (relative to hand-collecting data), academics have increasingly relied on this database as a source of management forecasts. However, it is important for researchers to consider the properties of this database (such as coverage, accuracy, and breadth) when evaluating whether it is an appropriate data source for their study. Overall, our results suggest systematic differences between forecasts reported on CIG and forecasts gathered from company press releases. We suggest several sample criteria that will remove or mitigate these biases.

We examine how a manager’s ethnic cultural background affects managers’ communication with investors. Using a sample of earnings conference calls transcripts with 26,430 executives from 42 countries, we find that managers from ethnic groups that have a more individualistic culture (i) use a more optimistic tone, (ii) exhibit greater self-reference, and (iii) make fewer apologies in their disclosure narratives. Managers’ ethnic culture has a lasting effect on their narratives—the effects persist even for executives who are later exposed to different ethnic cultures through work experience. The effect of ethnic heritage is observed in dialogues that reflect real time interactions (i.e., Q&As) and less pronounced in the scripted, less spontaneous portion of the calls (i.e., management discussion). The capital market responds positively to optimistic tone yet does not distinguish between the optimism in tone of managers from different ethnic backgrounds. The findings suggest that managers’ ethnic backgrounds have a significant effect on how they communicate with the capital markets and how the markets respond to the disclosure event.

Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or “disclosure milieu.” The milieu affects the degree to which conference participants can update their prior beliefs about the firm with information signals obtained through interactions with management and other informed participants. While the average abnormal stock return and volume reactions to presentations are positive, there is a great deal of cross-sectional variation as indicated by negative median reactions. We find that conference characteristics that determine the nature of the audience and its interactions, such as sponsor, location, size, and industry-focus, are significantly associated with the market reaction, consistent with the disclosure milieu explaining the cross-sectional variation in the information content of the presentation. We also find that conference characteristics explain changes in subsequent analyst and institutional investor following, consistent with the disclosure milieu creating differences in access to management by potential new investors and analysts.

kets (generally referred to as home bias) is a well-established empirical reg ularity (French and Poterba [1991], Cooper and Kaplanis [1994], Tesar and Werner [1995], Lewis [1999], and many others). The original findings have been replicated across a wide spectrum of countries and investor types. Var ious explanations have been examined over the years, beginning with trans action costs and frictions then moving into informational costs (Kang and Stulz [1997], Suh, [2001], Ahearne, Griever, and Warnock [2004], Doidge, Karolyi, and Stulz [2004]). Despite this long and persistent history of empir ical investigation, the literature in the area has difficulty providing a robust explanation for this pervasive phenomenon. "Financial Globalization, Governance, and the Evolution of Home Bias" by Kho, Stulz, and Warnock [2008] (henceforth, KSW) provides a potential explanation for the home bias and investigates that explanation with tests based on two different data sets. They suggest that the observed home bias is a result of an "optimal corporate ownership theory" where firms in poor governance countries are heavily owned by insiders or large shareholders with the ability to monitor. Both types of shareholdings reduce the float

The life span of model organisms can be modulated by environmental conditions that influence cellular metabolism, oxidation, or DNA integrity. The yeast nicotinamidase gene pnc1 was identified as a key transcriptional target and mediator of calorie restriction and stress-induced life span extension. PNC1 is thought to exert its effect on yeast life span by modulating cellular nicotinamide and NAD levels, resulting in increased activity of Sir2 family class III histone deacetylases. In Caenorhabditis elegans, knockdown of a pnc1 homolog was shown recently to shorten the worm life span, whereas its overexpression increased survival under conditions of oxidative stress. The function and regulation of nicotinamidases in higher organisms has not been determined. Here, we report the identification and biochemical characterization of the Drosophila nicotinamidase, D-NAAM, and demonstrate that its overexpression significantly increases median and maximal fly life span. The life span extension was reversed in Sir2 mutant flies, suggesting Sir2 dependence. Testing for physiological effectors of D-NAAM in Drosophila S2 cells, we identified oxidative stress as a primary regulator, both at the transcription level and protein activity. In contrast to the yeast model, stress factors such as high osmolarity and heat shock, calorie restriction, or inhibitors of TOR and phosphatidylinositol 3-kinase pathways do not appear to regulate D-NAAM in S2 cells. Interestingly, the expression of D-NAAM in human neuronal cells conferred protection from oxidative stress-induced cell death in a sirtuin-dependent manner. Together, our findings establish a life span extending the ability of nicotinamidase in flies and offer a role for nicotinamide-modulating genes in oxidative stress regulated pathways influencing longevity and neuronal cell survival.

