Essays on Foreign Firms Following Deregistration from U.S. Exchanges

In 2007 the SEC introduced Rule 12h-6, which significantly reduced the requirements for cross-listed firms to leave U.S. markets. While the benefits and costs of cross-listing in the U.S. have been widely analyzed in prior literature, questions as to the impact of deregistration on firms, investors, and other parties have been raised given the increase in foreign firms leaving the U.S. over the past decade. In addition, the growing global adoption of International Financial Reporting Standards (IFRS) and worldwide regulatory developments over this time period have brought changes to the home markets to which deregistering firms return potentially influencing the impact of deregistration. This dissertation consists of two chapters that analyze samples of foreign cross-listed firms that voluntarily deregister from U.S. equity markets. In Chapter 1, I examine whether a benefit of cross-listing, improved accounting quality, is impacted when foreign firms deregister. In Chapter 2, I examine whether a cost of cross-listing, a fee premium paid to auditors, is impacted when foreign firms deregister. Additionally, in both chapters I analyze the characteristics of the home market that influence these associations. Chapter 1: For a sample of 122 voluntary foreign firm deregistrations from 2004 through 2012, I find that deregistration from the U.S. is associated with greater abnormal accruals, a lower likelihood of reporting a loss, and less timely recognition of economic losses compared to both before the firm deregistered and to a matched control firm that still maintains a U.S. cross-listing. Upon further examination, I find the decrease in accounting quality is not significant for firms returning to home markets that require IFRS, but rather the significant decrease is attributable only to foreign firms returning to non-IFRS environments. Additional tests show that the level of regulatory quality in the home market, relative to the U.S., is not a significant mitigating factor in the negative association between deregistration and accounting quality. These findings imply that, after controlling for country and regulatory effects, accounting standards play a significant role in explaining the relationship between deregistration from U.S. exchanges and financial reporting quality. Chapter 2: For a sample of 105 voluntary foreign firm deregistrations from 2004 through 2013, I find that deregistration is associated with a decrease in audit fees compared to both before the firm deregistered and to a matched control firm that still maintains a U.S. cross-listing. This significant decrease is attributable only to foreign firms returning to non-IFRS environments, which is consistent with the high complexity and effort associated with auditing IFRS financial statements. Additional tests show the level of legal liability auditors are exposed to in the home market is not a significant mitigating factor in the negative association between deregistration and audit fees. These findings imply that, after controlling for country and legal effects, the difference in the complexity of accounting standards is a significant factor explaining the impact of deregistration on audit fees

3D Printing of Transparent and Conductive Heterogeneous Hydrogel-Elastomer Systems

Hydrogel-based ionic devices represent an alternative approach to stretchable electronics through use of soft ionic conductors that are both highly stretchable and transparent. However, these devices require the integration of dissimilar materials, dielectric elastomers and hydrogels, into a single system; a process thus far achieved primarily via the combination of several different manufacturing techniques. We have developed a 3D extrusion printing technique capable of fabricating an entire ionic circuit that integrates a LiCl-doped poly(acrylamide) (PAAm) hydrogel with a poly(dimethylsiloxane) (PDMS) dielectric elastomer. By incorporating hygroscopic salts such as LiCl into the hydrogel, we are able to prepare an ionically conductive hydrogel with excellent water-retaining properties. For printing reliability, we have optimized the rheological properties of a high ionic-strength hydrogel precursor and the interfacial energy between PDMS and hydrogel. Printed ionic devices that consist of PAAm and PDMS exhibit outstanding mechanical and electrical stability when tested with up to 1000 cycles of uniaxial tension. Moreover, we successfully demonstrate functionality in terms of signal transmission and as a soft sensor by fabricating and characterizing an ionic cable and several strain gauges.Engineering and Applied Science

Implementation fidelity of a nurse-led falls prevention program in acute hospitals during the 6-PACK trial

