| 1. |
- Eugster, Florian, et al.
(författare)
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Managerial Extraversion and Corporate Voluntary Disclosure
- 2023
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper examines the effect of managers’ personality trait of extraversion on the voluntary disclosure of their firms. Our results from analyzing archival data from Sweden show that the extraversion scores of CEOs and CFOs obtained from psychological tests are positively associated with the voluntary disclosure scores of their firms. The effect of manager extraversion on disclosure is moreover stronger when managerial discretion or managerial job demands are higher. We also find that extraversion affects managers’ disclosure styles during earnings conference calls.
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| 2. |
- Nilsson, Henrik, et al.
(författare)
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IQ and Audit Quality : Do Smarter Auditors Deliver Better Audits?
- 2019
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Ingår i: Contemporary Accounting Research. - : Canadian Academic Accounting Association. - 1911-3846 .- 0823-9150. ; 36:3, s. 1373-1416
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Tidskriftsartikel (refereegranskat)abstract
- This study examines the role of an individual auditor's cognitive ability in delivering high-quality audits. Our results from analyzing archival data from Sweden show that audit partners' IQ scores obtained from psychological tests are positively associated with going-concern audit reporting accuracy and audit fee premiums. We also find some, albeit weak, evidence that audit partners' IQ scores are negatively associated with the income-increasing abnormal accruals of the client. These results suggest that, although audit services are standardized through various control mechanisms and audits are conducted by teams rather than by individual auditors, the cognitive ability of audit partners responsible for an audit remains important in delivering high-quality audit services.
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| 3. |
- Anchev, Stefan, 1986-
(författare)
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Information and financial markets
- 2018
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The results in this thesis are consistent with the hypotheses that: 1) the incomplete dissemination of information across investors helps in explaining the occurrence and the persistence of cross-sectional stock return anomalies, 2) the properties of the investor base of a stock have implications for the informativeness of the stock's price and 3) a greater quantity of firm disclosure places less sophisticated investors at an information disadvantage. Overall, the thesis provides new empirical evidence about the role of information in financial markets.Investor Base and Stock Return AnomaliesAfter controlling for market capitalization, the predictability of future stock returns associated with each of the earnings-to-price ratio, the book-to-market ratio, the past return, the total volatility of returns and the return on assets is more pronounced among stocks with smaller total and/or institutional investor bases. These results appear even after controlling for several other stock characteristics and potential risk factors and they are both statistically and economically meaningful. Thus, they are consistent with the hypothesis that the incomplete dissemination of information across investors helps in explaining the occurrence and the persistence of cross-sectional stock return anomalies.Investor Base and Stock Price InformativenessThe relative idiosyncratic volatility of future stock returns is: 1) negatively associated with the absolute size of the total and the institutional investor base, 2) positively associated with the institutional ownership, 3) negatively (positively) associated with the average stock portfolio size (Herfindahl index) of the investor base and 4) positively associated with the indirect (i.e., through nominees) ownership. These results appear after controlling for several other stock characteristics and they are both statistically and economically meaningful. Thus, they are consistent with the hypothesis that the properties of the investor base of a stock have implications for the informativeness of the stock's price.Individual Investors and Quantity of Firm DisclosureWhen the amount of information disclosed by a firm is greater (or increases), the stock portfolio weights that individual investors allocate (through trading) to that firm's stock are lower (or decrease) and suboptimal. The former result is less pronounced or nonexistent for more financially competent individuals and for positions in firms with a poorer information environment. When they do allocate greater portfolio weights to the stock of a firm that discloses more, individuals, regardless of their financial competence, earn lower returns. Overall, these results are consistent with the hypothesis that a greater quantity of firm disclosure places less sophisticated investors at an information disadvantage.
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| 4. |
- Frank, Kenneth A., et al.
(författare)
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The market dynamics of socially embedded trading
- 2020
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Ingår i: Rationality and Society. - : SAGE Publications (UK and US). - 1461-7358 .- 1043-4631. ; 31:2, s. 152-181
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Tidskriftsartikel (refereegranskat)abstract
- Social embeddedness has provided a compelling challenge to neoclassical descriptions of markets. Nevertheless, without a corresponding description of the micro-social forces that counter embeddedness, the description of embeddedness is essentially static, and does not integrate the dual forces of embeddedness and markets. In this study, we identify a sociological force counter to embeddedness residing in third parties whose presence may interrupt socially embedded informal trading partnerships. Using data from the Helsinki Stock Exchange in 1996-1997, we confirm that stock trades are socially embedded in partnerships in which trading persists from week to week and in which prices deviate from immediate trading prices. Importantly, we find that trading partnerships are more likely to be interrupted when prices deviate from immediate trading prices and when third parties are present who trade with one or both members of the partnership. Thus, third parties are a critical sociological force in the embeddedness-market dynamic.
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| 5. |
- Hansen, Christian, et al.
