The Basu measure as an indicator of conditional conservatism: Evidence from U.K. earnings components

Following the work of Basu in 1997, the excess of the sensitivity of accounting earnings to negative share return over its sensitivity to positive share return (the Basu coefficient) has been interpreted as an indicator of conditional accounting conservatism. Although this interpretation is supported by substantial evidence that the Basu coefficient is associated with likely demands for conservatism, concerns have arisen that it may reflect factors not directly related to conservatism, and that this may adversely affect its validity as an indicator of that phenomenon. We argue that evidence on the validity of the Basu coefficient as an indicator of conditional conservatism can be obtained by disaggregating earnings into components, classifying those components by whether or not they are likely to be affected by conditional conservatism, and examining whether the Basu coefficient arises primarily from components likely to be affected by conditional conservatism. We implement this procedure for UK firms reporting under FRS 3: Reporting Financial Performance from 1992 to 2004. Although a substantial proportion of the Basu coefficient emanates from cash flow from operating and investing activities (CFOI), which cannot directly reflect accounting conservatism, its incidence across other components of earnings is predominantly within those components likely to be affected by conditional conservatism. Also, although the bias documented by Patatoukas and Thomas in 2009 is present in all of our aggregate earnings measures, it is heavily concentrated in the CFOI component of earnings and largely absent from components classified as likely to be affected by conditional conservatism. With the important caveat that researchers should test the robustness of their results to the exclusion of the element of the Basu coefficient due to cash flows, our findings are consistent with the conditional conservatism interpretation of the coefficient

Comment On >Assessment Of Field-Induced Quantum Confinement In Heterogate Germanium Electron-Hole Bilayer Tunnel Field-Effect Transistor> Appl. Phys. Lett. 105, 082108 (2014)

Not AvailableNRI SWAN programNSF NASCENT ERCMicroelectronics Research CenterElectrical and Computer Engineerin

MAGIC observations of Mkn 421 in 2008, and related optical/X-ray/TeV MWL study

The HBL-type blazar Markarian 421 is one of the brightest TeV gamma-ray sources of the Northern sky. From December 2007 until June 2008 it was intensively observed in the VHE (E>100 GeV) band by the MAGIC gamma-ray telescope. The source showed intense and prolonged activity during the whole period. In some nights the integral flux rose up to 3.6 Crab units (E>200 GeV). Intra-night rapid flux variations were observed. We compared the optical (KVA) and X-ray (RXTE-ASM, Swift-XRT) data with the MAGIC VHE data, investigating the correlations between different energy bands.Comment: 4 pages,4figures, Contribution to the 31st ICRC, Lodz, Poland, July 200

Avalanche-Induced Current Enhancement in Semiconducting Carbon Nanotubes

Semiconducting carbon nanotubes under high electric field stress (~10 V/um) display a striking, exponential current increase due to avalanche generation of free electrons and holes. Unlike in other materials, the avalanche process in such 1D quantum wires involves access to the third sub-band, is insensitive to temperature, but strongly dependent on diameter ~exp(-1/d^2). Comparison with a theoretical model yields a novel approach to obtain the inelastic optical phonon emission length, L_OP,ems ~ 15d nm. The combined results underscore the importance of multi-band transport in 1D molecular wires

Counting fermionic zero modes on M5 with fluxes

We study the Dirac equation on an M5 brane wrapped on a divisor in a Calabi--Yau fourfold in the presence of background flux. We reduce the computation of the normal bundle U(1) anomaly to counting the solutions of a finite--dimensional linear system on cohomology. This system depends on the choice of flux. In an example, we find that the presence of flux changes the anomaly and allows instanton corrections to the superpotential which would otherwise be absent.Comment: 14 pages. v2: reference added, typos corrected, few change

Average-Case Optimal Approximate Circular String Matching

Approximate string matching is the problem of finding all factors of a text t of length n that are at a distance at most k from a pattern x of length m. Approximate circular string matching is the problem of finding all factors of t that are at a distance at most k from x or from any of its rotations. In this article, we present a new algorithm for approximate circular string matching under the edit distance model with optimal average-case search time O(n(k + log m)/m). Optimal average-case search time can also be achieved by the algorithms for multiple approximate string matching (Fredriksson and Navarro, 2004) using x and its rotations as the set of multiple patterns. Here we reduce the preprocessing time and space requirements compared to that approach

Effect of Particle Orientation on the Elastic Anisotropy of Al/SiCp Metal Matrix Composites

Metal matrix composites (MMCs) are promising new materials for structural applications because of their high specific stiffness and strength, and high temperature stability. Of particular interest are the discontinuous silicon carbide (SiC) reinforced aluminum metal matrix composites. The improved mechanical properties are governed by the properties of the constituent phases, as well as the SiC particle characteristics such as shape, aspect ratio and orientation. The particle characteristics have a major effect on the anisotropic properties of these composites. The overall properties also depend on the manufacturing process of these composites since it determines the orientation of the particles and may produce internal defects such as porosity and intermetallic compounds [l]. Thus it is important to experimentally characterize the effective elastic properties and to theoretically predict them from the knowledge of the constituent properties and the microstructures

Long term monitoring of bright TeV Blazars with the MAGIC telescope

The MAGIC telescope has performed long term monitoring observations of the bright TeV Blazars Mrk421, Mrk501 and 1ES1959+650. Up to 40 observations, 30 to 60 minutes each have been performed for each source evenly distributed over the observable period of the year. The sensitivity of MAGIC is sufficient to establish a flux level of 25% of the Crab flux for each measurement. These observations are well suited to trigger multiwavelength ToO observations and the overall collected data allow an unbiased study of the flaring statistics of the observed AGNs.Comment: 4 pages, 4 figures, to appear in the proceedings of the 30th International Cosmic Ray Conference, Merida, July 200