Elided Views 5: Business & Law

All Images: Central Leicester, September 2017

The ability to sustain scientific advancement and theoretical pluralism in social sciences was always deeply attributable to the extent by which the underlying empirical research is free from any form of methodological failing.  A massive centre post with three braces supports the ceiling of the ground floor room.  When you feel powerless, it can be difficult to see the light at the end of the tunnel.  All theories and scientifically proven hypotheses are limited by the extent to which all data used to provide the underlying empirical support are free from any form of bias.  It becomes difficult to find the strength to get up and keep pursuing your dreams or even to imagine life any other way.

The slots in the centre beam mark the position of a timber and plaster screen which used to divide the room.  In line with other areas of social sciences, empirical research in accounting and finance is also highly sensitive to the nature of information used.  It’s not uncommon to forget that you decide whichever direction you want your life to take.  Possible existence of bias in accounting and financial data can lead to erroneous and invalid inferences. The truth is that the fact that you may have weaknesses doesn’t mean that you have to be weak.

  

You broke up.  You got the sack.  You received bad news.  You’ve Ballooned.  The lack of consistency on accounting year closing dates for British companies raises significant questions regarding potential look-ahead bias in previous UK research.  You feel like you have failed.  You’re stuck in a rut or have lost control.  Up to the present day, the main methodology adopted to control for this problem is the use of a six-month lag between the balance sheet date and the use of this information in a study.  It has a drainage shaft which is joined by another from the floor above which leaves the building at ground level.  Can things get any harder?

There are a lot of adjustments that people can make when they are not satisfied with their appearance, from changing their hairstyle to wearing different outfits.  For example, portfolios are formed on June-end using only accounting information with reporting dates earlier than the previous December-end.  An attractive feature of the room is a stone aumbry, or wall cupboard.  But replacing a way of behaving or a lifestyle is not as simple.  Much of the roof timbering had to be replaced but an original truss and kingpost remains in one room.  This ensures in almost all cases that the information used is indeed publicly available at the time of portfolio formation.