International harmonization of accounting standards appears to be inevitable. However, little evidence exists regarding whether harmonizing accounting standards will result in actual harmonization of accounting practices. Using a sample of non-U.S. firms that adopt U.S. Generally Accepted Accounting Principles (GAAP) to provide evidence on this issue, we find that most firms that adopt U.S. GAAP adjust their accounting methods to those required by U.S. GAAP. Properties of the firms' accounting numbers also change significantly after adopting U.S. GAAP, but they do not fully converge toward that of U.S. firms. In the cross-section, regulatory oversight is associated with more successful implementation of U.S. GAAP; firm-specific capital market incentives are not. These results suggest that harmonizing accounting standards may result in more comparable accounting methods and numbers, but that effective regulatory oversight will be important in reaching this outcome.

This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to capture viewers’ overall perceptions of a CEO, is positively associated with pricing at all stages of the IPO (proposed price, offer price and end of first day of trading). The result is robust to controls for traditional determinants of firm value. We also show that firms with highly perceived management are more likely to be matched to high-quality underwriters. In further exploratory analyses, we find the impact is greater for firms with more uncertain language in their written S-1. Taken together, our results provide evidence that investors’ instinctive perceptions of management are incorporated into their assessments of firm value.

Polychlorinated biphenyls (PCBs) and chlorinated ethenes (CEs) are known to pollute sediment, soil, and groundwater. The anaerobic dechlorination of these compounds is an integral part of their biodegradation in polluted environments. We report for the first time the dechlorination of tetrachloroethene (PCE) and trichloroethene (TCE) by bacterium DF-1. This PCB and chlorobenzene dechlorinating bacterium dechlorinated PCE to TCE, which was then converted into trans-1,2-dichloroethene (trans-DCE) and cis-1,2-dichloroethene (cis-DCE). The ratio of trans-DCE to cis-DCE produced by the culture had a range of 1.2-1.7. Bacterium DF-1 has been enriched in co-culture with a desulfovibrio-like microorganism. PCR-denaturing gradient gel electrophoresis (PCR-DGGE) analysis of the 16S rRNA genes of the co-culture demonstrated that DF-1 was enriched during the dechlorination of PCE, PCB, and chlorobenzene. DF-1 was not detected in the absence of PCE dechlorination and the desulfovibrio-like organism, isolated in pure culture, did not dechlorinate PCE. This is the first identification of a microorganism capable of producing high amounts of trans-DCE from PCE and indicates that microorganisms such as DF-1 are a possible biological source of trans-DCE in the environment.

This paper examines the relation between accounting choice and U.S. institutional investor ownership in non-U.S. firms. We predict that U.S. investors exhibit home bias in their preference for accounting methods conforming to U.S. Generally Accepted Accounting Principles (GAAP) because such methods are more familiar, reduce information processing costs, and are perceived as higher quality. We find that firms exhibiting higher levels (changes) of U.S. GAAP conformity have greater levels (changes) of U.S. institutional ownership. Lead-lag regressions suggest that increases in U.S. GAAP conformity precede increases in U.S. investment, but changes in U.S. institutional holdings do not precede changes in accounting methods. We also find that the positive relation between U.S. GAAP conformity and U.S. investment holds regardless of a firm's visibility to U.S. investors (e.g., American Depositary Receipt listing, stock index membership, analyst following, firm size). However, we find that U.S. GAAP conformity has a significantly greater impact among firms already visible to U.S. investors.

