How Do Auditors Behave During Periods of Market Euphoria? The Case of Internet IPOs

The study of periods of market euphoria, such as Holland’s seventeenth-century tulip mania, England’s eighteenth-century South Sea Company, America’s nineteenth-century railroads, or, most recently, the U.S. housing market, is a topic of long-standing interest to economists. Theorists specify conditions under which market participants and institutions cause "bubbles" to arise and persist and empiricists test participant-centric or institution- centric explanations (Hong, Scheinkman, and Xiong 2008; Schultz 2008; Greenwood and Nagel 2009). In this paper, we study a different participant other than one that stands to gain from price fluctuations. We are interested in how auditors behave during periods of market euphoria. Given their gatekeeper responsibility to act in the public’s interest, along with the seeming inevitability of bubbles (Rampell 2009), it is important to study how auditors behave during euphoric market conditions. To address this question, we examine auditor going-concern (GC) opinions around the time of the wave of stressed Internet firms filing to go public on NASDAQ, the capital markets entry point for the companies that went on to constitute "dotcom mania"

Evaluation of precision in optoacoustic tomography for preclinical imaging in living subjects.

Optoacoustic Tomography (OT) is now widely used in preclinical imaging, however, precision (repeatability and reproducibility) of OT has yet to be determined. METHODS: We used a commercial small animal OT system. Measurements in stable phantoms were used to independently assess the impact of system variables on precision (using coefficient of variation, COV), including acquisition wavelength, rotational position, frame averaging. Variables due to animal handling and physiology, such as anatomical placement and anesthesia conditions were then assessed in healthy nude mice using the left kidney and spleen as reference organs. Temporal variation was assessed by repeated measurements over hours and days both in phantoms and $\textit{in vivo}$. Sensitivity to small molecule dyes was determined in phantoms and $\textit{in vivo}$; precision was assessed $\textit{in vivo}$ using IRDye800CW. RESULTS: OT COV in a stable phantom was less than 2% across all wavelengths over 30 days. The factors with greatest impact on the signal repeatability in phantoms were rotational position and user experience, both of which still resulted in a COV of less than 4%. Anatomical ROI size showed the highest variation at 12% and 18% COV in the kidney and spleen respectively, however, functional SO₂ measurements based on a standard operating procedure showed exceptional reproducibility of <4% COV. COV for repeated injections of IRDye800CW was 6.6%. Sources of variability for $\textit{in vivo}$ data included respiration rate, user experience and animal placement. CONCLUSION: Data acquired with our small animal OT system was highly repeatable and reproducible across subjects and over time. Therefore, longitudinal OT studies may be performed with high confidence when our standard operating procedure is followed.This work was funded by: the EPSRC-CRUK Cancer Imaging Centre in Cambridge and Manchester (C197/A16465); CRUK (C14303/A17197, C47594/A16267); EU-FP7-agreement FP7-PEOPLE-2013-CIG-630729; and the University of Cambridge EPSRC Impact Acceleration Account

Light Emission of Self-Trapped Excitons from Ion Tracks in Silica Glass: Interplay between Auger Recombination, Exciton Formation, Thermal Dissociation, and Hopping

The initial luminescence yield of amorphous silica under ion irradiation has been studied at temperatures between 30 and 100 K, using swift ions of different masses and energies (3 MeV H, 3.5 MeV He, 19 MeV Si and 19 MeV Cl). The intensity of the 2.1 eV emission band, ascribed to the intrinsic recombination of self-trapped excitons (STEs), has been found to vary systematically with ion mass, energy and irradiation temperature. A detailed model has been developed to quantitatively describe those variations in terms of the competition between non-radiative Auger recombination, STE formation, STE thermal dissociation, and subsequent STE hopping and capture at non-radiative sinks. The model, which uses a thermal spike approach to describe the effect of swift ion bombardment, is found to quantitatively predict the experimental data without adjustable parameters. It provides new insights into the interactions of carriers in an ion track and the behavior of the luminescence emissions during ion irradiation (ionoluminescence). The model is found to predict the correct temperature dependence of the yield if an activation energy for STE thermal migration of 0.12 eV is assumed, which is in good agreement with values previously reported

Defect Generation Mechanisms In Silica Under Intense Electronic Excitation By Ion Beams Below 100 K: Interplay Between Radiative Emissions

