On the Performance and Robustness of Managing Reliable Transport Connections

We revisit the problem of connection management for reliable transport. At one extreme, a pure soft-state (SS) approach (as in Delta-t [9]) safely removes the state of a connection at the sender and receiver once the state timers expire without the need for explicit removal messages. And new connections are established without an explicit handshaking phase. On the other hand, a hybrid hard-state/soft-state (HS+SS) approach (as in TCP) uses both explicit handshaking as well as timer-based management of the connection’s state. In this paper, we consider the worst-case scenario of reliable single-message communication, and develop a common analytical model that can be instantiated to capture either the SS approach or the HS+SS approach. We compare the two approaches in terms of goodput, message and state overhead. We also use simulations to compare against other approaches, and evaluate them in terms of correctness (with respect to data loss and duplication) and robustness to bad network conditions (high message loss rate and variable channel delays). Our results show that the SS approach is more robust, and has lower message overhead. On the other hand, SS requires more memory to keep connection states, which reduces goodput. Given memories are getting bigger and cheaper, SS presents the best choice over bandwidth-constrained, error-prone networks.

Reversal of impairment losses, firm performance and reporting incentives: Evidence from Malaysia

Malaysian Financial Reporting Standard (FRS) No. 136, Impairment of Assets, was issued in 2005. The standard requires public listed companies to report their non-current assets at no more than their recoverable amount. When the value of impaired assets is recovered, or partly recovered, FRS 136 requires the impairment charges to be reversed to its new recoverable amount. This study tests whether the reversal of impairment losses by Malaysian firms is more closely associated with economic reasons or reporting incentives. The sample of this study consists of 182 public companies listed on Bursa Malaysia (formerly known as the Kuala Lumpur Stock Exchange) that reported reversals of their impairment charges during the period 2006-2009. These firms are matched with firms which do not reverse impairment on the basis of industrial classification and size. In the year of reversal, this study finds that the reversal firms are more profitable (before reversals) than their matched firms. On average, the Malaysian stock market values the reversals of impairment losses positively. These results suggest that the reversals generally reflect increases in the value of the previously impaired assets. After partitioning firms that are likely to manage earnings and those that are not, this study finds that there are some Malaysian firms which reverse the impairment charges to manage earnings. Their reversals are not value-relevant, and are negatively associated with future firm performance. On the other hand, the reversals of firms which are deemed not to be earnings managers are positively associated with both future firm performance and current stock price performance, and this is the dominant motivation for the reversal of impairment charges in Malaysia. In further analysis, this study provides evidence that the opportunistic reversals are also associated with other earnings management manifestations, namely abnormal working capital accruals and the motivation to avoid earnings declines. In general, the findings suggest that the fair value measurement in impairment standard provides useful information to the users of financial statements.

Performance and reliability of flexible substrates when subjected to lead-free processing

The use of flexible substrates is growing in many applications such as computer peripherals, hand held devices, telecommunications, automotive, aerospace, etc. The drive to adopt flexible circuits is due to their ability to reduce size, weight, assembly time and cost of the final product.They also accommodate flexibility by allowing relative movement between component parts and provide a route for three dimensional packaging. This paper will describe some of the current research results from the Flex-No-Lead project, a European Commission sponsored research program. The principle aim of this project is to investigate the processing, performance, and reliability of flexible substrates when subjected to new environmentally friendly, lead-free soldering technologies. This paper will discuss the impact of specific design variables on performance and reliability. In particular the paper will focus on copper track designs, substrate material, dielectric material and solder-mask defined joints.

The performance and persistence of exchange-traded funds: evidence for iShares MSCI country-specific ETFs

The aim of this paper is to investigate the performance and persistence of 20 iShares MSCI country-specific exchange-traded funds (ETFs) in comparison with S&P 500 index over the period July 2001 to June 2006. There are several studies analysing mutual funds performance in past years, but very little is known about ETFs. In our analysis the Sharpe, Treynor and Sortino ratios are used as risk-adjusted performance measures. To evaluate performance persistence and therefore if there is any relationship among past performance and future performance, we apply to the Spearman Rank Correlation Coefficient and the Winner-loser Contingency Table. The main findings are at two levels. First, ETFs can beat the U.S. market index based on risk-adjusted performance measures. Second, there is evidence of ETFs performance persistence based on annual return.