This paper investigates the effect of regulation that mandates open access to information on managers' disclosure choices and investors' reactions to disclosures. The recently passed Regulation FD (Reg FD) requires firms to make material disclosures broadly available. Using a sample of firms that previously restricted access to conference calls and a sample of firms that voluntarily allowed unlimited access to their calls in the pre-Reg FD period, we examine the effect of the new rule on managers' decisions regarding the timing, use, and information content of calls, as well as the effect on investors' trading behavior during the call. Our results indicate that Reg FD had a significant negative impact on managers' decisions to continue hosting conference calls and on their decisions regarding the optimal time to hold the call. However, contrary to the concerns of many critics, the magnitudes of these changes are not large. We do not find evidence that Reg FD decreased the amount of information disclosed during the call period, contrary to the concerns of Reg FD opponents. Finally, we find evidence that the new rule increased price volatility for firms that previously restricted access to their calls (relative to firms that previously held open calls) and that the amount of individual investor trading increased following the rule change. Overall, our results suggest that Reg FD impacted trading during the conference call window for firms most affected by the new regulation.

Background Acute aortic occlusion in vascular surgery patients abruptly increases arterial resistance and blood pressure, which, in turn, makes subsequent volume expansion during cross-clamp application difficult. The use of vasodilatory drugs or volatile anesthetic agents to attenuate this response may have persistent detrimental effects after clamp removal. Another potential therapy that produces rapid effects on myocardial loading conditions is positive end-expiratory pressure (PEEP). In a porcine model of acute aortic clamping, the hemodynamic consequences of 15 cm H(2)O PEEP with and without plasma volume expansion were studied.(2) Methods Forty anesthetized pigs underwent 30-min occlusion of the abdominal aorta 1 cm above the origin of the celiac artery. Animals were randomly divided into four treatment groups (n = 10 each) to receive 15 cm H(2)O PEEP or zero end-expiratory pressure (ZEEP) with or without plasma volume expansion using 6% hetastarch (10 ml/kg) during cross-clamp application. Mean aortic pressure was measured with a transducer-tipped catheter placed in the ascending aorta; stroke volume was calculated using thermodilution cardiac output. End-expiratory pressure was discontinued upon aortic declamping, and animals were studied over the ensuing 30-min period. Results Aortic occlusion doubled systemic vascular resistance in all groups. Mean aortic blood pressure increased significantly in both ZEEP groups at 1 and 5 min but not in animals treated with 15 cm H(2)O PEEP. The application of PEEP with aortic cross-clamping reduced cardiac output and stroke volume by nearly 50%. Cardiac output and stroke volume increased after volume expansion regardless of end-expiratory pressure. After aortic declamping, aortic blood pressure decreased in all groups but was significantly greater in the PEEP + volume group than in either ZEEP group. Similarly, 5 min after declamping, stroke volume was greatest in the PEEP + volume animals. Conclusions Fifteen cm H(2)O PEEP reduces the hypertensive response to acute aortic occlusion and allows concomitant volume expansion. Consequently, stroke volume and blood pressure are better maintained after clamp removal in PEEP + volume animals. The use of PEEP during acute aortic occlusion in patients may allow rapid control of loading conditions to attenuate systemic hypertension while permitting simultaneous volume expansion.

While the influence of earnings performance on disclosure is a fundamental issue in the disclosure literature, our understanding of this influence is limited. In this paper, I examine a comprehensive set of disclosures from a sample of firms experiencing an extended period of seasonally adjusted earnings increases. I study how these firms adjust disclosure in response to earnings increases, how disclosure changes as the period of strong earnings performance nears an end and how firms disclose during a subsequent period of earnings decline. I find an increase in disclosure during the period of increased earnings. This increase is pervasive across all types of disclosure and tends to be bundled with earnings announcements. The market responds positively to this disclosure. Firms continue to disclose at a high level as they approach earnings declines. However, they shift to disclosures that focus on the positive short-term results and do not discuss the impending decreases. While this behavior is systematic, the market does not appear to anticipate the subsequent earnings declines. Once the firms announce earnings declines, the magnitude of disclosure returns to the level provided prior to the increased earnings.

