Nonlinear Hall effect in Rashba systems with hexagonal warping

Rashba spin-orbit coupled systems are an important class of materials noted for diverse fundamental and applied phenomena. Recently, the emergence of non-linear Hall effect under conditions of time-reversal symmetry has been discovered in materials with broken inversion symmetry. In this work, we study the second- and third-order Hall response in Rashba systems with hexagonal warping. Starting with a low-energy model, we obtain the analytic expressions and discover the unique dipole profile in Rashba systems with hexagonal warping. Furthermore, we extend the analysis using a realistic tight-binding model. Next, we predict the existence of a third-order Hall effect in these systems, and calculate the Berry connection polarizability tensor analytically. We also show how the model parameters affect the third-order conductivity. Our predictions can help in the experimental realization of Berry curvature multipole physics in Rashba materials with hexagonal warping, and provide a new platform for engineering the non-linear Hall effects.Comment: 24 pages, 8 figures. To appear in J. Phys.: Condens. Matte

Frame-dragging and the kinematics of Galactic-Center stars

We calculate the effects of frame dragging on the Galactic-Center stars. Assuming the stars are only slightly relativistic, we derive an approximation to the Kerr metric, which turns out to be a weak field Schwarzschild metric plus a frame dragging term. By numerically integrating the resulting geodesic equations, we compute the effect on keplerian elements and the kinematics. We find that the kinematic effect at pericenter passage is proportional to (a(1-e^2))^{-2}. For known Galactic-center stars it is of order 10 m/s. If observed this would provide a measurement of the spin of the black hole.Comment: To appear in Ap

Performance Measurement and Shareholder Value Creation in Indian Computer Software Industry: An Empirical Analysis

The paper empirically analyses business performance of Indian computer software industry over the years 2003-04 to 2012-13 with the help of Return of Investment (ROI) and Economic Value Added (EVA) of select 10 companies in this industry. A comparative analysis of ROI and EVA reflected in these companies is made using some statistical tools like average, Standard Deviation, Maximum and Minimum values and Coefficient of Variation. It is observed that Tata Consultancy Services (TCS), Infosys and Wipro are the top companies in this industry in terms of their ROI and EVA. One way ANOVA conducted to analyse the significant difference among select companies in terms of their ROI and EVA shows that select companies are significantly different. Pearson’s Correlation Coefficient (r) between ROI and EVA depicts a strong positive correlation between these two business performance indicators. Significance of this correlation is then tested using t test. The result suggests that the correlation between ROI and EVA is not significant in this industry. Impact of EVA and select economic variables on ROI is analysed with the help of Multiple Regression Analysis. Standardised regression coefficients for each predictor variables estimated based on Ordinary Least Square Method indicate the relationship between each predictor variable and ROI. Significance of regression coefficients are tested using t test. It is observed that variables like Net Operating Profit after Tax, Capital Employed, Net Sales, etc. significantly influence ROI in this industry. Adjusted Coefficient of Multiple Determinations (R²) shows a strong association between ROI and its predictor variables. Finally, the model perfectly fits the data according to one way ANOVA result. Keywords: Return on Investment, Economic Value Added, Indian Computer Software Industry, Pearson’s Correlation Coefficient, t test, one way Analysis of Variance, Multiple Linear Regression Analysis JEL Codes: M490, O16

Framework of Audit Quality for Statutory Financial Audit: A Conceptual Review

Compliance with applicable legal and regulatory requirement and issuing reports which are appropriate in circumstances is the basic prerequisite of quality audit. According to framework of audit quality proposed by International Auditing and Assurance Standards Board (IAASB) under International Federation of Accountants (IFAC), quality of audit depends upon certain underlying factors, communication among the stakeholders of financial reporting supply chain and certain contextual issues. In this current study, an attempt has been made to conceptually discuss the framework of audit quality as proposed by IAASB and draw conclusion on its applicability in ensuring quality of audit. Keywords: Statutory Audit, Quality Control, Audit Quality

Regulatory Framework Governing Audit Activities: A Comparison among Select Counties

The study identifies that the major portion of audit process can be segregated into a few major segments, such as audit engagement, audit planning, audit evidences, audit sampling, audit documentation and audit report. Responsibilities of a statutory auditor towards each of these issues are governed by particular Auditing Standards. The study considers three countries including the United States of America, the United Kingdom and India which have significant contribution towards world Gross Domestic Product. Auditing Standards governing aforesaid issues in these three countries have been identified and a comparative analysis of their requirements has been made to some extent. The analysis points towards a successful convergence of county specific Auditing Standards and International Standards on Auditing (ISAs). However, the requirements of the standards in UK and India are different from that of USA in few cases. Keywords: Audit Engagement, Audit Planning, Audit Evidence, Audit Sampling, Audit Documentation, Audit Report, USA, UK, Indi

Underlying Variables Concerning Statutory Auditors’ Independent Engagement: A Regression Analysis

