Extraordinary Item Classification Eliminated from the Income Statement: Some Supportive Evidence

Accounting Standards Update 2015-01 formally eliminated the reporting of extraordinary items in the income statement for fiscal years beginning after December 15, 2015. Gains and losses previously reported as extraordinary items and presented separately below income from continuing operations, are now reported as other gains and losses and included in income from continuing operations. The use of the extraordinary item classification fell sharply after 2002 when gains and losses from the early extinguishment of debt were no longer required to be reported as extraordinary items. By 2003 less than 100 publicly traded firms reported extraordinary items and in 2011 the number was only in the single digits. Finally, in 2013 and 2014 not a single firm in our sample, drawn from the Compustat database, reported an extraordinary item

Evidence of the Relationship Between Credit Ratings and Reporting Discontinued Operations

ABSTRACT: To test whether standard setters’ objective of improving the usefulness of the financial statements by enacting ASU 2014-08 was achieved, we compare the relationship between credit ratings and discontinued operations under SFAS No. 144 and ASU 2014-08. If discontinued operations are interpreted by credit ratings agencies as non-recurring, they should have no or low persistence and should be unrelated to credit ratings. We find that the relationship between reported discontinued operations and credit ratings under SFAS No. 144 is significant, the implication being that credit ratings agencies did not perceive discontinued operations as non-recurring. In contrast, the relationship is insignificant under ASU 2014-08, discontinued operations are now viewed as non-recurring and the objective of standard setters was achieved. Our results contribute to extant literature on discontinued operations and the relevance of separately stated or disclosed items

A dynamical trichotomy for structured populations experiencing positive density-dependence in stochastic environments

Positive density-dependence occurs when individuals experience increased survivorship, growth, or reproduction with increased population densities. Mechanisms leading to these positive relationships include mate limitation, saturating predation risk, and cooperative breeding and foraging. Individuals within these populations may differ in age, size, or geographic location and thereby structure these populations. Here, I study structured population models accounting for positive density-dependence and environmental stochasticity i.e. random fluctuations in the demographic rates of the population. Under an accessibility assumption (roughly, stochastic fluctuations can lead to populations getting small and large), these models are shown to exhibit a dynamical trichotomy: (i) for all initial conditions, the population goes asymptotically extinct with probability one, (ii) for all positive initial conditions, the population persists and asymptotically exhibits unbounded growth, and (iii) for all positive initial conditions, there is a positive probability of asymptotic extinction and a complementary positive probability of unbounded growth. The main results are illustrated with applications to spatially structured populations with an Allee effect and age-structured populations experiencing mate limitation

Halpha-Derived Star-Formation Rates For Three z ~ 0.75 EDisCS Galaxy Clusters

We present Halpha-derived star-formation rates (SFRs) for three z ~ 0.75 galaxy clusters. Our 1 sigma flux limit corresponds to a star-formation rate of 0.10-0.24 solar mass per year, and our minimum reliable Halpha + [N II] rest-frame equivalent width is 10\AA. We show that Halpha narrowband imaging is an efficient method for measuring star formation in distant clusters. In two out of three clusters, we find that the fraction of star-forming galaxies increases with projected distance from the cluster center. We also find that the fraction of star-forming galaxies decreases with increasing local galaxy surface density in the same two clusters. We compare the median rate of star formation among star-forming cluster galaxies to a small sample of star-forming field galaxies from the literature and find that the median cluster SFRs are \~50% less than the median field SFR. We characterize cluster evolution in terms of the mass-normalized integrated cluster SFR and find that the z ~ 0.75 clusters have more SFR per cluster mass on average than the z <= 0.4 clusters from the literature. The interpretation of this result is complicated by the dependence of the mass-normalized SFR on cluster mass and the lack of sufficient overlap in the mass ranges covered by the low and high redshift samples. We find that the fraction and luminosities of the brightest starburst galaxies at z ~ 0.75 are consistent with their being progenitors of the post-starburst galaxies at z ~ 0.45 if the post-starburst phase lasts several (~5) times longer than the starburst phase.Comment: Accepted for publication in ApJ, 20 pages, 24 figure

Mass transport by buoyant bubbles in galaxy clusters

We investigate the effect of three important processes by which AGN-blown bubbles transport material: drift, wake transport and entrainment. The first of these, drift, occurs because a buoyant bubble pushes aside the adjacent material, giving rise to a net upward displacement of the fluid behind the bubble. For a spherical bubble, the mass of upwardly displaced material is roughly equal to half the mass displaced by the bubble, and should be ~ 10^{7-9} solar masses depending on the local ICM and bubble parameters. We show that in classical cool core clusters, the upward displacement by drift may be a key process in explaining the presence of filaments behind bubbles. A bubble also carries a parcel of material in a region at its rear, known as the wake. The mass of the wake is comparable to the drift mass and increases the average density of the bubble, trapping it closer to the cluster centre and reducing the amount of heating it can do during its ascent. Moreover, material dropping out of the wake will also contribute to the trailing filaments. Mass transport by the bubble wake can effectively prevent the build-up of cool material in the central galaxy, even if AGN heating does not balance ICM cooling. Finally, we consider entrainment, the process by which ambient material is incorporated into the bubble. AbridgedComment: Accepted for publication in MNRAS. 17 pages, 4 figures, 2 tables. Formatted for letter paper and adjusted author affiliations

