Academic productivity correlates with industry earnings in foot and ankle fellowship programs in the United States:A retrospective analysis

BACKGROUND The study investigates the connection between academic productivity and industry earnings in foot and ankle orthopedic surgery fellowships.Utilizing metrics like the H-index and Open Payments Database(OPD)data,it addresses a gap in understanding the relationship between scholarly achievements and financial outcomes,providing a basis for further exploration in this specialized medical field.AIM To elucidate the trends between academic productivity and industry earnings across foot and ankle orthopedic surgery fellowship programs in the United States.METHODS This study is a retrospective analysis of the relationship between academic productivity and industry earnings of foot and ankle orthopedic surgery fellowships at an individual faculty and fellowship level.Academic productivity was defined via H-index and recorded from the Scopus website.Industry earnings were recorded from the OPD.RESULTS Forty-eight foot and ankle orthopedic surgery fellowships(100%of fellowships)in the United States with a combined total of 165 physicians(95.9%of physicians)were included.Mean individual physician(n=165)total life-time earnings reported on the OPD website was United States Dollar(USD)451430.30±1851084.89(range:USD 25.16-21269249.85;median:USD 27839.80).Mean physician(n=165)H-index as reported on Scopus is 14.24±12.39(range:0-63;median:11).There was a significant but weak correlation between individual physician H-index and individual physician total life-time earnings(P<0.001;Spearman’s rho=0.334)and a significant and moderate positive correlation between combined fellowship H-index and total life-time earnings per fellowship(P=0.004,Spearman’s rho=0.409).CONCLUSION There is a significant and positive correlation between academic productivity and industry earnings at foot and ankle orthopedic surgery fellowships in the United States.This observation is true on an individual physician level as well as on a fellowship level.

Simultaneous Interpreting Output Assessment of Earnings Conference Call: Case Analysis of Tencent 2022 Q3 Result Announcement

Quality in simultaneous interpreting is a frequently discussed concept. In the enterprise setting, earnings conference call remains a rarely explored field. This thesis offers a descriptive study on assessing interpreting quality from perspectives of fidelity, fluency, and appropriacy. As the corpus, Tencent 2022 Third Quarter Result Announcement provides an ideal transcript to the author to conduct its analysis. Interpreting is frequently done without bearing in mind the multitude of factors that can affect the quality of interpreting. Drawing a conclusion that the interpreter does make a lot of omissions, pauses and hesitations posing a negative effect on the fidelity, fluency and accuracy of the interpreting, the present author suggests that more preparation should be done for improving performance, such as terminologies, company background information, a reasonable speech rate, good image and acoustic quality, and so on.

Does the Internal Audit Function Play a Role in Mitigating Earnings Management?

This paper aims to investigate the effect of the characteristics of the internal audit function(IAF)on earnings management(EM)for a sample of 27 Tunisian listed companies.The authors employed the Correlated Panels Corrected Standard Errors model to estimate the regression equation.The results showed that EM is negatively associated with internal audit effectiveness,frequency of audit committee meetings with Chief Audit Executives(CAEs),the partial outsourcing of internal audit,and the firm’s size.Moreover,the authors found a positive relationship between EM and the use of IAF as a training ground for management and the private sector.This study is important to academics,regulators,and policymakers in introducing new governance reforms to strengthen the IAF as an important internal governance mechanism to reduce earnings management practices in emerging countries.The results also provide useful information for investors to examine the effect of internal audit characteristics on earnings management.