Over the last two decades, cell surface proteases belonging to the type II transmembrane serine protease (TTSP) family have emerged as important enzymes in the mammalian degradome, playing critical roles in epithelial biology, regulation of metabolic homeostasis, and cancer. Human airway trypsin-like protease 5 (HATL5) is one of the few family members that remains uncharacterized. Here we demonstrate that HATL5 is a catalytically active serine protease that is inhibited by the two Kunitz type serine protease inhibitors, hepatocyte growth factor activator inhibitor (HAI)-1 and 2, as well as by serpinA1. Full-length HATL5 is localized on the cell surface of cultured mammalian cells as demonstrated by confocal microscopy. HATL5 displays a relatively restricted tissue expression profile, with both transcript and protein present in the cervix, esophagus, and oral cavity. Immunohistochemical analysis revealed an expression pattern where HATL5 is localized on the cell surface of differentiated epithelial cells in the stratified squamous epithelia of all three of these tissues. Interestingly, HATL5 is significantly decreased in cervical, esophageal, and head and neck carcinomas as compared to normal tissue. Analysis of cervical and esophageal cancer tissue arrays demonstrated that the squamous epithelial cells lose their expression of HATL5 protein upon malignant transformation.

Firm disclosures often reach only a portion of investors, which results in information asymmetry among investors, and therefore lower market liquidity. This issue is particularly salient for firms that are not highly visible, as they tend not to receive broad news dissemination via traditional intermediaries, such as the press. This paper examines whether firms can reduce information asymmetry by more broadly disseminating their news. To isolate the impact of dissemination, we focus our analysis on firms' use of Twitter and exploit the 140-character message restriction. Specifically, using a sample of technology firms, we examine the impact of using Twitter to send market participants links to press releases that are provided via traditional disclosure methods. We find this additional dissemination of firm-initiated news via Twitter is associated with lower abnormal bid-ask spreads and greater abnormal depths, consistent with a reduction in information asymmetry. Moreover, this result holds mainly for firms that are not highly visible, consistent with them being in greater need of this additional dissemination channel. We also examine the impact of dissemination on a volume-based measure of liquidity, and find that dissemination is positively associated with liquidity.

The type II transmembrane serine protease matriptase has an essential role in the integrity and function of multiple epithelial tissues. In the epidermis, matriptase activates the glycosylphosphatidylinositol (GPI) anchored membrane serine protease prostasin to initiate a proteolytic cascade that is required for the development of the stratum corneum barrier function. Accordingly, mice deficient for matriptase phenocopy mice deficient for epidermal prostasin and present with impaired corneocyte differentiation, imparied lipid matrix formation, loss of profilaggrin processing and loss of tight junction formation and function. Together, these defects lead to a compromised epidermal barrier and result in fatal dehydration during the neonatal period. Proteolytic activity of the matriptase-prostasin cascade is regulated in the epidermis via inhibition by the Kunitz-type serine protease inhibitor hepatocyte growth factor activator inhibitor-1 (HAI-1). Importantly, targeted post-natal ablation of matriptase in mice perturbs the function of multiple adult tissues, indicating an ongoing requirement for matriptase proteolysis in the maintenance of diverse types of epithelia. Impaired matriptase proteolytic activity has been linked to human Autosomal Recessive Icthyosis with Hypotrichosis (ARIH), whereas aberrant matriptase activity has been implicated in Netherton’s Syndrome. This review will summarize information pertaining to the role of matriptase in epithelial biology and will discuss recent advancements in our understanding of how matriptase activity is regulated and the down-stream effectors of matriptase proteolysis.

We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a destination firm trigger analysts following the origin firm to initiate coverage of the destination firm in 10% of our sample, which is significantly higher than in a matched sample. Analyst-manager “co-migration” is significantly stronger when both firms are within the same industry. Analysts who move with managers to the destination firm exhibit more intense and accurate coverage of the origin firm than they do in other firms and compared to other analysts covering the origin firm. The advantage no longer holds after the executive’s departure, and most of the analysts’ advantage does not carry over to the destination firm. However, the analysts do increase the overall market capitalization of firms in their coverage portfolio. Our results hold after Regulation Fair Disclosure, suggesting that these relationships are not based on selective disclosure. Overall, the evidence shows both the importance and limitations of professional relations in capital markets.

