Can analysts predict breaks in earnings strings?

Purpose This study aims to investigate the behavior of sell-side analysts covering firms that are about to experience breaks in strings of consecutive quarterly earnings increases. Design/methodology/approach The authors estimate the likelihood of analysts predicting a break by using logit regressions for nearly half a million earnings per share forecasts issued by individual analysts from 1992 to 2017. Findings The authors find that analysts can predict breaks in earnings strings by issuing less favorable earnings estimates ahead of a break announcement. The probability of detecting a break is higher for longer and more severe breaks, for more skillful analysts and for firms with richer information environments. The authors find that analysts’ warnings are heeded by investors and result in less severe reactions to break announcements. Originality/value Breaks in strings of earnings increases are situations in which information asymmetry exists and could be mitigated by information intermediaries such as sell-side analysts. Therefore, it is important to examine whether analysts have any informational advantages or disadvantages over insiders and institutional investors in the quarters prior to breaks in strings and whether they communicate such information to the market in a timely and accurate manner, thus reducing information asymmetry by “leveling the field” across the investment community. </jats:sec

Precursor-directed Biosynthesis in Tabernaemontana catharinensis as a New Avenue for Alzheimerʼs Disease-modifying Agents

AbstractPlants produce a high diversity of metabolites that can act as regulators of cholinergic dysfunction. Among plants, the potential of species of the genus Tabernaemontana to treat neurological disorders has been linked to iboga-type alkaloids that are biosynthesized by those species. In this context, precursor-directed biosynthesis approaches were carried out using T. catharinensis plantlets to achieve new-to-nature molecules as promising agents against Alzheimerʼs disease. Aerial parts of T. catharinensis, cultured in vitro, produced 7 unnatural alkaloids (5-fluoro-ibogamine, 5-fluoro-voachalotine, 5-fluoro-12-methoxy-Nb-methyl-voachalotine, 5-fluoro-isovoacangine, 5-fluoro-catharanthine, 5-fluoro-19-(S)-hydroxy-ibogamine, and 5-fluoro-coronaridine), while root extracts showed the presence of the same unnatural iboga-type alkaloids and 2 additional ones: 5-fluoro-voafinine and 5-fluoro-affinisine. Moreover, molecular docking approaches were carried out to evaluate the potential inhibition activity of T. catharinensis’ natural and unnatural alkaloids against AChE and BChE enzymes. Fluorinated iboga alkaloids (5-fluoro-catharanthine, 5-fluoro-voachalotine, 5-fluoro-affinisine, 5-fluoro-isovoacangine, 5-fluoro-corinaridine) were more active than natural ones and controls against AchE, while 5-fluoro-19-(S)-hydroxy-ibogamine, 5-fluoro-catharanthine, 5-fluoro-isovoacangine, and 5-fluoro-corinaridine showed better activity than natural ones and controls against BChE. Our findings showed that precursor-directed biosynthesis strategies generated “new-to-nature” alkaloids that are promising Alzheimerʼs disease drug candidates. Furthermore, the isotopic experiments also allowed us to elucidate the initial steps of the biosynthetic pathway for iboga-type alkaloids, which are derived from the MEP and shikimate pathways.</jats:p

Evaluation of some oral postradiotherapy sequelae in patients treated for head and neck tumors Avaliação de algumas seqüelas bucais pós-radioterapia em pacientes tratados de neoplasias de cabeça e pescoço

