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Equity research analysts and investors remain divided on the treatment of stock-based compensation (SBC) in firm valuation, particularly in discounted cash flow (DCF) and earnings multiples techniques. Many firms and analysts exclude SBC, viewing it as a non-cash expense, while others argue this leads to overvaluation. SBC usage is especially high in the tech sector. This study examines five large semiconductor firms, analyzing SBC levels, its treatment in adjusted earnings, and its impact on share dilution, valuation multiples, and free cash flow calculations. Findings indicate that SBC treatment significantly affects valuation, particularly within the semiconductor industry.
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We develop a mechanistic model that classifies individuals both in terms of epidemiological status (SIR) and vaccination attitude (Willing or Unwilling/Unable), with the goal of discovering how disease spread is influenced by changing opinions about vaccination. Analysis of the model identifies the existence and stability criteria for both disease-free and endemic disease equilibria. The analytical results, supported by numerical simulations, show that attitude changes induced by disease prevalence can destabilize endemic disease equilibria, resulting in limit cycles.
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The vacuum is now understood to have a rich and complex structure, characterized by fluctuating energy fields1 and a condensate of virtual quark-antiquark pairs. The spontaneous breaking of the approximate chiral symmetry2, signalled by the nonvanishing quark condensate <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML"><mml:mrow><mml:mo>⟨</mml:mo> <mml:mi>q</mml:mi> <mml:mover><mml:mrow><mml:mi>q</mml:mi></mml:mrow> <mml:mo>¯</mml:mo></mml:mover> <mml:mo>⟩</mml:mo></mml:mrow> </mml:math> , is dynamically generated through topologically nontrivial gauge configurations such as instantons3. The precise mechanism linking the chiral symmetry breaking to the mass generation associated with quark confinement4 remains a profound open question in quantum chromodynamics (QCD)-the fundamental theory of strong interaction. High-energy proton-proton collisions could liberate virtual quark-antiquark pairs from the vacuum that subsequently undergo confinement to form hadrons, whose properties could serve as probes into QCD confinement and the quark condensate. Here we report evidence of spin correlations in <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML"><mml:mrow><mml:mi>Λ</mml:mi> <mml:mover><mml:mrow><mml:mi>Λ</mml:mi></mml:mrow> <mml:mo>¯</mml:mo></mml:mover> </mml:mrow> </mml:math> hyperon pairs inherited from spin-correlated strange quark-antiquark virtual pairs. Measurements by the STAR experiment at the Relativistic Heavy Ion Collider (RHIC) at Brookhaven National Laboratory reveal a relative polarization signal of (18 ± 4)% that links the virtual spin-correlated quark pairs from the QCD vacuum to their final-state hadron counterparts. Crucially, this correlation vanishes when the hyperon pairs are widely separated in angle, consistent with the decoherence of the quantum system. Our findings provide a new experimental model for exploring the dynamics and interplay of quark confinement and entanglement.
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The STAR experiment reports new, high-precision measurements of the transverse single-spin asymmetries for π^{±} within jets, namely the Collins asymmetries, from transversely polarized p^{↑}p collisions at sqrt[s]=510 GeV. The energy-scaled distribution of jet transverse momentum, x_{T}=2p_{T,jet}/sqrt[s], shows a remarkable consistency for Collins asymmetries of π^{±} in jets between sqrt[s]=200 GeV and 510 GeV. This indicates that the Collins asymmetries are nearly energy independent, with, at most, a very weak scale dependence in p^{↑}p collisions. These results extend to high-momentum scales (Q^{2}≤3400 GeV^{2}) and enable unique tests of evolution and universality in the transverse-momentum-dependent formalism, thus providing important constraints for the Collins fragmentation functions.
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The rapid expansion of digital platforms has significantly influenced consumer purchasing behaviors, particularly in the agri-food sector. Therefore, this paper investigates the key factors driving customers’ intention to use green agri-food delivery apps (GAFDAs) by integrating trust and electronic word of mouth (eWOM) into the Theory of Planned Behavior (TPB) framework. Additionally, this study examines gender as a moderating variable, assessing whether its influence alters the relationships between key determinants and behavioral intention. Data were collected from 252 Algerian consumers, and the proposed model was tested using SmartPLS 4 and SPSS 26.0. The results confirm that attitude, subjective norms, perceived behavioral control (PBC), trust, and eWOM positively and significantly influence the intention to use GAFDAs, with PBC emerging as the strongest predictor. Moreover, gender moderates the effect of trust on behavioral intention, with trust significantly influencing men’s adoption decisions but not those of females. In contrast, subjective norms and PBC are stronger predictors for female consumers. These findings highlight the importance of gender-specific marketing strategies to enhance GAFDA adoption. This study contributes to the literature by extending TPB with trust, eWOM, and gender moderation, offering valuable insights for marketers, policymakers, and app developers promoting sustainable food consumption.
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Facultatively symbiotic corals provide important experimental models to explore the establishment, maintenance, and breakdown of the mutualism between corals and members of the algal family Symbiodiniaceae. Here, we report the de novo chromosome-scale genome assembly and annotation of the facultatively symbiotic, temperate coral Astrangia poculata. Though widespread segmental/tandem duplications of genomic regions were detected, we did not find strong evidence of a whole-genome duplication event. Comparison of the gene arrangement between As. poculata and the tropical coral Acropora millepora revealed considerable conserved colinearity despite ∼415 million years of divergence. Gene families related to sperm hyperactivation and innate immunity, including lectins, were found to contain more genes in Ac. millepora relative to As. poculata. Sperm hyperactivation in Ac. millepora is expected given the extreme requirements of gamete competition during mass spawning events in tropical corals, while lectins are important in the establishment of coral-algal symbiosis. By contrast, gene families involved in sleep promotion, feeding suppression, and circadian sleep/wake cycle processes were expanded in As. poculata. These expanded gene families may play a role in As. poculata's ability to enter a dormancy-like state (winter quiescence) to survive freezing temperatures at the northern edges of the species' range.
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