Foxes in the Henhouse: An Exploratory Inquiry into Financial Markets Fraud

Conventional understandings of fraud are organized around the fraud triangle first developed in the 1950s by Cressey. This conceptual device remains central in our pedagogy and research on this especially timely topic. As long as fraud is imagined to be not much different than a stereotypical act by a single individual out of financial desperation and impulsiveness, the fraud triangle provides a reasonably powerful conceptual organization. However, when applied to abuses that occur in highly organized financial markets, its application takes on new meanings that push the boundaries of its usefulness. Using interviews with traders and other securities market participants, this paper concludes that the prospects for ill-gotten gain are much more systematic and the product of incomplete regulation

The use of accruals to manage reported earnings: theory and evidence

This paper develops a model in which firm managers maximize their own compensation by using accruals to manage reported earnings. The results of the model suggest that the form of the managerial compensation function and managerial time preferences may have an important influence on the relationship between accruals and latent earnings. Among the possible relationships suggested by the model are strategies we call Smooth Income, Occasional Big Bath, Live for Today, and Maximize Variability, each of which suggests a different reporting strategy pursued by managers. Most empirical tests of accruals are inconsistent with this and other theoretical models because they include a single earnings variable in a linear regression analysis. Instead, we document the reporting of accruals by two firms, Sunbeam and Citicorp, that is consistent with the “Live for Today” and “Occasional Big Bath” strategies.Investments

Instrumentation and control of an engine generator set for biogas

Optimize the use of biogas in an engine generator set to produce usable thermal and electrical energy by controlling air fuel ratio and ignition timing. The proportion of electrical and thermal energy was also determined. All experimentation was with a stand-by engine generator set operating on natural gas in laboratory conditions;The first stage of the investigation was to develop a data logging and control system to measure engine parameters and control engine variables. Parameters measured were: mass gas flow rate, mass air flow rate, air fuel ratio, engine coolant inlet and exit temperatures, coolant flow rate, gas temperature, air temperature, engine speed, exhaust temperature and generator power. The variables controlled included: ignition timing, air fuel ratio, coolant exit temperature and electrical power. All parameters and variables (except electrical power) were measured and controlled by a microcomputer and interface system;Secondly, the system was used to determine the relation between ignition timing, air fuel ratio, electrical and thermal energy conversion from natural gas for different electrical loads and constant engine temperature. It was found that the ignition timing had little effect on thermal energy, but for near maximum electrical load, the maximum electrical efficiency was with an ignition advance of 23 degrees BTDC. Optimum air fuel ratio for total energy production (thermal + electrical) was found to be in the range of 17.8 to 19.8;Finally, a simple control system to maintain the air fuel ratio within the optimum range was developed using an automotive exhaust oxygen sensor. A zirconium dioxide sensor and a voltage comparator circuit was used for this purpose

Evaluation of the impact of participation in the T.E.S.T. examination preparation program on elementary education teacher candidate C-BASE and PRAXIS-II performance

The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file.Title from title screen of research.pdf file (viewed on July 31, 2009)Thesis (Ed. D.) University of Missouri-Columbia 2008.This study evaluated the impact of participation in an examination preparation program for elementary education teacher candidates attempting teacher licensure. Measurements included scores on the ACT, C-BASE, and PRAXIS-II exams. Research methodology employing MANCOVA investigated the impact of three variables: (a) participation level in the T.E.S.T. (translate, eliminate, solve, avoid tricks) examination preparation program (b) teacher candidate qualification status and (c) ACT scores. Statistical analysis and MANCOVA revealed teacher candidate qualifiers for admittance to teacher education outscored non-qualifiers on the ACT, C-BASE and PRAXIS-II. PRAXIS-II scores for elementary teacher candidates at the institution studied improved from 1995-2007, but MANCOVA analyses determined participation in the T.E.S.T. examination preparation program, although statistically significant, had low practicality and effect size. Utilizing MANCOVA with ACT as covariate, analyses determined main effects for independent variables were statistically significant with good power. Effect size was small for main effects with low practicality. Strong correlations were found among ACT, C-BASE, and PRAXIS-II. There were no significant interaction effects. At the institution studied, elementary education teacher candidate T.E.S.T. program non-participants outscored participants on C-BASE and PRAXIS-II examinations when utilizing ACT scores as a covariate.Includes bibliographical reference

Light control of orbital domains: case of the prototypical manganite La0.5Sr1.5MnO4

