The Persistence of Earnings and Corporate Governance in IPO Firms

In this study, we investigate the earnings persistence in IPO firms by examining the two components of earnings: accruals and cash flows. We also analyze the impact of corporate governance on earnings and the two earnings components. In our comparison of the top and bottom quartiles based on the firms\u27 earnings at the IPO year, we find that although the top quartile firms have a significantly positive accrual component in the IPO year, they eventually have the same negative accrual component of earnings as the bottom quartile firms in the second year after the IPO. In contrast, we find that the significant difference in the cash flow component between the top and bottom quartiles persists during the two years after the IPO. This finding supports the existing literature that the cash flow component contributes to the persistence of earnings while the accrual component does not. We also find that the corporate governance structure has a significant impact on earnings and the components of earnings for the top quartile firms, but not for the bottom quartile firms. This is particularly evident since the top quartile firms have the opportunity to manage their earnings, while firms in the lowest quartile are unable to manage their earnings

Superconductivity in a two dimensional extended Hubbard model

The Roth's two-pole approximation has been used by the present authors to investigate the role of $d-p$ hybridization in the superconducting properties of an extended $d-p$ Hubbard model. Superconductivity with singlet $d_{x^2-y^2}$-wave pairing is treated by following Beenen and Edwards formalism. In this work, the Coulomb interaction, the temperature and the superconductivity have been considered in the calculation of some relevant correlation functions present in the Roth's band shift. The behavior of the order parameter associated with temperature, hybridization, Coulomb interaction and the Roth's band shift effects on superconductivity are studied.Comment: 14 pages, 8 figures, accepted for publication in European Physical Journal

Pseudogap and the specific heat of high TcT_c superconductors

The specific heat of a two dimensional repulsive Hubbard model with local interaction is investigated. We use the two-pole approximation which exhibits explicitly important correlations that are sources of the pseudogap anomaly. The interplay between the specific heat and the pseudogap is the main focus of the present work. Our self consistent numerical results show that above the occupation $n_T\approx 0.85$, the specific heat starts to decrease due to the presence of a pseudogap in the density of states. We have also observed a two peak structure in the specific heat. Such structure is robust with respect to the Coulomb interaction $U$ but it is significantly affected by the occupation $n_T$. A detailed study of the two peak structure is carried out in terms of the renormalized quasi-particle bands. The role of the second nearest neighbor hopping on the specific heat behavior and on the pseudogap, is extensively discussed.Comment: 6 pages, 6 figures, accepted for publication in Solid State Communication

Corporate Social Responsibility and Earnings Reporting

Despite increasing interests on corporate social responsibility (CSR) activities among managers, the relationship between CSR and firm value through earnings reporting quality is still unclear. Absence of a strong positive effect of CSR on firm value has led researchers to believe that CSR is a res ult of a principal-agent issue between shareholders and managers. This study argues CSR represents a corporate culture that influences how a corporation reports its earnings. CSR influ ences earnings reporting ·instead ofearnings reporting drives CSR to delude shareholders. CSR induces better earnings reporting quality, therefore, CSR has an indirect but positive effect on firm value

Cover Crops Practical guidelines

Overview of agronomic characteristics for tropical and subtropical cover crop species. English adaptation of material from the refereed book in Portuguese

Estabilidade de agregados de um Latossolo Vermelho sob diferentes plantas de coberturas de inverno e sistemas de preparo do solo.

Os sistemas de manejo agrícolas interferem nas características físicas do solo, principalmente na agregação. O objetivo deste estudo foi avaliar a estabilidade de agregados do solo de um experimento de longa duração com plantas de cobertura de inverno e sistemas de preparo do solo. O experimento teve início no ano de 1986, no Instituto Agronômico do Paraná, em Pato Branco sob um Latossolo Vermelho aluminoférrico. Os tratamentos são uma combinação entre coberturas de solo: aveia preta, centeio, ervilhaca comum, ervilhaca peluda, nabo forrageiro, tremoço azul, trigo e pousio, e sistemas de preparo: plantio direto (PD) e plantio convencional (PC), dispostos em parcelas subdivididas com três repetições. As amostras de solo foram coletadas em 2012, nas profundidades de 0 a 5, 5 a 10 e 10 a 20 cm. A estabilidade de agregados foi determinada através de tamisamento a úmido, e posteriormente calculado o índice de diâmetro médio ponderado (DMP) dos agregados. O PD apresentou maior DMP na profundidade de 0 a 5 cm, enquanto que para o PC, o maior DMP ocorreu de 10 a 20 cm de profundidade. O pousio obteve o menor DMP diferindo das espécies de cobertura de inverno, para o PD de 0 a 5 e 5 a 10 cm de profundidade. A utilização de espécies de cobertura de inverno associada a sistemas conservacionistas de preparo do solo, com mínimo revolvimento, promove maior estabilidade da agregação do solo

Tracking primary thermalization events in graphene with photoemission at extreme timescales

Direct and inverse Auger scattering are amongst the primary processes that mediate the thermalization of hot carriers in semiconductors. These two processes involve the annihilation or generation of an electron-hole pair by exchanging energy with a third carrier, which is either accelerated or decelerated. Inverse Auger scattering is generally suppressed, as the decelerated carriers must have excess energies higher than the band gap itself. In graphene, which is gapless, inverse Auger scattering is instead predicted to be dominant at the earliest time delays. Here, $<8$ femtosecond extreme-ultraviolet pulses are used to detect this imbalance, tracking both the number of excited electrons and their kinetic energy with time- and angle-resolved photoemission spectroscopy. Over a time window of approximately 25 fs after absorption of the pump pulse, we observe an increase in conduction band carrier density and a simultaneous decrease of the average carrier kinetic energy, revealing that relaxation is in fact dominated by inverse Auger scattering. Measurements of carrier scattering at extreme timescales by photoemission will serve as a guide to ultrafast control of electronic properties in solids for PetaHertz electronics.Comment: 16 pages, 8 figure