Regulatory incentives and financial reporting quality in public healthcare organisations

English National Health Service Foundation Trusts are subject to a regulatory regime in which the level of monitoring and intervention is determined by performance against two key performance metrics: a ‘financial risk rating’, based on a number of performance metrics, such as the reported surplus margin and return on assets, and a ‘prudential borrowing limit’. In this paper, we investigate the variation in financial reporting quality, proxied by discretionary accruals, with the incentives introduced by this regime. We find: first, that discretionary accruals are managed to report small surpluses; second, that, consistent with the avoidance of regulatory intervention in both the short and medium term, discretionary accruals are more positive when pre-managed performance is below intervention triggering thresholds and more negative when well above threshold; third, that, despite a move away from financial breakeven as the primary performance objective, there remains an aversion to small loss reporting. We further find that the level of discretionary accruals is driven by two metrics of strategic significance: the surplus margin (a measure of retained earnings) and the prudential borrowing limit (a measure of borrowing capacity)

Analytical stability and simulation response study for a coupled two-body system

An analytical stability study and a digital simulation response study of two connected rigid bodies are documented. Relative rotation of the bodies at the connection is allowed, thereby providing a model suitable for studying system stability and response during a soft-dock regime. Provisions are made of a docking port axes alignment torque and a despin torque capability for encountering spinning payloads. Although the stability analysis is based on linearized equations, the digital simulation is based on nonlinear models

Lamellar phase separation and dynamic competition in La0.23Ca0.77MnO3

We report the coexistence of lamellar charge-ordered (CO) and charge-disordered (CD) domains, and their dynamical behavior, in La0.23Ca0.77MnO3. Using high resolution transmission electron microscopy (TEM), we show that below Tcd~170K a CD-monoclinic phase forms within the established CO-orthorhombic matrix. The CD phase has a sheet-like morphology, perpendicular to the q vector of the CO superlattice (a axis of the Pnma structure). For temperatures between 64K and 130K, both the TEM and resistivity experiments show a dynamic competition between the two phases: at constant T, the CD phase slowly advances over the CO one. This slow dynamics appears to be linked to the magnetic transitions occurring in this compound, suggesting important magnetoelastic effects.Comment: 4 pages, 4 figure

Global well-posedness for KdV in Sobolev Spaces of negative index

The initial value problem for the Korteweg-deVries equation on the line is shown to be globally well-posed for rough data. In particular, we show global well-posedness for initial data in H^s({\mathbb{R}), -3/10<s.Comment: 5 pages. Electronic Journal of Differential equations (submitted

Information on the Pion Distribution Amplitude from the Pion-Photon Transition Form Factor with the Belle and BaBar Data

The pion-photon transition form factor (TFF) provides strong constraints on the pion distribution amplitude (DA). We perform an analysis of all existing data (CELLO, CLEO, BaBar, Belle) on the pion-photon TFF by means of light-cone pQCD approach in which we include the next-to-leading order correction to the valence-quark contribution and estimate the non-valence-quark contribution by a phenomenological model based on the TFF's limiting behavior at both $Q^2\to 0$ and $Q^2\to\infty$. At present, the pion DA is not definitely determined, it is helpful to have a pion DA model that can mimic all the suggested behaviors, especially to agree with the constraints from the pion-photon TFF in whole measured region within a consistent way. For the purpose, we adopt the conventional model for pion wavefunction/DA that has been constructed in our previous paper \cite{hw1}, whose broadness is controlled by a parameter $B$. We fix the DA parameters by using the CELLO, CLEO, BABAR and Belle data within the smaller $Q^2$ region ($Q^2 \leq 15$ GeV$^2$), where all the data are consistent with each other. And then the pion-photon TFF is extrapolated into larger $Q^2$ region. We observe that the BABAR favors $B=0.60$ which has the behavior close to the Chernyak-Zhitnitsky DA, whereas the recent Belle favors $B=0.00$ which is close to the asymptotic DA. We need more accurate data at large $Q^2$ region to determine the precise value of $B$, and the definite behavior of pion DA can be concluded finally by the consistent data in the coming future.Comment: 6 pages, 5 figures. Slightly changed and references update