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

An Analysis of Potential Tax Incentives to Increase Charitable Giving in Puerto Rico

Compares options for improving tax incentives for charitable giving, including lifting the ceiling on deductions as a percentage of adjusted gross income, and estimated effects on nonprofits in Puerto Rico, where average giving is high relative to AGI

A Wide Field, Low Frequency Radio Survey of the Field of M31: I. Construction and Statistical Analysis of the Source Catalog

We present here the results of a 325 MHz radio survey of M31, conducted with the A-configuration of the Very Large Array. The survey covered an area of 7.6 deg$^2$, and a total of 405 radio sources between \la6\arcsec and 170\arcsec in extent were mapped with a resolution of 6\arcsec and a 1$\sigma$ sensitivity of $\sim$0.6 \mjyb. For each source, its morphological class, major axis $\theta_M$, minor axis $\theta_m$, position angle $\theta_{PA}$, peak flux $I$, integrated flux density $S$, spectral index $\alpha$ and spectral curvature parameter $\phi$ were calculated. A comparison of the flux and radial distribution -- both in the plane of the sky and in the plane of M31 -- of these sources with those of the XMM--LSS and WENSS radio surveys revealed that a vast majority of sources detected are background radio galaxies. As a result of this analysis, we expect that only a few sources are intrinsic to M31. These sources are identified and discussed in an accompanying paper.Comment: 29 pages with 4 tables and 10 figures (JPEGs), accepted for publication in ApJS. Full-resolution images available on reques

XMDS2: Fast, scalable simulation of coupled stochastic partial differential equations

XMDS2 is a cross-platform, GPL-licensed, open source package for numerically integrating initial value problems that range from a single ordinary differential equation up to systems of coupled stochastic partial differential equations. The equations are described in a high-level XML-based script, and the package generates low-level optionally parallelised C++ code for the efficient solution of those equations. It combines the advantages of high-level simulations, namely fast and low-error development, with the speed, portability and scalability of hand-written code. XMDS2 is a complete redesign of the XMDS package, and features support for a much wider problem space while also producing faster code.Comment: 9 pages, 5 figure

FARMERS' PREFERENCES FOR CROP CONTRACTS

An empirical approach combining elements of principal-agent theory and transaction cost economics is used to determine farmers'Â’ preferences for contract terms in crop production. The approach is tested by asking grain farmers to rank contract choices and specify price premiums in simulated case situations. The statistical results indicate that farmers'Â’ preferences for rates of cost sharing, price premiums, and financing arrangements are significantly influenced by asset specialization and uncertainty associated with the case situations, and by selected business and personal characteristics.Farm Management,

The integrated optic RF spectrum analyzer

The results of measurements made on a fully integrated optic RF spectrum analyzer (IOSA) are reported. The performance of the device acousto-optic bandwidth, single-tone RF resolution, two-tone RF resolution, single-tone dynamic range, two-tone dynamic range, and single-tone RF response are presented. The device parameters that control device performance are analyzed. These results demonstrate the viability of the IOSA for real time spectrum analysis of pulsed and CW RF signals. Improvements of RF bandwidth resolution can be obtained by the use of larger collimated optical beams which requires larger optical lens elements, and hence, larger crystals