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Uncovering Earnings Management in the U.S. Tech Industry: Strategies to Meet or Just Beat Analyst EPS Expectations
Get PDFThis paper investigates earnings management practices within the U.S. tech industry, focusing on firms that meet or just beat analyst EPS expectations. I specifically built off the Stubben (2010) model that used discretionary revenue to identify potential mismanagement across multiple industries. The modified model incorporates deferred revenue as well as accounts receivable to identify revenue recognition practices in an industry where subscription based revenue is highly relevant. I hypothesize that tech firms with aggressive revenue recognition strategies, particularly those with higher levels of accounts receivable, are more likely to engage in earnings management in order to meet EPS targets. A sample of up to 2,502 data points from 2009 to 2022, extracted from COMPUSTAT and I/B/E/S databases, is analyzed using regression models to examine the relationship between revenue changes and discretionary revenue recognition. The results indicate significant patterns of aggressive recognition in the fourth quarter, suggesting that tech firms may employ earnings management strategies to meet year-end benchmarks. However, there are mixed results in that revenue recognition patterns remain similar for firms that just-miss EPS expectations and that that meet or just beat them leaving more research to be done. This study contributes to the literature by providing a deeper understanding of revenue management practices in a specific industry. The findings offer valuable insight for financial analysts, auditors, and policymakers, emphasizing the importance of transparency in revenue recognition practices
What Factors have Contributed to the Growth in the Unified Payments Interface in India?
Get PDFThe Unified Payments Interface (UPI), introduced in 2016, has driven the rapid growth of cashless transactions and digital adoption in India. By 2023, India led global real-time payments, processing 129 billion transactions. Using data from the Reserve Bank of India across 30 states and union territories, this study examines the factors driving UPI’s growth. We analyze panel data from 2018 to 2021, incorporating variables related to financial literacy, infrastructure, economic indicators, and demographics. Employing an Ordinary Least Squares model, we regress the log of the volume of UPI transactions per 1,000 people on these determinants. Our findings reveal that UPI adoption is positively associated with mobile phone penetration, insurance coverage, and per capita income, while reliance on cash-based indicators, such as deposits per ATM, negatively impacts its usage. These results underscore the importance of digital infrastructure and financial inclusion in fostering UPI adoption
Black Bodies In America: A Examination of Carrie Mae Weems, Dana Scruggs, and Lorna Simpson’s Photography
No full textBlack Bodies have regularly been subjected to racial remarks and stereotypes in the United States for centuries. Through the pain and suffering, art came into existence and became utilized as resistance in part of telling the Black experience. Through movements like the Harlem Renaissance and the Black Arts Movement, Black artists gained recognition and success across the world. Society slowly began to give Black people props for their artistic endeavors. The arts continued to evolve into digital spaces, known as digital and film photography, and as a result, Black people began expressing their thoughts into photographs. Black folks have been condemned and critiqued for the traumatizing acts and lack of bodily autonomy, and through photography, their right of choice was reclaimed.
My thesis looks to analyze the life and compositional works of Carrie Mae Weems, Dana Scruggs, and Lorna Simpson regarding the subject of Blackness in America, and how they each stylistically utilize the camera lens to create that. The study provides a brief overview of the beginning where and how art notably began in the United States. Then, I will give an introduction to each photographer and follow with my commentary and analysis of some of their most important works regarding the Black experience. This content museums stills and fashion magazine works that surround the idea of highlighting the Black community is a meaningful way. Lastly, I conclude with how their work’s have influenced the twenty-first century and their lasting impact
The Impact of Public Expenditure on Education, on Economic Growth in Indian States
No full textIndia’s ambition to become a developed nation by 2047 hinges on addressing persistent challenges like poverty and unemployment. Education, particularly government-funded initiatives, offers a path to breaking this cycle, aligning with the Solow Growth Model, which emphasizes productivity and technological progress as drivers of long-term growth. This study examines the relationship between state-level per capita income growth and state-level government expenditure on education across Indian states, using a fixed effects regression to account for state and temporal heterogeneity. Unlike prior studies conducted at the national level, this analysis focuses on state-level dynamics and incorporates lagged terms for variables like government expenditure on education, literacy rate, education completion and net capital formation growth. The findings reveal that literacy rate is the only positively significant variable with a one-year lag, highlighting its immediate impact on economic growth. The results challenge previous literature, underscore the importance of fixed effects models, and emphasize the role of net capital formation in shaping sustainable policymaking for India’s diverse economic landscape
The Rationality of Cooperation in One-Shot Prisoner\u27s Dilemmas: A Defense of David Gauthier\u27s Constrained Maximization
