17,373 research outputs found
Magnetic remanence of Josephson junction arrays
In this work we study the magnetic remanence exhibited by Josephson junction
arrays in response to an excitation with an AC magnetic field. The effect,
predicted by numerical simulations to occur in a range of temperatures, is
clearly seen in our tridimensional disordered arrays. We also discuss the
influence of the critical current distribution on the temperature interval
within which the array develops a magnetic remanence. This effect can be used
to determine the critical current distribution of an array.Comment: 8 pages, 4 figures, Talk to be presented on 44th Annual Conference on
Magnetism & Magnetic Materials, San Jose, CA, USA Accepted to be published in
Journal of Applied Physic
Earnings Management to Avoid Losses: a cost of debt explanation
In this paper we analyze firmsâ earnings management behavior to avoid losses conditional on the (asymmetric) incentive underlying market (positive/negative) returns. Our intuition is that firms with negative returns in the period (bad news, BN) face a higher incentive to undertake earnings management, and that their ultimate intention is to hide from credit markets a signal (loss) that could be translated into a negative impact on their cost of debt. The empirical evidence supports this intuition. BN firms show higher earnings management pervasiveness than their counterparts with good news (GN), and the set with simultaneous BN and prior period positive earnings undertake more pervasive earnings manipulation than BN firms in general. Within this restricted set of firms, and consistent with a cost of debt explanation, we find that firms with larger needs of debt show a higher incidence of earnings management to avoid losses. The overall empirical evidence challenges the implicit assumption in Burgstahler and Dichev (1997) that the incentive to manage earnings is homogeneous to all firms, and suggests that the discontinuities around zero in the earnings distributions are driven, at least partly, by firmsâ earnings management behavior.earnings management, earnings thresholds, earnings discontinuities, cost of debt
Piecewise Linear Accrual Models: do they really control for the asymmetric recognition of gains and losses?
The asymmetric recognition of gains and losses underlying conservative accounting is not taken into account by Jones (1991)-type accrual models. Recently, Moreira (2002) and Ball and Shivakumar (2005a) have proposed piecewise linear accrual models designed to control for this asymmetric impact. Our paper first discusses the sign of the expected measurement error in discretionary accruals (DAC) estimates when models do not control for the asymmetry underlying conservatism. We find that DAC in firms with bad news (BN) are expected to be understated, while those in good news (GN) firms will be overstated. Based on this original result we empirically test, using graphical and statistical tools, whether piecewise linear accrual models correct such a measurement error. The empirical evidence shows mixed results. For GN firms the estimates are corrected downwards, as expected; for BN firms, unexpectedly, part of the estimates is also corrected downwards. The reason for this unexpected result seems to lie in a non-linear relationship between accruals and the proxy for BN that the models are unable to control for. Thus, DAC estimates under piecewise linear models are not deemed to be of better quality than those of traditional accrual models.accrual models; piecewise linear accrual models; conservatism; earnings management
Match running performance during fixture congestion in elite soccer: Research issues and future directions
Match congestion in elite soccer has been proposed to result in residual fatigue and underperformance in ensuing competition due to insufficient recovery time. In this article, matters relating to match congestion and running performance in elite soccer competition are discussed. The authors suggest a need to determine the extent to which elite players are in reality exposed to periods of match congestion hence to potential declines in performance. Despite evidence of exercise-induced muscle damage combined with a decline in physical performance up to 72-hours post-match, research using time-motion analyses suggest running performance represented by distances covered is unaffected over periods of match congestion. The authors recommend analysis of alternative movement variables including accelerations, decelerations and turns that are taxing metabolically and contribute greatly to muscle damage. Moreover, a holistic approach combining subjective ratings with biochemical, hormonal and immunological responses to exercise would be pertinent especially in players frequently exposed to match congestion. Contemporary practitioners typically implement various post-match recovery treatments during dense schedules in an attempt to accelerate recovery and ensure that subsequent running performance is not unduly affected. However, empirical evidence to support their efficacy in maintaining running performance is lacking and the authors recommend controlled intervention studies using match simulations in an attempt to verify their effectiveness. These points are critically addressed using findings from the current scientific literature while gaps in the current body of knowledge and future directions for research are highlighted
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