Background: When tested in a randomized controlled trial (RCT) of 31,411 patients, the nurse-led 6-PACK falls prevention program did not reduce falls. Poor implementation fidelity (i.e., program not implemented as intended) may explain this result. Despite repeated calls for the examination of implementation fidelity as an essential component of evaluating interventions designed to improve the delivery of care, it has been neglected in prior falls prevention studies. This study examined implementation fidelity of the 6-PACK program during a large multi-site RCT. Methods: Based on the 6-PACK implementation framework and intervention description, implementation fidelity was examined by quantifying adherence to program components and organizational support. Adherence indicators were: 1) falls-risk tool completion; and for patients classified as high-risk, provision of 2) a ‘Falls alert’ sign; and 3) at least one additional 6-PACK intervention. Organizational support indicators were: 1) provision of resources (executive sponsorship, site clinical leaders and equipment); 2) implementation activities (modification of patient care plans; training; implementation tailoring; audits, reminders and feedback; and provision of data); and 3) program acceptability. Data were collected from daily bedside observation, medical records, resource utilization diaries and nurse surveys. Results: All seven intervention components were delivered on the 12 intervention wards. Program adherence data were collected from 103,398 observations and medical record audits. The falls-risk tool was completed each day for 75% of patients. Of the 38% of patients classified as high-risk, 79% had a ‘Falls alert’ sign and 63% were provided with at least one additional 6-PACK intervention, as recommended. All hospitals provided the recommended resources and undertook the nine outlined program implementation activities. Most of the nurses surveyed considered program components important for falls prevention. Conclusions: While implementation fidelity was variable across wards, overall it was found to be acceptable during the RCT. Implementation failure is unlikely to be a key factor for the observed lack of program effectiveness in the 6-PACK trial. Trial registration: The 6-PACK cluster RCT is registered with the Australian New Zealand Clinical Trials Registry, number ACTRN12611000332921 (29 March 2011)

On the effects of domestication on canine social development and behavior

Social development and behavior are compared for 4 Eastern timber wolves (C. lupus lycaon) and 4 Alaskan Malamutes (C. familiaris). The two groups were born a year apart, but all were fostered at approximately 10 days of age on the same lactating female wolf, reared jointly by the authors and the foster mother, housed in the same facility, and subjected to the same regimen of maintenance and social contact with adult members of the animal colony. It is suggested that many of the observed group differences can be attributed to selection in domestic dogs for prolongation of juvenile behavior and morphological characteristics. Discussion then focuses on the evolution and ontogeny of ritualized aggression in wolves and the effects of domestication on agonistic behavior in domestic dogs. It is suggested that the disintegration of ritualized aggression in dogs is, in part, a consequence of neotenization. Also implicated in the breakdown of this behavioral system is human provision of food, which relaxes (1) the behavioral consequences of injuries sustained in fighting and (2) the selective advantage enjoyed by group-hunting species who have evolved social systems of population regulation.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/23918/1/0000163.pd

Multimaterial 4D Printing with Tailorable Shape Memory Polymers

We present a new 4D printing approach that can create high resolution (up to a few microns), multimaterial shape memory polymer (SMP) architectures. The approach is based on high resolution projection microstereolithography (PμSL) and uses a family of photo-curable methacrylate based copolymer networks. We designed the constituents and compositions to exhibit desired thermomechanical behavior (including rubbery modulus, glass transition temperature and failure strain which is more than 300% and larger than any existing printable materials) to enable controlled shape memory behavior. We used a high resolution, high contrast digital micro display to ensure high resolution of photo-curing methacrylate based SMPs that requires higher exposure energy than more common acrylate based polymers. An automated material exchange process enables the manufacture of 3D composite architectures from multiple photo-curable SMPs. In order to understand the behavior of the 3D composite microarchitectures, we carry out high fidelity computational simulations of their complex nonlinear, time-dependent behavior and study important design considerations including local deformation, shape fixity and free recovery rate. Simulations are in good agreement with experiments for a series of single and multimaterial components and can be used to facilitate the design of SMP 3D structures