This paper examines the relative information content of earnings and cash flows for security returns using a methodology incorporating contextual factors which may affect earnings and cash flow response coefficients. For our UK dataset, we provide evidence that the earnings coefficient is related to earnings permanence, growth and firm size and that the cash flow coefficient may be related to growth. Although our results emphasise the value relevance of earnings, they also suggest that both contemporaneous and prior period cash flow are positively related to security returns and that market-to-book and market value of equity have predictive power for returns. Copyright Blackwell Publishers Ltd 2001.

The provision of effective emergency telemedicine and home monitoring solutions are the major fields of interest discussed in this study. Ambulances, Rural Health Centers (RHC) or other remote health location such as Ships navigating in wide seas are common examples of possible emergency sites, while critical care telemetry and telemedicine home follow-ups are important issues of telemonitoring. In order to support the above different growing application fields we created a combined real-time and store and forward facility that consists of a base unit and a telemedicine (mobile) unit. This integrated system: can be used when handling emergency cases in ambulances, RHC or ships by using a mobile telemedicine unit at the emergency site and a base unit at the hospital-expert's site, enhances intensive health care provision by giving a mobile base unit to the ICU doctor while the telemedicine unit remains at the ICU patient site and enables home telemonitoring, by installing the telemedicine unit at the patient's home while the base unit remains at the physician's office or hospital. The system allows the transmission of vital biosignals (3–12 lead ECG, SPO2, NIBP, IBP, Temp) and still images of the patient. The transmission is performed through GSM mobile telecommunication network, through satellite links (where GSM is not available) or through Plain Old Telephony Systems (POTS) where available. Using this device a specialist doctor can telematically "move" to the patient's site and instruct unspecialized personnel when handling an emergency or telemonitoring case. Due to the need of storing and archiving of all data interchanged during the telemedicine sessions, we have equipped the consultation site with a multimedia database able to store and manage the data collected by the system. The performance of the system has been technically tested over several telecommunication means; in addition the system has been clinically validated in three different countries using a standardized medical protocol.

Abstract. Nonlinear methods and artificial neural network techniques are applied to the study of the regime and the possibility of short-term forecasting of discharges of the spring of Almyros, Iraklion, Crete. Questions regarding the nonlinearity and chaotic characteristics of the system necessitate the examination of dynamical properties. Toward this objective the time series of daily average discharges is analyzed in detail. First, the dimensionality of the dynamics in the reconstructed phase space is found to be quite low, -3-4. Then several tests are applied to examine the nonlinearity and the presence of noise in the data. Using the surrogate time series test, a high degree of nonlinearity and a deterministic nature are revealed, while the differentiation test showed that the presence of high-frequency noise in the series of the discharge is not dynamically important. These suggest that an attempt to forecast the short-term future behavior of this time series may turn out to be quite successful. Nonlinear methods, such as Farmer's algorithm and artificial neural networks, were employed and found to exhibit a very satisfactory predictive ability, with neural networks achieving a slightly better performance.

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The Japanese equity market is one of the largest in the world. In recent years, fund managers worldwide have substantially increased their exposure to the Japanese capital markets. In spite of the Japanese capital market's rapid growth and its increasing importance in the international financial world, there has been limited empirical evidence linking security returns to earnings and cash flows. This study extends the growing empirical literature on the association of earnings and cash flows with security returns by using a Japanese dataset consisting of 6,662 firm-year observations for the period 1984-93. We hypothesize that (i) earnings and cash flows are jointly associated with stock returns, and (ii) the association between cash flows (earnings) and security returns increases (decreases) when earnings are transitory. This study provides empirical evidence (i) that cash flows (earnings) have information content beyond earnings (cash flows) in explaining security returns, and (ii) that cash flows (earnings) play a more (less) important role in the marketplace when earnings are transitory. Moreover, results show that the explanatory power of our Japanese models is similar to the evidence provided in prior US studies, indicating that Japanese investors utilize earnings and cash flows in their pricing of equities as their US counterparts.