The Effects of Firm-Initiated Clawback Provisions on Earnings Quality and Auditor Behavior

While firm-initiated compensation recovery (or clawback) provisions are gaining popularity and the recently enacted Dodd-Frank Act seeks to make the clawback of erroneously awarded compensation mandatory for all listed companies, little is known about their effectiveness. We find that the incidence of accounting restatements declines after firms initiate such provisions. In addition, we show that investors and auditors view such provisions as associated with increased accounting quality and lower audit risk. Specifically, we find that firms' earnings response coefficients increase after the adoption of clawback provisions. Further, for firms that adopt clawbacks, auditors are less likely to report material internal control weaknesses, charge lower audit fees, and issue audit reports with a shorter lag

Late Cenozoic metamorphic evolution and exhumation of Taiwan

The Taiwan mountain belt is composed of a Cenozoic slate belt (Hsuehshan Range units, HR, and Backbone Slates, BS) and of accreted polymetamorphic basement rocks (Tananao Complex, TC). Ongoing crustal shortening has resulted from the collision between the Chinese continental margin and the Luzon volcanic arc, which initiated ~6.5 Ma ago. The grade and age of metamorphism and exhumation are a key record of the development of the orogenic wedge. Because the Taiwan mountain belt is mostly composed by accreted sediments lacking metamorphic index minerals, quantitative constraints on metamorphism are sparse. By contrast, these rocks are rich in carbonaceaous material (CM) and are therefore particularly appropriate for RSCM (Raman Spectroscopy of CM) thermometry. We apply this technique in addition to (U-Th)/He thermochronology on detrital zircons to assess peak metamorphic temperatures (T) and the late exhumational history respectively, along different transects in central and southern Taiwan. In the case of the HR units, we find evidence for high metamorphic T of at least 340°–350°C and locally up to 475°C, and for relative rapid exhumation with zircon (U-Th)/He ages in the range of 1.5–2 Ma. Farther east, the BS were only slightly metamorphosed (T < 330 °C), and zircons are not reset for (U-Th)/He. From the eastern BS to the inner TC schists, T gradually increases from ~350°C up to ~500°C following an inverted metamorphic gradient. Available geochronological constraints and the continuous thermal gradient from the BS to the basement rocks of the TC suggest that the high RSCM T of the TC were most probably acquired during the last orogeny, and were not inherited from a previous thermal event. Zircons yield (U-Th)/He ages of ~0.5–1.2 Ma. Peak metamorphic T and the timing of exhumation do not show along-strike variations over the TC in the studied area. In contrast, exhumation is laterally diachronous and decreases southward in the case of the HR units. In particular, our data imply that the HR units have been exhumed by a minimum of 15 km over the last few Ma. In the case of the BS, they show far less cumulated exhumation and much slower cooling rates. We propose that most of the deformation and exhumation of the Taiwan mountain belt is sustained through two underplating windows located beneath the Hsuehshan Range and the TC. Our data show significant departures from the predictions of the prevailing model in Taiwan, which assumes a homogeneous critical wedge with dominant frontal accretion. Our study sheds new light on how the mountain belt has grown as a possible result of underplating mostly

Acupuncture for the Treatment of Opiate Addiction

Acupuncture is an accepted treatment worldwide for various clinical conditions, and the effects of acupuncture on opiate addiction have been investigated in many clinical trials. The present review systematically analyzed data from randomized clinical trials published in Chinese and English since 1970. We found that the majority agreed on the efficacy of acupuncture as a strategy for the treatment of opiate addiction. However, some of the methods in several included trials have been criticized for their poor quality. This review summarizes the quality of the study design, the types of acupuncture applied, the commonly selected acupoints or sites of the body, the effectiveness of the treatment, and the possible mechanism underlying the effectiveness of acupuncture in these trials

Development of compress air transportation (CAT) for alternative energy utilization

Compress Air Transportation (CAT) is a new concept of transportation that utilizes air as the source of energy. Work on alternative power system for vehicle is becoming very important for the future due to combination of high prices on fuel, emission factor and also the source of the current energy will eventually run out. Several advantages for utilizing air as the source of energy compared to other alternative energy sources makes it become the subject for this project. In this project, a simple transportation utilizing air as the source of energy has been developed. The main component of the engine of the CAT is a device called the "Air Impact Wrench" which can be purchased from local stores. The CAT was tested and analyzed for further studies on expanding this new technology

Kinematic analysis of the Pakuashan fault tip fold, west central Taiwan: Shortening rate and age of folding inception

The Pakuashan anticline is an active fault tip fold that constitutes the frontal most zone of deformation along the western piedmont of the Taiwan Range. Assessing seismic hazards associated with this fold and its contribution to crustal shortening across central Taiwan requires some understanding of the fold structure and growth rate. To address this, we surveyed the geometry of several deformed strata and geomorphic surfaces, which recorded different cumulative amounts of shortening. These units were dated to ages ranging from ~19 ka to ~340 ka using optically stimulated luminescence (OSL). We collected shallow seismic profiles and used previously published seismic profiles to constrain the deep structure of the fold. These data show that the anticline has formed as a result of pure shear with subsequent limb rotation. The cumulative shortening along the direction of tectonic transport is estimated to be 1010 ± 160 m. An analytical fold model derived from a sandbox experiment is used to model growth strata. This yields a shortening rate of 16.3 ± 4.1 mm/yr and constrains the time of initiation of deformation to 62.2 ± 9.6 ka. In addition, the kinematic model of Pakuashan is used to assess how uplift, sedimentation, and erosion have sculpted the present-day fold topography and morphology. The fold model, applied here for the first time on a natural example, appears promising in determining the kinematics of fault tip folds in similar contexts and therefore in assessing seismic hazards associated with blind thrust faults