Timelike and Spacelike Matter Inheritance Vectors in Specific Forms of Energy-Momentum Tensor

This paper is devoted to the investigation of the consequences of timelike and spacelike matter inheritance vectors in specific forms of energy-momentum tensor, i.e., for string cosmology (string cloud and string fluid) and perfect fluid. Necessary and sufficient conditions are developed for a spacetime with string cosmology and perfect fluid to admit a timelike matter inheritance vector, parallel to $u^a$ and spacelike matter inheritance vector, parallel to $x^a$. We compare the outcome with the conditions of conformal Killing vectors. This comparison provides us the conditions for the existence of matter inheritance vector when it is also a conformal Killing vector. Finally, we discuss these results for the existence of matter inheritance vector in the special cases of the above mentioned spacetimes.Comment: 27 pages, accepted for publication in Int. J. of Mod. Phys.

A Profession at an Inflection Point: Implications of Organizational-Professional Conflict among Valuation Service Providers

In this study, whether a valuation-specific professional ideology exists and, if so, the consequences of valuation service providers’ (specialists, hereafter) association with that ideology. We specifically explore whether the alignment of specialists’ professional and organizational identities result in an identity conflict that we specify as organizational-professional conflict (OPC). Using a survey of 222 specialists with extensive valuation experience and who represent a cross-section of sub-specialties, organizational structures, and career paths to valuation, we identified four primary findings. First, consistent with our expectations, we find that OPC is highest (lowest) when specialists’ professional and organizational identities are both low (high) due to an identity conflict. Second, we find that specialists employed by private and public companies reported significantly higher OPC relative to specialists employed by either accounting or independent valuation firms. Third, we find that specialists who report lower versus higher professional identities and who primarily value financial instruments also reported significantly higher perceptions of OPC. We find no difference in professional attitudes among specialists who primarily value non-financial instruments. Lastly, supplemental analyses show that our professional ideology measure is robust to alternative specifications; that specialists who experience higher OPC were associated with more negative job outcomes such as higher turnover intentions; and that specialists at higher ranks reported lower OPC. Our study includes a discussion on implications of these findings for audit and financial reporting quality and should be of broad interest to specialists, auditors, financial statement preparers, regulators, and standards setters

Separability of Black Holes in String Theory

We analyze the origin of separability for rotating black holes in string theory, considering both massless and massive geodesic equations as well as the corresponding wave equations. We construct a conformal Killing-Stackel tensor for a general class of black holes with four independent charges, then identify two-charge configurations where enhancement to an exact Killing-Stackel tensor is possible. We show that further enhancement to a conserved Killing-Yano tensor is possible only for the special case of Kerr-Newman black holes. We construct natural null congruences for all these black holes and use the results to show that only the Kerr-Newman black holes are algebraically special in the sense of Petrov. Modifying the asymptotic behavior by the subtraction procedure that induces an exact SL(2)^2 also preserves only the conformal Killing-Stackel tensor. Similarly, we find that a rotating Kaluza-Klein black hole possesses a conformal Killing-Stackel tensor but has no further enhancements.Comment: 27 page

Bi-conformal vector fields and their applications

We introduce the concept of bi-conformal transformation, as a generalization of conformal ones, by allowing two orthogonal parts of a manifold with metric \G to be scaled by different conformal factors. In particular, we study their infinitesimal version, called bi-conformal vector fields. We show the differential conditions characterizing them in terms of a "square root" of the metric, or equivalently of two complementary orthogonal projectors. Keeping these fixed, the set of bi-conformal vector fields is a Lie algebra which can be finite or infinite dimensional according to the dimensionality of the projectors. We determine (i) when an infinite-dimensional case is feasible and its properties, and (ii) a normal system for the generators in the finite-dimensional case. Its integrability conditions are also analyzed, which in particular provides the maximum number of linearly independent solutions. We identify the corresponding maximal spaces, and show a necessary geometric condition for a metric tensor to be a double-twisted product. More general ``breakable'' spaces are briefly considered. Many known symmetries are included, such as conformal Killing vectors, Kerr-Schild vector fields, kinematic self-similarity, causal symmetries, and rigid motions.Comment: Replaced version with some changes in the terminology and a new theorem. To appear in Classical and Quantum Gravit

On the ‘Disclosure Initiative – Principles of Disclosure’: The EAA Financial Reporting Standards Committee’s View

This paper summarises the contents of a comment letter produced by a working group of 12 academics in response to the International Accounting Standards Board (IASB) Discussion Paper on principles of disclosure. The comment letter was submitted by the Financial Reporting Standards Committee (FRSC) of the European Accounting Association (EAA). The work includes reviews of relevant academic literature of areas related to the various questions posed by the IASB in the Discussion Paper, including the ‘disclosure problem’ and the objective of the project, the suggested principles of effective communication, the roles of the primary financial statements and notes, the location of information and the use of performance measures. The paper also discusses the disclosure of accounting policies, the objectives of centralised disclosure, and the New Zealand Accounting Standards Board staff’s approach to disclosure