Tax avoidance and earnings management:a neural network approach for the largest European economies

In this study,we investigate the relationship between tax avoidance and earnings management in the largest five European Union economies by using artificial neural network regressions.This methodology allows us to deal with nonlinearities detected in the data,which is the principal contribution to the previous literature.We ana-lyzed Compustat data for Germany,the United Kingdom,France,Italy,and Spain for the 2006–2015 period,focusing on discretionary accruals.We considered three tax avoidance measures,two based on the effective tax rate(ETR)and one on book-tax differences(BTD).Our results indicate the presence of nonlinear patterns and a posi-tive,statistically significant relationship between discretionary accruals and both ETR indicators implying that when companies resort to earnings management,a larger tax-able income—and thus higher ETR and lesser tax avoidance–would ensue.Hence,as also highlighted by the fact that discretionary accruals do not appear to affect BTD,our evidence does not suggest that companies are exploiting tax manipulation to reduce their tax payments;thus,the gap between accounting and taxation seems largely unaf-fected by earnings management.

Does investor protection affect the choice of earnings management methods through real activity manipulation and accrual manipulation？ Asian comparison

This paper examines systematic differences in earnings management through real activity manipulation and accrual manipulation across 7 Asia countries. The study proposes arguments that in economies with high investor protection, managers prefer to manage earnings through real activity manipulation rather than through accrual manipulation because accrual manipulation is more likely to draw auditors or regulators scrutiny than real decisions about pricing and production. The study findings are consistent with prediction. Despite being in economies with high investor protection, managers still have bigger discretion in managing earnings through real activities rather than accrual manipulation.

Tone of language,financial disclosure,and earnings management:a textual analysis of form 20-F

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.

Analysis on Chinese Regional Differences in International Tourism Foreign Exchange Earnings with Method of One-way Variance Analysis

Based on data over 31 provinces and cities in China from2006 to 2013,this thesis first divides those 31 provinces and cities into four economic regions including northeastern region,central region,eastern region and western region.Based on data over 31 provinces and cities in China from 2006 to 2013,those 31 provinces and cities were devided into four economic regions in this thesis,including northeastern region,central region,eastern region and western region.Then,it takes international tourism foreign exchange earnings as the dependent variable,the four economic regions as the factor to measure the difference of international tourism foreign exchange earnings in different regions,and finds out the main reasons of it.Through the one-way variance analysis on international tourism foreign exchange earnings,we can know that international tourism foreign exchange earnings have differences in different regions apparently.Besides,significant differences can be found between northeastern and central regions as well as eastern and western regions,while it is not the same case between the central and western regions.

Earnings Management and Fraudulent Financial Reporting： The Malaysian Story

Earnings management research has a long and rich history. The agency conflict, incentives, rationalization, opportunity plus having the capability among the managers to manipulate the financial statements lead them to commit fraud. The loopholes in the standards or the deviation from real operational activities promote this situation to prolong. In relation to this issue, this study examines the earnings management behavior among fraud firms in Malaysia. Further, this study examines the relationship between accruals earnings management as a proxy variable for discretionary accruals and real earnings management as the proxy variable for discretionary cash flow. Sample of 57 alleged fraud firms was selected based on the fraudulent financial reporting offences announced in Bursa Malaysia website. The sample data are collected from public firms which committed fraud from 2001 to 2013. This study found a significant negative relationship between accruals earnings management and real earnings management among the fraud firms in Malaysia suggesting that these firms aggressively manage earnings downwards or upwards essentially to avoid regulators scrutiny apart from aiming to achieve personal incentives. The study significantly finds evidence that fraud firms manage earnings on a sequential basis between accruals earnings management and real earnings management prior to fraud year. The findings indicate that firms opt for real earnings management and make full use of its distinguished features of not easily traceable to continue managing earnings immediately subsequent to fraud year. This study may assist regulators, auditors, and policymakers to curb earnings management patterns that have high likelihood of becoming part of fraud antecedent.

Earnings disaggregation and analysts＇ forecasts

Accounting concepts dictate that separately disclosed components should contain separate useful information. This paper examines the relations between income statement components and analysts＇ earnings forecasts and forecast errors. Regressions explaining earnings forecasts using earnings components provide a better fit than regression using just aggregate income to explain forecasts. We interpret this as consistent with the hypothesis that analysts use incremental information in components not available in aggregate income. However, additional tests based on predictability of forecast errors indicate that analysts do not incorporate all information available in components into earnings forecasts. In addition, this inefficiency appears to increase at longer forecast horizons.

