Asymmetric Reactions of Abnormal Audit Fee Jump to Credit Rating Changes

Abstract Considering the inherent stickiness of abnormal audit fees, our study contributes to the literature by decomposing abnormal audit fees into a jump component and long-run sticky component. We investigate whether and how changes in credit ratings asymmetrically affect the jump component of abnormal audit fees. We document a positive association between rating downgrades and the jump component. We find that heightened bankruptcy risk and misstatement risk are the mechanisms that drive this relationship. Further analysis shows that firms experiencing rating downgrades are more likely to receive a going concern opinion and experience longer audit report lags. Taken together, our findings provide direct evidence that credit ratings are significantly associated with abnormal audit fees, particularly with the jump component. Given the serial correlation of abnormal audit fees, our study sheds light on the importance of disaggregation of the abnormal audit fee residuals into the jump and long-run sticky components

Controlled Growth, Patterning and Placement of Carbon Nanotube Thin Films

Controlled growth, patterning and placement of carbon nanotube (CNT) thin films for electronic applications are demonstrated. The density of CNT films is controlled by optimizing the feed gas composition as well as the concentration of growth catalyst in a chemical vapor deposition process. Densities of CNTs ranging from 0.02 CNTs/{\mu}m^2 to 1.29 CNTs/{\mu}m^2 are obtained. The resulting pristine CNT thin films are then successfully patterned using either pre-growth or post-growth techniques. By developing a layered photoresist process that is compatible with ferric nitrate catalyst, significant improvements over popular pre-growth patterning methods are obtained. Limitations of traditional post-growth patterning methods are circumvented by selective transfer printing of CNTs with either thermoplastic or metallic stamps. Resulting as-grown patterns of CNT thin films have edge roughness (< 1 {\mu}m) and resolution (< 5 {\mu}m) comparable to standard photolithography. Bottom gate CNT thin film devices are fabricated with field-effect mobilities up to 20 cm^2/Vs and on/off ratios of the order of 10^3. The patterning and transfer printing methods discussed here have a potential to be generalized to include other nanomaterials in new device configurations

Regularization of point vortices for the Euler equation in dimension two

In this paper, we construct stationary classical solutions of the incompressible Euler equation approximating singular stationary solutions of this equation. This procedure is carried out by constructing solutions to the following elliptic problem [ -\ep^2 \Delta u=(u-q-\frac{\kappa}{2\pi}\ln\frac{1}{\ep})_+^p, \quad & x\in\Omega, u=0, \quad & x\in\partial\Omega, ] where $p>1$, $\Omega\subset\mathbb{R}^2$ is a bounded domain, $q$ is a harmonic function. We showed that if $\Omega$ is simply-connected smooth domain, then for any given non-degenerate critical point of Kirchhoff-Routh function $\mathcal{W}(x_1,...,x_m)$ with the same strength $\kappa>0$, there is a stationary classical solution approximating stationary $m$ points vortex solution of incompressible Euler equations with vorticity $m\kappa$. Existence and asymptotic behavior of single point non-vanishing vortex solutions were studied by D. Smets and J. Van Schaftingen (2010).Comment: 32page

Twist-3 Distribute Amplitude of the Pion in QCD Sum Rules

We apply the background field method to calculate the moments of the pion two-particles twist-3 distribution amplitude (DA) $\phi_p(\xi)$ in QCD sum rules. In this paper,we do not use the equation of motion for the quarks inside the pion since they are not on shell and introduce a new parameter $m_0^p$ to be determined. We get the parameter $m_0^p\approx1.30GeV$ in this approach. If assuming the expansion of $\phi_p(\xi)$ in the series in Gegenbauer polynomials $C_n^{1/2}(\xi)$, one can obtain its approximate expression which can be determined by its first few moments.Comment: 12 pages, 3 figure

Propagation inhibition and wave localization in a 2D random liquid medium

Acoustic propagation and scattering in water containing many parallel air-filled cylinders is studied. Two situations are considered and compared: (1) wave propagating through the array of cylinders, imitating a traditional experimental setup, and (2) wave transmitted from a source located inside the ensemble. We show that waves can be blocked from propagation by disorders in the first scenario, but the inhibition does not necessarily imply wave localization. Furthermore, the results reveal the phenomenon of wave localization in a range of frequencies.Comment: Typos in Fiures are correcte

Muon-spin rotation and magnetization studies of chemical and hydrostatic pressure effects in EuFe_{2}(As_{1-x}P_{x})_{2}

The magnetic phase diagram of EuFe$_{2}$(As$_{1-x}$P$_{x}$)$_{2}$ was investigated by means of magnetization and muon-spin rotation studies as a function of chemical (isovalent substitution of As by P) and hydrostatic pressure. The magnetic phase diagrams of the magnetic ordering of the Eu and Fe spins with respect to P content and hydrostatic pressure are determined and discussed. The present investigations reveal that the magnetic coupling between the Eu and the Fe sublattices strongly depends on chemical and hydrostatic pressure. It is found that chemical and hydrostatic pressure have a similar effect on the Eu and Fe magnetic order.Comment: 11 pages, 10 figure

