DOCSLIB.ORG

Management Earnings Forecasts As Anticipatory Impression

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Management Earnings Forecasts As Anticipatory Impression MANAGEMENT EARNINGS FORECASTS AS ANTICIPATORY IMPRESSION MANAGEMENT by KEVIN WESLEY CAIN (Under the Direction of Scott D. Graffin) ABSTRACT The effects of impression management tactics are poorly understood when used in anticipation of events that trigger stakeholder reactions. I examine voluntary firm disclosures - management earnings forecasts - to determine whether they are used as anticipatory impression management tactics. I found that firms are more likely to announce surprise earnings when they disclosed management earnings forecasts in advance of the announcement. Salient stakeholders, such as institutional investors and analysts, influence the likelihood and candor of management earnings forecasts. I compare the effects of management earnings forecasts and the effects of a trigger - surprise earnings - on investor reactions, and test the impact of prior management forecasts on subsequent forecasts. Management earnings forecasts cause more abnormal investor reactions than surprise earnings, and those reactions are influenced by the frequency and accuracy of prior firm forecasts. The antecedents and consequence of management earnings forecasts in this study have interesting implications for impression management theory, managers, stakeholders and public policy. INDEX WORDS: Impression management, anticipatory impression management, management earnings forecasts, earnings surprises, earnings guidance, investor reactions MANAGEMENT EARNINGS FORECASTS AS ANTICIPATORY IMPRESSION MANAGEMENT By KEVIN WESLEY CAIN A.B., The University of North Carolina at Chapel Hill, 2005 M.B.A., Wake Forest University, 2009 A Dissertation Submitted to the Graduate Faculty of The University of Georgia in Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY ATHENS, GEORGIA 2014 © 2014 Kevin Wesley Cain All Rights Reserved MANAGEMENT EARNINGS FORECASTS AS ANTICIPATORY IMPRESSION MANAGEMENT by KEVIN WESLEY CAIN Major Professor: Scott D. Graffin Committee: Michael D. Pfarrer Jerayr Haleblian Electronic Version Approved: Maureen Grasso Dean of the Graduate School The University of Georgia May 2014 DEDICATION I want to dedicate this manuscript to my wife, Shannon, and my unborn daughter, Morgan. I am incredibly lucky to have you all in my life, and I love you both more than words can express. iv ACKNOWLEDGEMENTS I want to thank acknowledge and thank all of the current and former faculty members in the Department of Management at The University of Georgia who have spent their time shaping me into the scholar I am today. v TABLE OF CONTENTS Page ACKNOWLEDGEMENTS ............................................................................................................ v! LIST OF TABLES ....................................................................................................................... viii! LIST OF FIGURES ....................................................................................................................... ix CHAPTER 1 INTRODUCTION .............................................................................................................. 1! Research Context .......................................................................................................... 5! Chapter Summary and Outline of the Remaining Chapters .......................................... 8! 2 LITERATURE REVIEW ................................................................................................. 10! Impression Management ............................................................................................. 10! Anticipatory Impression Management ........................................................................ 14! Management Earnings Forecasts ................................................................................ 17! Management Earnings Forecasts & Anticipatory Impression Management .............. 24! Earnings Surprises ...................................................................................................... 25! 3 THEORY AND HYPOTHESES ...................................................................................... 29! Research Setting: Earnings Forecasts as Anticipatory Impression Management ....... 29! Earnings Forecasts as Anticipatory Impression Management .................................... 30! Stakeholder Salience and AIM ................................................................................... 34! The Influence of AIM on Stakeholder Reactions ....................................................... 39! AIM Accuracy and Frequency .................................................................................... 45! vi 4 METHODS ....................................................................................................................... 57! Sample ......................................................................................................................... 57! Data Sources ............................................................................................................... 57! Measures ..................................................................................................................... 58! Estimation Procedures ................................................................................................ 65! 5 RESULTS ......................................................................................................................... 69! 6 DISCUSSION ................................................................................................................... 88! Limitations and Implications of Non-findings ............................................................ 