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Mental disorders may emerge as the result of interactions between observable symptoms. Such interactions can be analyzed using network analysis. Several recent studies have used network analysis to examine eating disorders, indicating a core role of overvaluation of weight and shape. However, no studies to date have applied network models to binge-eating disorder (BED), the most prevalent eating disorder. We constructed a cross-sectional graphical LASSO network in a sample of 788 individuals with BED. Symptoms were assessed using the Eating Disorders Examination Interview. We identified core symptoms of BED using expected influence centrality. Overvaluation of shape emerged as the symptom with the highest centrality. Dissatisfaction with weight and overvaluation of weight also emerged as highly central symptoms. On the other hand, behavioral symptoms such as binge eating, eating in secret, and dietary restraint/restriction were less central. The network was stable, allowing for reliable interpretations (centrality stability coefficient = 0.74). Overvaluation of shape and weight emerged as core symptoms of BED. This trend is consistent with past network analyses of eating disorders more broadly, as well as literature that suggests a primary role of shape and weight concerns in BED. Although DSM-5 diagnostic criteria for BED does not currently include a cognitive criterion related to body image or shape/weight overvaluation, our results provide support for including shape/weight overvaluation as a diagnostic specifier.

Significance Narcissistic individuals feel superior to others, fantasize about personal successes, and believe they deserve special treatment. When they feel humiliated, they often lash out aggressively or even violently. Unfortunately, little is known about the origins of narcissism. Such knowledge is important for designing interventions to curtail narcissistic development. We demonstrate that narcissism in children is cultivated by parental overvaluation: parents believing their child to be more special and more entitled than others. In contrast, high self-esteem in children is cultivated by parental warmth: parents expressing affection and appreciation toward their child. These findings show that narcissism is partly rooted in early socialization experiences, and suggest that parent-training interventions can help curtail narcissistic development and reduce its costs for society. Narcissism levels have been increasing among Western youth, and contribute to societal problems such as aggression and violence. The origins of narcissism, however, are not well understood. Here, we report, to our knowledge, the first prospective longitudinal evidence on the origins of narcissism in children. We compared two perspectives: social learning theory (positing that narcissism is cultivated by parental overvaluation) and psychoanalytic theory (positing that narcissism is cultivated by lack of parental warmth). We timed the study in late childhood (ages 7–12), when individual differences in narcissism first emerge. In four 6-mo waves, 565 children and their parents reported child narcissism, child self-esteem, parental overvaluation, and parental warmth. Four-wave cross-lagged panel models were conducted. Results support social learning theory and contradict psychoanalytic theory: Narcissism was predicted by parental overvaluation, not by lack of parental warmth. Thus, children seem to acquire narcissism, in part, by internalizing parents’ inflated views of them (e.g., “I am superior to others” and “I am entitled to privileges”). Attesting to the specificity of this finding, self-esteem was predicted by parental warmth, not by parental overvaluation. These findings uncover early socialization experiences that cultivate narcissism, and may inform interventions to curtail narcissistic development at an early age.

We assess the role of both accruals manipulation (AM) and real activities manipulation (RAM) in inducing overvaluation at the time of a seasoned equity offering (SEO). Our results reveal that earnings management is most consistently and predictably linked with post-SEO stock market underperformance when it is driven by RAM; in particular, the opportunistic reduction of expenditures on R&D and selling, general, and administrative activities. Thus, overvaluation at the time of the SEO is more likely when managers actively engage in more opaque channels to overstate earnings. Our findings are particularly relevant because managers exhibit a greater propensity for RAM at the time of SEOs, even though RAM is more costly in the long run.

This study documents a positive relationship between the option-implied risk-neutral skewness (RNS) of individual stock returns’ distribution and future realized stock returns during the period 1996–2012. A strategy that goes long the quintile portfolio with the highest RNS stocks and short the quintile portfolio with the lowest RNS stocks yields a Fama–French–Carhart alpha of 55 basis points per month ( t -statistic of 2.47). The significant underperformance of the portfolio with the most negative RNS stocks is driven by those stocks that are also perceived as relatively overpriced according to a series of overvaluation proxies and are too costly or too risky to sell short, thereby hindering the price correction mechanism. Our findings indicate that a highly negative RNS value, when reflecting high hedging demand for options by investors who perceive the underlying stock as relatively overpriced but hard to sell short, is a robust signal of significant future stock underperformance. This paper was accepted by Jerome Detemple, finance .

