8,475 research outputs found

    Foraging as an evidence accumulation process

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    A canonical foraging task is the patch-leaving problem, in which a forager must decide to leave a current resource in search for another. Theoretical work has derived optimal strategies for when to leave a patch, and experiments have tested for conditions where animals do or do not follow an optimal strategy. Nevertheless, models of patch-leaving decisions do not consider the imperfect and noisy sampling process through which an animal gathers information, and how this process is constrained by neurobiological mechanisms. In this theoretical study, we formulate an evidence accumulation model of patch-leaving decisions where the animal averages over noisy measurements to estimate the state of the current patch and the overall environment. Evidence accumulation models belong to the class of drift diffusion processes and have been used to model decision making in different contexts. We solve the model for conditions where foraging decisions are optimal and equivalent to the marginal value theorem, and perform simulations to analyze deviations from optimal when these conditions are not met. By adjusting the drift rate and decision threshold, the model can represent different strategies, for example an increment-decrement or counting strategy. These strategies yield identical decisions in the limiting case but differ in how patch residence times adapt when the foraging environment is uncertain. To account for sub-optimal decisions, we introduce an energy-dependent utility function that predicts longer than optimal patch residence times when food is plentiful. Our model provides a quantitative connection between ecological models of foraging behavior and evidence accumulation models of decision making. Moreover, it provides a theoretical framework for potential experiments which seek to identify neural circuits underlying patch leaving decisions

    An Examination of the Determinants and Contents of Corporate Voluntary Disclosure of Management\u27s Responsibilities For Financial Reporting

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    The Sarbanes-Oxley Act (S-O Act) of 2002 requires principal officers to certify under oath to the veracity of information contained in SEC filings and opine on the effectiveness of the internal control system. This study examines the determinants and contents of corporate voluntary disclosure of management\u27s responsibilities during the five-year period preceding the S-O Act. We predict that the voluntary disclosure of management\u27s responsibilities for financial information signals certain incentives and characteristics of the reporting firm that are relevant to financial statement users and regulators. Consistent with our predictions, our findings reveal significant differences between issuing and non-issuing firms as to the effectiveness of an individual firm\u27s internal control system, access to capital markets, audit committee characteristics, and ownership structure. An empirical analysis of the contents of these assertions also reveals different areas of emphasis and selectivity by management, which represents an informative link to existing disclosure mandates. The results of this study contribute to our knowledge of management\u27s motivations for voluntary disclosure and lend credence to the mandatory certification requirements and related disclosure reforms established in the post-Enron era

    Targets for the MalI repressor at the divergent Escherichia coliK-12malX-malI promoters

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    Random mutagenesis has been used to identify the target DNA sites for the MalI repressor at the divergent Escherichia coli K-12 malX-malI promoters. The malX promoter is repressed by MalI binding to a DNA site located from position -24 to position -9, upstream of the malX promoter transcript start. The malI promoter is repressed by MalI binding from position +3 to position +18, downstream of the malI transcript start. MalI binding at the malI promoter target is not required for repression of the malX promoter. Similarly, MalI binding at the malX promoter target is not required for repression of the malI. Although the malX and malI promoters are regulated by a single DNA site for cyclic AMP receptor protein, they function independently and each is repressed by MalI binding to a different independent operator site

    Carleson measures for Hilbert spaces of analytic functions on the complex half-plane

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    The notion of a Carleson measure was introduced by Lennart Carleson in his proof of the Corona Theorem for H∞(D). In this paper we will define it for certain type of reproducing kernel Hilbert spaces of analytic functions of the complex half-plane, C+, which will include Hardy, Bergman and Dirichlet spaces. We will obtain several necessary or sufficient conditions for a positive Borel measure to be Carleson by preforming tests on reproducing kernels, weighted Bergman kernels, and studying the tree model obtained from a decomposition of the complex half-plane. The Dirichlet space will be investigated in detail as a special case. Finally, we will present a control theory application of Carleson measures in determining admissibility of controls in well-posed linear evolution equations

    Market Revaluations of Foreign Listings’ Reconciliations to U.S. Financial Reporting GAAP

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    The Securities and Exchange Commission (SEC) requires foreign firms wishing to list their securities on the U.S. exchanges to convert their financial statements to U.S.-based generally accepted accounting principles (GAAP) in a reconciliation filing known as Form 20-F. This paper extends prior research analyzing the importance of the SEC requirement by examining the value relevance to U.S. capital markets of Form 20-F reconciliation information under two additional hypotheses related to: i) investors\u27 anticipation of the reconciliation, and ii) investors\u27 perception of foreign countries\u27 enforcement and reliability in applying local accounting rules. We argue that the information content of the Form 20-F reconciliation data is preempted (at least partially) on the date of foreign earnings announcements because of investor anticipation of these reconciliations. Therefore, only significant unanticipated reconciliations exhibit value relevance on the date of filing. In addition, investor perception of the reliability of the reconciliations and the degree of confidence in foreign authorities enforcing local GAAP also affect the value relevance of the reconciliation data. We hypothesize that reconciliations made by firms from countries with mature and developed capital markets should be more value relevant to U.S. investors. Our results show that both unexpected foreign earnings and anticipated reconciliations to U.S. GAAP are significantly associated with unexpected market returns during the week of earnings announcements. The region of the foreign country is also significantly associated with market returns. However, unexpected reconciliations are not significantly associated with unexpected market returns during the week of Form 20-F filing

    Qualité microbiologique des fromages artisanaux fabriqués au lait cru en Région wallonne

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    Microbiological quality of craft raw milk cheeses produced in Wallonia. The main objective of this study was to evaluatethe bacteriological quality of raw milk cheeses produced in the southern part of Belgium (Wallonia) and to compare withsamples coming from other European countries. Results from bacteriological analyses of 153 cheese samples have beencompared with regard to food microbial standards (92/46 EC Directive). It can be concluded from this work that 69% of thesamples may be considered as acceptable, while 31% showed coliforms and Staplylococcus aureus counts exceeding thestandard values. As far as pathogens were concerned, 0.7% and 7.2% of the samples have were found unsatifactory with thecriteria related to Salmonella and Listeria monocytogenes, respectively. Enterobacteriaceae contamination has also beenevaluated and demonstrated an average log count of about 3.78 cfu/g. Cheeses produced from ewe milk showed anoutstanding microbiological quality since all samples turned out to be acceptable regarding the S. aureus counts and devoidof Salmonella and L. monocytogenes contamination. Although no seasonal effect on the bacteriological quality could beobserved, the microbial quality decreased after the production stage, i.e. mainly during the storage and the distribution.Cheese made by small producers seems to be better than those originating from industrial enterprises. By comparing theseresults with those obtained on cheese samples produced in some other European countries, it appears that the mean qualitylevel of Walloon raw milk cheeses is quite satifactory
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