90! Extensions and Directions for Future Research .......................................................... 93! Contributions to Practice and Policy ........................................................................... 96! 7 CONCLUDING REMARKS ............................................................................................ 98! REFERENCES ............................................................................................................................. 99! vii LIST OF TABLES Page Table 1: Descriptive Statistics and Correlations ........................................................................... 77 Table 2: Results of the t-Tests Comparing the Frequencies of Earnings Surprises Based on Firm Disclosures of Management Earnings Forecasts .......................................................................... 78 Table 3: Results of Panel Logistic Regression and Panel Probit Regression Analyses of the Effects of Salient Stakeholders on Firm Disclosure of Management Earnings Forecasts ............ 79 Table 4: Results of Panel Ordered Logistic Regression and Panel Ordered Probit Regression Analyses of Effects of Salient Stakeholders on the Type of Management Earnings Forecasts Firms Disclose .............................................................................................................................. 80 Table 5: Results of Feasible Generalized Least Squares Estimation Analyses Comparing the Effects of Management Earnings Forecasts and Surprise Earnings ............................................. 81 Table 6: Results of Feasible Generalized Least Squares Estimation Analyses of the Effects of Prior Forecasts on Investor Reactions during Subsequent Earnings Surprises ............................. 82 Table 7: Results of Feasible Generalized Least Squares Estimation Analyses of the Moderation Effects of the Frequency and Accuracy of Prior Firm Forecasts on the Relationship between Management Earnings Forecasts and Investor Reactions ............................................................. 83 viii LIST OF FIGURES Page Figure 1: Comparisons of the Frequency of Surprise Earnings based on Firm Disclosures of Management Earnings Forecasts .................................................................................................. 49 Figure 2: Expected Frequencies of Surprise Earnings for the Information Asymmetry and Impression Management Perspectives of Management Earnings Forecasts ................................ 50 Figure 3: Predicted Effects of Salient Stakeholders on the Likelihood and Type of Firm Management Earnings Forecast .................................................................................................... 51 Figure 4: Model of the Causal Pathways for the Effects of Management Earnings Forecasts and Surprise Announcements on Investor Reactions .......................................................................... 52 Figure 5: Predicted Effects of Management Earnings Forecasts and Surprise Earnings on Investor Reactions ....................................................................................................................................... 53 Figure 6: Predicted Effects of Disclosing Management Earnings Forecasts and Subsequently Announcing Surprise Earnings on Investor Reactions ................................................................. 54 Figure 7: Model of the Moderation Effects of Frequency and Accuracy of Prior Firm Forecasts on the Relationship Between Management Earnings Forecasts and Investor Reactions .............. 55 Figure 8: Predicted Moderation Effects of the Frequency and Accuracy of Prior Firm Forecasts on the Relationship between Management Earnings Forecasts and Investor Reactions .............. 56 Figure 9: The Moderation Effect of the Frequency of Prior Firm Forecasts on the Relationship between Negative
Load more

Recommended publications
  • Creating a Positive Brand Perception for a Luxury Automotive Brand” `
    AUTOMOBILE CLIENT SUCCESS STORY I AUTOMOBILE Creating a Positive Brand Perception for a Luxury Automotive Brand” ` Objective AT A GLANCE A luxury automotive brand entering the India market and first time outsourcer required HGS to act as a second level of service to resolve consumer issues and manage customer perceptions through Automobile client contact center and social media solutions and services. Voice, email, and social Our Solution media solutions and To cater to the individual needs of every customer, the client offers dedicated relationship managers services who are the first point of contact for customer queries and issues. However, this is mostly for post sales. HGS is the first point of contact for pre-sales and sales queries. End to end support, quick resolutions and The client’s end customers are High Net Worth Individuals (HNIs), therefore the risk associated with response and perception management are very high for this client. HGS is trusted to handle their perception management customer care and perception management services. • HGS manages all queries related to products, finance options, and insurance during pre-sales 10 FTEs and sales • HGS agents are also trained in information related to after-sales queries like insurance, car • Service, and roadside assistance, as HGS is the second point of contact for all customers if they 24/7 support cannot reach the dedicated relationship manager Outcome Inbound and outbound support For all three levels of services, HGS acts as a liaison between the dealership and end customers till all queries and issues are resolved, creating a seamless channel of communication. To ensure tracking and measurement, agents are required to follow the client’s SOP and report on every case using the client’s case management tool.
