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What are the characteristics of firms that engage in earnings per share management through share repurchases?
No full textManuscript Type: Empirical Research Question/Issue: This study examines US firms\u27 share repurchases during 1997-2006 to determine what factors are associated with firms that use share repurchases to manage earnings per share (EPS). Specifically, we analyze firm and governance characteristics associated with firms that engage in share repurchases that increase annual EPS by at least one cent in a given year and that had EPS less than or equal to annual EPS forecast prior to the share repurchase. Research Findings/Insights: We find that growth firms are less likely to use share repurchases to increase EPS for earnings management purposes. We also provide evidence that firms with a more independent board, a separation of the roles of CEO and chairman of the board, or a low entrenchment index (E-Index) are less likely to engage in earnings management through share repurchases. Finally, we find evidence that high CEO share ownership restrains managers from using share repurchases as a mechanism to manage EPS. Theoretical/Academic Implications: Our empirical results support some of the best practices advocated by various shareholders groups regarding corporate governance. Also, strong shareholder rights can mitigate incentives to manage earnings, highlighting the importance of corporate governance mechanisms/provisions in ensuring the integrity of the financial reporting system. Practitioner/Policy Implications: This research is important to investors in the face of the growing popularity of share repurchases. In particular, our study suggests strong corporate governance, strong shareholder rights, and high percentage CEO stock ownership discourages repurchase-based earnings management. © 2013 John Wiley & Sons Ltd
Influence of Responsibility-Based Physical Activity within a Secured Juvenile Correctional Facility
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Solving Singularly Perturbed Differential Difference Equations via Fitted Method
Get PDFIn this paper, we presented a fitted approach to solve singularly perturbed differential difference equations of second order with boundary at one end (left or right) of the interval. In this approach, with the help of Taylor series expansion, we approximated the terms containing negative and positive shifts and modified the singularly perturbed differential difference equation to singularly perturbed differential equation. A fitting parameter in the coefficient of the highest order derivative of the new equation is introduced and determined its value from the theory of singular perturbation. Finally, we obtained a three term recurrence relation which is solved using Thomas Algorithm. The applicability of the method is tested with six linear problems
Modelling the Role of Cloud Density on the Removal of Gaseous Pollutants and Particulate Matters from the Atmosphere
Get PDFIn this paper, a six dimensional nonlinear mathematical model is proposed to study the effect of the density of cloud droplets (formed due to the presence of vapors in the atmosphere) on the removal of pollutants, both gaseous and particulate, from the atmosphere. We assume that there exist six nonlinearly interacting phases in the atmosphere i.e. the vapor phase, the phase of cloud droplets, the phase of raindrops, the phase of gaseous pollutants, the phase of particulate matters and the phase of gaseous pollutants absorbed in raindrops. It is further assumed that the dynamics of the system undergo ecological type growth and nonlinear interactions. The model is analyzed qualitatively using the stability theory of ordinary differential equations and computer simulations. By analyzing the model, it is shown that under appropriate conditions, gaseous pollutants and particulate matters would be removed from the atmosphere and their respective equilibrium levels would depend upon the intensity of rain caused by cloud droplets, emission rate of pollutants, the rate of raindrops falling on the ground, etc. It is pointed out that, if due to unfavorable atmospheric conditions cloud droplets are not formed, rain may not occur and pollutants would not be removed
Dispersion of a Solute in Hartmann Two-Fluid Flow between Two Parallel Plates
Get PDFThe paper presents an analytical solution for the dispersion of a solute in a conducting immiscible fluid flowing between two parallel plates in the presence of a transverse magnetic field. The fluids in both the regions are incompressible, electrically conducting and the transport properties are assumed to be constant. The channel walls are assumed to be electrically insulating. Separate solutions for each fluid are obtained and these solutions are matched at the interface using suitable matching conditions. The results are tabulated for various values of viscosity ratio, pressure gradient and Hartman number on the effective Taylor dispersion coefficient and volumetric flow rate in the absence and in the presence of chemical reactions. It is found that the solute is dispersed relative to a plane moving with the mean speed of flow with an effective Taylor diffusion coefficient which decreases with an increase in magnetic field with or without chemical reactions. The validity of the results obtained for conducting two fluid model is verified by comparison with the available one-fluid model and the values tally very well
Generalized Fractional Integral of the Product of Two Aleph-Functions
Get PDFThis paper is devoted to the study and develops the generalized fractional integral operators for a new special function, which is called Aleph-function. The considered generalized fractional integration operators contain the Appell hypergeometric function F3 as a kernel. We establish two results of the product of two Aleph-functions involving Saigo-Maeda operators. On account of the general nature of the Saigo-Maeda operators and the Aleph-function, some results involving Saigo, Riemann-Liouville and Erdélyi-Kober integral operators are obtained as special cases of the main result
In-situ and remote soil moisture sensing technologies for vadose zone hydrology
No full textThis manuscript gives an overview of some of the current research on in situ and remote soil water sensing techniques that were presented at Hawaii\u27s soil moisture sensing conference. This work covers practical applications of these sensors to different land uses, data handling and processing, scaling issues, integration of in situ and remote sensing data, and limitations of these sensors. © Soil Science Society of America, 5585 Guilford Rd., Madison, WI 53711 USA. All rights reserved