How value relevant are earnings when they are transitory？ Empirical evidence for France

Capital market participants take seriously into consideration the value relevance of earnings for security valuation. This study examines the value relevance of earnings when earnings are transitory, i.e., there is great variability in earnings. It hypothesizes that the relationship between earnings and security returns worsens when earnings are transitory and this robustness is country specific. The dataset consists of more than 1,100 French firm-year observations over a nine year period. Empirical results show that when earnings are transitory, investors pay more attention to operating cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. These results should be of great importance to financial analysts, investors and bankers for investing and credit decisions, especially after the recent global financial crisis.

Earnings Restatements and Insider Trading： An Empirical Analysis

This study examines the relationship between earnings quality and insider trading. Using downward earnings restatement firms to identify low-quality earnings, we find that insiders outsell non-earnings restatement firms of their holdings over the period from two years before to one year after the beginning of the restatement period. In addition, the amounts of restatement are positively associated with the excess insider selling. We also provide evidence that excess insider selling predicts excessive earnings manipulations that eventually lead to GAAP （Generally Accepted Accounting Principles） violation. Some researchers argued that insider trading can be an efficient way of transferring insider information to the capital markets. Our evidence of intensive insider selling in the context of earnings restatements implies that insiders disregard their fiduciary duties to the shareholders during the periods of deteriorating financial performance.

Improvements onthe Earnings Forecast Model——Based on Correlation between Financial Ratio, Auditor Opinion and Future Earnings

This paper aims to find evidence for the improvements on the present earnings forecast models through analyzing the correlation among financial ratios, auditor opinion of listed companies and their future earnings. This paper uses two statistical regression methods including Logistic model and Linear model to examine the inner interaction between financial ratios and future earnings from qualitative and quantitative perspectives respectively. Empirical tests find that financial ratios, especially ROE, can help to predict future earnings. Then we add auditor opinion variable into Logistic model to test whether going concern opinion in the auditor reports can be helpful for earnings forecast. Result shows the degree of optimistic statement of going concern opinion is significantly correlated with future earnings but with the disturbance of earnings management.

An empirical study on information content of accounting earnings and cash flow

Based on deep analyzing the colluding and checking relation of income statement and cash flow statement, this paper chooses and designs the corresponding profit index, carries on the comparative study of information content between accounting earnings and cash flows. The paper utilizes the financial data of Chinese listed company in manufacturing industry from 2003 to 2005, adopts the price model and analyzes empirical study about two kinds of profit indexes and value relevance. Studies have suggested： accounting earnings and cash flows all have relevant relations to stock prices; however, the relevance between cash flow and stock price is stronger, and cash flows have higher information quality.

Earnings Management in State-Owned Enterprises in a Period of Macroeconomic Instability

The purpose of this paper is to examine whether and to what extend Greek state-owned enterprises engage in earnings management techniques during 2012-2016.Most prior studies on earnings management have used data from large economies with relative stable macroeconomic contexts(e.g.,USA).Our knowledge about earnings management in smaller economies is rather limited.To fill this void,we conducted our study in Greece and focused on the abovementioned period,which is very interesting given that Greece experienced a substantial political and macroeconomic instability(e.g.,four elections,one referendum,capital controls,and two memorandums).Two different models(i.e.,The Earnings Distribution Model and the Modified Jones Model)are used to provide answers to the research questions.The sample is composed of 50 state-owned enterprises.The results show that Greek state-owned enterprises did not adopt any earnings management techniques during the examined period.These results are rather robust given that they come from two different models.According to the literature,macroeconomic and political instability provide incentives to managers to use earnings management techniques.Interestingly though,our results suggest that this is not the case for a smaller economy.The findings of this study will allow investors,auditors,and users of the financial statements to make better decisions when studying companies that are experiencing those difficulties.The adoption of two different methods and the similar results is an indication of more robust and valid findings.