    [Show full text]
  • How Open Strategy-Making Practices Change in the Evolution of New Ventures Thomas Gegenhuber, Leonhard Dobusch
    ARTICLE IN PRESS Long Range Planning ■■ (2016) ■■–■■ Contents lists available at ScienceDirect Long Range Planning journal homepage: http://www.elsevier.com/locate/lrp Making an Impression Through Openness: How Open Strategy-Making Practices Change in the Evolution of New Ventures Thomas Gegenhuber, Leonhard Dobusch While previous open strategy studies have acknowledged open strategy’s function as an impression management instrument, their focus has mostly been on short episodes. The impression management literature, meanwhile, pays openness scant attention. By studying how new ventures engage in open strategy-making, we track how open strategy-making and respective impression management benefits evolve over time. Specifically, we draw on a comparative case study of two firms’ blog communication on strategy-related issues and corre- sponding audience responses over a four-year period. We identify three distinct modes of how organizations engage in open strategy- making with external audiences and show how each mode is related to a specific set of impression management effects. Having established the impression management functions of these modes, we then demonstrate how open strategy-making contributes to new ventures’ quests for legitimacy as they evolve. In the launch phase, dialoguing with blog audiences helps a venture attract endorsements for its organization and products. As the venture grows, concentrating on broadcasting relevant strategic information may attract media audi- ences’ additional support for pursuing openness as a desirable organizational practice. © 2016 Elsevier Ltd. All rights reserved. Introduction Open strategy-making challenges the traditional perspective on strategy-making as being pursued by an exclusive group in an organization’s upper echelons, that often envelops strategic processes in a veil of secrecy (Chesbrough and Appleyard, 2007; Doz and Kosonen, 2008; Whittington et al., 2011).
    [Show full text]
  • The Effect of Perception Management on Customer Loyalty, Profitability, and Average Company Lifespan
    Revista Argentina de Clínica Psicológica 2020, Vol. XXIX, N°5, 1382-1386 1382 DOI: 10.24205/03276716.2020.1135 The Effect of Perception Management on Customer Loyalty, Profitability, and Average Company Lifespan Yunus Emre KAYABASa, Ahmet ERTUGANb Abstract Longer life expectancy of a business organization is a desired quality for its stakeholders. Such a phenomenon is a result of certain factors which need to be investigated and well understood for the long-term sustainability of a business organization. The surveys applied in the research, which aims to determine whether perception management has an effect on customer loyalty, company profitability, and average company lifespan, were conducted with 100 volunteer executives in the companies located in the Bursa province. It was concluded that perception management influences the most customer loyalty and that the independent variable that affects perception management the most is company profitability. The study used statistical reasoning to test for correlations and regression. The findings show that there is a positive effect on the life expectancy of the firm. Keywords: Business organization life expectancy, Customer loyalty, Customer perceptions, Company profits, Perception management, Company profitability Introduction Literature Review and Hypothesis Development One of the main essential tasks of company Individuals make decisions based on not only managers is to be able to analyze the financial facts but also their perceptions whether they are performance of the company and the economic true or not (Fombrun and Riel, 2004). Businesses environment the company is in (Garih, 2007). The are in much closer contact with customers to company manager should improve the funding ensure emotional and cognitive satisfaction.
    [Show full text]
  • Perception, Management, Employees, Organisation, Differences, People, Stereotyping, Halo Effect, Attribution
    International Journal of Applied Psychology 2013, 3(4): 102-108 DOI: 10.5923/j.ijap.20130304.02 Perceptual Differences and the Management of People in the Organization Wurim Ben Pam National Directorate of Employment, P. O. Box, 6853, Jos-Plateau State, Nigeria Abstract People are all unique with different ways of looking at and understanding their environment and the people within it. These perceptual differences may affect the management of people within it. The principal objective of this paper is to unravel the impact of these differences on the management of organizational people and the power of the perceptual process in guiding our behavior for effective worker-management relationships in the Public sector of Nigeria. Three hypotheses in line with these objectives were drawn and tested based on the data gathered through a questionnaire. The survey investigation method was used in collecting data and the Kruskal- Wallis test statistic was used to analyze the data. The results show that perceptual differences distort and affect the hiring of employee, performance appraisal, and leadership and communication effectiveness at 0.65, 0.60 and 0.68 respectively. Based on the aforementioned, the paper concluded that circumstances like stereotyping, Halo effect, perceptual defense, projection, attribution and self-fulfilling prophecy-the Pygmalion effect are encountered in the workplace which in turn affect the management of people in areas like employee hiring, performance appraisal, leadership and communication. The paper recommends employee education and training, and the identification of valid individual differences, equity and the construction of a hierarchical framework in solving perceptual differences for effective organizational management.
