Short-term debt maturity, monitoring and accruals-based earnings management

Most prior studies assume a positive relation between debt and earnings management, consistent with the financial distress theory. However, the empirical evidence for financial distress theory is mixed. Another stream of studies argues that lenders of short-term debt play a monitoring role over management, especially when the firm’s creditworthiness is not in doubt. To explore the implications of these arguments on managers’ earnings management incentives, we examine a sample of US firms over the period 2003–2006 and find that short-term debt is positively associated with accruals-based earnings management (measured by discretionary accruals), consistent with the financial distress theory. We also find that this relation is significantly weaker for firms that are of higher creditworthiness (i.e. investment grade firms), consistent with monitoring benefits outweighing financial distress reasons for managing earnings

Transonic flow studies

Major emphasis was on the design of shock free airfoils with applications to general aviation. Unsteady flow, transonic flow, and shock wave formation were examined

An efficient method for computing unsteady transonic aerodynamics of swept wings with control surfaces

A transonic equivalent strip (TES) method was further developed for unsteady flow computations of arbitrary wing planforms. The TES method consists of two consecutive correction steps to a given nonlinear code such as LTRAN2; namely, the chordwise mean flow correction and the spanwise phase correction. The computation procedure requires direct pressure input from other computed or measured data. Otherwise, it does not require airfoil shape or grid generation for given planforms. To validate the computed results, four swept wings of various aspect ratios, including those with control surfaces, are selected as computational examples. Overall trends in unsteady pressures are established with those obtained by XTRAN3S codes, Isogai's full potential code and measured data by NLR and RAE. In comparison with these methods, the TES has achieved considerable saving in computer time and reasonable accuracy which suggests immediate industrial applications

Dynamics of Neural Networks with Continuous Attractors

We investigate the dynamics of continuous attractor neural networks (CANNs). Due to the translational invariance of their neuronal interactions, CANNs can hold a continuous family of stationary states. We systematically explore how their neutral stability facilitates the tracking performance of a CANN, which is believed to have wide applications in brain functions. We develop a perturbative approach that utilizes the dominant movement of the network stationary states in the state space. We quantify the distortions of the bump shape during tracking, and study their effects on the tracking performance. Results are obtained on the maximum speed for a moving stimulus to be trackable, and the reaction time to catch up an abrupt change in stimulus.Comment: 6 pages, 7 figures with 4 caption

A new method for designing shock-free transonic configurations

A method for the design of shock free supercritical airfoils, wings, and three dimensional configurations is described. Results illustrating the procedure in two and three dimensions are given. They include modifications to part of the upper surface of an NACA 64A410 airfoil that will maintain shock free flow over a range of Mach numbers for a fixed lift coefficient, and the modifications required on part of the upper surface of a swept wing with an NACA 64A410 root section to achieve shock free flow. While the results are given for inviscid flow, the same procedures can be employed iteratively with a boundary layer calculation in order to achieve shock free viscous designs. With a shock free pressure field the boundary layer calculation will be reliable and not complicated by the difficulties of shock wave boundary layer interaction