Factors Influencing Voluntary Disclosure in the Annual Reports of Portuguese Foundations

The aim of this paper is to examine the influence of Portuguese Foundation’s characteristics on their annual report disclosure practices. Data were collected from 142 Foundations in Portugal, which represents 50.9% of the Portuguese foundational sector. Supported by a Structural Equation Model (SEM), this study evaluates cause–effect relationship between Voluntary Disclosure, Board Structure, Organizations’ Characteristics and the existence of Auditing. Findings reveal that Organizations’ Characteristics influence the forms of Auditing, and on its turn, Auditing has a positive indirect impact on Voluntary Disclosure. Contrary to expectations, Board Structure does not affect Voluntary Disclosure. This paper fills a void in the literature by examining the impact of Foundations’ characteristics on their voluntary disclosure of financial and non-financial information.     

Reference database of hematological parameters for growing and aging rats

The normal hematological values in various phases of the rat life provide a valuable guide to researchers and could be useful for experimental works. However, database information available on the literature are incomplete. Aim: This study aimed to present normal hematological parameters of young and aged rats.

Methods: Male and female rats were distributed into seven experimental groups with 1, 2, 3, 6, 12, 18, and 24 months of age. Blood samples taken from the tails were analyzed. Normal hematological values were determined for each age group.

Results: Rats showed a progressive weight gain with advancing age, predominantly after 3 months of life. With advancing age, differences were found on hematological parameters: some of them showed a progressive rise with age and others did not. Hemoglobin levels and hematocrit did not change while the number of circulating red blood cells suffered slight increase.

Conclusion: The present study determined the normal values for absolute and relative hematological parameters in Wistar rats from 2 to 24 months for male and female rats. The results can be used in studies of effects of aging, feeding, and medications on growing and aging rats.     

I love chips and (h)ate them too: the role of ambivalence and contextual cues on attitudinally based eating behaviour / Me encantan las patatas fritas,las como y (también) las odio: el papel de la ambivalencia y de las claves contextuales en el comportamiento alimentario basado en la actitud

Although past work proposed ambivalence as moderating the consistency between attitudes and behaviours, empirical evidence is mixed. We address this matter by taking into account social influence processes and observing actual eating behaviour. We predicted that less ambivalent attitudes are more consistent with behaviours independently of context cues. In two studies, we first evaluated participants’ ambivalence towards the target food. A week later we observed their eating behaviour (Study 1), and analysed the influence of context cues on it (Study 2). Results showed that only less ambivalent attitudes are good predictors of actual behaviour. Importantly, context cues only influenced behaviour among individuals with ambivalent attitudes.     

MONETARY NEUTRALITY UNDER EVOLUTIONARY DOMINANCE OF BOUNDED RATIONALITY

We provide evolutionary game‐theoretic microfoundations to a dynamic complete nominal adjustment in response to a monetary shock by introducing a novel analytical notion that we call boundedly rational inattentiveness. We investigate the behavior of the general price level in a context where a firm can either pay a cost (featuring a random component) to update its information set and establish the optimal price (Nash strategy) or freely use non‐updated information and establish a lagged optimal price (bounded rationality strategy). We devise evolutionary microdynamics (with and without mutation) that, by interacting with the dynamics of the aggregate variables, determines the coevolution of the frequency distribution of information‐updating strategies in the population of firms and the extent of the nominal adjustment of the general price level to a monetary shock. As it turns out, evolutionary learning dynamics take the information‐updating process to a long‐run equilibrium configuration in which, albeit either most or even all firms play the bounded rationality strategy, the general price level is the symmetric Nash equilibrium price and the monetary shocks have persistent, although not permanent, impacts on real output. (JEL E31, C73, D83)     

Heteroskedasticity-Robust Inference in Linear Regressions

The assumption that all errors share the same variance (homoskedasticity) is commonly violated in empirical analyses carried out using the linear regression model. A widely adopted modeling strategy is to perform point estimation by ordinary least squares and then perform testing inference based on these point estimators and heteroskedasticity-consistent standard errors. These tests, however, tend to be size-distorted when the sample size is small and the data contain atypical observations. Furno (1996 Furno , M. ( 1996 ). Small sample behavior of a robust heteroskedasticity consistent covariance matrix estimator . Journal of Statistical Computation and Simulation 54 : 115 – 128 .[Taylor & Francis Online], [Web of Science ®] , [Google Scholar]) suggested performing point estimation using a weighted least squares mechanism in order to attenuate the effect of leverage points on the associated inference. In this article, we follow up on her proposal and define heteroskedasticity-consistent covariance matrix estimators based on residuals obtained using robust estimation methods. We report Monte Carlo simulation results (size and power) on the finite sample performance of different heteroskedasticity-robust tests. Overall, the results favor inference based on HC0 tests constructed using robust residuals.     

Approximate inference in heteroskedastic regressions: A numerical evaluation

The commonly made assumption that all stochastic error terms in the linear regression model share the same variance (homoskedasticity) is oftentimes violated in practical applications, especially when they are based on cross-sectional data. As a precaution, a number of practitioners choose to base inference on the parameters that index the model on tests whose statistics employ asymptotically correct standard errors, i.e. standard errors that are asymptotically valid whether or not the errors are homoskedastic. In this paper, we use numerical integration methods to evaluate the finite-sample performance of tests based on different (alternative) heteroskedasticity-consistent standard errors. Emphasis is placed on a few recently proposed heteroskedasticity-consistent covariance matrix estimators. Overall, the results favor the HC4 and HC5 heteroskedasticity-robust standard errors. We also consider the use of restricted residuals when constructing asymptotically valid standard errors. Our results show that the only test that clearly benefits from such a strategy is the HC0 test.     

Migration is the Driving Force of Rapid Aging in Puerto Rico: A Research Brief

Population Research and Policy Review - The combined effects of declining fertility and increased longevity have accelerated population aging in different parts of the world. Unlike other...