We are aware of no published research in which the morphological profiles of first-year collegiate football players are characterized. In light of the known association between obesity and cardiovascular disease and recent data suggesting an increased frequency of obesity and early death in professional football players, we have compiled a morphological profile of 65 freshman and transfer recruits (age = 18.4 +/- 1.2 years) from a National Collegiate Athletic Association (NCAA) Division I football program. Measured variables included height (HT), body mass (BM), and body fat percentage (BF) (hydrostatic method). Body mass index (BMI) was calculated using HT and weight variables. Individuals were grouped by player position for descriptive statistical analysis. The means for all 65 players were as follows: HT = 189 +/- 7 cm, BM = 106.5 +/- 4.8 kg, BF = 15 +/- 7%, and BMI = 29.8 +/- 4.7. Mean data from these collegiate athletes were compared to recently published data from professional players. By comparison, the average HT, BM, BF, and BMI of the professional football athletes were 188 +/- 4 cm, 107 +/- 4.8 kg, 14 +/- 5%, and 30.1 +/- 1.9, respectively. While the average BMIs of the collegiate athletes in this study would be classified as overweight or obese, the BFs were found to be within an acceptable range for health status. These data provide important indicators of morphological characteristics and BM health risks of new football recruits at a Division I university. The data presented also provide an historical basis for (a) evaluating both the conditioning of first-year incoming athletes, (b) determining the physical development of the athletes as they progress through the training program, and (c) charting the morphological changes that occur in collegiate football throughout time that may contribute to increased health risks to the athletes.

This paper examines a previously unexplored dimension of press coverage: geography. We ask whether regional newspapers, located near firms, provide greater coverage relative to national newspapers, whether local investors, located near firms, disproportionately respond to this regional coverage, and whether there are resulting differences in returns. Our results show that regional newspapers do provide greater coverage: They cover nearby firms more often and with longer articles than national newspapers. They also issue a higher number of isolated articles, which are not clearly prompted by a management announcement or other news event, and issue longer articles following earnings announcements. We then compare the use of regional press information by local and non-local investors. We find that local investors react significantly more strongly than non-local investors to articles published in regional newspapers, even when restricting to investors who already hold the stock and thus have strong incentives to pay attention to firm-specific news. We find that the reaction of local investors to regional newspapers is significantly stronger among investors in more literate cities, suggesting that the choice to “read the paper” contributes to the stronger reaction of local investors, even controlling for costs to access the newspaper. Finally, we find that local investor trading predicts higher returns than non-local investor trading only on news article days, with the strongest difference for regional newspaper articles. We also find little difference in local and non-local investor trading before news, and little difference in returns following non-news days, suggesting that a large part of the local advantage documented in prior literature is related to coverage by the press.

Miller, G.S., P.J. Dougherty, J.S. Green, and S.F. Crouse. Comparison of cardiorespiratory responses of moderately trained men and women using two different treadmill protocols. J. Strength Cond. Res. 21(4):1067-1071. 2007.-In practice, the Bruce protocol is the most commonly used treadmill protocol to assess maximal oxygen consumption ( O2max). It has been suggested that a running protocol (e.g., Astrand) may elicit a comparatively higher O2max and different cardiorespiratory responses when applied to moderately trained runners. Thus, the purpose of this study was to compare O2max and other cardiorespiratory responses as elicited by the standard Bruce and a modified Astrand treadmill protocol in moderately trained runners. Fifteen women (age = 21 years, height = 171.5 cm, weight = 63 kg, and body fat = 18%) and 15 men (age = 26 years, height = 177 cm, weight = 72 kg, and body fat = 9%) who were moderately trained runners completed a standard Bruce and modified Astrand protocol (random order), separated by approximately 7 days. Heart rate, Borg ratings of perceived exertion, blood pressure, and pulmonary gas exchange variables were measured during the exercise tests using standard laboratory procedures. This study revealed that O2max values between the Bruce protocol (51.3 ± 11.6 ml·kg?1·min?1) and modified Astrand (51.5 ± 10.9 ml·kg?1·min?1) were not significantly different in either the men or the women. However, the Bruce protocol elicited significantly higher maximum treadmill time in men and maximum respiratory exchange ratio (RERmax) and maximum minute ventilation (VEmax) values in both genders. Conversely, the modified Astrand elicited a higher HRmax. These data suggest that O2max in both moderately trained men and women runners is independent of treadmill protocol despite differences in HRmax, RERmax, and VEmax.