Investigation of the ferromagnetic transition in the correlated 4d perovskites SrRu1−x_{1-x}Rhx_xO3_3

The solid-solution SrRu$_{1-x}$Rh$_x$O$_3$ ($0\le x \le1$) is a variable-electron-configuration system forming in the nearly-cubic-perovskite basis, ranging from the ferromagnetic 4$d^4$ to the enhanced paramagnetic 4$d^5$. Polycrystalline single-phase samples were obtained over the whole composition range by a high-pressure-heating technique, followed by measurements of magnetic susceptibility, magnetization, specific heat, thermopower, and electrical resistivity. The ferromagnetic order in long range is gradually suppressed by the Rh substitution and vanishes at $x \sim 0.6$. The electronic term of specific-heat shows unusual behavior near the critical Rh concentration; the feature does not match even qualitatively with what was reported for the related perovskites (Sr,Ca)RuO$_3$. Furthermore, another anomaly in the specific heat was observed at $x \sim 0.9$.Comment: Accepted for publication in PR

Relaxation Effects in the Transition Temperature of Superconducting HgBa2CuO4+delta

In previous studies on a number of under- and overdoped high temperature superconductors, including YBa_{2}Cu_{3}O_{7-y} and Tl_{2}Ba_{2}CuO_{6+\delta}, the transition temperature T_c has been found to change with time in a manner which depends on the sample's detailed temperature and pressure history. This relaxation behavior in T_c is believed to originate from rearrangements within the oxygen sublattice. In the present high-pressure studies on HgBa_{2}CuO_{4+\delta} to 0.8 GPa we find clear evidence for weak relaxation effects in strongly under- and overdoped samples ($T_c\simeq 40 - 50 K$) with an activation energy $E_{A}(1 bar) \simeq 0.8 - 0.9 eV$. For overdoped HgBa_{2}CuO_{4+\delta} E_{A} increases under pressure more rapidly than previously observed for YBa_{2}Cu_{3}O_{6.41}, yielding an activation volume of +11 \pm 5 cm^{3}; the dependence of T_c on pressure is markedly nonlinear, an anomalous result for high-T_c superconductors in the present pressure range, giving evidence for a change in the electronic and/or structural properties near 0.4 GPa

Keldysh Green's function approach to coherence in a non-equilibrium steady state: connecting Bose-Einstein condensation and lasing

Solid state quantum condensates often differ from previous examples of condensates (such as Helium, ultra-cold atomic gases, and superconductors) in that the quasiparticles condensing have relatively short lifetimes, and so as for lasers, external pumping is required to maintain a steady state. On the other hand, compared to lasers, the quasiparticles are generally more strongly interacting, and therefore better able to thermalise. This leads to questions of how to describe such non-equilibrium condensates, and their relation to equilibrium condensates and lasers. This chapter discusses in detail how the non-equilibrium Green's function approach can be applied to the description of such a non-equilibrium condensate, in particular, a system of microcavity polaritons, driven out of equilibrium by coupling to multiple baths. By considering the steady states, and fluctuations about them, it is possible to provide a description that relates both to equilibrium condensation and to lasing, while at the same time, making clear the differences from simple lasers

The three-dimensional random field Ising magnet: interfaces, scaling, and the nature of states

The nature of the zero temperature ordering transition in the 3D Gaussian random field Ising magnet is studied numerically, aided by scaling analyses. In the ferromagnetic phase the scaling of the roughness of the domain walls, $w\sim L^\zeta$, is consistent with the theoretical prediction $\zeta = 2/3$. As the randomness is increased through the transition, the probability distribution of the interfacial tension of domain walls scales as for a single second order transition. At the critical point, the fractal dimensions of domain walls and the fractal dimension of the outer surface of spin clusters are investigated: there are at least two distinct physically important fractal dimensions. These dimensions are argued to be related to combinations of the energy scaling exponent, $\theta$, which determines the violation of hyperscaling, the correlation length exponent $\nu$, and the magnetization exponent $\beta$. The value $\beta = 0.017\pm 0.005$ is derived from the magnetization: this estimate is supported by the study of the spin cluster size distribution at criticality. The variation of configurations in the interior of a sample with boundary conditions is consistent with the hypothesis that there is a single transition separating the disordered phase with one ground state from the ordered phase with two ground states. The array of results are shown to be consistent with a scaling picture and a geometric description of the influence of boundary conditions on the spins. The details of the algorithm used and its implementation are also described.Comment: 32 pp., 2 columns, 32 figure