Short-term debt maturity, monitoring and accruals-based earnings management

Most prior studies assume a positive relation between debt and earnings management, consistent with the financial distress theory. However, the empirical evidence for financial distress theory is mixed. Another stream of studies argues that lenders of short-term debt play a monitoring role over management, especially when the firm’s creditworthiness is not in doubt. To explore the implications of these arguments on managers’ earnings management incentives, we examine a sample of US firms over the period 2003–2006 and find that short-term debt is positively associated with accruals-based earnings management (measured by discretionary accruals), consistent with the financial distress theory. We also find that this relation is significantly weaker for firms that are of higher creditworthiness (i.e. investment grade firms), consistent with monitoring benefits outweighing financial distress reasons for managing earnings

Classical Theory of Optical Nonlinearity in Conducting Nanoparticles

We develop a classical theory of electron confinement in conducting nanoparticles. The theory is used to compute the nonlinear optical response of the nanoparticle to a harmonic external field.Comment: Page margins have been adjusted; otherwise, identical to the previous versio

Adaptive homodyne measurement of optical phase

We present an experimental demonstration of the power of real-time feedback in quantum metrology, confirming a theoretical prediction by Wiseman regarding the superior performance of an adaptive homodyne technique for single-shot measurement of optical phase. For phase measurements performed on weak coherent states with no prior knowledge of the signal phase, we show that the variance of adaptive homodyne estimation approaches closer to the fundamental quantum uncertainty limit than any previously demonstrated technique. Our results underscore the importance of real-time feedback for reaching quantum performance limits in coherent telecommunication, precision measurement and information processing.Comment: RevTex4, color PDF figures (separate files), submitted to PR

Anomalies, Unparticles, and Seiberg Duality

We calculate triangle anomalies for fermions with non-canonical scaling dimensions. The most well known example of such fermions (aka unfermions) occurs in Seiberg duality where the matching of anomalies (including mesinos with scaling dimensions between 3/2 and 5/2) is a crucial test of duality. By weakly gauging the non-local action for an unfermion, we calculate the one-loop three-current amplitude. Despite the fact that there are more graphs with more complicated propagators and vertices, we find that the calculation can be completed in a way that nearly parallels the usual case. We show that the anomaly factor for fermionic unparticles is independent of the scaling dimension and identical to that for ordinary fermions. This can be viewed as a confirmation that unparticle actions correctly capture the physics of conformal fixed point theories like Banks-Zaks or SUSY QCD.Comment: 13 pages, 1 figur

Effect of volcanic debris on stratospheric ion conductivity

The reduction is reported of stratospheric ion conductivities in the altitude range of 20 to 27 km attributable to the aerosols injected into the stratosphere by the eruption of volcano Nevado Del Ruiz on November 13, 1985. Three balloon experiments were conducted from Hyderabad, India (17.5 N, 78.6 E) carrying a Langmuir probe payload for measuring stratospheric ion conductivities. The first flight took place about 9 months before the volcanic eruption, the second 3 weeks after the eruption and the third about a year later. Lidar observations from Japan, Hawaii and Europe reported detection of aerosol layers in the 18 to 25 km altitude range attributable to the Nevado Del Ruiz volcanic eruption. A comparison of the conductivity profiles shows that the reduction of ion conductivities is: 57.3 percent at 20 km and 31 percent at 25 km. A year after the eruption, conductivities at all heights tended to recover

Bolted and hybrid beam-column joints between I-shaped FRP profiles Chapter Bolted and hybrid beam-column joints between I-shaped FRP profiles

Presented are test results from five full-scale pultruded FRP beam-to-column joints subjected to cyclic load-ing. The parameters include cleat position, connection method and cleat material. The joints’ behaviour is assessed through hysteresis moment rotation loops, accumulated dissipated energy and failure patterns. The hybrid joints with steel cleats showed the best overall cyclic performance with accumulated dissipated ener-gy 75% higher than the bolted joint. The bolted joint with FRP cleats exhibited the lowest dissipated energy, four times lower than the joint with steel cleats. The cyclic performance of web and flange cleated joint was same as flange cleated joint. Three failure patterns were noticed, namely shear-out failure of the beam’s bolted region (bolted joint with steel cleats), adhesive debonding followed by shear-out failure (hybrid joint with steel cleats) and delamination cracking (bolted joint with FRP cleats)

Cyclic Response of Bolted and Hybrid Pultruded FRP Beam-Column Joints between I-Shaped Sections

This paper presents cyclic behaviour of bolted and hybrid–combined bolted and bonded fibre re-inforced polymer (FRP) beam-to-column joints between I-shaped members using steel and FRP cleats. Five full-scale cyclic tests are carried out to study moment-rotation behaviour, cyclic re-sponse, and failure patterns. The test parameters include position of cleat (flange or combined web and flange), fastening method (bolting or hybrid–combining bolting and bonding) and cleat ma-terial (steel or FRP). First two tests had bolted and hybrid joints with steel flange and web double angles. Next two tests had the same joint detailing but with no web cleats. Last test used bolted joint only with FRP web and flange cleats. Three failure modes were observed: shear-out failure of the beam’s bolted zone, adhesive debonding with shear-out failure and delamination cracking. Cyclic performance of the joints was assessed by hysteresis moment-rotation curves and accumulated dissipated energy. Hybrid joints showed the best overall cyclic performance with accumulated dissipated energy about 75% higher than the bolted joints. Bolted joints with FRP cleats exhibited the worst cyclic performance. Flange cleated joints showed similar performance to web and flange cleated joints

Amplified erosion above waterfalls and oversteepened bedrock reaches

None of the conventional bedrock erosion laws can predict incision immediately upslope of a waterfall lip where the flow is accelerating toward a freefall. Considering the expected increase in flow velocity and shear stress at the lip of a waterfall, we determine erosion amplification at a waterfall lip as [equation], where [equation] is the erosion rate at the upstream end of the flow acceleration zone above a waterfall, Fr is the Froude number at this setting, and n ranges between 0.5–1.7. This amplification expression suggests that erosion at the lip could be as much as 2–5 times higher relative to erosion at a normal setting with identical hydraulic geometry. Utilizing this erosion amplification expression in numerical simulations, we demonstrate its impact on reach-scale morphology above waterfalls. Amplified erosion at the lip of a waterfall can trigger the formation of an oversteepened reach whose length is longer than the flow acceleration zone, provided incision wave velocity (Vi) at the upstream edge of the flow acceleration zone is higher than the retreat velocity of the waterfall face. Such an oversteepened reach is expected to be more pronounced when Vi increases with increasing slope. The simulations also suggest that oversteepening can eventually lead to steady state gradients adjacent to a waterfall lip provided Vi decreases with increasing slope. Flow acceleration above waterfalls can thus account, at least partially, for prevalent oversteepened bedrock reaches above waterfalls. Using the cosmogenic isotope Cl-36, we demonstrate that incision wave velocity upstream of a waterfall at the Dead Sea western escarpment is probably high enough for freefall-induced oversteepening to be feasible