In this study I examine how the degree and duration of overvaluation affect management's use of alternative within-GAAP earnings management, restrictions on further exploitation of within-GAAP accruals management, and subsequent non-GAAP earnings management. Further, I examine how one type of earnings management segues into another type as overvaluation persists. I present evidence that the longer the firm is overvalued, the greater is the amount of total earnings management. I also find that managers engage in accruals management in the early stages of overvaluation before moving to real transactions management, in order to sustain their overvalued equity. Finally, I find that the longer a firm is overvalued, the more likely it is to engage in one of the most egregious forms of earnings management, non-GAAP earnings management. Collectively, the results suggest that the duration of firm overvaluation is an important determinant of managements' choice of alternative earnings management mechanisms.

Chief executive officer (CEO) narcissism is an ingrained personality trait referring to the degree to which an individual CEO has an inflated level of self-admiration and seeks to gain attention and social praise by pursuing vanity-driven strategic objectives. We find evidence that narcissistic CEOs are less likely to dispose of brands but more likely to acquire brands than their less narcissistic counterparts. Further, narcissistic CEOs are more likely than their counterparts to lead their companies to acquire high-awareness brands and more likely to dispose of low-awareness brands. We also propose a moderated mediation model in which CEO narcissism increases target brand asset overvaluation, and through this mediator, CEO narcissism has a negative indirect impact on the acquirer’s abnormal returns but a positive indirect impact on the seller’s abnormal returns associated with the brand transactions. Brand awareness and perceived quality weaken the relationship between target brand asset overvaluation and abnormal returns.

Purpose Overvaluation of shape and weight (OSW) involves defining self-worth by body shape/weight. Among persons seeking bariatric surgery, cross-sectional studies have found associations between OSW, depressive symptoms, and disordered eating. Materials and Methods Relationships among OSW, depressive symptoms, binge eating symptoms, and BMI were analyzed both cross-sectionally and over time among 145 adults who had bariatric surgery. Participants completed the following measures pre-surgery and 1.5 to 3 years post-surgery: Eating Disorder Examination Questionnaire (EDE-Q), Binge Eating Scale, Patient Health Questionnaire, and body weight and height. OSW was measured by averaging two items on the EDE-Q which ask participants to rate how much their weight/shape influences how they judge themselves as a person. Analyses included Wilcoxon signed-ranks, bootstrapped Pearson correlations, and bootstrapped hierarchical linear regressions. Results OSW was significantly associated with depressive symptoms and binge eating symptoms both pre- and post-surgery, but was not associated with BMI at either timepoint. Improvements in OSW were associated with concurrent changes in depression and binge eating; reductions in BMI were not significantly associated with changes in any of these variables. Conclusions Findings suggest that self-evaluation is more important in regard to changes in depressive and binge eating symptoms than is BMI (and vice versa), and support the importance of assessing and treating psychological considerations among persons seeking bariatric surgery. Graphical abstract

