Does a change in debt structure matter in earnings management? the application of nonlinear panel threshold test

In this study, we apply Hansen¡¦s (1999) nonlinear panel threshold test, the most powerful test of its kind, to investigate the relationship between debt ratio and earnings management of 474 selected Taiwan-listed companies during the September 2002 - June 2005 period. Rather than a fixed positive relation that is determined from the OLS, our empirical results strongly suggest that when a firm¡¦s debt ratio exceeds 46.79% and 62.17%, its debt structure changes, which in turn leads to changes in earnings management. With an increase in debt ratio, managers tend to manage earnings to a greater extent and at a higher speed. In other words, the threshold effect of debt on the relationship between debt ratio and earnings management generates an increasingly positive impact. These empirical results provide concerned investors and authorities with an enhanced understanding of earnings management, as manipulated by managers confronted with different debt structures.

Deep spectral learning for label-free optical imaging oximetry with uncertainty quantification

Measurement of blood oxygen saturation (sO2) by optical imaging oximetry provides invaluable insight into local tissue functions and metabolism. Despite different embodiments and modalities, all label-free optical-imaging oximetry techniques utilize the same principle of sO2-dependent spectral contrast from haemoglobin. Traditional approaches for quantifying sO2 often rely on analytical models that are fitted by the spectral measurements. These approaches in practice suffer from uncertainties due to biological variability, tissue geometry, light scattering, systemic spectral bias, and variations in the experimental conditions. Here, we propose a new data-driven approach, termed deep spectral learning (DSL), to achieve oximetry that is highly robust to experimental variations and, more importantly, able to provide uncertainty quantification for each sO2 prediction. To demonstrate the robustness and generalizability of DSL, we analyse data from two visible light optical coherence tomography (vis-OCT) setups across two separate in vivo experiments on rat retinas. Predictions made by DSL are highly adaptive to experimental variabilities as well as the depth-dependent backscattering spectra. Two neural-network-based models are tested and compared with the traditional least-squares fitting (LSF) method. The DSL-predicted sO2 shows significantly lower mean-square errors than those of the LSF. For the first time, we have demonstrated en face maps of retinal oximetry along with a pixel-wise confidence assessment. Our DSL overcomes several limitations of traditional approaches and provides a more flexible, robust, and reliable deep learning approach for in vivo non-invasive label-free optical oximetry.R01 CA224911 - NCI NIH HHS; R01 CA232015 - NCI NIH HHS; R01 NS108464 - NINDS NIH HHS; R21 EY029412 - NEI NIH HHSAccepted manuscrip

What Caused the Soaring Non-Performing Loans in Taiwan from the Late 1990s to the Beginning of 2000s? Evidence from Panel Data of Domestic Banks

[[abstract]]This study investigates the causes of soaring non-performing loans (NPLs) in Taiwan so as to prevent its reoccurrence. Five economic and financial factors are employed to examine their impacts on the increasing NPLs which led to the banking crisis in the late 1990s and the early 2000s. Empirical evidence indicates that financial deregulation, soundness of bank management, and changes in land prices have significant impacts on the financial instability in Taiwan by applying both Hierarchical Cluster Analysis and Panel Data Analysis. Among the lessons that emerge from this study is the obvious case for strong banking regulations and supervision to avoid the perilous waters of financial liberalizations. Furthermore, it is important to strengthen the efficiency of bank management and improve the quality of loans and asset portfolios by reducing the dependency on land-secured loans. This also may be applied to the subprime mortgage crises in 2008.[[notice]]補正完畢[[journaltype]]國際[[incitationindex]]EI[[booktype]]紙本[[countrycodes]]TW

協方差型隨機子空間識別法之應用

In this research the application of output-only system identification technique known as Stochastic Subspace Identification (SSI) algorithms in civil structures is carried out. With the aim of finding accurate modal parameters of the structure in off-line analysis, a stabilization diagram is constructed by plotting the identified poles of the system with increasing the size of data matrix. A sensitivity study of the implementation of SSI through stabilization diagram is firstly carried out, different scenarios such as noise effect, nonlinearity, time-varying systems and closely-spaced frequencies are considered. Comparison between different SSI approaches was also discussed. In the following, the identification task of a real large scale structure: Canton Tower, a benchmark problem for structural health monitoring of high-rise slender structures is carried out, for which the capacity of Covariance-driven SSI algorithm (SSI-COV) will be demonstrated. The introduction of a subspace preprocessing algorithm known as Singular Spectrum Analysis (SSA) can greatly enhance the identification capacity, which in conjunction with SSI-COV is called the SSA-SSI-COV method, it also allows the determination of the best system order. The objective of the second part of this research is to develop on-line system parameter estimation and damage detection technique through Recursive Covariance-driven Stochastic Subspace identification (RSSI-COV) approach. The Extended Instrumental Variable version of Projection Approximation Subspace Tracking algorithm (EIV-PAST) is taking charge of the system-related subspace updating task. To further reduce the noise corruption in field experiments, the data pre-processing technique called recursive Singular Spectrum Analysis technique (rSSA) is developed to remove the noise contaminant measurements, so as to enhance the stability of data analysis. Through simulation study as well as the experimental research, both RSSI-COV and rSSA-SSI-COV method are applied to identify the dynamic behavior of systems with time-varying characteristics, the reliable control parameters for the model are examined. Finally, these algorithms are applied to track the evolution of modal parameters for: (1) shaking table test of a 3-story steel frame with instantaneous stiffness reduction. (2) Shaking table test of a 1-story 2-bay reinforced concrete frame, both under earthquake excitation, and at last, (3) damage detection and early warning of an experimental steel bridge under continuous scour.UCR::Vicerrectoría de Docencia::Ingeniería::Facultad de Ingeniería::Escuela de Ingeniería Civi

Solving the Cold-Start Problem in Recommender Systems with Social Tags

In this paper, based on the user-tag-object tripartite graphs, we propose a recommendation algorithm, which considers social tags as an important role for information retrieval. Besides its low cost of computational time, the experiment results of two real-world data sets, \emph{Del.icio.us} and \emph{MovieLens}, show it can enhance the algorithmic accuracy and diversity. Especially, it can obtain more personalized recommendation results when users have diverse topics of tags. In addition, the numerical results on the dependence of algorithmic accuracy indicates that the proposed algorithm is particularly effective for small degree objects, which reminds us of the well-known \emph{cold-start} problem in recommender systems. Further empirical study shows that the proposed algorithm can significantly solve this problem in social tagging systems with heterogeneous object degree distributions