The impact of financial restatements on financial markets: A systematic review of the literature

Purpose: The purpose of this paper is to discuss the most relevant issues related to the impact of financial restatements in the dynamics of financial markets and identify several research gaps to be investigated in future research. Design/methodology/approach: The methodology is based on a systematic review of the literature described by Tranfield et al. (2003). The final sample includes 47 academic papers published from 1996 to 2019. Findings: Papers in this domain discuss three main topics: how the market prices the announcement of a financial restatement; how financial restatements affect the announcing firm’s cost of capital and how financial restatements affect firms’ reputation. There are several issues to explore in future research, including whether financial restatements affect the dynamics of financial markets in Europe, whether the market fully and promptly assimilates the information content of a restatement, the role of financial analysts’ information disclosures in this process or how regulators may improve the way they provide investors with timely information about firms’ restating problems. Research limitations/implications: There is always some degree of subjectivity in the definition of the keywords, search strings and selection criteria in a systematic review. These are all important aspects, as they delimitate the scope of the study and define the sample of papers to be reviewed. Practical implications: The answers to the research questions identified in this paper may provide regulators with information to improve financial accounting and reporting standards and strengthen investors’ confidence in accounting information and the dynamics of financial markets. Originality/value: This paper systematically reviews the relevant literature exploring the connection between financial restatements and the dynamics of financial markets. It contributes to the academic community by identifying several research questions that may impact the theory and practice related to accounting quality and capital markets.info:eu-repo/semantics/acceptedVersio

"TNOs are Cool": A survey of the trans-Neptunian region X. Analysis of classical Kuiper belt objects from Herschel and Spitzer observations

The classical Kuiper belt contains objects both from a low-inclination, presumably primordial, distribution and from a high-inclination dynamically excited population. Based on a sample of classical TNOs with observations at thermal wavelengths we determine radiometric sizes, geometric albedos and thermal beaming factors as well as study sample properties of dynamically hot and cold classicals. Observations near the thermal peak of TNOs using infra-red space telescopes are combined with optical magnitudes using the radiometric technique with near-Earth asteroid thermal model (NEATM). We have determined three-band flux densities from Herschel/PACS observations at 70.0, 100.0 and 160.0 $\mu$m and Spitzer/MIPS at 23.68 and 71.42 $\mu$m when available. We have analysed 18 classical TNOs with previously unpublished data and re-analysed previously published targets with updated data reduction to determine their sizes and geometric albedos as well as beaming factors when data quality allows. We have combined these samples with classical TNOs with radiometric results in the literature for the analysis of sample properties of a total of 44 objects. We find a median geometric albedo for cold classical TNOs of 0.14 and for dynamically hot classical TNOs, excluding the Haumea family and dwarf planets, 0.085. We have determined the bulk densities of Borasisi-Pabu (2.1 g/cm^3), Varda-Ilmare (1.25 g/cm^3) and 2001 QC298 (1.14 g/cm^3) as well as updated previous density estimates of four targets. We have determined the slope parameter of the debiased cumulative size distribution of dynamically hot classical TNOs as q=2.3 +- 0.1 in the diameter range 100<D<500 km. For dynamically cold classical TNOs we determine q=5.1 +- 1.1 in the diameter range 160<D<280 km as the cold classical TNOs have a smaller maximum size.Comment: 22 pages, 7 figures Accepted to be published in Astronomy and Astrophysic

"TNOs are Cool": A survey of the trans-Neptunian region VI. Herschel/PACS observations and thermal modeling of 19 classical Kuiper belt objects

Trans-Neptunian objects (TNO) represent the leftovers of the formation of the Solar System. Their physical properties provide constraints to the models of formation and evolution of the various dynamical classes of objects in the outer Solar System. Based on a sample of 19 classical TNOs we determine radiometric sizes, geometric albedos and beaming parameters. Our sample is composed of both dynamically hot and cold classicals. We study the correlations of diameter and albedo of these two subsamples with each other and with orbital parameters, spectral slopes and colors. We have done three-band photometric observations with Herschel/PACS and we use a consistent method for data reduction and aperture photometry of this sample to obtain monochromatic flux densities at 70.0, 100.0 and 160.0 \mu m. Additionally, we use Spitzer/MIPS flux densities at 23.68 and 71.42 \mu m when available, and we present new Spitzer flux densities of eight targets. We derive diameters and albedos with the near-Earth asteroid thermal model (NEATM). As auxiliary data we use reexamined absolute visual magnitudes from the literature and data bases, part of which have been obtained by ground based programs in support of our Herschel key program. We have determined for the first time radiometric sizes and albedos of eight classical TNOs, and refined previous size and albedo estimates or limits of 11 other classicals. The new size estimates of 2002 MS4 and 120347 Salacia indicate that they are among the 10 largest TNOs known. Our new results confirm the recent findings that there are very diverse albedos among the classical TNOs and that cold classicals possess a high average albedo (0.17 +/- 0.04). Diameters of classical TNOs strongly correlate with orbital inclination in our sample. We also determine the bulk densities of six binary TNOs.Comment: 21 pages, 9 figures, accepted for publication in Astronomy and Astrophysic