(författare)
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alpha-Synuclein propagates from mouse brain to grafted dopaminergic neurons and seeds aggregation in cultured human cells
- 2011
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Ingår i: Journal of Clinical Investigation. - 0021-9738. ; 121:2, s. 715-725
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Tidskriftsartikel (refereegranskat)abstract
- Post-mortem analyses of brains from patients with Parkinson disease who received fetal mesencephalic transplants show that alpha-synuclein-containing (alpha-syn-containing) Lewy bodies gradually appear in grafted neurons. Here, we explored whether intercellular transfer of alpha-syn from host to graft, followed by seeding of alpha-syn aggregation in recipient neurons, can contribute to this phenomenon. We assessed alpha-syn cell-to-cell transfer using microscopy, flow cytometry, and high-content screening in several coculture model systems. Coculturing cells engineered to express either GFP- or DsRed-tagged alpha-syn resulted in a gradual increase in double-labeled cells. Importantly, alpha-syn-GFP derived from 1 neuroblastoma cell line localized to red fluorescent aggregates in other cells expressing DsRed-alpha-syn, suggesting a seeding effect of transmitted alpha-syn. Extracellular alpha-syn was taken up by cells through endocytosis and interacted with intracellular alpha-syn. Next, following intracortical injection of recombinant alpha-syn in rats, we found neuronal uptake was attenuated by coinjection of an endocytosis inhibitor. Finally, we demonstrated in vivo transfer of alpha-syn between host cells and grafted dopaminergic neurons in mice overexpressing human alpha-syn. In summary, intercellularly transferred alpha-syn interacts with cytoplasmic alpha-syn and can propagate alpha-syn pathology. These results suggest that alpha-syn propagation is a key element in the progression of Parkinson disease pathology.
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| 6. |
- Kallunki, Juha-Pekka, et al.
(författare)
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Tax Noncompliance and Insider Trading
- 2024
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Ingår i: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper explores whether insiders who have shown noncompliance with the tax law (‘noncompliant insiders') are more prone to exploit their information advantage in insider trading, compared to other insiders (‘compliant insiders'). Our empirical results from analyzing archival data of all insider trades in Sweden show that noncompliant insiders use more of their information advantage to trade their insider stocks shortly before significant stock price changes, compared to compliant insiders. These results remain similar after controlling for various insider- and firm-specific determinants of insider returns, including firm and year fixed effects. We believe our results are of interest for academics and regulatory authorities monitoring and screening insider trading activity
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| 7. |
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| 8. |
- Petit, Géraldine, et al.
(författare)
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Rasagiline ameliorates olfactory deficits in an alpha-synuclein mouse model of Parkinson's disease.
- 2013
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Ingår i: PLoS ONE. - : Public Library of Science (PLoS). - 1932-6203. ; 8:4
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Tidskriftsartikel (refereegranskat)abstract
- Impaired olfaction is an early pre-motor symptom of Parkinson's disease. The neuropathology underlying olfactory dysfunction in Parkinson's disease is unknown, however α-synuclein accumulation/aggregation and altered neurogenesis might play a role. We characterized olfactory deficits in a transgenic mouse model of Parkinson's disease expressing human wild-type α-synuclein under the control of the mouse α-synuclein promoter. Preliminary clinical observations suggest that rasagiline, a monoamine oxidase-B inhibitor, improves olfaction in Parkinson's disease. We therefore examined whether rasagiline ameliorates olfactory deficits in this Parkinson's disease model and investigated the role of olfactory bulb neurogenesis. α-Synuclein mice were progressively impaired in their ability to detect odors, to discriminate between odors, and exhibited alterations in short-term olfactory memory. Rasagiline treatment rescued odor detection and odor discrimination abilities. However, rasagiline did not affect short-term olfactory memory. Finally, olfactory changes were not coupled to alterations in olfactory bulb neurogenesis. We conclude that rasagiline reverses select olfactory deficits in a transgenic mouse model of Parkinson's disease. The findings correlate with preliminary clinical observations suggesting that rasagiline ameliorates olfactory deficits in Parkinson's disease.
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| 9. |
- Van Schijndel, Jessica E., et al.
(författare)
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Dual association of a TRKA polymorphism with schizophrenia
- 2011
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Ingår i: Psychiatric Genetics. - : Lippincott Williams & Wilkins. - 0955-8829 .- 1473-5873. ; 21:3, s. 125-131
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Tidskriftsartikel (refereegranskat)abstract
- OBJECTIVE: An interaction between predisposing genes and environmental stressors is thought to underlie the neurodevelopmental disorder schizophrenia. In a targeted gene screening, we previously found that the minor allele of the single nucleotide polymorphism (SNP) rs6336 in the neurotrophic tyrosine kinase receptor 1 (NTRK1/TRKA) gene is associated with schizophrenia as a risk factor.METHODS: We genotyped the TRKA SNP in a total of eight independent Caucasian schizophrenia case-control groups.RESULT: Remarkably, although in five of the groups a higher frequency of the risk allele was indeed found in the patients compared with the controls, in the three other groups the SNP acted as a protective factor.CONCLUSION: An intriguing possibility is that this dual character of the TRKA SNP is caused by its interaction with endophenotypic and/or epistatic factors.
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