Analyses of celestial pole offsets with VLBI, LLR, and optical observations

This work aims to explore the possibilities of determining the long-period part of the precession-nutation of the Earth with techniques other than very long baseline interferometry (VLBI). Lunar laser ranging (LLR) is chosen for its relatively high accuracy and long period. Results of previous studies could be updated using the latest data with generally higher quality, which would also add ten years to the total time span. Historical optical data are also analyzed for their rather long time-coverage to determine whether it is possible to improve the current Earth precession-nutation model

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.