We investigate the relation of the board of directors and institutional ownership with the properties of management earnings forecasts. We find that firms with more outside directors and greater institutional ownership are more likely to issue a forecast and are inclined to forecast more frequently. In addition, these forecasts tend to be more specific, accurate and less optimistically biased. These results are robust to changes specification, Granger causality tests, and simultaneous equation analyses. The results are similar in the pre- and post-Regulation Fair Disclosure (Reg FD) eras. Additional analysis suggests that concentrated institutional ownership is negatively associated with forecast properties. This association is less negative in the post-Reg FD environment, which is consistent with Reg FD reducing the ability of firms to privately communicate information to select audiences. Copyright 2005 The Institute of Professional Accounting, University of Chicago.

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Novel highly functional biobased epoxy compounds, epoxidized sucrose esters of fatty acids (ESEFAs), were cross-linked with a liquid cycloaliphatic anhydride to prepare polyester thermosets. The degree of cure or conversion was studied using differential scanning calorimetry (DSC), and the sol content of the thermosets was determined using solvent extraction. The mechanical properties were studied using tensile testing to determine Young's modulus, tensile stress, and elongation at break. Dynamic mechanical analysis (DMA) was used to determine glass-transition temperature, storage modulus, and cross-link density. The nanomechanical properties of the surfaces were studied using nanoindentation to determine reduced modulus and indentation hardness. The properties of coatings on steel substrates were studied to determine coating hardness, adhesion, solvent resistance, and mechanical durability. Compared with the control, epoxidized soybean oil, the anhydride-cured ESEFAs have high modulus and are hard and ductile, high-performance thermoset materials while maintaining a high biobased content (71-77% in theory). The exceptional performance of the ESEFAs is attributed to the unique structure of these macromolecules: well-defined compact structures with high epoxide functionality. These biobased thermosets have potential uses in applications such as composites, adhesives, and coatings.

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Novel biobased high functionality epoxy resins were synthesized by the epoxidation of sucrose ester resins of vegetable oil fatty acids (SEFA). A series of sucrose esters of fatty acids were epoxidized by peracetic acid generated in situ from hydrogen peroxide and acetic acid in the presence of an ion exchange resin catalyst to produce the epoxidized sucrose esters of fatty acids (ESEFA). The conversion of double bonds to epoxides was greater than 99%. The products were characterized by matrix-assisted laser desorption and ionization time-of-flight (MALDI-TOF) mass spectrometry, Fourier-transform infrared (FTIR) spectroscopy, and nuclear magnetic resonance (NMR) spectroscopy. The physical properties were characterized using bulk viscosity, intrinsic viscosity, and density measurements. The thermal properties were characterized by differential scanning calorimetry (DSC) and thermogravimetric analysis (TGA). Since sucrose esters consist of a sucrose core fully substituted with eight vegetable oil fatty acids, both SEFAs and ESEFAs possess well-defined compact macromolecular structures. As novel biobased epoxy compounds, ESEFAs possess high epoxy functionality (8-15 per molecule), high density, and a compact molecular structure. Thus, ESEFAs are very promising in a number of uses from the formation of biobased thermosets by crosslinking of the epoxy groups, to further derivatization by reaction of the epoxy groups.

This study examines the possible impact of cross‐country differences in culture on earnings management or choices of accounting accruals in five Asia‐Pacific countries: Australia, Japan, Hong Kong, Malaysia and Singapore. A set of traditional and cultural variables were used to test the hypotheses developed in the paper. The results indicate that both the traditional variables (size and debt‐equity ratio) and cultural variables (individualism, power distance, uncertainty avoidance and long‐term social values) can explain the choices of accounting accruals in different countries. This paper is the first that links earnings management to cultural values and indirectly provides evidence that accounting values (as defined by Gray, 1998) affect earnings management.