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The purpose of this paper is to examine how information asymmetry driven by earnings quality affects corporate cash holdings. It also investigates the role that financial constraints play in this effect.

The paper examines a large sample of 6,501 observations of 741 firms listed on Euronext Paris over the period 2000–2015. Earnings quality is computed using the Jones model performance-matched discretionary accruals developed by Kothari et al. (2005): the larger the absolute value of discretionary accruals, the lower the accruals quality.

The study finds that firms with poor accruals quality hold more cash and that cash holdings in firms of low reporting quality are higher under financial constraints. These results indicate that firms tend to increase their cash reserves in the presence of high information asymmetry which is notably driven by low accounting quality. The findings also suggest that information asymmetry associated with low reporting quality is greater when firms also have strong financial constraints. The study’s conclusions are consistent with the precautionary motive for cash holdings.

The results would enhance practitioners’ awareness of the importance of accounting choices in the management of cash policies. It would also give researchers an incentive to further explore how these policies are influenced by the precautionary behavior of managers.

This paper is the first work to investigate the effect of accruals quality on corporate cash holdings in the French equity market, which typically has a poor information environment resulting in high information asymmetry. Moreover, the role of financial constraints in this effect has not yet been explored.

The purpose of this paper is to check the geranium oil and anise oil effect to inhibit inflammation in brain cerebral cortex and hippocampus areas in depression.

Depression defined as psychiatric disease and chronic mild stress (CMS) model a well-known animal model of depression that represented major symptoms occurred in human depression. Geranium oil and anise oil selected for such a study to check their anti-inflammatory effect in brain tissues in depressed animal model.

The brain cerebral cortex and hippocampus neurotransmitters serotonin, dopamine, norepinephrine, gamma aminobutyric acid (GABA) and interleukin (IL)-10 significantly decreased (p < 0.001) while brain cerebral cortex and hippocampus IL-1ß, IL-6, tumor necrosis factor-alpha (TNF-α) and Ki-67 levels significantly increased (p < 0.001) in CMS rats compared to control. The oral intake of venlafaxine drug, anise oil and geranium oil significantly increased (p < 0.001) serotonin, dopamine, norepinephrine, GABA and IL-10 while significantly decreased (p < 0.001) IL-1ß, IL-6, TNF-α and Ki-67 levels to approach normal levels in brain cerebral cortex and hippocampus areas compared with CMS rats.

Antidepressants used in depression treatment but these drugs are either too expensive or had side effects. Folklore and complementary medicine used in different diseases treatment due to cheap and available source. Geranium oil and anise oil had anti-inflammatory effect in brain cerebral cortex and hippocampus areas in CMS rats.