Many small firms face significant challenges in improving visibility and attracting investors to their stock. One response to these challenges is to initiate an investor relations (IR) program. Through interviews and surveys with IR professionals, we learn that the IR process focuses on management access and company visibility as key drivers of the strategy's success, with attracting institutional investors as a common goal. Our empirical tests examine a sample of 210 small- and mid-cap companies that increased IR activities (proxied by the hiring of an outside IR firm). Our results show that the companies exhibit increases in disclosure, media coverage, and analyst following. They also exhibit substantial and ongoing increases in institutional investor ownership. As part of this increase, our sample firms experience a shift in investor composition toward institutions that are more geographically distant and that tend to invest in larger companies, consistent with the IR activities creating visibility to a different type of investor. Finally, there are improvements in valuation in the year following the IR initiation, as proxied by the book-to-price ratio and stock returns. Overall, our results indicate that IR activities focused on increasing firm visibility are successful in impacting market participants' interactions with the companies.

Bacterium o-17, a microorganism capable of the ortho dechlorination of 2,3,5,6-polychlorinated biphenyl (PCB), is a member of a sediment-free, nonmethanogenic mixed culture. The culture was examined for the ability to dechlorinate 26 PCB congeners, 12 chlorobenzenes (CBZs), and 6 chlorinated ethenes (CEs). Eight of the PCBs and 4 of the CBZs were dechlorinated including single-flanked ortho PCB chlorines, but double-flanked chlorines of PCBs and CBZs were preferentially dechlorinated. The dechlorination of three of the PCBs (2,3,4,5,6-, 2,3,4,6-, and 2,3,5,6-PCB), three of the CBZs (hexa-, penta-, and 1,2,3-CBZ), and PCE could be sustained for three or more sequential transfers of the bacterial community. Two PCBs (2,3,4- and 2,3,5-PCB), two CBZs (1,2,3,5- and 1,2,4,5-CBZ), and trichloroethene were dechlorinated only when a more extensively chlorinated parent compound was present. Aroclor 1260 and 2,4,6-PCB, not dechlorinated by the culture, inhibited the dechlorination of 2,3,5,6-PCB. Within the culture only bacterium o-17 was linked to dechlorination by PCR-DGGE analysis, confirming that this dehalogenating species was the catalyst for the dechlorination of the compounds tested. The microorganism is capable of dechlorinating several different congeners of PCBs, CBZs, and CEs, and it remains a rare example of an ortho-PCB dechlorinator. However, its limited ability to dechlorinate more extensively chlorinated congeners and Aroclor plus the inhibitory effects of some PCB congeners upon the bacterium is consistent with the observed infrequency of this reaction in the environment. An assessment of bioremediation potential of this microorganism in situ will require a greater understanding of the synergistic, cometabolic and competitive interactions of PCB dechlorinating microbial communities.

Companies go out of business on a regular basis, and industrial plants close as a result. Various social, economic and interpersonal dynamics accompany such events. Environmental health and safety (EH&S) aspects are not exempt from those dynamics during a programmed closing of a manufacturing operation. How does this condition fit the industrial hygiene paradigm of anticipation, recognition, evaluation and control? This paper describes an exploratory enquiry into the nature of risk to human health and safety associated with the planned closure of a manufacturing operation. As a starting point, the recognition of risk was explored using a qualitative opinion survey of a group of independent EH&S professionals. The survey, reflecting what is often referred to as the 'art' of industrial hygiene, gathered professional impressions of change in potential risk of injury during a hypothetical plant-closing. The results suggested that a plant-closing might be considered a real issue by most EH&S professionals, and pointed specifically to management of personnel behavior, employee satisfaction and outside influences as primary potential sources of increased risk of injury during this final phase of a plant's life. Next, a specific real-world example was considered to evaluate actual change in injury statistics. For this, compensation claim records were examined for a malt beverage manufacturer before and after an official announcement of closure for four geographically distinct North American plants. Risk was evaluated first in terms of the one-monthly and three-monthly rates of injury incidence and then in terms of severity (expressed as cost), based on data derived from compensation claim records as of the month of plant closing. The rate of injury incidence appeared to have increased during plant-closing for one of the plants, but the results were equivocal for the other three plants. On the other hand, when the results were transformed so that the injury incidences were weighted with respect to the cost, the effective impact on the injury rate appeared to increase for three of the plants. Most importantly overall, this paper identifies-for the first time-that there is the potential for increased injury risk during a plant closure phase, and so poses an alert for EH&S professionals and management to implement possible preventative control options in such situations.

