On Geometric Scaling of Light-Like Wilson Polygons: Higher Orders in αs\alpha_s

We address the scaling behaviour of contour-shape-dependent ultra-violet singularities of the light-like cusped Wilson loops in Yang-Mills and ${\cal N} = 4$ super-Yang-Mills theories in the higher orders of the perturbative expansion. We give the simple arguments to support the idea that identifying of a special type of non-local infinitesimal shape variations of the light-like Wilson polygons with the Fr\'echet differentials results in the combined geometric and renormalization-group evolution equation, which is applicable beyond the leading order exponentiated Wilson loops.Comment: 8 pages, 2 figure

Evolution of Light-Like Wilson Loops with a Self-Intersection in Loop Space

Recently, we proposed a general evolution equation for single quadrilateral Wilson loop on the light-cone. In present work, we study the energy evolution of a combination of two such loops that partially overlap or have a self-intersection. We show that, for a class of geometric variations, then evolution is consistent with our previous conjecture, and we are able to handle the intricacies associated with the self-intersections and overlaps. This way, a step forward is made towards the understanding of loop space, with the hope of studying more complicated structures appearing in phenomenological relevant objects, such as parton distributions.Comment: Correction of some small typos and small changes to the figures. To be submitted for publication to Phys Lett

Fr\'echet derivative for light-like Wilson Loops

We address the equations of motion for the light-like QCD Wilson exponentials defined in the generalized loop space. We attribute an important class of the infinitesimal shape variations of the rectangular light-like Wilson loops to the Fr\'echet derivative associated to a diffeomorphism in loop space what enables the derivation of the law of the classically conformal-invariant shape variations. We show explicitly that the Fr\'echet derivative coincides (at least in the leading perturbative or- der) with the area differential operator introduced in the previous works. We discuss interesting implications of this result which will allow one to relate the rapidity evolution and ultra-violet evolution of phenomenologically important quantum correlation functions (such as 3-dimensional parton distribution functions) and geometrical properties of the light-like cusped Wilson loops.Comment: 13 pages, 6 figures (revised some typos and misprints

Industry Valuation Driven Earnings Management

This paper investigates whether industry valuation impacts firms’ earnings management decisions. Existing accounting literature assumes that industry valuation has a constant impact on this decision. We argue that a higher industry valuation increases the perceived benefits of earnings management at a time when the negative consequences associated with accrual reversal and the probability of detection are believed to be lower. Using a sample of quarterly data of U.S. firms from 1985 to 2005, we find that the four-quarter lagged industry valuation has a positive relationship with industry aggregate (current) discretionary accruals. More specific, one standard deviation increase in the aggregate industry valuation is associated with a significant increase of 2.4 cents in quarterly earnings per share. Our results are robust after controlling for several factors, including bubble years, size, leverage and performance.Industry valuation;Earnings management;Market to book ratio

Random Walks in Rindler Spacetime and String Theory at the Tip of the Cigar

In this paper, we discuss Rindler space string thermodynamics from a thermal scalar point of view as an explicit example of the results obtained in JHEP 1402 (2014) 127. We discuss the critical behavior of the string gas and interpret this as a random walk near the black hole horizon. Combining field theory arguments with the random walk path integral picture, we realize (at genus one) the picture put forward by Susskind of a long string surrounding black hole horizons. We find that thermodynamics is dominated by a long string living at string-scale distance from the horizon whose redshifted temperature is the Rindler or Hawking temperature. We provide further evidence of the recent proposal for string theory at the tip of the cigar by comparing with the flat space orbifold approach to Rindler thermodynamics. We discuss all types of closed strings (bosonic, type II and heterotic strings).Comment: 54 pages, v2: version accepted for publication in JHE

Near-Hagedorn Thermodynamics and Random Walks: a General Formalism in Curved Backgrounds

In this paper we discuss near-Hagedorn string thermodynamics starting from the explicit path integral derivation recently found by JHEP 0607 (2006) 031. Their result is extended and the validity is checked by comparing with some known exact results. We compare this approach with the first-quantized one-loop result from the low energy effective field theory and establish correction terms to the above result.Comment: 38 pages, v2: version accepted for publication in JHE