Background Avoidant/restrictive food intake disorder (ARFID) is a feeding/eating disorder characterized by avoidance/restriction of food intake by volume and/or variety. The emergence of shape/weight-related eating disorder symptoms in the longitudinal course of ARFID is an important clinical phenomenon that is neither robustly documented nor well understood. We aimed to characterize the emergence of eating disorder symptoms among adults with an initial diagnosis of ARFID who ultimately developed other eating disorders. Method Thirty-five participants (94% female; M age = 23.17 ± 5.84 years) with a history of ARFID and a later, separate eating disorder completed clinical interviews (i.e., Structured Clinical Interview for DSM-5 – Research Version and Longitudinal Interval Follow-Up Evaluation) assessing the period between ARFID and the later eating disorder. Participants used calendars to aid in recall of symptoms over time. Descriptive statistics characterized the presence, order of, and time to each symptom. Paired samples t- tests compared weeks to emergence between symptoms. Results Most participants (71%) developed restricting eating disorders; the remainder (29%) developed binge-spectrum eating disorders. Cognitive symptoms (e.g., shape/weight concerns) tended to onset initially and were followed by behavioral symptoms. Shape/weight-related food avoidance presented first, objective binge eating, fasting, and excessive exercise occurred next, followed by subjective binge eating and purging. Conclusions Diagnostic crossover from ARFID to another (typically restricting) eating disorder following the development of shape/weight concerns may represent the natural progression of a singular clinical phenomenon. Findings identify potential pathways from ARFID to the development of another eating disorder, highlighting possible clinical targets for preventing this outcome. Plain English Summary Avoidant/restrictive food intake disorder (ARFID) is a feeding/eating disorder characterized by avoidance/restriction of food intake by volume and/or variety. In contrast to other eating disorders (e.g., anorexia nervosa, bulimia nervosa), dietary restriction in ARFID is not motivated by shape and weight concerns. Instead, it is driven by sensory sensitivities, fear of aversive consequences, and lack of interest in food/eating. The emergence of other eating disorder symptoms  -  such as shape and weight concerns -  in the longitudinal course of ARFID is an important clinical phenomenon that is neither robustly documented nor well understood. Following ARFID history, 71% of participants in our study developed a restricting eating disorder and 29% developed a binge-spectrum eating disorder. Cognitive symptoms of other eating disorders (e.g., shape/weight concerns) onset prior to behavioral symptoms (e.g., food avoidance). Diagnostic crossover from ARFID to another eating disorder following the development of shape/weight concerns represents an interesting and important clinical phenomenon. Our findings suggest potential pathways by which ARFID may lead to the development of a subsequent eating disorder, in turn highlighting critical targets that may be intervened on to prevent this trajectory.

Purpose: This research evaluates two views of the effect of income smoothing on stock overvaluation. There is a view that income smoothing impairs the usefulness of profit information by distorting the economic substance of a company. While another view is income smoothing can serve as a means of conveying classified information within a company. With the two views, it is unclear to predict income smoothing's relevance to overvaluation of stocks. Therefore, this paper aims to analyze the relationship between income smoothing and stock overvaluation in the capital market. Design/methodology/approach: The study conducted on the KOSPI and KOSDAQ markets from 2011 to 2020, and measured income smoothing using the methods suggested by Leuz et al. (2003), Park et al. (2011), and Tucker and Zarowin (2006). For stock overvaluation, the method of Rhodes-Kropf et al. (2005) used. Findings: This study provided empirical evidence that there is a negative relation of income smoothing with stock overvaluation, which may be interpret that income smoothing may lower stock overvaluation. In other words, priv-ileged information delivered by the manager through income smoothing may alleviate the overvaluation of stocks caused by excessive stock price relative to its intrinsic value. This result was more observable as the greater majority shareholder ownership interest, the greater the foreign investors share, and for companies listed on the KOSDAQ. Research limitations/implications: This study makes contribution to the literature by supplying other evidence on the effect of income smoothing on capital market and supplies meaningful guidance to capital market stakeholders. Originality/value: This study is valuable not only because it expands earlier research on income smoothing and stock overvaluation, but also because it empirically confirms the usefulness of income smoothing in the capital market.

Background Overvaluation of shape and weight (OSW) is a risk factor for psychopathology in those who have undergone bariatric surgery, and overvaluation of excess skin (OES) may present similar psychological risks. Identifying potential gender and racial differences in post-surgical OSW and OES, and their associations with psychosocial outcomes, may inform more individualized assessment and treatment for those who have undergone bariatric surgery. Methods In this cross-sectional study, individuals up to 4 years post-bariatric surgery completed an online survey of various psychosocial outcomes. Overvaluation was examined via the shape and weight overvaluation subscale of the Eating Disorders Examination Questionnaire (EDE-Q), and a modified item was used to assess the overvaluation of excess skin. Quality of life (QOL), depression, and anxiety symptoms were also examined. Gender and racial differences in OSW and OES were examined. Correlations were obtained between OSW/OES, QOL, and psychological symptoms among gender and racial groups. Results Of 735 participants, women endorsed significantly greater OES than men ( p  = .008). There were no significant gender differences in OSW. White patients endorsed greater OSW than Black patients ( p  < .001), and there were no racial differences in OES. OSW and OES were inversely correlated with QOL among all groups. OSW and OES were positively associated with anxiety and depressive symptoms among both racial groups and women. Conclusion Women may be at greater risk for OES than men, while White patients may be at increased risk for OSW. However, OSW/OES related to poorer QOL in all groups, and greater psychological symptoms in women.