Event-specific earnings management: additional evidence from US M & A pre-and post-SOX

Purpose We re-examine the motivation to manage earnings in US M&As, by investigating whether the enactment of SOX has affected pre-merger earnings management. Design/methodology/approach Using a sample of over 700 completed M&As of US public firms during 1999-2008. Using quarterly reports, we track-down earnings management during the four quarters preceding the deal and consequently draw inferences about the implications of SOX on interim reporting practices. Findings Using a sample of over 700 completed M&As of US public firms during 1999-2008. Using quarterly reports, we track-down earnings management during the four quarters preceding the deal and consequently draw inferences about the implications of SOX on interim reporting practices. Originality/value Unlike what is anticipated regarding earnings management practices after SOX, the study reveals significant evidence of upward earnings management by firms engaging in M&A in post-SOX era

Antitakeover Provisions and CEO Monetary Benefits: Revisiting the E-Index

We analyze and group antitakeover provisions as they relate to CEO’s monetary benefits. We specifically focus on the determinants of the six E-index provisions that were proposed by Bebchuk et al. (2009) to conversely affect firm value. The six provisions are split into two indices: those that provide managers with a monetary benefit if a takeover was successful (MB provisions) and those that do not (TP provisions). Results indicate that CEOs with a role duality use their power to influence the adoption of MB provisions and resist the adoption of TP provisions. Moreover, in the presence of CEO duality, the relationship between MB provisions and firm value worsens. On the other hand, the relationship between TP provisions and firm value is unaffected by the presence of CEO duality. This suggests that CEOs having a role duality do not feel the need to work in the shareholders’ best interest when entrenched with MB provisions. Our findings suggest that studying all the provisions of the E-index as a whole can be misleading in some cases

Design and development of a novel spherical UAV

This paper presents the design and system integration of a novel coaxial, flap actuated, spherical UAV for operations in complex environments, such as buildings, caves or tunnels. The spherical design protects the inner components of the vehicle and allows the UAV to roll along the floor if the environment permits. Furthermore, the UAV can land and takeoff from any orientation and come into contact with objects without putting the propellers at risk. Flaps at the base of the sphere will generate roll and pitch moments as opposed to conventional swash plate designs while the coaxial setup will provide the necessary yaw moments and increase in thrust to volume ratio of the system. The flaps, placed below the propellers allow for decoupled roll and pitch control in a thrust vectoring manner. The final result of this design is a well-protected, compact, easily controlled, flexible and agile UAV for operations in complex environments. The spherical UAV was successfully flight tested on a number of occasions with various PD and µ-synthesis robust control systems and was observed to be easily stabilised and resistant to external disturbances to certain extent

CFD modeling and performance evaluation of multipass solar air heaters

This article investigates the impacts of flow configurations on the thermal performance of a solar heater system. Recycled aluminum cans (RACs) have been utilized as turbulators with a double pass single duct solar air collector. The CFD software of COMSOL Multiphysics V5.3a is used to model three designs: Cocurrent (model A), countercurrent (model B), and U-shape (model C). The numerical results reveal that the U-shape design offers a greater thermal performance of 5.4% and 6.5%, respectively, compared with the cocurrent and countercurrent flow models. Furthermore, an outdoor experiment is performed based on the numerical modeling of flow configurations. The experimental setup is examined for three configurations of model C, namely, solar air heater (SAH) without RAC model C-I (plain model), SAH with in-line RAC layout (model C-II), and SAH with staggered RAC layout (model C-III). We found the double pass single duct solar air collector (model C) design is in a good agreement with the experimental data, and model C-III has a better thermal efficiency of 60.2%, compared to those of model C-II, 53.1%, and model C-I, 49.4%

Controlled release of GAG-binding enhanced transduction (GET) peptides for sustained and highly efficient intracellular delivery

Controlled release systems for therapeutic molecules are vital to allow the sustained local delivery of their activities which direct cell behaviour and enable novel regenerative strategies. Direct programming of cells using exogenously delivered transcription factors can by-pass growth factor signalling but there is still a requirement to deliver such activity spatio-temporally. We previously developed a technology termed GAG-binding enhanced transduction (GET) to efficiently deliver a variety of cargoes intracellularly, using GAG-binding domains which promote cell targeting, and cell penetrating peptides (CPPs) which allow cell entry. Herein we demonstrate that GET system can be used in controlled release systems to mediate sustained intracellular transduction over one week. We assessed the stability and activity of GET peptides in poly(dl-lactic acid-co-glycolic acid) (PLGA) microparticles (MPs) prepared using a S/O/W double emulsion method. Efficient encapsulation (∼65%) and tailored protein release profiles could be achieved, however intracellular transduction was significantly inhibited post-release. To retain GET peptide activity we optimized a strategy of co-encapsulation of l-Histidine, which may form a complex with the PLGA degradation products under acidic conditions. Simulations of the polymer microclimate showed that hydrolytic acidic PLGA degradation products directly inhibited GET peptide transduction activity, and use of l-Histidine significantly enhanced released protein delivery. The ability to control the intracellular transduction of functional proteins into cells will facilitate new localized delivery methods and allow approaches to direct cellular behaviour for many regenerative medicine applications

Photovoltaic module efficiency evaluation:The case of Iraq

This study aims to evaluate the performance of a photovoltaic module under some extreme climate conditions, and with a case study for Iraq. CFD model is developed for the analysis of the photovoltaic module using the commercial CFD software of COMSOL Multiphysics v5.3a for the transient conditions. The results are verified with the analytical solution to the one-dimensional non-linear energy balance equation using Matlab. The results are also compared with measurements reported in the literature for validation. The results reveal that the free convection currents in inclined and horizontal positions of the module were weaker relative to the vertical position. Also, the increase in the length of inclined photovoltaic module, up to 1.3 m, enhances the heat transfer rate. However, beyond this length, the temperature of the module becomes higher, and the convective heat transfer coefficients are reduced regardless of the inclination. In the horizontal position, the convective heat transfer rate is lower, particularly on the bottom surface of PV system

Estuarine Forecasts at Daily Weather to Subseasonal Time Scales

Most present forecast systems for estuaries predict conditions for only a few days into the future. However, there are many reasons to expect that skillful estuarine forecasts are possible for longer time periods, including increasingly skillful extended atmospheric forecasts, the potential for lasting impacts of atmospheric forcing on estuarine conditions, and the predictability of tidal cycles. In this study, we test whether skillful estuarine forecasts are possible for up to 35 days into the future by combining an estuarine model of Chesapeake Bay with 35-day atmospheric forecasts from an operational weather model. When compared with both a hindcast simulation from the same estuarine model and with observations, the estuarine forecasts for surface water temperature are skillful up to about 2 weeks into the future, and the forecasts for bottom temperature, surface and bottom salinity, and density stratification are skillful for all or the majority of the forecast period. Bottom oxygen forecasts are skillful when compared to the model hindcast, but not when compared with observations. We also find that skill for all variables in the estuary can be improved by taking the mean of multiple estuarine forecasts driven by an ensemble of atmospheric forecasts. Finally, we examine the forecasts in detail using two case studies of extreme events, and we discuss opportunities for improving the forecast skill