    [Show full text]
  • Perception Management: a Strategy for Effective Decision Making And
    Journal of Business and Economics, ISSN 2155-7950, USA January 2016, Volume 7, No. 1, pp. 163-181 DOI: 10.15341/jbe(2155-7950)/01.07.2016/014 © Academic Star Publishing Company, 2016 http://www.academicstar.us Perception Management: A Strategy for Effective Decision Making and Productive Managerial Performance in Business Organizations: A Survey of Selected Manufacturing Firms in Nigeria Sev. Joseph Teryima, Ugba Vivien Anna (Benue State University, Makurdi, Nigeria) Abstract: This paper is a critical analysis of perception management as a strategy for effective decision making and productive managerial performance in Business Organizations. The specific focus was on selected manufacturing firms in Nigeria. The study adopted a simple empirical survey method with a view of eliciting relevant data for analytical purpose so as to answer several questions and attain the objectives of the study. Both primary and secondary sources of data collection were used in a bid to attain the necessary results. Five point Likert rating scale questionnaire were used in obtaining the views and opinions of respondents (i.e., strongly agree: 5, agree: 4, undecided: 3, disagree: 2, and strongly disagree: 1). Three (3) hypotheses were formulated and tested. A parametric tool, Analysis of variance test — ANOVA is used to test the three (3) formulated hypothesis. The study found that there are troublesome errors, distortions and biases in perceptions of employees responsible for poor quality decision making and judgments in manufacturing organizations in Nigeria affecting quality performance attainment leading to low profits. The second finding was that there exist numerous factors affecting perception of reality in manufacturing organizations in Nigeria.
    [Show full text]
  • ESSENTIALS of CORPORATE COMMUNICATION for REPUTATION MANAGEMENT: an OVERVIEW *Dr
    G.J. C.M.P., Vol. 2(4):134-140 July-August, 2013 ISSN: 2319 – 7285 ESSENTIALS OF CORPORATE COMMUNICATION FOR REPUTATION MANAGEMENT: AN OVERVIEW *Dr. B.P.Mahesh Chandra Guru, **Dr. N.Sanjeevaraja, ***Dr. Gopala & ****Mr.M.Parashivamurthy * Professor and Chairman, Department of Studies in Communication and Journalism, University of Mysore, Manasagangotri, Mysore – 570 006. **Assistant Professor, Department of Communication, Central College, Bangalore University, Bangalore. ***Guest Faculty, Department of Communication and Journalism, Maharajas College, University of Mysore, Mysore. ****Research Scholar, Department of Studies in Communication and Journalism, University of Mysore, Manasagangotri, Mysore. Introduction Corporate communication is essential to the functionality of modern corporate houses which face series of challenges in the new millennium. Modern corporate communicators need to know how to apply different communication skills in corporate situations in order to establish rapport between the organization and other publics. They should also know how to communicate with clients to project a professional corporate image since there are many different communication channels available in the corporate environment. The present generation of corporate communicators should also know how to overcome communication barriers and avoid pitfalls. Good corporate reputations are critical because of their potential for value creation, but also because their intangible character makes replication by competing firms considerably more difficult. Existing empirical research confirms that there is a positive relationship between reputation management and development of corporate houses. Modern corporations have realized the importance of managing the reputation which sustains their progress in the age of competitive business management. People share different perceptions about what constitutes a corporate reputation. In reality, corporate reputation management is a challenging business since it is dynamic process in corporations.
