This paper investigates whether industry valuation impacts firms’ earnings management decisions. Existing accounting literature assumes that industry valuation has a constant impact on this decision. We argue that a higher industry valuation increases the perceived benefits of earnings...

Over the last decade, the going private market has experienced a considerable boom in size and also has become more interesting for private equity investors that are looking to partner with incumbent management. This offers managers the choice to take the firm private themselves in a traditional...

In this article, we demonstrate that a direct relation exists between the context of Japanese firms indicating relative distress and conditional return distribution properties. We map cross-sectional vectors with company characteristics on vectors with return feature vectors, using a fuzzy...

A competitive exception learning algorithm for finding a non-linear mapping is proposed which puts the emphasis on the discovery of the important exceptions rather than the main rules. To do so,we first cluster the output space using a competitive fuzzy clustering algorithm and derive a fuzzy...

Recently a uniqueness condition for Gibbs measures in terms of disagreement percolation (a type of dependent percolation involving two realizations) has been obtained. In general this condition is sufficient but not necessary for uniqueness. In the present paper we study the hard-core lattice...

We consider a linear sequence of 'nodes', each of which can be in state 0 ('off') or 1 ('on'). Signals from outside are sent to the rightmost node and travel instantaneously as far as possible to the left along nodes which are 'on'. These nodes are immediately switched off, and become on again...

Consider an ordinary Boolean model, that is, a homogeneous Poisson point process in Rd, where the points are all centres of random balls with i.i.d. radii. Now let these points move around according to i.i.d. stochastic processes. It is not hard to show that at each fixed time t we again have a...

We study versions of the contact process with three states, and with infections occurring at a rate depending on the overall infection density. Motivated by a model described in Kéfi et al. (2007) for vegetation patterns in arid landscapes, we focus on percolation under invariant measures of...