This paper investigates the press' role as a watchdog for accounting fraud. In choosing whether to fulfill this role, the press must trade off the benefits of providing interesting stories, and thus increasing circulation, with the costs of identifying such stories and potentially alienating business partners and advertisers. I use a sample of firms that the SEC has found guilty of committing accounting fraud to investigate how the accesses these costs and benefits. I find the press is more likely to write an article identifying accounting fraud if the firm has a high information environment (i.e. many press articles in general, high analyst following and, although weaker results, a large market value of equity). A rich information environment indicates the press can obtain information at a lower cost and that a large number of potential readers would be interested in the firm. I also find that characteristics of the fraud impact the likelihood the press will write an article. Fraud that includes material publicly misleading statements or management misappropriation of funds is more likely to trigger an article. A public statement can both attract the presses attention, thus reducing identification cost, and assure more people are interested in a follow-up to information they have used. Management misappropriation of funds, whether theft or insider trading, is likely to make a story more interesting to the public, and thus increase the benefits to the writer. I do not find the severity of the violation, based on length and number of violations noted, to influence the likelihood of an article being written. Finally, I perform a content analysis of the identified fraud articles to gain a greater understanding of how the press undertakes the watchdog role. I find that the press relies on many sources, but particularly on analysts, legal suits and auditor changes. While many types of press break the initial story, the business press provides the greatest coverage. Finally, most articles do not appear to be written by local reporters, but those that do are more likely to provide no source for information (consistent with having performed their own investigative reporting) and are less likely to rely on analysts in general. This provides some evidence of an informational difference for locally based reporters.

This paper examines the relation between accounting method choice and investment by US institutional investors in non-US firms. Such a relation could be driven by two factors. First, home bias in US investment could result in preferences for accounting practices familiar to US investors. The use of accounting methods consistent with US GAAP reduces information processing costs for US investors, allowing for more thorough analyses and increasing the credibility of the financial information. Second, many sources consider US GAAP to be one of the highest quality sets of financial reporting standards in the world. Thus, US investors likely perceive firms that use accounting methods allowed under US GAAP as having higher accounting quality. We find that firms with higher degrees of conformity with US GAAP have greater levels of US institutional ownership. These associations are exhibited in levels and changes, and are robust to the inclusion of a number of control variables for other determinants of institutional investment. Lead/lag regressions suggest that increases in US GAAP conformity attract a higher level of US institutional investment in future periods, but changes in US institutional holdings do not lead to changes in accounting methods. In partition analyses, we find that the positive relation between US GAAP conformity and US institutional investment holds regardless of a firm's ADR status or other proxies for visibility (e.g., stock index listing, analyst following, and firm size). However, the relation is significantly stronger in the subsamples of ADR firms and more visible firms, suggesting that US GAAP conformity has greater impact among firms already somewhat visible to US investors.

One of the underlying questions in the international accounting harmonization debate is whether harmonization of accounting standards will result in comparable application of the standards. We contribute to this debate by investigating the accounting compliance of a group of non-US firms that have voluntarily adopted U.S. Generally Accepted Accounting Principles. Our results suggest that these firms adopted US GAAP based on its perceived ability to facilitate communication with external stakeholders. However, we find that many of the accounting method choices used by these firms do not comply with US GAAP. We compare this level of compliance to a matched sample of US firms and to a matched sample of non-US firms that continue to report under their domestic GAAP. The compliance of our primary sample is lower than that of US firms but higher than that of non-US firms reporting under their domestic GAAP. Time-series tests indicate that the level of compliance increases in the first year a firm adopts US GAAP. Thus, even with a set of firms that self-select a set of detailed accounting standards, adherence to the standards is low. This presents a challenge to the hope that a single set of harmonized accounting standards will be complied with consistently in a diverse global environment.