An Analysis of the Strayton Engine, a Brayton and Stirling Cycle Recuperating Engine

This paper explores the novel Strayton engine concept. This engine combines the cycles of a Brayton engine with that of a Stirling engine to create a highly efficient recuperating gas turbine engine. In the explored case, both Brayton cycle and Stirling cycle engines are used to generate electrical power. Additionally, the Stirling engine is used to draw heat out of the Brayton turbine (acting to cool the turbine blades), while also pumping heat into Brayton cycle just before combustion occurs (acting as the mechanism for recuperation). The purpose of this paper is to detail the system level modeling techniques used to generate the simulation, perform a cycle analysis of the combined cycle engine, identify key technologies and challenges associated with the concept, and compare potential performance gains with existing gas turbine engines and internal combustion engines. Topics such as controls, blade cooling effects, engine weight, and heat transfer using heat pipe are also explored. Results from this work show potential architectures that could provide the required heat transfer rates, potential control strategies, and performance benefits, including efficiency gains between 10% and 3% on engines ranging from 200HP to 670HP with the combined cycle engine

A Broadband Digital Spectrometer for the Deep Space Network

The Deep Space Network (DSN) enables NASA to communicate with its spacecraft in deep space. By virtue of its large antennas, the DSN can also be used as a powerful instrument for radio astronomy. Specifically, the Deep Space Station (DSS)-43, the 70 m antenna at the Canberra Deep Space Communications Complex (CDSCC), has a K-band radio astronomy system covering a 10 GHz bandwidth at 17–27 GHz. This spectral range covers a number of atomic and molecular lines, produced in a rich variety of interstellar gas conditions. Lines include hydrogen radio recombination lines (RRLs), cyclopropenylidene (C₃H₂), water masers (H₂O), and ammonia (NH₃). A new high-resolution spectrometer was deployed at CDSCC in 2019 November and connected to the K-band down converter. The spectrometer has a total bandwidth of 16 GHz. Such a large total bandwidth enables, for example, the simultaneous observations of a large number of RRLs, which can be combined together to significantly improve the sensitivity of these observations. The system has two firmware modes: (1) a 65k-pt fast Fourier transform to provide 32,768 spectral channels at 30.5 kHz and (2) a 16k-pt polyphase filter bank to provide 8192 spectral channels with a 122 kHz resolution. The observation process is designed to maximize autonomy, from the principle investigator's inputs to the output data in FITS file format. We present preliminary mapping observations of hydrogen RRLs in Orion KL mapping taken using the new spectrometer

Conflict of interest reforms and analysts’ research biases

This study examines the consequences of the series of reforms targeting investment banking–related conflicts of interest. The authors compare and contrast optimism biases in analysts’ stock recommendations and earnings forecasts across different types of analyst firms in the postreform period of 2004 to 2007 versus the prereform period of 1998 to 2001. The authors document a significant reduction in the relative optimism of sanctioned investment bank analysts’ stock recommendations but not in their earnings forecasts. Moreover, the authors find little change in the profitability of their stock recommendations but detect a drop in the accuracy of earnings forecasts made by investment bank analysts. In sum, the reforms achieve the objective of mitigating the apparent optimism in investment bank stock recommendations, but they do not provide benefit to investors in terms of more profitable recommendations or more accurate earnings forecasts.Guan appreciates research start-up grant from City University of Hong Kong. Lu and Wong acknowledge financial support from the Rotman School of Management at the University of Toronto and the Social Sciences and Humanities Research Council of Canada

The Effect of Tax Authority Monitoring and Enforcement on Financial Reporting Quality

This paper examines the relation between tax enforcement and financial reporting quality. The government, due to its tax claim on firm profits, is de facto the largest minority shareholder in almost all corporations. Therefore, the government, like other shareholders, has an interest in the accurate reporting of (taxable) income and preventing insiders from siphoning corporate funds to obtain private benefits. We hypothesize and find evidence that higher tax enforcement by the tax authority has a positive association with financial reporting quality. Further, we find that this association is generally stronger when other monitoring mechanisms are weaker. Our evidence is consistent with the predictions from the Desai, Dyck, and Zingales (2007) theory that the tax authority provides a monitoring mechanism of corporate insiders. Our paper also adds to the literature on the determinants of financial reporting quality and how the relation between accounting standards and reporting outcomes depends on country-level institutions.University of Michigan. Harry Jones Endowment for Earnings Quality Researc

Conflicts of Interest in Sell-side Research and The Moderating Role of Institutional Investors

Because sell-side analysts are dependent on institutional investors for performance ratings and trading commissions, we argue that analysts are less likely to succumb to investment banking or brokerage pressure in stocks highly visible to institutional investors. Examining a comprehensive sample of analyst recommendations over the 1994-2000 period, we find that analysts’ recommendations relative to consensus are positively associated with investment banking relationships and brokerage pressure, but negatively associated with the presence of institutional investor owners. The presence of institutional investors is also associated with more accurate earnings forecasts and more timely re-ratings following severe share price falls

Applying Benford’s law to detect accounting data manipulation in the banking industry

We utilise Benford’s Law to test if balance sheet and income statement data broadly used to assess bank soundness were manipulated prior to and also during the global financial crisis. We find that all banks resort to loan loss provisions to manipulate earnings and income upwards. Distressed institutions that have stronger incentives to conceal their financial difficulties resort additionally to manipulating loan loss allowances and non-performing loans downwards. Moreover, manipulation is magnified during the crisis and expands to encompass regulatory capital

A neo-institutional perspective on ethical decision-making

Drawing on neo-institutional theory, this study aims to discern the poorly understood ethical challenges confronted by senior executives in Indian multinational corporations and identify the strategies that they utilize to overcome them. We conducted in-depth interviews with 40 senior executives in Indian multinational corporations to illustrate these challenges and strategies. By embedding our research in contextually relevant characteristics that embody the Indian environment, we identify several institutional- and managerial-level challenges faced by executives. The institutional-level challenges are interpreted as regulative, normative and cognitive shortcomings. We recommend a concerted effort at the institutional and managerial levels by identifying relevant strategies for ethical decision-making. Moreover, we proffer a multi-level model of ethical decision-making and discuss our theoretical contributions and practical implications