The Lantern Vol. 64, No. 2, Spring 1997

• Year\u27s End, with Resolutions • Addicted • Muerte, Carlos • Motions • At the Wyeth Gallery • Between Contexts • I\u27m Allowed (and More Nonsense) • Wall and Piece • Timekeeper\u27s Workspace • The Process • Second Sex: A Portrait of the Artist as a Woman • On the Side of the Road • Joe • To Matthew Arnold • A Deep Sleep on Hydrocodone • Madness of a Night • Return • The Sudden Grave • A Farce • Twists of Fur • Ambiguity • The Odor of Continuums • My Father\u27s Daughter • The Meaning of Life • I Aim to Tell • Nobody\u27s Fanhttps://digitalcommons.ursinus.edu/lantern/1150/thumbnail.jp

2-D Magnetohydrodynamic Simulations of Induced Plasma Dynamics in the Near-Core Region of a Galaxy Cluster

We present results from numerical simulations of the cooling-core cluster A2199 produced by the two-dimensional (2-D) resistive magnetohydrodynamics (MHD) code MACH2. In our simulations we explore the effect of anisotropic thermal conduction on the energy balance of the system. The results from idealized cases in 2-D axisymmetric geometry underscore the importance of the initial plasma density in ICM simulations, especially the near-core values since the radiation cooling rate is proportional to ${n_e}^2$. Heat conduction is found to be non-effective in preventing catastrophic cooling in this cluster. In addition we performed 2-D planar MHD simulations starting from initial conditions deliberately violating both thermal balance and hydrostatic equilibrium in the ICM, to assess contributions of the convective terms in the energy balance of the system against anisotropic thermal conduction. We find that in this case work done by the pressure on the plasma can dominate the early evolution of the internal energy over anisotropic thermal conduction in the presence of subsonic flows, thereby reducing the impact of the magnetic field. Deviations from hydrostatic equilibrium near the cluster core may be associated with transient activity of a central active galactic nucleus and/or remnant dynamical activity in the ICM and warrant further study in three dimensions.Comment: 16 pages, 13 figures, accepted for publication in MNRA

The Lantern Vol. 63, No. 2, Spring 1996

• Poet, Lead Me On • St. Patrick\u27s Day • The Last Three Days • The Impressionable • Roundabout • The Bench • Carnivorous • Kyrie • Second Glance • Porch • Cruel Design • A Mime • Flaxen Crown • My Embryonic Ocean of Love • Stone Matrix • Voices from the Past • Skipping the Bullfight: Toreadors and Gaudi • Another Part of My Lacolonialism • Translucent Pane • Linguistics • Treehouse • A Disagreeable Music Piece • Vigil • A Brief History of American Poetry in Englishhttps://digitalcommons.ursinus.edu/lantern/1148/thumbnail.jp

Measurement of Inclusive Spin Structure Functions of the Deuteron

We report the results of a new measurement of spin structure functions of the deuteron in the region of moderate momentum transfer ($Q^2$ = 0.27 -- 1.3 (GeV/c)$^2$) and final hadronic state mass in the nucleon resonance region ($W$ = 1.08 -- 2.0 GeV). We scattered a 2.5 GeV polarized continuous electron beam at Jefferson Lab off a dynamically polarized cryogenic solid state target ($^{15}$ND$_3$) and detected the scattered electrons with the CEBAF Large Acceptance Spectrometer (CLAS). From our data, we extract the longitudinal double spin asymmetry $A_{||}$ and the spin structure function $g_1^d$. Our data are generally in reasonable agreement with existing data from SLAC where they overlap, and they represent a substantial improvement in statistical precision. We compare our results with expectations for resonance asymmetries and extrapolated deep inelastic scaling results. Finally, we evaluate the first moment of the structure function $g_1^d$ and study its approach to both the deep inelastic limit at large $Q^2$ and to the Gerasimov-Drell-Hearn sum rule at the real photon limit ($Q^2 \to 0$). We find that the first moment varies rapidly in the $Q^2$ range of our experiment and crosses zero at $Q^2$ between 0.5 and 0.8 (GeV/c)$^2$, indicating the importance of the $\Delta$ resonance at these momentum transfers.Comment: 13 pages, 8 figures, ReVTeX 4, final version as accepted by Phys. Rev.

The e p -> e' p eta reaction at and above the S11(1535) baryon resonance

New cross sections for the reaction e p -> ep eta are reported for total center of mass energy W = 1.5--1.86 GeV and invariant momentum transfer Q^2 = 0.25--1.5 GeV^2. This large kinematic range allows extraction of important new information about response functions, photocouplings, and eta N coupling strengths of baryon resonances. Expanded W coverage shows sharp structure at W \~ 1.7 GeV; this is shown to come from interference between S and P waves and can be interpreted in terms of known resonances. Improved values are derived for the photon coupling amplitude for the S11(1535) resonance.Comment: 11 pages, RevTeX, 5 figures, submitted to Phys. Rev. Let