Do External Auditors Perform a Corporate Governance Role in Emerging Markets? Evidence from East Asia

In emerging markets, the concentration of corporate ownership has created agency conflicts between controlling owners and minority shareholders. Conventional corporate control mechanisms such as boards of directors and takeovers are typically weak in containing the agency problem. This study examines whether external independent auditors could be employed as monitors and as bonding mechanisms to alleviate the agency conflict. Using a broad sample of firms from eight East Asian economies, we document that firms are more likely to employ Big Five auditors when they are more subject to the agency problem imbedded in their ultimate ownership structure. One possible reason that this documented relation between auditor choice and the agency problem is more evident than the inconsistent results using U.S. and U.K. data is that alternative governance mechanisms are limited in East Asia. In addition, among East Asian auditees subject to the agency problem, Big Five auditors charge a higher fee and set a lower audit modification threshold while non-Big Five auditors do not. Taken together, the evidence suggests that Big Five auditors in emerging markets do have a corporate governance role.http://deepblue.lib.umich.edu/bitstream/2027.42/39784/3/wp400.pd

Fresnel operator, squeezed state and Wigner function for Caldirola-Kanai Hamiltonian

Based on the technique of integration within an ordered product (IWOP) of operators we introduce the Fresnel operator for converting Caldirola-Kanai Hamiltonian into time-independent harmonic oscillator Hamiltonian. The Fresnel operator with the parameters A,B,C,D corresponds to classical optical Fresnel transformation, these parameters are the solution to a set of partial differential equations set up in the above mentioned converting process. In this way the exact wavefunction solution of the Schr\"odinger equation governed by the Caldirola-Kanai Hamiltonian is obtained, which represents a squeezed number state. The corresponding Wigner function is derived by virtue of the Weyl ordered form of the Wigner operator and the order-invariance of Weyl ordered operators under similar transformations. The method used here can be suitable for solving Schr\"odinger equation of other time-dependent oscillators.Comment: 6 pages, 2 figure

Using schema transformation pathways for data lineage tracing

With the increasing amount and diversity of information available on the Internet, there has been a huge growth in information systems that need to integrate data from distributed, heterogeneous data sources. Tracing the lineage of the integrated data is one of the problems being addressed in data warehousing research. This paper presents a data lineage tracing approach based on schema transformation pathways. Our approach is not limited to one specific data model or query language, and would be useful in any data transformation/integration framework based on sequences of primitive schema transformations

The critical Ising lines of the d=2 Ashkin-Teller model

The universal critical point ratio $Q$ is exploited to determine positions of the critical Ising transition lines on the phase diagram of the Ashkin-Teller (AT) model on the square lattice. A leading-order expansion of the ratio $Q$ in the presence of a non-vanishing thermal field is found from finite-size scaling and the corresponding expression is fitted to the accurate perturbative transfer-matrix data calculations for the $L\times L$ square clusters with $L\leq 9$.Comment: RevTex, 4 pages, two figure

The 1982 ASEE-NASA Faculty Fellowship program (Aeronautics and Research)

The NASA/ASEE Summer Faculty Fellowship Program (Aeronautics and Research) conducted at the NASA Goddard Space Flight Center during the summer of 1982 is described. Abstracts of the Final Reports submitted by the Fellows detailing the results of their research are also presented

Effects of topological edge states on the thermoelectric properties of Bi nanoribbons

Using first-principles calculations combined with Boltzmann transport theory, we investigate the effects of topological edge states on the thermoelectric properties of Bi nanoribbons. It is found that there is a competition between the edge and bulk contributions to the Seebeck coefficients. However, the electronic transport of the system is dominated by the edge states because of its much larger electrical conductivity. As a consequence, a room temperature value exceeding 3.0 could be achieved for both p- and n-type systems when the relaxation time ratio between the edge and the bulk states is tuned to be 1000. Our theoretical study suggests that the utilization of topological edge states might be a promising approach to cross the threshold of the industrial application of thermoelectricity