Earnings Management and Long-Run Stock Underperformance of Private Placements

The study investigates whether private placement issuers manipulate their earnings around the time of issuance and the effect of earnings management on the long-run stock performance. We find that managers of U.S. private placement issuers tend to engage in income-increasing earnings management in the year prior to the issuance of private placements. We further speculate that earnings management serves as a likely source of investor over-optimism at the time of private placements. To support this speculation, we find evidence suggesting that the income-increasing accounting accruals made at the time of private placements predict the post-issue long-term stock underperformance. The study contributes to the large body of literature on earnings manipulation around the time of securities issuance

Statistical characterization of the fatigue behavior of composite lamina

A theoretical model was developed to predict statistically the effects of constant and variable amplitude fatigue loadings on the residual strength and fatigue life of composite lamina. The parameters in the model were established from the results of a series of static tensile tests and a fatigue scan and a number of verification tests were performed. Abstracts for two other papers on the effect of load sequence on the statistical fatigue of composites are also presented

Determination of load sequence effects on the degradation and failure of composite materials

A theoretical model was established to predict the fatigue behavior of composite materials, with emphasis placed on predictions of the degradation of residual strength and residual stiffness during fatigue cycling. The model parameters were evaluated from three test series including static strength fatigue life and residual strength tests. The tests were applied to two graphite/epoxy laminates. Load sequence effects were emphasized for both laminates and the predicted results agreed quite well with subsequent verification tests. Dynamic as well as static stiffness reduction data were collected by use of a PDP11-03 computer, which performed quite satisfactorily and permitted the recording of a substantial amount of dynamic stiffness reduction data

Multipole analysis for pion photoproduction with MAID and a dynamical models

Results of new analysis of pion photoproduction data obtained with Dynamical and MAID models are presentedComment: 5 pages, 1 figure, talk given at the NSTAR2001 Workshop, Mainz, Germany, March 7-10, 200

Some High Temperature Diffusion Studies on Materials of Thermionic Interest

High temperature diffusion studies between uranium materials and refractory metals and alloys - thermionic emission propertie