Design and Control of a Dynamic and Autonomous Trackless Vehicle Using Onboard and Environmental Sensors

The purpose of this thesis is to explore the current state of automated guided vehicles (AGVs), sensors available for the vehicles to be equipped with, control systems for the vehicles to run on, and wireless technology to connect the whole system together. With a technological push towards increasing automation and maximizing the possible throughput of systems, automated technology needs to improve for trackless and wireless systems such as vehicles that can be used to move loads in a vast array of applications. The goal of this research is to develop and propose improvements in both vehicle and control system design that allows for improved safety and efficiency. Right now the main issues are maneuverability of vehicles and control systems being adaptive enough to deal with connection issues between systems. While prolonged connection issues will result in a stoppage of operation of any system that relies on wireless communication, intermittent issues can also cause systems to have an emergency stop. I have looked into ways to offload tasks from the central system and allow the vehicles themselves to have more computational privileges such that they can operate in a semi-independent manner. The result is a proposed system that remedies or limits negative effects that currently cause issues with trackless vehicles and control systems working with remote systems that communicate via wireless means

Scienter Disclosure

This study examines implications of scienter disclosure through an analysis of voluntary disclosures regarding insiders\u27 Rule 10b5-1 trading plans. Prior theory suggests that disclosing informed traders\u27 intent to trade is not strategically advantageous, but this theory does not account for litigation risk reduction resulting from disclosure. Legal precedent regarding Rule 10b5-1 affords legal risk reduction to disclosure, therefore voluntary disclosure offers an interesting theoretical test. Evidence indicates that Rule 10b5-1 disclosure increases with firm litigation risk and insider strategic trade potential. Evidence also indicates that Rule 10b5-1 disclosure is associated with greater abnormal returns to insiders\u27 trades, especially for firms disclosing specific plan details. This evidence suggests that legal risk can compel firms to depart from a non-disclosure strategy and that disclosure might enhance strategic trade. Evidence also suggests that non-disclosing firms are least associated with strategic trade; therefore proposed mandatory Rule 10b5-1 disclosure might not mitigate strategic behavior. Keywords: Rule 10b5-1; voluntary disclosure; insider trading JEL Classification: D82; G38; K22; M5

Market Reaction to the Adoption of IFRS in Europe

This study examines the European stock market reaction to sixteen events associated with the adoption of International Financial Reporting Standards (IFRS) in Europe. European IFRS adoption represented a major milestone towards financial reporting convergence yet spurred controversy reaching the highest levels of government. We find a more positive reaction for firms with lower quality pre-adoption information, which is more pronounced in banks, and with higher pre-adoption information asymmetry, consistent with investors expecting net information quality benefits from IFRS adoption. We also find that the reaction is less positive for firms domiciled in code law countries, consistent with investors' concerns over enforcement of IFRS in those countries. Finally, we find a positive reaction to IFRS adoption events for firms with high quality pre-adoption information, consistent with investors expecting net convergence benefits from IFRS adoption. Overall, the findings suggest that investors in European firms perceived net benefits associated with IFRS adoption.IFRS, IAS 39, Convergence, Europe, Event Study

Mandatory IFRS Adoption and Financial Statement Comparability

This study examines whether mandatory adoption of International Financial Reporting Standards (IFRS) leads to capital market benefits through enhanced financial statement comparability. UK domestic standards are considered very similar to IFRS (Bae et al. 2008), suggesting any capital market benefits observed for UK-domiciled firms are more likely attributable to improvements in comparability (i.e., better precision of across-firm information) than to changes in information quality specific to the firm (i.e., core information quality). If IFRS adoption improves financial statement comparability, we predict this should reduce insiders' ability to benefit from private information. Consistent with these expectations, we find that abnormal returns to insider purchases―used to proxy for private information―are reduced following IFRS adoption. Similar results obtain across numerous subsamples and proxies used to isolate IFRS effects attributable to comparability. Together, the findings are consistent with mandatory IFRS adoption improving comparability and thus leading to capital market benefits by reducing insiders' ability to exploit private information

Chief Executive Officer Equity Incentives and Accounting Irregularities

This study examines whether Chief Executive Officer (CEO) equity-based holdings and compensation provide incentives to manipulate accounting reports. While several prior studies have examined this important question, the empirical evidence is mixed and the existence of a link between CEO equity incentives and accounting irregularities remains an open question. Because inferences from prior studies may be confounded by assumptions inherent in research design choices, we use propensity-score matching and assess hidden (omitted variable) bias within a broader sample. In contrast to most prior research, we do not find evidence of a positive association between CEO equity incentives and accounting irregularities after matching CEOs on the observable characteristics of their contracting environments. Instead, we find some evidence that accounting irregularities occur less frequently at firms where CEOs have relatively higher levels of equity incentives

Corporate Governance, Incentives, and Tax Avoidance

We examine the link between corporate governance, managerial incentives, and corporate tax avoidance. Similar to other investment opportunities that involve risky expected cash flows, unresolved agency problems may lead managers to engage in more or less corporate tax avoidance than shareholders would otherwise prefer. Consistent with the mixed results reported in prior studies, we find no relation between various corporate governance mechanisms and tax avoidance at the conditional mean and median of the tax avoidance distribution. However, using quantile regression, we find a positive relation between board independence and financial sophistication for low levels of tax avoidance, but a negative relation for high levels of tax avoidance. These results indicate that these governance attributes have a stronger relation with more extreme levels of tax avoidance, which are more likely to be symptomatic of over- and under-investment by managers

Market and regulatory implications of social identity cohorts: a discussion of crypto influencers

Merkley et al. (2023, RAST Conference) examine incentives for self-proclaimed expert cryptocurrency influencers to recommend digital coins on Twitter (now X), and the digital coin price effects from these disclosures. They report evidence that influencers may exploit market investors via potential pump and dump schemes. While plausible, researchers may develop a broader understanding of influencers’ incentives, and their influence on crypto investors, by considering how investors engage these markets for social identity needs that enhance utility (e.g., Akerlof and Kranton 2000). Social-psychological research indicates that a person’s social identity needs can powerfully influence her behavior, even towards maladaptive. This paper discusses how crypto influencers create social identity resonance. It then discusses how influencers can leverage this resonance for potentially lucrative financial opportunities, which might manifest in different expected crypto price patterns. The paper concludes by recommending more research on influencers’ experience, networks, and communication channel choices, effects of video relative to text communication, and whether social identity cohorts are increasingly influencing prices and undermining regulatory trust in traditional markets