This study identifies few issues that positively or negatively influence statutory auditors’ independent engagement. A primary survey is conducted to gather opinion of knowledgeable and experienced respondents on these issues. Score of 1 to 5 was allotted to 5 levels of agreement of each respondent. Mean score of the sample identifies overall opinion of the sample on statutory auditors’ independent engagement and variables governing the same.  In order to examine impact of select issues on statutory auditors’ independent engagement, Multiple Regression Analysis is conducted. From the estimated values of standardised regression coefficients, it is observed that a few variables like appointment procedure, relationship with management, provision of non-audit services negatively influence statutory auditors’ engagement. On the other hand, other variables like appointment by independent regulatory authority, mandatory rotation, maximum limit on total remuneration and complete prohibition of non-audit services has positive influence on it. Result of t test for individual parameter estimates suggests that maximum limit on total remuneration and complete prohibition of non-audit services significantly influence statutory auditors’ independent engagement. Adjusted Coefficient of Multiple Determinations (R²) measures a weak association between statutory auditors’ independent engagement and its governing issues, while result of F Test indicates that R2 is significant. Hence, the model perfectly fits the data. Keywords: Statutory Auditor, Statutory Auditors’ Independent Engagement, Mean Score, Multiple Linear Regression Analysis, Regression Estimates, t test, Coefficient of Multiple Determinations, F tes

Impact of Select Parameters on Capital Generation in Indian Primary Capital Market: A Regression Analysis

Corporate finance is raised from the primary capital market through public offers, rights issues and private placement, etc. Public offer is the largest sources of funds from the primary capital market to the company. The initial and subsequent capital issue of securities like equity shares, preference shares, debentures or bonds can be made in the primary market through public issues as well as rights issues.  Initial issue of securities is offered to the public through issue of prospectus and subsequently the public subscribe to them in the primary market directly. In post liberalisation era, capital raised in this market can be represented based on select parameters. They are category, issuer, instrument, sector, region and size. Each parameter has two or more elements against which capital is raised.The study analyses impact of capital generation against each element of select parameters on overall capital generation in Indian primary market during 1993-94 to 2013-14 using Multiple Linear Regression Analysis. Standardised regression coefficients for underlying elements of each parameter measure their impact on overall capital generation. Significance of the model is analysed using one way ANOVA. The study shows that each model developed for select parameters is statistically significant and capital generated against all elements under each parameter has excellent strength of association with total capital raised. Capital generated through Preference Shares and capital generated in small sizes does not have significant impact on overall resource mobilisation in Indian primary market. Keywords: Indian Primary Capital Market, Resource Mobilisation, Parameters of Capital Generation, Multiple Linear Regression Analysis. JEL Classification: O160, G17

Impact of Audit Engagement Issues on Statutory Auditors’ Professional Judgment: An Empirical Analysis

Statutory auditors are required to exercise their professional judgement while auditing company’s Financial Statements. But in recent cases of corporate failures, statutory auditors failed to perform quality audit with required professional judgement.  The study identifies 13 significant issues that influence positively or negatively professional judgment of statutory auditors. Opinion of respondents from 6 different occupations is collected on these issues and professional judgement of statutory auditors. Exploratory factor analysis is conducted on the collected data to extract underlying factors governing statutory auditors’ professional judgement. Impact of extracted factors on statutory auditors’ professional judgement is analysed using Multiple Linear Regression Analysis. Statistical significance of each extracted factors are analysed using t test. Strength of association between extracted factors and professional judgement is measured using Coefficient of Multiple Determinations. Finally, fitness of the regression model is tested using one way Analysis of Variance. Keywords: Statutory Auditors, Professional Judgement, Audit Engagement, Exploratory Factor Analysis, Multiple Linear Regression Analysis JEL Classification Code: M420, M48

Sustainability Reporting Practices in India: A Select Case Study of Computer – Software Companies

In the era of globalisation, there has been a paradigm shift to a number of companies in India, which have made an endeavour to attain global standards. These companies working globally have formulated operational strategies to achieve sustainable growth in the Global environment. As a result, in the last few years they have been taking this issue of sustainability extremely serious through active participation in strengthening their internal governance and taking initiatives for protection of environment and development of society at large. It is needless to mention that contribution of computer - software industry cannot be ignored in case of economic growth in India. Select large corporate houses including major players in computer - software industry like Tata Consultancy Services; Infosys; Wipro adopted global standards in preparing sustainability reports. Major corporate entities including select companies in computer – software industry used framework proposed by Global Reporting Initiative (GRI) for preparation of the report. In this backdrop, the paper attempts to critically analyse sustainable reporting practices of select companies in Indian computer-software industry. The paper makes a comparative study on structure of sustainability reports and disclosure of performance parameters of the select companies. Keywords: Sustainability Reporting; Computer– Software Industry; Global Reporting Initiative; G3.1 Guideline; Tata Consultancy Services; Wipro