Ion-beam effects on bulk silica at low temperature have been studied with the aim of understanding the routes and mechanisms leading from the initial generation of free carriers and self-trapped excitons (STEs) to the production of two stable defect structures in irradiated silica, non-bridging oxygen hole centers (NBOHCs) and oxygen deficient centers (ODCs). Ion beam induced luminescence (ionoluminescence, IL) spectra were obtained using 3 MeV H, 3.5 MeV He, 19 MeV Si, and 19 MeV Cl ions and a range of cryogenic irradiation temperatures from 30 to 100 K. The kinetic behavior of three emission bands centered at 1.9 eV (assigned to NBOHCs), 2.1 eV (assigned to the intrinsic decay of STEs), and 2.7 eV (assigned to ODCs) reveal the physical origin of these emissions under intense electronic excitation. The creation of NBOHCs is governed by a purely electronic mechanism. The kinetics curve of the NBOHC band shows two main contributions: an instantaneous (beam-on) contribution, followed by a slower fluence- and temperature-dependent process correlated with the concentration of STEs. The beam-on contribution is proportional to deposited ionization energy. The growth of the ODC band is linear in fluence up to around 2 x 1012 cm−2. The growth rate is independent of temperature but proportional to the number of radiation-induced oxygen vacancies per ion, showing, unambiguously, that the 2.7 eV emission can be associated with ODCs created in an excited state

Changes in epithelial proportions and transcriptional state underlie major premenopausal breast cancer risks

The human breast undergoes lifelong remodeling in response to estrogen and progesterone, but hormone exposure also increases breast cancer risk. Here, we use single-cell analysis to identify distinct mechanisms through which breast composition and cell state affect hormone signaling. We show that prior pregnancy reduces the transcriptional response of hormone-responsive (HR+) epithelial cells, whereas high body mass index (BMI) reduces overall HR+ cell proportions. These distinct changes both impact neighboring cells by effectively reducing the magnitude of paracrine signals originating from HR+ cells. Because pregnancy and high BMI are known to protect against hormone-dependent breast cancer in premenopausal women, our findings directly link breast cancer risk with person-to-person heterogeneity in hormone responsiveness. More broadly, our findings illustrate how cell proportions and cell state can collectively impact cell communities through the action of cell-to-cell signaling networks

Recent Advances on Carrier and Exciton Self-Trapping in Strontium Titanate: Understanding the Luminescence Emissions

An up-to-date review on recent results for self-trapping of free electrons and holes, as well as excitons, in strontium titanate (STO), which gives rise to small polarons and self-trapped excitons (STEs) is presented. Special attention is paid to the role of carrier and exciton self-trapping on the luminescence emissions under a variety of excitation sources with special emphasis on experiments with laser pulses and energetic ion-beams. In spite of the extensive research effort, a definitive identification of such localized states, as well as a suitable understanding of their operative light emission mechanisms, has remained lacking or controversial. However, promising advances have been recently achieved and are the objective of the present review. In particular, significant theoretical advances in the understanding of electron and hole self-trapping are discussed. Also, relevant experimental advances in the kinetics of light emission associated with electron-hole recombination have been obtained through time-resolved experiments using picosecond (ps) laser pulses. The luminescence emission mechanisms and the light decay processes from the self-trapped excitons are also reviewed. Recent results suggest that the blue emission at 2.8 eV, often associated with oxygen vacancies, is related to a transition from unbound conduction levels to the ground singlet state of the STE. The stabilization of small electron polarons by oxygen vacancies and its connection with luminescence emission are discussed in detail. Through ion-beam irradiation experiments, it has recently been established that the electrons associated with the vacancy constitute electron polaron states (Ti3+) trapped in the close vicinity of the empty oxygen sites. These experimental results have allowed for the optical identification of the oxygen vacancy center through a red luminescence emission centered at 2.0 eV. Ab-initio calculations have provided strong support for those experimental findings. Finally, the use of Cr-doped STO has offered a way to monitor the interplay between the chromium centers and oxygen vacancies as trapping sites for the electron and hole partners resulting from the electronic excitation

The Blue Emission at 2.8 EV in Strontium Titanate: Evidence for a Radiative Transition of Self-Trapped Excitons from Unbound States

