828 research outputs found
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
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
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 hybridization in the superconducting properties
of an extended Hubbard model. Superconductivity with singlet
-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 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 , 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 but it is significantly affected by the occupation
. 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
Nonsmoothable, locally indicable group actions on the interval
By the Thurston stability theorem, a group of C^1 orientation-preserving
diffeomorphisms of the closed unit interval is locally indicable. We show that
the local order structure of orbits gives a stronger criterion for
nonsmoothability that can be used to produce new examples of locally indicable
groups of homeomorphisms of the interval that are not conjugate to groups of
C^1 diffeomorphisms.Comment: 4 pages, 1 figur
Specific heat of a non-local attractive Hubbard model
The specific heat of an attractive (interaction ) non-local Hubbard
model is investigated. We use a two-pole approximation which leads to a set of
correlation functions. In particular, the correlation function $\
G\delta\delta=1-n_Tn_T=n_{\uparrow}+n_{\downarrow}(0,\pm\pi)(\pm\pi,0)$ eliminates the two peak structure, the low
temperature peak remaining. The effects of the second nearest neighbor hopping
on the specific heat are also investigated.Comment: 5 pages, 7 figure
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
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