14,071 research outputs found
The Economic Effects of Earnings Management Pre- and Post-SOX
While prior research suggests that firms have primarily switched from accrual to real earnings management strategies since the passage of the Sarbanes-Oxley Act of 2002 (SOX) (Cohen, Dey, and Lys 2008), there has been limited research on the effects that this switch might have on future performance and firm value. Accrual earnings management shifts income recognition without directly affecting cash flows, whereas real earnings management implies suboptimal decisions that directly affect the underlying cash flows. Thus, this shift in earnings management techniques could have important consequences for investors. Consistent with increased real earnings management post-SOX, we find that abnormal operating decisions are less informative about future return on assets (ROA) and have a more negative effect on firm value relative to the pre-SOX period. Alternatively, consistent with less accrual earnings management post-SOX, we find that discretionary accruals are more informative about future ROA and there is less evidence of market mispricing relative to the pre-SOX period. Finally, we examine the net effect that SOX has had on earnings management and find that the lower future returns and firm performance associated with greater real earnings management outweigh the positive effects of improved accrual quality
Tuning gastropod locomotion: Modeling the influence of mucus rheology on the cost of crawling
Common gastropods such as snails crawl on a solid substrate by propagating
muscular waves of shear stress on a viscoelastic mucus. Producing the mucus
accounts for the largest component in the gastropod's energy budget, more than
twenty times the amount of mechanical work used in crawling. Using a simple
mechanical model, we show that the shear-thinning properties of the mucus favor
a decrease in the amount of mucus necessary for crawling, thereby decreasing
the overall energetic cost of locomotion.Comment: Corrected typo
Ghost Interference with Optical Parametric Amplifier
The 'Ghost' interference experiment is analyzed when the source of entangled
photons is a multimode Optical Parametric Amplifier(OPA) whose weak limit is
the two-photon Spontaneous Parametric Downconversion(SPDC) beam. The visibility
of the double-slit pattern is calculated, taking the finite coincidence time
window of the photon counting detectors into account. It is found that the
coincidence window and the bandwidth of light reaching the detectors play a
crucial role in the loss of visibility on coincidence detection, not only in
the 'Ghost' interference experiment but in all experiments involving
coincidence detection. The differences between the loss of visibility with
two-mode and multimode OPA sources is also discussed.
PACS: 42.65.Yj, 42.50.Dv, 42.65.L
A Study of the Reionization History of Intergalactic Helium with FUSE and VLT
We obtained high-resolution VLT and FUSE spectra of the quasar HE2347-4342 to
study the properties of the intergalactic medium between redshifts z=2.0-2.9.
The high-quality optical spectrum allows us to identify approximately 850 HeII
absorption components with column densities between N~5X10^11 and $ 10^18
cm^-2. The reprocessed FUSE spectrum extends the wavelength coverage of the
HeII absorption down to an observed wavelength of 920 A. Approximately 1400
HeII absorption components are identified, including 917 HeII Ly-alpha systems
and some of their HeII Ly-beta, Ly-gamma, and Ly-delta counterparts. The
ionization structure of HeII is complex, with approximately 90 components that
are not detected in the hydrogen spectrum. These components may represent the
effect of soft ionizing sources. The ratio Eta=N(HeII)/N(HI) varies
approximately from unity to more than a thousand, with a median value of 62 and
a distribution consistent with the intrinsic spectral indices of quasars. This
suggests that the dominant ionizing field is from the accumulated quasar
radiation, with contributions from other soft sources such as star-forming
regions and obscured AGN, which do not ionize helium. We find an evolution in
Eta toward smaller values at lower redshift, with the gradual disappearance of
soft components. At redshifts z>2.7, the large but finite increase in the HeII
opacity, Tau=5+/-1, suggests that we are viewing the end stages of a
reionization process that began at an earlier epoch. Fits of the absorption
profiles of unblended lines indicate comparable velocities between hydrogen and
He^+ ions. At hydrogen column densities N<3X10^12 cm^-2 the number of forest
lines shows a significant deficit relative to a power law, and becomes
negligible below N=10^11 cm^-2.Comment: 40 pages, 10 Postscript figures, uses Aastex.sty The Astrophysical
Journal, in pres
Ensemble based quantum metrology
The field of quantum metrology promises measurement devices that are
fundamentally superior to conventional technologies. Specifically, when quantum
entanglement is harnessed the precision achieved is supposed to scale more
favourably with the resources employed, such as system size and the time
required. Here we consider measurement of magnetic field strength using an
ensemble of spins, and we identify a third essential resource: the initial
system polarisation, i.e. the low entropy of the original state. We find that
performance depends crucially on the form of decoherence present; for a
plausible dephasing model, we describe a quantum strategy which can indeed beat
the standard quantum limit
Thin-film flow in helically wound rectangular channels with small torsion
Laminar gravity-driven thin-film flow down a helically-wound channel of rectangular cross-section with small torsion in which the fluid depth is small is considered. Neglecting the entrance and exit regions we obtain the steady-state solution that is independent of position along the axis of the channel, so that the flow, which comprises a primary flow in the direction of the axis of the channel and a secondary flow in the cross-sectional plane, depends only on position in the two-dimensional cross-section of the channel. A thin-film approximation yields explicit expressions for the fluid velocity and pressure in terms of the free-surface shape, the latter satisfying a non-linear ordinary differential equation that has a simple exact solution in the special case of a channel of rectangular cross-section. The predictions of the thin-film model are shown to be in good agreement with much more computationally intensive solutions of the small-helix-torsion Navier–Stokes equations. The present work has particular relevance to spiral particle separators used in the mineral-processing industry. The validity of an assumption commonly used in modelling flow in spiral separators, namely that the flow in the outer region of the separator cross-section is described by a free vortex, is shown to depend on the problem parameters
Quantum metrology with molecular ensembles
This work was supported by the EPSRC through QIP IRC (Grants No. GR/S82176/01 and No. GR/S15808/01), the National Research Foundation and Ministry of Education, Singapore, the DAAD, and the Royal Society.The field of quantum metrology promisesmeasurement devices that are fundamentally superior to conventional technologies. Specifically, when quantum entanglement is harnessed, the precision achieved is supposed to scale more favorably with the resources employed, such as system size and time required. Here, we consider measurement of magnetic-field strength using an ensemble of spin-active molecules. We identify a third essential resource: the change in ensemble polarization (entropy increase) during the metrology experiment. We find that performance depends crucially on the form of decoherence present; for a plausible dephasing model, we describe a quantum strategy, which can indeed beat the standard strategy.Publisher PDFPeer reviewe
Global Optical Control of a Quantum Spin Chain
Quantum processors which combine the long decoherence times of spin qubits
together with fast optical manipulation of excitons have recently been the
subject of several proposals. I show here that arbitrary single- and entangling
two-qubit gates can be performed in a chain of perpetually coupled spin qubits
solely by using laser pulses to excite higher lying states. It is also
demonstrated that universal quantum computing is possible even if these pulses
are applied {\it globally} to a chain; by employing a repeating pattern of four
distinct qubit units the need for individual qubit addressing is removed. Some
current experimental qubit systems would lend themselves to implementing this
idea.Comment: 5 pages, 3 figure
Dynamic analysis of a lithium-boiling potassium refractory metal Rankine cycle power system for the Jet Propulsion Laboratory
Lithium-boiling potassium refractory metal Rankine cycle power system heat transfer model
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