Get PDFFor moral skeptics and self-interested individuals, it is difficult for them to recognize the need and benefit for cooperation. That is, there is an intrinsic conflict in claiming that constraining one’s self-interest when cooperating with others serves to promote an individual’s self-interest. Even so, David Gauthier provides constrained maximization as a rational choice theory that addresses this conflict and balances the concepts of rationality and morality. Constrained maximization demonstrates to the moral skeptics and self-interested individuals that cooperation is in their self-interest when using the situation of the Prisoner’s Dilemma. Yet, as Holly Smith highlights, constrained maximization does not provide a strong enough reason to explain why a rational agent must comply with their intention to cooperate. Thus, this thesis aims to defend David Gauthier’s constrained maximization by providing an improved Rationality of Perseverance Principle (RPP*) that can address the compliancy problem that Holly Smith emphasizes. All in all, this thesis provides an argument against moral skeptics and self-interested individuals for the rationality of cooperation in one-shot Prisoner’s Dilemmas
On Smooth Projective Toric Fano 4-Folds
No full textThis paper describes work done to explore the topic of smooth projective toric Fano 4-folds that possess a full strong exceptional collection of line bundles. In previous work done over the summer of 2024, we found that 72/124 of the smooth toric Fano 4-folds possess a full strong exceptional collection of line bundles. We use data from the polymake database, which lists a classification of smooth reflexive lattice Fano polytopes in the first nine dimensions. In addition to getting the ratio of 72/124, we also wanted to check Bondal\u27s numerical criterion to figure out why the other 4-folds did not possess a full strong exceptional collection of line bundles. We were able to find that the passing and failing of Bondal\u27s numerical criterion coincided directly with the possession of a full strong exceptional collection of line bundles
Best Form of Government
No full textFor my thesis I chose to write about the best for of government, in my opinion. I chose to write about this topic because I am a government major and this is a topic that interest me. In my thesis I write about Thomas Hobbes political phiolosphy, refrencing his book the Leviathan to do so. I give a little background on Thomas Hobbes life because I believe it is important for understanding his argument. I also mention the state of the environment he lived in while writing the Leviathan, to also give insight to why he formed the opinions he did. Thomas Hobbes is a very influential and popular philosopher when it comes to the topic of government. For years and years many people, educator and philosophers alike, have debated Hobbes and his political theory. I am no different, in my thesis I highlight central themes in Hobbes political argument. I talk about the state of nature, the state of war, the social contract, the Leviathan, and the right of the sovereign. I use these central themes to explain away Thomas Hobbes political theory for government. In doing so I highlight key quotes that support my explanations.
Once I finish dissecting Thomas Hobbes political theory, as its described in his text, the Leviathan, I talk about the next philosopher, Confucius. Confucius was also a very influential philosopher, especially in China. I give some background to his importance and Confucinism. The reason I briefly mention Confucious because of a couple of central theories in his argument for political theory. I use his work, the Analects, which is a compilation of his teachings prepared by his disciples to do so. Thomas Hobbes’ political theory, paired with a key aspect of Confucious political theory encompases my opinion for what the best form of government is
The Impact of CEO Changes on the Recovery of IT Firms that Have Experienced Substantial Reductions in Value (2010-2024)
Get PDFThe informational technology (IT) industry is one of the most dynamic industries, and the CEO plays a crucial role in steering innovation. The dependence on innovation is associated with dynamics that bring heightened volatility and force firms and their CEOs to confront significant challenges, particularly when navigating periods of substantial reductions in value. I define distress as three-year cumulative returns that are negative and underperform the market by more than 30%. Firms that meet this criteria during 2010-2017 are analyzed using regression models to assess how CEO change influences the likelihood of their recovery, defined as achieving nine-year cumulative returns—including three-year periods of distress, reorientation, and recovery—where the inflation-adjusted value recovers or surpasses pre-distress levels. I hypothesize that CEO change, permanent CEO appointments, and external CEO appointments each increase the likelihood of firm recovery after a period of distress. Results indicate inconclusive evidence for the overall impact of CEO changes on recovery but highlight key interactions between appointment type—interim or permanent— and hiring origin—internal or external. Internal permanent CEO appointments are most strongly associated with recovery, while internal interim and external permanent CEOs show weaker positive links. In contrast, external interim appointments are linked to a lower likelihood of recovery. When evaluating the conditions under which firms address distress through CEO changes, firms in more severe distress are significantly more likely to appoint internal CEOs, indicating a preference for internal expertise during critical periods
An Unlikely Duo: Injecting Art Projects in the Lower-Division Mathematics Classroom
Get PDFToo often society has sterilized mathematics to the point that many view it as drab and deplete of aesthetic intrigue---in higher education, this is particularly true of students in the lower-division classroom. In this paper, we propose the use of art projects as a novel way to alter this perspective. Art projects function as a hands-on, active way to invite students to both identify connections between math and various non-mathematical disciplines as well as view math as overall more intriguing, inviting, and interesting. This paper details our implementation and discusses anonymously solicited survey data that highlights our successes
Mathematics in the Vichten Roman Mosaic
Get PDFWe explore the geometry of the renowned Vichten Roman Mosaic. The central section of the mosaic features a tessellation composed of octagons, half-squares, and symmetrical pentagons. We present a Sangaku-style exercise to investigate these polygons. Additionally, we examine the whirl patterns of the mosaic and the optical illusion they create. Our activities offer a mathematical exploration that requires only basic school-level mathematics, highlighting the close connection between mathematics and art