    [Show full text]
  • White Paper Template
    Intelisearch White Paper Culture Fit as an Imperative: The Business Case I N T E L I S E A RC H Discover Leadership. Culture Fit as an Imperative: The Business Case Intellectual Property Statement The constructs, observations, conclusions and advisory contained herein are the product of considerable research, data collection, analysis and experiential insights drawn from client and provider-side experience.The content of this document, therefore, is the proprietary and exclusive property of Intelisearch, Inc. The purpose of this White Paper is to bring practical and innovative value to our business clientele by examining and extending current thought leadership through actionable insights. Our belief in the value and usefulness of this advisory is evidenced by the integration of these principles into our methodology and their relevance to our successes. Note that no part of this document, in whole or in part, may be reproduced, stored, transmitted, or used for any business purpose without the prior written permission of Intelisearch, Inc. The information contained in this document is subject to change without notice. About Intelisearch Intelisearch, Inc. is an award-winning consulting firm executing leadership acquisition and HR-related strategies for high-aiming enterprises. Founded in 1996, the firm was conceived and launched by George L. Rodriguez, a Sony-trained leadership assessment expert and top HR executive. Intelisearch employs EvaluMetrics™ - a proprietary, multi-phased analytical assessment platform that places culture fit front and center. Finalists result from exhaustive market immersion validated by real-time, findings-specific client reporting. The firm maintains rigorous success metrics on all value measures. Key indices reflect extraordinary engagement capability, alignment and execution.
    [Show full text]
  • An Investigation Into Customer Satisfaction of Company X, South Africa
    European Journal of Business, Economics and Accountancy Vol. 4, No. 9, 2016 ISSN 2056-6018 AN INVESTIGATION INTO CUSTOMER SATISFACTION OF COMPANY X, SOUTH AFRICA Peter Chifake Sipho Phiri Mr P. Mupambwa Department of Business Studies Department of Business Studies, Management College of Management College of Southern Southern Africa (MANCOSA) Africa (MANCOSA) SOUTH AFRICA SOUTH AFRICA ABSTRACT This study focused on an investigation into the level of customer satisfaction of a property and construction development corporation in South Africa. The firm has recently established offices in London as part of its expansion strategy into new markets. Customer perceptions on the firm were determined to further improve the firm’s competitive landscape and its management of customer relations. In approaching the study, a qualitative research approach was employed, in which ten research participants were selected in a subjective and purposive non-random sampling technique. Employees and current clients were identified as research elements in which gathered data revealed that clients generally have positive perceptions towards the firm’s services and business environment management. Clients also acknowledged the firm’s positive reputation and provided a good rating towards its exclusive drive in ensuring a positive return on investments (ROI). However, the study also found that the firm’s website requires to be improved to ensure that its physical outlook is reflected online. The online website of the firm was found to be more informative but non-responsive to clients’ expected functions in order to help influence decision-making on engaging the firm for business. The study recommended that staff members may require periodic training, and motivation to ensure the maintenance of good staff morale which directly correlates with how they, in turn, treat their clients.
    [Show full text]
  • Chapter 8 Digital Perception Management
    DIGITAL SEIGE CHAPTER 8 DIGITAL PERCEPTION MANAGEMENT Murat MENGÜ1, Ezel TÜRK2 1Associate Professor, Istanbul Arel University, Communication Faculty, Department of New Media and Communication, Istanbul, Turkey e-mail: [email protected] 2Research Assistant, Istanbul University Faculty of Communication, Department of Public Relations & Publicity, Istanbul, Turkey e-mail: [email protected] DOI: 10.26650/B/SS07.2021.002.08 ABSTRACT The 21st century has witnessed the emergence of digital society in various parts of the world as a consequence of the increasing use of new communication and information technologies which have brought profound socio-economic changes into our lives. With the advent of computer technology, it has become possible to digitize almost everything. Change has always been a characteristic of human evolution but the speed at which these transformations have taken place has been unprecedented. Needless to say, various forms of traditional media have significantly been influenced by advanced innovations and it can easily be foreseen that this change will continue into the future. Throughout all these changes, perception management has had to be exercised in a more rigorous way. This study aims to provide an introduction to the topic of change and transformation in perception management in the light of digitalization, a topic which has already attracted much attention from scholars and researchers, particularly in the last decade. Keywords: Perception, digitalisation, perception management 166 DIGITAL PERCEPTION
