Personal Character and Firm Performance. The Economic Implications of Having Fraudulent Board Members

Unique proprietary data on Swedish board members reveal that a non-trivial proportion of board members in Swedish listed firms have been convicted of serious crimes. Analyzing the data shows that board members with personal fraudulent behavior are more likely to be males than females. We also find that the greater the proportion of fraudulent board members, the lower is the profitability and the higher are the earnings (and cash flows) volatility of the firm. However, the negative effect of fraudulent behavior on profitability is mitigated when fraudulent board members have a larger stake in the firm’s equity. Finally, we find that the earnings of firms with more fraudulent board members are lower and less value-relevant. Given the strong legal enforcement in Sweden, our results raise serious concerns about the effects of board members’ personal fraudulent behavior on firm performance and risk-taking in other countries, particularly the United States and the United Kingdom.Fraudulent behavior; Fraud; Crimes; Convicted board members; Corporate governance; Profitability; Earnings volatility

Probing the Magnetic Field Structure in Gamma-Ray Bursts through Dispersive Plasma Effects on the Afterglow Polarization

(Abr) The origin and structure of magnetic fields in Gamma-Ray Burst (GRB) fireball plasmas are two of the most important open questions in all GRB models. We show that the structure and strength of the magnetic field may be constrained by radio and IR observations of the early afterglow, where plasma effects on the polarization of propagating radiation are significant. We calculate these propagation effects for cold and relativistic plasmas, and find that in the presence of a uniform equipartition field the degree of linear polarization is suppressed, and circular polarization prevails at low frequencies, nu < 1-3 GHz, (2x10^11 Hz < nu < few x 10^14 Hz) in the forward (reverse) shock. At higher frequencies linear polarization dominates. At the frequency of the transition between circular and linear polarization, the net level of polarization is minimal, ~10-20%. These features are nearly independent of the circumburst density. The transition frequency is smaller by a factor of ~10 when the uniform field is much weaker than equipartition. The dependence of these results on viewing geometry, outflow collimation and magnetic field orientation is discussed. When the configuration of the field is entangled over length scales much smaller than the extent of the emitting plasma, the aforementioned effects should not be observed and a linear polarization at the few % level is expected. Polarimetric observations during the early afterglow, and particularly of the reverse shock emission, may therefore place strong constraints on the structure and strength of the magnetic field within the fireball plasma.Comment: 12 pages, 6 figures. Accepted for publication in ApJ. Revised version includes improved discussion of viewing and fireball geometry, with implications to resulting polarizatio

Asynchronous and corrected-asynchronous numerical solutions of parabolic PDES on MIMD multiprocessors

A major problem in achieving significant speed-up on parallel machines is the overhead involved with synchronizing the concurrent process. Removing the synchronization constraint has the potential of speeding up the computation. The authors present asynchronous (AS) and corrected-asynchronous (CA) finite difference schemes for the multi-dimensional heat equation. Although the discussion concentrates on the Euler scheme for the solution of the heat equation, it has the potential for being extended to other schemes and other parabolic partial differential equations (PDEs). These schemes are analyzed and implemented on the shared memory multi-user Sequent Balance machine. Numerical results for one and two dimensional problems are presented. It is shown experimentally that the synchronization penalty can be about 50 percent of run time: in most cases, the asynchronous scheme runs twice as fast as the parallel synchronous scheme. In general, the efficiency of the parallel schemes increases with processor load, with the time level, and with the problem dimension. The efficiency of the AS may reach 90 percent and over, but it provides accurate results only for steady-state values. The CA, on the other hand, is less efficient, but provides more accurate results for intermediate (non steady-state) values

Relativistic Radiation Mediated Shocks

The structure of relativistic radiation mediated shocks (RRMS) propagating into a cold electron-proton plasma is calculated and analyzed. A qualitative discussion of the physics of relativistic and non relativistic shocks, including order of magnitude estimates for the relevant temperature and length scales, is presented. Detailed numerical solutions are derived for shock Lorentz factors $\Gamma_u$ in the range $6\le\Gamma_u\le30$, using a novel iteration technique solving the hydrodynamics and radiation transport equations (the protons, electrons and positrons are argued to be coupled by collective plasma processes and are treated as a fluid). The shock transition (deceleration) region, where the Lorentz factor $\Gamma$ drops from $\Gamma_u$ to $\sim 1$, is characterized by high plasma temperatures $T\sim \Gamma m_ec^2$ and highly anisotropic radiation, with characteristic shock-frame energy of upstream and downstream going photons of a few~$\times\, m_ec^2$ and $\sim \Gamma^2 m_ec^2$, respectively.Photon scattering is dominated by e$^\pm$ pairs, with pair to proton density ratio reaching $\approx10^2\Gamma_u$. The width of the deceleration region, in terms of Thomson optical depths for upstream going photons, is large, $\Delta\tau\sim\Gamma_u^2$ ($\Delta\tau\sim1$ neglecting the contribution of pairs) due to Klein Nishina suppression of the scattering cross section. A high energy photon component, narrowly beamed in the downstream direction, with a nearly flat power-law like spectrum, $\nu I_\nu\propto\nu^0$, and an energy cutoff at $\sim \Gamma_u^2 m_ec^2$ carries a fair fraction of the energy flux at the end of the deceleration region. An approximate analytic model of RRMS, reproducing the main features of the numerical results, is provided

