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Stock Market Reaction to the 1974 LIFO Adoption: An Application of Sample Selectivity Model
Ryu,Keunkwan,Po,Wai-Nang THE KOREAN ECONOMIC SOCIETY 1997 JOURNAL OF ECONOMIC THEORY AND ECONOMETRICS Vol.3 No.2
There are two competing hypotheses about the stock price reaction to accounting changes. The "mechanistic hypothesis" states that there is a positive relationship between abnormal stock returns and accounting earnings, whereas the "no-effect hypothesis" postulates that stock price will not be affected by any changes in accounting procedures unless those changes have a real influence on the firm's value. Many researchers changes have investigated the 1974 Last-In First-Out(LIFO) adoption to test the validity of these two hypotheses. However, most of the previous studies may not be valid. We employ a sample selectivity model, which is designed especially for such a problem. The estimation results show that the effect of LIFO adoption on stock prices is neutral, whereas the results from ordinary least squares spuriously support the mechanistic hypothesis by not controlling for the sample selectivity problem.
Danny Siu-Chun Ng,Ruby Hok-Ying Ching,Jason Cheuk-Sing Yam,Clement Wai-Nang Chan 대한안과학회 2013 Korean Journal of Ophthalmology Vol.27 No.2
Here, we report a large, overhanging cystic bleb that compromised vision and induced a foreign body sensation in a patient who underwent a trabeculectomy surgery with anti-metabolite therapy 4 years prior. Ultrasound biomicroscopy revealed multiple loculations with thin septa inside the bleb and a high risk of damage to the bleb was anticipated with a straight forward surgical excision. We injected autologous blood and placed a compression suture 6 weeks prior to surgical excision of the overhanging portion of the bleb. The operation was successful in preserving excellent bleb function, restoring visual acuity, and alleviating symptoms in our patient with up to 9 months of follow-up.