A portrait of 4979 Otawara, target of the Rosetta space mission

A physical portrait based on spectral and photometric data of 4979 Otawara, the first asteroid target of the Rosetta mission, is presented. The aim of this work is to investigate the composition of 4979 Otawara and to evaluate its rotation pole orientation. The spectroscopic observations obtained at the Palomar 200″ and IRTF telescopes cover the wavelength range 0.4 to 2.5 μm, and provide a definitive classification of Otawara as an S-type asteroid. An analysis of band depths and slopes places Otawara in the S(IV) subgroup, suggesting a similarity to ordinary chondrite meteorites. Moreover we present new photometric data, obtained at the Asiago Observatory and at the TNG telescope, that allow confirmation of the fast rotational period of 2.707 ± 0.005 hours, and a first indication of the spin vector of Otawara

“TNOs are Cool”: A survey of the trans-Neptunian region XI. A Herschel-PACS view of 16 Centaurs

Context. Centaurs are the transitional population between trans-Neptunian objects (TNOs) and Jupiter-family comets. Their physical properties provide an insight into TNO properties, but only under restricted conditions since Centaurs are closer to the Sun and Earth. For this reason it is possible to access the smaller ones, which is more difficult to do with the TNO population. Aims: The goal of this work is to characterize a set of 16 Centaurs in terms of their size, albedo, and thermal properties. We study the correlations, for a more extended sample obtained from the literature, of diameter, albedo, orbital parameters, and spectral slopes. Methods: We performed three-band photometric observations using Herschel-PACS and used a consistent method for the data reduction and aperture photometry of this sample to obtain monochromatic flux densities at 70, 100, and 160 mum. Additionally, we used Spitzer-MIPS flux densities at 24 and 70 mum when available. We also included in our Centaur sample scattered disk objects, a dynamical family of TNOs, using results previously published by our team, and some Centaurs observed only with the Spitzer-MIPS instrument. Results: We have determined new radiometric sizes and albedos of 16 Centaurs. The first conclusion is that the albedos of Centaur objects are not correlated with their orbital parameters. Similarly, there is no correlation between diameter and orbital parameters. Most of the objects in our sample are dark (pv< 7%) and most of them are small (D< 120 km). However, there is no correlation between albedo and diameter, in particular for the group of small objects as albedo values are homogeneously distributed between 4 to 16%. The correlation with the color of the objects showed that red objects are all small (mean diameter 65 km), while the gray ones span a wide range of sizes (mean diameter 120 km). Moreover, the gray objects tend to be darker, with a mean albedo of 5.6%, compared with a mean of 8.5% (ranging from 5 to 15%) for the red objects

The dynamics of vortex generation in superfluid 3He-B

A profound change occurs in the stability of quantized vortices in externally applied flow of superfluid 3He-B at temperatures ~ 0.6 Tc, owing to the rapidly decreasing damping in vortex motion with decreasing temperature. At low damping an evolving vortex may become unstable and generate a new independent vortex loop. This single-vortex instability is the generic precursor to turbulence. We investigate the instability with non-invasive NMR measurements on a rotating cylindrical sample in the intermediate temperature regime (0.3 - 0.6) Tc. From comparisons with numerical calculations we interpret that the instability occurs at the container wall, when the vortex end moves along the wall in applied flow.Comment: revised & extended version. Journal of Low Temperature Physics, accepted (2008

TNOs are cool: a survey of the trans-Neptunian region: XIV. Size/albedo characterization of the Haumea family observed with Herschel and Spitzer

Context. A group of trans-Neptunian objects (TNOs) are dynamically related to the dwarf planet 136108 Haumea. Ten of them show strong indications of water ice on their surfaces, are assumed to have resulted from a collision, and are accepted as the only known TNO collisional family. Nineteen other dynamically similar objects lack water ice absorptions and are hypothesized to be dynamical interlopers. Aims: We have made observations to determine sizes and geometric albedos of six of the accepted Haumea family members and one dynamical interloper. Ten other dynamical interlopers have been measured by previous works. We compare the individual and statistical properties of the family members and interlopers, examining the size and albedo distributions of both groups. We also examine implications for the total mass of the family and their ejection velocities. Methods: We use far-infrared space-based telescopes to observe the target TNOs near their thermal peak and combine these data with optical magnitudes to derive sizes and albedos using radiometric techniques. Using measured and inferred sizes together with ejection velocities, we determine the power-law slope of ejection velocity as a function of effective diameter. Results: The detected Haumea family members have a diversity of geometric albedos 0.3-0.8, which are higher than geometric albedos of dynamically similar objects without water ice. The median geometric albedo for accepted family members is pV = 0.48-0.18+0.28, compared to 0.08-0.05+0.07 for the dynamical interlopers. In the size range D = 175-300 km, the slope of the cumulative size distribution is q = 3.2-0.4+0.7 for accepted family members, steeper than the q = 2.0 ± 0.6 slope for the dynamical interlopers with D &lt; 500 km. The total mass of Haumea's moons and family members is 2.4% of Haumea's mass. The ejection velocities required to emplace them on their current orbits show a dependence on diameter, with a power-law slope of 0.21-0.50. Herschel is an ESA space observatory with science instruments provided by a European-led Principal Investigator consortia and with important participation from NASA