    [Show full text]
  • Patient Relationship Management: a CRM Approach to Patient Care
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by International Journal of Health and Clinical Research International Journal of Health and Clinical Research, 2019;2(2):1-11 e-ISSN: 2590-3241, p-ISSN: 2590-325X Document heading: Review Article Patient Relationship Management: A CRM Approach to Patient Care AK Mohiuddin* Assistant Professor Department of Pharmacy, World University of Bangladesh, Bangladesh Received: 10-11-2018 / Revised: 25-01-2019 / Accepted: 15-02-2019 Abstract In the business world, customer relationship management is used to retain customer loyalty in order to increase revenue. Healthcare organizations can build the same kind of relationship with patients, and it can also offer more tangible benefits. The first benefit is by using the same hospital a patient’s treatment history should be relatively well known by the organization. Oftentimes, different hospitals use different patient information systems which are not always compatible with each other. If a patient keeps changing the hospital, his or her medical record can be scattered around various sites. Ideally, if the patient is treated by the same physician in every visit, that physician will get more familiar with the patient, which could improve treatment. The most tangible benefit, however, is time. If the patient goes to the same physician every time, there is no need for long check-ups at the beginning of each visit. Keywords: CRM; Patient Communication; Patient Satisfaction; Patient Reminder; Compliance; Counseling; Patient Motivation; Patient Participation, Patient Engagement. Abbreviations: Hospital Information System (HIS);Customer Relationship Management (CRM); Patient Relationship Management (PRM); Magnetic resonance imaging (MRI); Medicare Payment Advisory Commission (MedPAC); Value- Based Purchasing (VBP) Introduction A PRM application also can provide better care for Today, patients can easily find instructions for their patients by allowing hospitals a better understanding of treatment from the Web.
    [Show full text]
  • Contemporary Issues in International Relations
    Contemporary Issues in International Relations Contemporary Issues in International Relations: Problems of the International Community Edited by Mehmet Emin Erendor and Mehmet Fatih Öztarsu Contemporary Issues in International Relations: Problems of the International Community Edited by Mehmet Emin Erendor and Mehmet Fatih Öztarsu This book first published 2020 Cambridge Scholars Publishing Lady Stephenson Library, Newcastle upon Tyne, NE6 2PA, UK British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Copyright © 2020 by Mehmet Emin Erendor, Mehmet Fatih Öztarsu and contributors All rights for this book reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner. ISBN (10): 1-5275-4733-7 ISBN (13): 978-1-5275-4733-9 TABLE OF CONTENTS Preface ...................................................................................................... vii Social Media and Perception Management ................................................ 1 Mehmet Emin ERENDOR The Cyberespionage Activities of States: International System and Security .............................................................................................. 21 Ali Burak DARICILI A New Problem Area in International Security: Investigation of Cyber Attacks .....................................................................................................
    [Show full text]
  • People Perception: Social Vision of Groups and Consequences
    Research in Organizational Behavior 34 (2014) 101–127 Contents lists available at ScienceDirect Research in Organizational Behavior jo urnal homepage: www.elsevier.com/locate/riob People perception: Social vision of groups and consequences § for organizing and interacting a, b c,1 L. Taylor Phillips *, Max Weisbuch , Nalini Ambady a Graduate School of Business, Stanford University, United States b Department of Psychology, University of Denver, United States c Department of Psychology, Stanford University, United States A B S T R A C T An enormous amount of research on person perception exists. This literature documents how people form impressions of one another and how these impressions influence behavior. However, this literature surprisingly has not been extended to people perception—how people visually perceive and judge groups (e.g., teams, classrooms, boards, crowds) rather than individuals. We propose a model of people perception processes, including three stages of Selection, Extraction, and Application (the SEA model). We integrate this model with literature from organizational, social, cognitive, and visual sciences to describe the important role of people perception in organizational and social behavior. We focus our discussion on organizational and social phenomena such as group tone, group hierarchy, and group evaluation. ß 2014 Elsevier Ltd. All rights reserved. Contents 1. Introduction . 102 1.1. Definitions and scope. 103 1.1.1. Perception . 103 1.1.2. Groups . 104 1.2. Functional considerations in people perception . 104 1.2.1. Evolutionary perspectives . 104 1.2.2. Organizational perspectives . 105 2. A framework for people perception: introducing the SEA model . 105 2.1. Ensemble coding: a pre´cis .
    [Show full text]