What are affecting earnings quality： A summarization

Researches on factors that affecting earnings quality are significant for regulators＇ decisions and the improving of earnings quality. After reviewing the research findings on what are affecting earnings qualities from the following 6 fields： accounting standards, firm characteristics, board and auditing committees＇ characteristics, managerial characteristics, auditing firm characteristics and other factors, the author conclude the current findings and foresee the future research focus on earnings quality.

Comparison of Earnings Power between State Commercial Banks and Stock Banks

As earnings power is one of the primary capacities for commercial banks, by analyzing several indexes on banks' operation performance, this article compared the earnings power between the state banks and the stock banks in China. Through the analysis, some problems of domestic banks may be found and pointed out that the commercial bank should stress on the target of profit maximum to avoid the financial risks. With enough earnings power, the domestic banks can take the challenge with those foreign banks entering domestic money market.

The effect of earnings forecast precision on firm value and insider trading under voluntary disclosure in Taiwan

Taiwan changed its earnings forecast policy from mandatory to voluntary disclosure in 2005. In this study, the inferences of voluntary earnings forecast are examined based on forecasts issued by listed firms. This study suspects that insiders have a temptation to strategically manipulate financial forecast information to influence markets and thus receive extra rents. Under the new earnings forecast disclosure policy, the number of disclosing firm decreases but the precision of earnings forecast increases. The empirical result from dynamic panel data evidences the forecast error of voluntary disclosure may negatively impact firm values. Furthermore, there is a positive relationship between insiders＇ trading profit and manipulation of earnings forecasts. As volatility in insider manipulation increases, it is difficult for the investors to predict the real intention of insiders, and insiders may achieve greater benefits from trading. This study also observes that many listed companies hold investor conferences to provide earnings guidance in Taiwan. The reason may be that investor conference is more flexible and has less forecast error cost than the formal financial forecast. This study provides important insights into earnings forecast policy in emerging markets. The competent authority should improve corporate governance and develop monitoring functions to abate forecast manipulation.

Non-Operating Room Anesthesia and the COVID-19 Patient: Evidence Based Strategies

As non-operating room anesthesia (NORA) vastly increases, so does the complexity of both the patients and the procedures. Unfamiliar environment, remote locations, and limited access to resources are some of the many challenges faced by the anesthesiologist in this environment. Understanding the environmental factors such as the room layout, machine placement and patient positioning needs advanced planning in the COVID-19 patient to determine airway management, intravenous access and overall patient safety. Communication with the proceduralist and healthcare workers (HCW) is of essence as both the procedure and anesthetic requirements may need to be altered as the case progresses. Standard monitoring guidelines should apply to all patients regardless of depth of anesthesia. The COVID-19 patient adds to these challenges. Aerosol generating medical procedures (AGMP’s) need to be identified ahead of time in order to ensure the safety of both the staff and patients. This allows for planning and preparation required for transportation of the patient to the room. HCWs may need to be identified and be available to assist with the procedure. Time should be allocated for transportation, briefing, room preparation, personal protective equipment needs of the staff and donning and doffing procedures as per institutional protocol. Communication means with staff outside of the room should be discussed in advance should an emergent situation arise during the procedure. Debriefing should be performed at the end of every procedure to improve patient safety and outcomes.

An investigation and analysis of the export earnings of 100 foreign trade enterprises in the first five months of this year

In order to understand the export situation faced by Chinese foreign trade enterprises and learn about their difficulties and problems in this regard, the China Association of Foreign Trade and Economic Cooperation Enterprises carried

Annual Earnings Analysis with ARIMA for Future Earnings Prediction

This study investigates annual earnings analysis with ARIMA （Autoregressive Integrated Moving Average） for future earnings prediction. Earnings prediction is very important to be used in various aspect of decision making process, such as： investor, creditor, analyst, academicians, practitioners, etc.. Evidence supports the ARIMA model that it is more accurate. It also has a smaller size of error value.