Digging deeper into the dense galactic globular cluster Terzan 5 with electron-multiplying CCDs : variable star detection and new discoveries

Funding: Support for this project is provided by ANID’s Millennium Science Initiative through grant ICN12_009, awarded to the Millennium Institute of Astrophysics (MAS), and by ANID’s Basal project FB210003. M.C. acknowledges additional support from FONDECYT Regular grant #1171273. N.P. acknowledge financial support by FCT–Fundação para a Ciência e a Tecnologia through Portuguese national funds and by FEDER through COMPETE2020-Programa Operacional Competitividade e Internacionalização by the grants UIDB/04434/2020 and UIDP/04434/2020.Context. High frame-rate imaging was employed to mitigate the effects of atmospheric turbulence (seeing) in observations of globular cluster Terzan 5. Aims. High-precision time-series photometry has been obtained with the highest angular resolution so far taken in the crowded central region of Terzan 5, with ground-based telescopes, and ways to avoid saturation of the brightest stars in the field observed. Methods. The Electron-Multiplying Charge Coupled Device (EMCCD) camera installed at the Danish 1.54-m telescope at the ESO La Silla Observatory was employed to produce thousands of short-exposure time images (ten images per second) that were stacked to produce the normal-exposure-time images (minutes). We employed difference image analysis in the stacked images to produce high-precision photometry using the DanDIA pipeline. Results. Light curves of 1670 stars with 242 epochs were analyzed in the crowded central region of Terzan 5 to statistically detect variable stars in the field observed. We present a possible visual counterpart outburst at the position of the pulsar J1748-2446N, and the visual counterpart light curve of the low-mass X-ray binary CX 3. Additionally, we present the discovery of 4 semiregular variables. We also present updated ephemerides and properties of the only RR Lyrae star previously known in the field covered by our observations in Terzan 5. Finally, we report a significant displacement of two sources by ~0.62 and 0.59 arcseconds with respect to their positions in previous images available in the literature.Peer reviewe

TNOs are Cool: A survey of the trans-Neptunian region V. Physical characterization of 18 Plutinos using Herschel PACS observations

We present Herschel PACS photometry of 18 Plutinos and determine sizes and albedos for these objects using thermal modeling. We analyze our results for correlations, draw conclusions on the Plutino size distribution, and compare to earlier results. Flux densities are derived from PACS mini scan-maps using specialized data reduction and photometry methods. In order to improve the quality of our results, we combine our PACS data with existing Spitzer MIPS data where possible, and refine existing absolute magnitudes for the targets. The physical characterization of our sample is done using a thermal model. Uncertainties of the physical parameters are derived using customized Monte Carlo methods. The correlation analysis is performed using a bootstrap Spearman rank analysis. We find the sizes of our Plutinos to range from 150 to 730 km and geometric albedos to vary between 0.04 and 0.28. The average albedo of the sample is 0.08 \pm 0.03, which is comparable to the mean albedo of Centaurs, Jupiter Family comets and other Trans-Neptunian Objects. We were able to calibrate the Plutino size scale for the first time and find the cumulative Plutino size distribution to be best fit using a cumulative power law with q = 2 at sizes ranging from 120-400 km and q = 3 at larger sizes. We revise the bulk density of 1999 TC36 and find a density of 0.64 (+0.15/-0.11) g cm-3. On the basis of a modified Spearman rank analysis technique our Plutino sample appears to be biased with respect to object size but unbiased with respect to albedo. Furthermore, we find biases based on geometrical aspects and color in our sample. There is qualitative evidence that icy Plutinos have higher albedos than the average of the sample.Comment: 18 pages, 8 figures, 8 tables, accepted for publication in A&

Gaia21blx: complete resolution of a binary microlensing event in the Galactic disk

Context. Gravitational microlensing is a method that is used to discover planet-hosting systems at distances of several kiloparsec in the Galactic disk and bulge. We present the analysis of a microlensing event reported by the Gaia photometric alert team that might have a bright lens. Aims. In order to infer the mass and distance to the lensing system, the parallax measurement at the position of Gaia21blx was used. In this particular case, the source and the lens have comparable magnitudes and we cannot attribute the parallax measured by Gaia to the lens or source alone. Methods. Since the blending flux is important, we assumed that the Gaia parallax is the flux-weighted average of the parallaxes of the lens and source. Combining this assumption with the information from the microlensing models and the finite source effects we were able to resolve all degeneracies and thus obtained the mass, distance, luminosities and projected kinematics of the binary lens and the source. Results. According to the best model, the lens is a binary system at 2.18 ± 0.07 kpc from Earth. It is composed of a G star with 0.95 ± 0.17 M ⊙ and a K star with 0.53 ± 0.07 M ⊙. The source is likely to be an F subgiant star at 2.38 ± 1.71 kpc with a mass of 1.10 ± 0.18 M ⊙. Both lenses and the source follow the kinematics of the thin-disk population. We also discuss alternative models, that are disfavored by the data or by prior expectations, however.</p