Orphan GRB radio afterglows: Candidates and constraints on beaming

The number of orphan radio afterglows associated with gamma-ray bursts (GRBs) that should be detected by a flux limited radio survey, is calculated. It is shown that for jetted GRBs this number is smaller for smaller jet opening angle (theta), contrary to naive expectation. For a beaming factor f_b^{-1}=(theta^2/2)^{-1} = 500, roughly the value inferred by Frail et al. (2001) from analysis of afterglow light curves, we predict that between several hundreds to several thousands orphan radio afterglows should be detectable (over all sky) above 1 mJy at GHz frequencies at any given time. This orphan population is dominated by sources lying at distances of a few hundred Mpc, and having an age of ~1 yr. A search for point-like radio transients with flux densities greater than 6 mJy was conducted using the FIRST and NVSS surveys, yielding a list of 25 orphan candidates. We argue that most of the candidates are unlikely to be radio supernovae. However, the possibility that they are radio loud AGNs cannot be ruled out without further observations. Our analysis sets an upper limit for the all sky number of radio orphans, which corresponds to a lower limit f_b^{-1}>10 on the beaming factor. Rejection of all candidates found in our search would imply f_b^{-1}>100. This, and the fact that some candidates may indeed be radio afterglows, strongly motivate further observations of these transients.Comment: 18 pages, including 2 figure

Long-term outcomes of coronary artery bypass grafting patients supported preoperatively with an intra-aortic balloon pump

ObjectiveMost studies describing the outcome of coronary artery bypass grafting patients supported preoperatively with an intra-aortic balloon pump (IABP) have reported early results. The purpose of our study was to evaluate the early and long-term results.MethodsOf 2658 isolated coronary artery bypass grafting procedures performed from 1996 to 2001, 215 were supported preoperatively with an IABP. The indications for IABP insertion were cardiogenic shock in 18 (8.4%), acute evolving myocardial infarction in 38 (17.7%), clinical instability in 84 (39.1%), and critical coronary lesions in 75 (34.9%).ResultsOperative mortality was 12.6%. The mortality of the cardiogenic shock patients was greater (22.2%; P = .174). Logistic regression analysis showed patient age (odds ratio, 1.057; 95% confidence interval, 1.010-1.108) and cardiopulmonary bypass (CPB) time (odds ratio, 1.020; 95% confidence interval, 1.008-1.031) were associated with increased operative mortality. An increased number of bypass grafts had a protective effect (odds ratio, 0.241; 95% confidence interval, 0.113-0.515). The actual early mortality was lower than the logistic EuroSCORE calculated mortality (12.6% vs 32.8%, P < .0001). The mean follow-up was 8 ± 4 years. The Kaplan-Meier 10-year survival was 49%. The Cox adjusted overall (early and late) survival and major adverse cardiac events-free survival of the different IABP subgroups was similar. Cox analyses showed peripheral vascular disease, off-pump coronary artery bypass surgery, age, CPB time, female gender, and fewer bypass grafts were associated with decreased survival.ConclusionsIn patients supported preoperatively with an IABP, better early and long-term results were strongly related to younger age, a shorter CPB time, and a greater number of bypass grafts. Avoiding the use of CPB (off pump) in these emergency cases is not recommended

ST18 Enhances PV-IgG-Induced Loss of Keratinocyte Cohesion in Parallel to Increased ERK Activation

Pemphigus is an autoimmune blistering disease targeting the desmosomal proteins desmoglein (Dsg) 1 and Dsg3. Recently, a genetic variant of the Suppression of tumorigenicity 18 (ST18) promoter was reported to cause ST18 up-regulation, associated with pemphigus vulgaris (PV)-IgG-mediated increase in cytokine secretion and more prominent loss of keratinocyte cohesion. Here we tested the effects of PV-IgG and the pathogenic pemphigus mouse anti-Dsg3 antibody AK23 on cytokine secretion and ERK activity in human keratinocytes dependent on ST18 expression. Without ST18 overexpression, both PV-IgG and AK23 induced loss of keratinocyte cohesion which was accompanied by prominent fragmentation of Dsg3 immunostaining along cell borders. In contrast, release of pro-inflammatory cytokines such as IL-1α, IL-6, TNFα, and IFN-γ was not altered significantly in both HaCaT and primary NHEK cells. These experiments indicate that cytokine expression is not strictly required for loss of keratinocyte cohesion. Upon ST18 overexpression, fragmentation of cell monolayers increased significantly in response to autoantibody incubation. Furthermore, production of IL-1α and IL-6 was enhanced in some experiments but not in others whereas release of TNF-α dropped significantly upon PV-IgG application in both EV- and ST18-transfected HaCaT cells. Additionally, in NHEK, application of PV-IgG but not of AK23 significantly increased ERK activity. In contrast, ST18 overexpression in HaCaT cells augmented ERK activation in response to both c-IgG and AK23 but not PV-IgG. Because inhibition of ERK by U0126 abolished PV-IgG- and AK23-induced loss of cell cohesion in ST18-expressing cells, we conclude that autoantibody-induced ERK activation was relevant in this scenario. In summary, similar to the situation in PV patients carrying ST18 polymorphism, overexpression of ST18 enhanced keratinocyte susceptibility to autoantibody-induced loss of cell adhesion, which may be caused in part by enhanced ERK signaling