This study investigates the relationship between the tone of financial disclosures and managers’earnings management behavior using Form 20-F filings of Chinese firms listed in the U.S.during 2002–2014.The results sh...This study investigates the relationship between the tone of financial disclosures and managers’earnings management behavior using Form 20-F filings of Chinese firms listed in the U.S.during 2002–2014.The results show that the proportion of positive,uncertain,or modal words used in financial disclosures is positively related to corporate earnings management,implying that managers attempt to conceal earnings management behavior by manipulating the tone of their financial reports.In addition,robustness tests are conducted using an alternative proxy for earnings management that considers the effects of the financial crisis and separately examines the information and non-information technology industries.The results suggest that the tone used in financial disclosures has informative value,and textual analysis can be an effective tool for identifying earnings management.展开更多
Objective Working memory is a key cognitive function in which the prefrontal cortex plays a crucial role. This study aimed to show the firing patterns of a neuronal population in the prefrontal cortex of the rat in a ...Objective Working memory is a key cognitive function in which the prefrontal cortex plays a crucial role. This study aimed to show the firing patterns of a neuronal population in the prefrontal cortex of the rat in a working memory task and to explore how a neuronal ensemble encodes a working memory event. Methods Sprague-Dawley rats were trained in a Y-maze until they reached an 80% correct rate in a working memory task. Then a 16-channel microelectrode array was implanted in the prefrontal cortex. After recovery, neuronal population activity was recorded during the task, using the Cerebus data-acquisition system. Spatio-temporal trains of action potentials were obtained from the original neuronal population signals. Results During the Y-maze working memory task, some neurons showed significantly in- creased firing rates and evident neuronal ensemble activity. Moreover, the anticipatory activity was associated with the delayed alternate choice of the upcoming movement. In correct trials, the averaged pre-event firing rate （10.86 ± 1.82 spikes/ bin） was higher than the post-event rate （8.17 ± 1.15 spikes/bin） （P 〈0.05）. However, in incorrect trials, the rates did not differ. Conclusion The results indicate that the anticipatory activity of a neuronal ensemble in the prefrontal cortex may play a role in encoding working memory events.展开更多
基金supported by the National Social Science Foundation of China(Grant No.17BJY019).
文摘This study investigates the relationship between the tone of financial disclosures and managers’earnings management behavior using Form 20-F filings of Chinese firms listed in the U.S.during 2002–2014.The results show that the proportion of positive,uncertain,or modal words used in financial disclosures is positively related to corporate earnings management,implying that managers attempt to conceal earnings management behavior by manipulating the tone of their financial reports.In addition,robustness tests are conducted using an alternative proxy for earnings management that considers the effects of the financial crisis and separately examines the information and non-information technology industries.The results suggest that the tone used in financial disclosures has informative value,and textual analysis can be an effective tool for identifying earnings management.
基金supported by the National Natural Science Foundation of China(61074131,91132722)the Doctoral Fund of the Ministry of Education of China(20101202110007)
文摘Objective Working memory is a key cognitive function in which the prefrontal cortex plays a crucial role. This study aimed to show the firing patterns of a neuronal population in the prefrontal cortex of the rat in a working memory task and to explore how a neuronal ensemble encodes a working memory event. Methods Sprague-Dawley rats were trained in a Y-maze until they reached an 80% correct rate in a working memory task. Then a 16-channel microelectrode array was implanted in the prefrontal cortex. After recovery, neuronal population activity was recorded during the task, using the Cerebus data-acquisition system. Spatio-temporal trains of action potentials were obtained from the original neuronal population signals. Results During the Y-maze working memory task, some neurons showed significantly in- creased firing rates and evident neuronal ensemble activity. Moreover, the anticipatory activity was associated with the delayed alternate choice of the upcoming movement. In correct trials, the averaged pre-event firing rate （10.86 ± 1.82 spikes/ bin） was higher than the post-event rate （8.17 ± 1.15 spikes/bin） （P 〈0.05）. However, in incorrect trials, the rates did not differ. Conclusion The results indicate that the anticipatory activity of a neuronal ensemble in the prefrontal cortex may play a role in encoding working memory events.
