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Common theories as to why companies purchase their stock include signaling to the market the stock is selling at a discount, using treasury stock for the issuance of contingent shares, as a substitute for dividends, and increasing earnings per share. These theories are tested by examining the treasury stock transactions from 2016 to 2021 of the 100 largest companies in the S&P 500. Although each of these motivations has merit, the results show that none provides a dominant cause for the purchase of treasury shares. An alternative cause is proposed.

Previous studies using imaging techniques such as electroencephalography (EEG) or functional magnetic resonance imaging (fMRI) have identified neurophysiological markers of impaired feedback processing in patients with Borderline Personality Disorder (BPD). These mainly include reduced oscillatory activity in the theta frequency range in the EEG and altered activations in frontal and striatal regions in fMRI studies. The aim of the present study is to integrate these results using a coupling of simultaneously recorded EEG and fMRI. Simultaneous EEG (64-channel) and fMRI (3-Tesla Siemens Prisma) was recorded whilst participants (19 BPD patients and 18 controls) performed a gambling task. Data was analysed for the two imaging techniques separately as well as in a single-trial coupling of both modalities. Evoked theta oscillatory power as a response to loss feedback was reduced in BPD patients. EEG-fMRI coupling revealed an interaction between feedback valence and group in prefrontal regions centering in the dorsolateral prefrontal cortex (dlPFC), with healthy controls showing stronger modulation by theta responses during loss when compared to gain feedback and the opposite effect in BPD patients. Our results show multiple alterations in the processing of feedback in BPD, which were partly linked to impulsivity. The dlPFC was identified as the seed of theta-associated activation differences.

The association between auditor size and audit quality is examined for a sample of not-for-profit (NFP) entities. The audit quality measure is based on the entities' compliance with eight GAAP reporting requirements. The numbers on compliance supports policymakers' contention (prior to the recent issuance of three new statements) that reporting by NFPs was inconsistent. Of the eight reporting requirements examined, noncompliance is highest for those that pertain specifically to NFPs, for example, disclosures about pledges and donated materials. However, the extent of noncompliance decreases as one moves from the small non-Big 6 to the large non-Big 6 and from the large non-Big 6 to the then Big 6. This positive association between auditor size and audit quality is borne out in multivariate regression analyses, after controlling for other correlates of audit quality. Another measure of audit firm size, based on the number of professionals employed by the firm, further confirms this finding. In addition, the results indicate that there are other factors, i.e., client size, financial health, client wealth, and participation in a peer-review process, that impact audit quality.