The origin of the blue emission in SrTiO3 has been investigated as a function of irradiation fluence, electronic excitation density, and temperature using a range of ion energies and masses. The emission clearly does not show correlation with the concentration of vacancies generated by irradiation but is greatly enhanced under heavy-ion irradiation. The intensity ratio of the 2.8 and 2.5 eV bands is independent of fluence at all temperatures, but it increases with excitation rate. The 2.8 eV emission is proposed to correspond to a transition from conduction band states to the ground state level of the self-trapped exciton center

Ariel - Volume 4 Number 6

Editors David A. Jacoby Eugenia Miller Tom Williams Associate Editors Paul Bialas Terry Burt Michael Leo Gail Tenikat Editor Emeritus and Business Manager Richard J. Bonnano Movie Editor Robert Breckenridge Staff Richard Blutstein Mary F. Buechler J.D. Kanofsky Rocket Weber David Maye

Real-Time Identification of Oxygen Vacancy Centers in LiNbO₃ and SrTiO₃ during Irradiation with High Energy Particles

Oxygen vacancies are known to play a central role in the optoelectronic properties of oxide perovskites. A detailed description of the exact mechanisms by which oxygen vacancies govern such properties, however, is still quite incomplete. The unambiguous identification of oxygen vacancies has been a subject of intense discussion. Interest in oxygen vacancies is not purely academic. Precise control of oxygen vacancies has potential technological benefits in optoelectronic devices. In this review paper, we focus our attention on the generation of oxygen vacancies by irradiation with high energy particles. Irradiation constitutes an efficient and reliable strategy to introduce, monitor, and characterize oxygen vacancies. Unfortunately, this technique has been underexploited despite its demonstrated advantages. This review revisits the main experimental results that have been obtained for oxygen vacancy centers (a) under high energy electron irradiation (100 keV-1 MeV) in LiNbO3, and (b) during irradiation with high-energy heavy (1-20 MeV) ions in SrTiO3. In both cases, the experiments have used real-time and in situ optical detection. Moreover, the present paper discusses the obtained results in relation to present knowledge from both the experimental and theoretical perspectives. Our view is that a consistent picture is now emerging on the structure and relevant optical features (absorption and emission spectra) of these centers. One key aspect of the topic pertains to the generation of self-trapped electrons as small polarons by irradiation of the crystal lattice and their stabilization by oxygen vacancies. What has been learned by observing the interplay between polarons and vacancies has inspired new models for color centers in dielectric crystals, models which represent an advancement from the early models of color centers in alkali halides and simple oxides. The topic discussed in this review is particularly useful to better understand the complex effects of different types of radiation on the defect structure of those materials, therefore providing relevant clues for nuclear engineering applications

Across-ecoregion analysis suggests a hierarchy of ecological filters that regulate recruitment of a globally invasive fish

Aim -- Even successful invaders are abundant only in a fraction of locales they inhabit. One of the main challenges in invasion ecology is explaining processes that drive these patterns. We investigated recruitment of a globally invasive fish, common carp (Cyprinus carpio), across three ecoregions to determine the role of environmental characteristics, predatory communities and propagule pressure on the invasion process at coarse and fine spatial scales. Location -- Lakes across Northern Forest, Temperate Forest and Great Plains ecoregions of North America. Methods -- We used data from 567 lakes to model presence or absence of carp recruitment using environmental conditions (lake clarity, area, maximum depth), native predatory fishes (micropredators, mesopredators, large predators) and propagule pressure (abundance of adult carp). We formed a set of alternative models and evaluated their support using an information theoretic approach. Once most supported models were identified, we used classification tree to determine how variables included in these models interacted to affect carp recruitment. Finally, we conducted a field experiment to test the predictions of the classification tree analysis. Results -- Carp recruitment was strongly regulated by processes associated with water clarity, which appeared to function as a broad-scale ecological filter. Carp were unlikely to recruit in clear, oligotrophic lakes (Secchi depth \u3e 2 m) despite the presence of adults in many such systems. Recruitment was more likely to occur in regions with turbid lakes, but abundant micropredators could inhibit it there. Main conclusions -- Carp recruitment and invasions across large geographic areas are attributable to a two-layer ecological filter with lake clarity/productivity acting as a coarse-scale filter and micropredators acting as a fine-scale filter. This two-layer filter might explain the complex patterns of carp invasions among and within different ecoregions. Ecological filters may also explain the success of other aquatic invaders that show similarly patchy spatial distribution patterns