After the pioneering work by Ploton et al. [1] silver staining of nucleolar organizer regions (AgNOR) has been introduced into tumour pathology as a proliferation marker which is closely related to the rapidity of cell cycle [2]. Owing to wet autoclave pretreatment introduced by Öfner et al. [3] AgNOR analysis has now widely been standardized in tissue sections [4]. In cytological specimens, ho...

This paper attempts to give a rationale to public announcements, so often observed in the real world, and to formalize the idea that they can be used as a form of equilibrium selection device when multiple equilibria arise. It also shows how announcements solve the problems of coordination failures as predicted by the empirical literature based on experimental studies.

Do firms time the release of news in response to investor inattention? We consider news about earnings and analyze the reaction of investors to announcements on Friday and on other weekdays. The announcements have two main effects on stock returns. First, the short-term response to Friday earnings announcements is 20 percent smaller than the response on other days of the week. Second, the post-...

Various extensions of public announcement logic have been proposed with quantification over announcements. The best-known extension is called arbitrary public announcement logic, APAL. It contains a primitive language construct ✷φ intuitively expressing that “after every public announcement of a formula, formula φ is true.” The logic APAL is undecidable and it has an infinitary axiomatization. ...

We formalize what it means to have permission to say something. We adapt the dynamic logic of permission by van der Meyden [22] to the case where atomic actions are public truthful announcements. We also add a notion of obligation. Our logic is an extension of the logic of public announcements introduced by Plaza [17] with dynamic modal operators for permission and for obligation. We axiomatize...

We collect a unique dataset of Twitter posts to examine the change in investor disagreement around earnings announcements. We find that investors’ opinions can either converge (reduced disagreement) or diverge (increased disagreement) around earnings announcements. While the convergence of opinion is associated with lower earnings announcement returns, the divergence of opinion is associated wi...

Public announcement logic is an extension of multi-agent epistemic logic with dynamic operators to model the informational consequences of announcements to the entire group of agents. We propose an extension of public announcement logic with a dynamic modal operator that expresses what is true after arbitrary announcements. Intuitively, [!]φ expresses that φ is true after an arbitrary announcem...

I examine the role of product market relations in information assimilation surrounding corporate earnings announcements. I provide evidence that intra-industry information transfers measured by industry rival earnings announcements account for a substantial portion of the well documented post-earnings announcement drift. While this evidence appears to be most consistent with rational structural...