Earnings Management and Long-Run Stock Underperformance of Private Placements

The study investigates whether private placement issuers manipulate their earnings around the time of issuance and the effect of earnings management on the long-run stock performance. We find that managers of U.S. private placement issuers tend to engage in income-increasing earnings management in the year prior to the issuance of private placements. We further speculate that earnings management serves as a likely source of investor over-optimism at the time of private placements. To support this speculation, we find evidence suggesting that the income-increasing accounting accruals made at the time of private placements predict the post-issue long-term stock underperformance. The study contributes to the large body of literature on earnings manipulation around the time of securities issuance

Two problems related to prescribed curvature measures

Existence of convex body with prescribed generalized curvature measures is discussed, this result is obtained by making use of Guan-Li-Li's innovative techniques. In surprise, that methods has also brought us to promote Ivochkina's $C^2$ estimates for prescribed curvature equation in \cite{I1, I}.Comment: 12 pages, Corrected typo

Outsourcing CO2 within China

Recent studies have shown that the high standard of living enjoyed by people in the richest countries often comes at the expense of CO2 emissions produced with technologies of low efficiency in less affluent, developing countries. Less apparent is that this relationship between developed and developing can exist within a single country’s borders, with rich regions consuming and exporting high-value goods and services that depend upon production of low-cost and emission-intensive goods and services from poorer regions in the same country. As the world’s largest emitter of CO2, China is a prominent and important example, struggling to balance rapid economic growth and environmental sustainability across provinces that are in very different stages of development. In this study, we track CO2 emissions embodied in products traded among Chinese provinces and internationally. We find that 57% of China’s emissions are related to goods that are consumed outside of the province where they are produced. For instance, up to 80% of the emissions related to goods consumed in the highly developed coastal provinces are imported from less developed provinces in central and western China where many low–value-added but high–carbon-intensive goods are produced. Without policy attention to this sort of interprovincial carbon leakage, the less developed provinces will struggle to meet their emissions intensity targets, whereas the more developed provinces might achieve their own targets by further outsourcing. Consumption-based accounting of emissions can thus inform effective and equitable climate policy within China

Bayesian optimization for the inverse scattering problem in quantum reaction dynamics

We propose a machine-learning approach based on Bayesian optimization to build global potential energy surfaces (PES) for reactive molecular systems using feedback from quantum scattering calculations. The method is designed to correct for the uncertainties of quantum chemistry calculations and yield potentials that reproduce accurately the reaction probabilities in a wide range of energies. These surfaces are obtained automatically and do not require manual fitting of the {\it ab initio} energies with analytical functions. The PES are built from a small number of {\it ab initio} points by an iterative process that incrementally samples the most relevant parts of the configuration space. Using the dynamical results of previous authors as targets, we show that such feedback loops produce accurate global PES with 30 {\it ab initio} energies for the three-dimensional H + H$_2$ $\rightarrow$ H$_2$ + H reaction and 290 {\it ab initio} energies for the six-dimensional OH + H$_2$ $\rightarrow$ H$_2$O + H reaction. These surfaces are obtained from 360 scattering calculations for H$_3$ and 600 scattering calculations for OH$_3$. We also introduce a method that quickly converges to an accurate PES without the {\it a priori} knowledge of the dynamical results. By construction, our method illustrates the lowest number of potential energy points (i.e. the minimum information) required for the non-parametric construction of global PES for quantum reactive scattering calculations.Comment: 9 pages, 8 figure

The Heine-Stieltjes correspondence and the polynomial approach to the standard pairing problem

A new approach for solving the Bethe ansatz (Gaudin-Richardson) equations of the standard pairing problem is established based on the Heine-Stieltjes correspondence. For $k$ pairs of valence nucleons on $n$ different single-particle levels, it is found that solutions of the Bethe ansatz equations can be obtained from one (k+1)x(k+1) and one (n-1)x(k+1) matrices, which are associated with the extended Heine-Stieltjes and Van Vleck polynomials, respectively. Since the coefficients in these polynomials are free from divergence with variations in contrast to the original Bethe ansatz equations, the approach thus provides with a new efficient and systematic way to solve the problem, which, by extension, can also be used to solve a large class of Gaudin-type quantum many-body problems and to establish a new efficient angular momentum projection method for multi-particle systems.Comment: ReVTeX, 4 pages, no figur

Recent developments in the dynamical and unitary isobar models for pion electromagnetic production

gamma N->Delta transition form factors and threshold pi^0 photo- and electroproduction are studied with the new version of MAID and a dynamical model. By re-analyzing the recent Jlab data on p(e,e'p) pi^0 at Q^2 = 2.8 and 4.0 (GeV/c)^2, we find that the hadronic helicity conservation is not yet observed in this region of Q^2. The extracted R_{EM}, starting from a small and negative value at the real photon point, actually exhibits a clear tendency to cross zero and change sign as Q^2 increases, while the absolute value of R_{SM} is strongly increasing. Our analysis indicates that A_{1/2} and S_{1/2}, but not A_{3/2}, starts exhibiting the pQCD scaling behavior at about Q^2 = 2.5 (GeV/c)^2. For the pi^0 photo- and electroproduction near threshold, results obtained within the dynamical model with the use of a meson-exchange pi N model for the final state interaction are in as good agreement with the data as ChPT.Comment: 9 pages, 5 figures, talk given at the NSTAR2001 Workshop, Mainz, Germany, March 7-10, 200