The aim of this study was to evaluate the oral sequelae of radiotherapy in patients treated between 1999 and 2003 for head and neck tumors. One-hundred patients (24 women, 76 men) ranging in age from 30 to 83 years (mean 59.2 years) were examined. Time since radiotherapy ranged from 1 to 72 months (mean 28 months). The total mean radiation dose received by the patients was 5,955 cGy. The evaluation protocol included anamnesis, intraoral and extraoral examination, measurement of stimulated salivary flow and salivary pH. Symptoms reported by the patients included dry mouth (68%), dysphagia (38%), and dysgeusia (30%). In 64% of the patients, the mean stimulated salivary flow rate was less than 0.7 ml/min. The mean salivary pH was 6.97 (± 0.714). Stimulated salivary flow increased with increasing postradiotherapy time (p < 0.05). The prevalence of mucositis was associated with higher radiation doses (p < 0.05), and the prevalence of atrophic candidiasis was related to a longer post-treatment period (p < 0.05). Two cases of recurrence of the primary tumor were detected during the study. The main effect of radiotheraphy in the head and neck region was a reduction of the salivary flow rate, even though our study demonstrated that there was a modest late improvement of the salivary flow.<br>O objetivo deste estudo foi avaliar as seqüelas bucais provocadas pela radioterapia em pacientes com neoplasias de cabeça e pescoço, tratados entre 1999 e 2003. Foram examinados 100 pacientes (24 mulheres e 76 homens), com idades entre 30 e 83 anos (média de 59,2 anos). O tempo desde a radioterapia variou de 1 a 72 meses (média de 28 meses). A média da dose total de radiação recebida pelos pacientes foi de 5.955 cGy. O protocolo de avaliação consistiu de anamnese, exame físico, aferição do fluxo salivar estimulado e pHmetria da saliva. Os sintomas referidos foram boca seca (68%), disfagia (38%) e disgeusia (30%). Em 64% dos indivíduos o valor médio do fluxo salivar estimulado esteve abaixo de 0.7 ml/min. O pH médio da amostra foi de 6.97 (± 0.714). O fluxo estimulado e a ocorrência de candidíase atrófica aumentaram conforme o aumento do tempo pós-radioterapia (p < 0.05). A ocorrência de mucosite esteve associada a maiores doses de radiação (p < 0.05). Dois casos de segundo tumor primário foram diagnosticados. O principal efeito da radioterapia na região de cabeça e pescoço foi a redução do fluxo salivar, apesar de nosso estudo ter demonstrado que há uma melhora tardia do fluxo salivar

Perfil socioeconômico e profissional de manipuladores de alimentos e o impacto positivo de um curso de capacitação em Boas Práticas de Fabricação

Foodborne diseases are a worldwide public health problem frequently associated with failures during food handling. Knowledge of the socioeconomic and professional profile of food handlers and their knowledge about the Good Manufacturing Practices (GMP) are required in order to plan public policies and training programs aimed at food safety and quality. This study aimed to evaluate the socioeconomic and professional profile of food handlers and the impact of giving a training course on Good Manufacturing Practices in the city of Araraquara, São Paulo state, Brazil. A total of 192 food handlers answered the following two questionnaires: the first to assess their level of knowledge on GMP, which was applied before (initial evaluation) and after (final evaluation) the training course, and the second to assess the food handlers' socioeconomic and professional profiles. The results showed that the training course had a positive impact on the food handlers' level of knowledge, since all topics on GMP showed a higher percentage of correct answers in the final evaluation than in the initial evaluation. These data indicate the need for continuous training courses to improve the qualification of food handlers, and hence of the food quality and food safety for consumers.Doenças transmitidas por alimentos constituem um problema de saúde pública em nível mundial e estão frequentemente associadas a falhas na manipulação dos alimentos. Conhecer o perfil socioeconômico e profissional, bem como o nível de conhecimento dos manipuladores de alimentos, é requisito essencial para o planejamento de políticas públicas e programas de capacitação visando a segurança e qualidade dos alimentos. Este trabalho teve por objetivo avaliar o perfil socioeconômico e profissional de manipuladores de alimentos, e o impacto de um curso de capacitação em Boas Práticas de Fabricação (BPF) realizado na cidade de Araraquara-SP, Brasil. Um total de 192 manipuladores respondeu a dois questionários: o primeiro, para avaliar o nível de conhecimento dos manipuladores sobre BPF antes (avaliação diagnóstica) e depois (avaliação final) de participar do curso; o segundo, para realizar um levantamento do perfil socioeconômico e profissional dos manipuladores. Os resultados mostraram que o curso de capacitação repercutiu de forma positiva no nível de conhecimento dos manipuladores, sendo que todos os temas sobre BPF avaliados apresentaram um percentual de respostas corretas significativamente maior na avaliação final em relação à avaliação diagnóstica. Isso indica a necessidade de aperfeiçoamento constante, para garantir a qualificação profissional dos manipuladores e, consequentemente, a qualidade dos alimentos e a segurança alimentar dos consumidores.Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)Universidade Estadual Paulista Júlio de Mesquita Filho, Departamento de Alimentos e Nutrição, Faculdade de Ciências Farmacêuticas de Araraquara, Araraquara, Rodovia Araraquara - Jaú, Km 01, Campus Universitário, CEP 14801-902, SP, BrasilUniversidade Estadual Paulista Júlio de Mesquita Filho, Departamento de Alimentos e Nutrição, Faculdade de Ciências Farmacêuticas de Araraquara, Araraquara, Rodovia Araraquara - Jaú, Km 01, Campus Universitário, CEP 14801-902, SP, Brasi