Higher dimensional Kerr-Schild spacetimes

We investigate general properties of Kerr-Schild (KS) metrics in n>4 spacetime dimensions. First, we show that the Weyl tensor is of type II or more special if the null KS vector k is geodetic (or, equivalently, if T_{ab}k^ak^b=0). We subsequently specialize to vacuum KS solutions, which naturally split into two families of non-expanding and expanding metrics. After demonstrating that non-expanding solutions are equivalent to the known class of vacuum Kundt solutions of type N, we analyze expanding solutions in detail. We show that they can only be of the type II or D, and we characterize optical properties of the multiple Weyl aligned null direction (WAND) k. In general, k has caustics corresponding to curvature singularities. In addition, it is generically shearing. Nevertheless, we arrive at a possible "weak" n>4 extension of the Goldberg-Sachs theorem, limited to the KS class, which matches previous conclusions for general type III/N solutions. In passing, properties of Myers-Perry black holes and black rings related to our results are also briefly discussed.Comment: 33 pages. v2: minor changes, new reference

Differential effects of hunger and satiety on insular cortex and hypothalamic functional connectivity

The insula cortex and hypothalamus are implicated in eating behaviour, and contain receptor sites for peptides and hormones controlling energy balance. The insula encompasses multi-functional subregions, which display differential anatomical and functional connectivities with the rest of the brain. This study aimed to analyse the effect of fasting and satiation on the functional connectivity profiles of left and right anterior, middle, and posterior insula, and left and right hypothalamus. It was hypothesized that the profiles would be altered alongside changes in homeostatic energy balance. Nineteen healthy participants underwent two 7-min resting state functional magnetic resonance imaging scans, one when fasted and one when satiated. Functional connectivity between the left posterior insula and cerebellum/superior frontal gyrus, and between left hypothalamus and inferior frontal gyrus was stronger during fasting. Functional connectivity between the right middle insula and default mode structures (left and right posterior parietal cortex, cingulate cortex), and between right hypothalamus and superior parietal cortex was stronger during satiation. Differences in blood glucose levels between the scans accounted for several of the altered functional connectivities. The insula and hypothalamus appear to form a homeostatic energy balance network related to cognitive control of eating; prompting eating and preventing overeating when energy is depleted, and ending feeding or transferring attention away from food upon satiation. This study provides evidence of a lateralized dissociation of neural responses to energy modulations

Management Engaged vs. Employed Valuation Specialist: The Effect on Evidential Planning Assessments for the Audit of Fair Value Measurements

We examine the differential effect of management engaged versus employed valuation specialists on auditor planned evidential procedures related to auditing fair value measurements (FVMs). Accounting estimates are inherently difficult to audit, and the complex finance-based modeling that underlies estimates of many financial instruments may be beyond auditor expertise. Thus, we also examine to what extent auditor fair value expertise mitigates overreliance on management’s process, rather than engaging in a critical analysis of the overall estimate. Inspection reports issued by the PCAOB consistently cite audit firms for deficiencies related to FVMs, raising concerns about auditors' application of professional skepticism and consideration of potential management bias. These deficiencies have led to the perception that auditors may not effectively evaluate FVMs or the inputs and assumptions made by management or specialists used in them. Using auditors with varying levels of fair value domain-specific expertise, we conduct a quasi-experiment to examine how management’s valuation specialists (engaged vs. employed) affects auditors’ evidential planning judgments for complex FVMs of financial instruments. We rely on psychological distance theory to predict how auditors process information and reach judgments for FVMs. We find that when the valuation specialist is management-engaged (outsourced FMV specialists), auditors with higher domain-specific expertise are more likely than auditors with lower domain-specific expertise to conduct a higher percentage of evaluative (i.e., judgment based) as compared to confirmatory audit procedures. Further, the judgment of auditors with less domain-specific expertise is influenced by the source of management provided evidence. Overall, these findings suggest that the source of FVMs impacts the perceived reliability of evidence gathered from management, resulting in differential perceptions of persuasiveness and nature of evidence gathered beyond assessments of the risk of material misstatement

How Does Accountability and Role Drive Valuation Specialists’ Determination of Fair Value?

We interview valuation specialists (specialists) employed by accounting firms (in North America, Europe, and the Asia-Pacific region) to understand how their felt accountability to internal (auditors) vs. external clients (managers) influence the estimation and financial reporting and audit quality of complex financial instruments reported in audited financial statements. Specialists are integral to determining the fair values reported in audited financial statements because managers and auditors lack the necessary skill to do so and seek specialists’ assistance to fulfill their financial reporting responsibilities. Thus, the same specialists, at different times, act as either preparers (helping managers estimate fair values) or evaluators, supporting auditors’ assessments of their client’s fair value estimates. Our interviews reveal that differences across the specialists’ roles activate different types of felt accountability to managers and auditors. These felt accountability differences can result in lower commitment to ensure the adequacy of the specialist’s scope of services when evaluating versus preparing fair estimates. Specialists also exploit the subjectivity in fair value estimates to support balances that meet management’s preferences and complete valuations that avoid material audit differences. Importantly, such specialists’ behaviors and the consequences of their actions impact the amount of the fair values reported in financial statements yet are unobservable. Thus, financial statement users do not have access to potential bias existing in the estimates