Control of electronic and structural ordering in correlated materials on the ultrafast timescale with light is a new and emerging approach to disentangle the complex interplay of the charge, spin, orbital and structural degree of freedom. In this paper we present an overview of how orbital order and orbital domains can be controlled by near IR and THz radiation in the layered manganite La0.5Sr1.5MnO4. We show how near-IR pumping can efficiently and rapidly melt orbital ordering. However, the nanoscale domain structure recovers unchanged demonstrating the importance of structural defects for the orbital domain formation. On the contrary, we show that pulsed THz fields can be used to effectively orientate the domains. In this case the alignment depends on the in-plane electric field polarisation and is induced by an energy penalty that arises from THz field induced hopping of the localised charges.Peer ReviewedPostprint (author's final draft

Anti-Criticism

This thesis is concerned first with, establishing an appropriate vacancy into which an individual critical method might fit, and second, with defending that method

Resonant optical control of the structural distortions that drive ultrafast demagnetization in Cr2_2O3_3

We study how the color and polarization of ultrashort pulses of visible light can be used to control the demagnetization processes of the antiferromagnetic insulator Cr$_2$O$_3$. We utilize time-resolved second harmonic generation (SHG) to probe how changes in the magnetic and structural state evolve in time. We show that, varying the pump photon-energy to excite either localized transitions within the Cr or charge transfer states, leads to markedly different dynamics. Through a full polarization analysis of the SHG signal, symmetry considerations and density functional theory calculations, we show that, in the non-equilibrium state, SHG is sensitive to {\em both} lattice displacements and changes to the magnetic order, which allows us to conclude that different excited states couple to phonon modes of different symmetries. Furthermore, the spin-scattering rate depends on the induced distortion, enabling us to control the timescale for the demagnetization process. Our results suggest that selective photoexcitation of antiferromagnetic insulators allows fast and efficient manipulation of their magnetic state.Comment: 7 pages, 5 figure

Time-Domain Separation of Optical Properties From Structural Transitions in Resonantly Bonded Materials

The extreme electro-optical contrast between crystalline and amorphous states in phase change materials is routinely exploited in optical data storage and future applications include universal memories, flexible displays, reconfigurable optical circuits, and logic devices. Optical contrast is believed to arise due to a change in crystallinity. Here we show that the connection between optical properties and structure can be broken. Using a unique combination of single-shot femtosecond electron diffraction and optical spectroscopy, we simultaneously follow the lattice dynamics and dielectric function in the phase change material Ge2Sb2Te5 during an irreversible state transformation. The dielectric function changes by 30% within 100 femtoseconds due to a rapid depletion of electrons from resonantly-bonded states. This occurs without perturbing the crystallinity of the lattice, which heats with a 2 ps time constant. The optical changes are an order-of-magnitude larger than those achievable with silicon and present new routes to manipulate light on an ultrafast timescale without structural changes

Tracing the fluid source of heavy REE mineralisation in carbonatites using a novel method of oxygen-isotope analysis in apatite: the example of Songwe Hill, Malawi

Stable (C and O) isotope data from carbonates are one of the most important methods used to infer genetic processes in carbonatites. However despite their ubiquitous use in geological studies, it is suspected that carbonates are susceptible to dissolution-reprecipitation and isotopic resetting, especially in shallow intrusions, and may not be the best records of either igneous or hydrothermal processes. Apatite, however, should be much less susceptible to these resetting problems but has not been used for O isotope analysis. In this contribution, a novel bulk-carbonatite method for the analysis of O isotopes in the apatite PO4 site demonstrates a more robust record of stable isotope values. Analyses of apatite from five carbonatites with magmatic textures establishes a preliminary Primary Igneous Apatite (PIA) field of δ18O = + 2.5 to + 6.0‰ (VSMOW), comparable to Primary Igneous Carbonatite (PIC) compositions from carbonates. Carbonate and apatite stable isotope data are compared in 10 carbonatite samples from Songwe Hill, Malawi. Apatite is heavy rare earth element (HREE) enriched at Songwe and, therefore, oxygen isotope analyses of this mineral are ideal for understanding HREE-related mineralisation in carbonatites. Carbonate C and O isotope ratios show a general trend, from early to late in the evolution, towards higher δ18O values (+ 7.8 to + 26.7‰, VSMOW), with a slight increase in δ13C (− 4.6 to − 0.1‰, VPDB). Oxygen isotope ratios from apatite show a contrary trend, decreasing from a PIA field towards more negative values (+ 2.5 to − 0.7‰, VSMOW). The contrasting results are interpreted as the product of the different minerals recording fluid interaction at different temperatures and compositions. Modelling indicates the possibility of both a CO2 rich fluid and mixing between meteoric and deuteric waters. A model is proposed where brecciation leads to depressurisation and rapid apatite precipitation. Subsequently, a convection cell develops from a carbonatite, interacting with surrounding meteoric water. REE are likely to be transported in this convection cell and precipitate owing to decreasing salinity and/or temperature