Essays on Corporate Governance and the Quality of Disclosed Earnings: Across Transitional Europe

A growing body of empirical research examines the structure and effectiveness of corporate governance systems around the world. An important insight from this literature is that corporate governance mechanisms address the excessive use of managerial discretionary powers to get private benefits by expropriating the value of shareholders. One possible way of expropriation is to reduce the quality of disclosed earnings by manipulating the financial statements. This lower quality of earnings should then be reflected by the stock price of firm according to value relevance theorem. Hence, instead of testing the direct effect of corporate governance on the firm’s market value, it is important to understand the causes of the lower quality of accounting earnings. This thesis contributes to the literature by increasing knowledge about the extent of the earnings management – measured as the extent of discretionary accruals in total disclosed earnings - and its determinants across the Transitional European countries. The thesis comprises of three essays of empirical analysis of which first two utilize the data of Russian listed firms whereas the third essay uses data from 10 European economies. More specifically, the first essay adds to existing research connecting earnings management to corporate governance. It testifies the impact of the Russian corporate governance reforms of 2002 on the quality of disclosed earnings in all publicly listed firms. This essay provides empirical evidence of the fact that the desired impact of reforms is not fully substantiated in Russia without proper enforcement. Instead, firm-level factors such as long-term capital investments and compliance with International financial reporting standards (IFRS) determine the quality of the earnings. The result presented in the essay support the notion proposed by Leuz et al. (2003) that the reforms aimed to bring transparency do not correspond to desired results in economies where investor protection is lower and legal enforcement is weak. The second essay focuses on the relationship between the internal-control mechanism such as the types and levels of ownership and the quality of disclosed earnings in Russia. The empirical analysis shows that the controlling shareholders in Russia use their powers to manipulate the reported performance in order to get private benefits of control. Comparatively, firms owned by the State have significantly better quality of disclosed earnings than other controllers such as oligarchs and foreign corporations. Interestingly, market performance of firms controlled by either State or oligarchs is better than widely held firms. The third essay provides useful evidence on the fact that both ownership structures and economic characteristics are important factors in determining the quality of disclosed earnings in three groups of countries in Europe. Evidence suggests that ownership structure is a more important determinant in developed and transparent countries, while economic determinants are important determinants in developing and transitional countries.

Structural and optical properties of RF sputtered Bi2VO5.5 thin films

Thin films of Bismuth Vanadate Bi2VO5.5 (BiV) have been deposited on amorphous quartz and polycrystalline silicon substrates by r.f. sputtering technique and characterised for their structural and optical properties. The os-deposited films at room temperature are found to be amorphous and transparent over the spectral range of 0.55 mu m to 12 mu m. Post-deposition annealing at 400 degrees C in air shows the formation of the BiV crystalline phase. The optical constants namely refractive index. extinction coefficient and optical bandgap of both amorphous and crystalline films have been determined. The refractive index of the as-deposited film is around 2.4 at 0.7 mu m and drops to 2.26 at 1.56 mu m. The optical bandgap of the material has been determined from the computed values of the absorption coefficients.

Latitude variation of boundary layer height over Indian Ocean during pre- and First Field Phase (FFP-98) of INDOEX

This paper describes the results of the measurement of the Marine Boundary Layer (MBL) height from spectral analysis of the u and v components of the wind and from CLASS/radiosonde temperature profiles. The data were collected on ORV Sagar Kanya during the pre-INDOEX (27 December 1996 through 31 January 1997) and FFP-98 (18 February to 31 March 1998) over the latitude range 15 degrees N to 14 degrees S and 15 degrees N to 20 degrees S respectively. During the pre-INDOEX, the MBL heights gradually decrease from 2.5 km at 13 degrees N to around 500 to 600 m at 10 degrees S, Similar results are observed in the return track. The MBL heights (0.5 to 1 km) obtained during FFP-98 are less compared to those obtained during pre-INDOEX. The MBL heights during FFP-98 are less compared to the pre-INDOEX and are believed to be due to the presence of stratus, stratocumulus and cumulus clouds during the cruise period, compared to a relatively cloud free pre-INDOEX cruise.

Directly synthesized strong, highly conducting, transparent single-walled carbon nanotube films

We report the direct synthesis of strong, highly conducting, and transparent single-walled carbon nanotube (SWNT) films. Systematically, tests reveal that the directly synthesized films have superior electrical and mechanical properties compared with the films made from a solution-based filtration process: the electrical conductivity is over 2000 S/cm and the strength can reach 360 MPa. These values are both enhanced by more than 1 order. We attribute these intriguing properties to the good and long interbundle connections. Moreover, by the help of an extrapolated Weibull theory, we verify the feasibility of reducing the interbundle slip by utilizing the long-range intertube friction and estimate the ultimate strength of macroscale SWNTs without binding agent.

Crystal growth and properties of Yb : FAP laser crystal

A large and transparent Yb:FAP crystal with dimensions up to circle divide 30 mm x 85 mm has been grown by the Czochralski method. The preparation of the raw material has been investigated. X-ray power diffraction studies of Yb:FAP crystal confirm that the as-grown crystal is isostructural with the FAP crystal. The crystalline quality has been studied using X-ray rocking curve analysis. The segregation coefficient of Yb3+ in the Yb:FAP crystal has been also determined. Linear thermal expansion coefficients in [001] and [100] directions have been measured in the 30-800 degrees C temperature range. (c) 2005 Elsevier B.V. All rights reserved.

1.4 kV, 25 A, PT and NPT Trench IGBTs with optimum forward characteristics

In this paper we report the development of 1.4 kV 25 A PT and NPT Trench IGBTs with ultra-low on-resistance, latch-up free operation and highly superior overall performance when compared to previously reported DMOS IGBTs in the same class. We have fabricated both PT and transparent anode NPT devices to cover a wide range of applications which require very low on-state losses or very fast time with ultra-low switching losses. The minimum forward voltage drop at the standard current density of 100A/cm2 was 1.1 V for PT non-irradiated devices and 2.1 V for 16 MRad PT irradiated devices. The non-irradiated transparent emitter NPT structure has a typical forward voltage drop of 2.2 V, a turn-off time below 100 ns and turn-off energy losses of 11.2 mW/cm2 at 125 C. The maximum controllable current density was in excess of 1000A/cm2.

Embryonic and larval development of Mystus gulio (Ham.)

Mystus gulio eggs are strongly adhesive and contain relatively small yolk (0.75-1.0 mm). The egg envelop is thick and transparent. First cleavage (two cells), four cells, eight cells, sixteen cells and multi cells stages were found 20, 25, 35-40, 60 and 70 minutes after fertilization, respectively. The morula stage was visualized within 1.5 h after fertilization. The heart beat visible and the circulatory system commenced after 16 h of fertilization. Embryos hatched 18-20h after activation of egg. The newly hatched larva measured 2.82±0.03 mm in length and 0.32±0.06 mg in weight. The yolk sac was fully absorbed by the third day though larvae commenced exogenous feeding even before completion of yolk absorption. A 5-day old post larva began wandering in search of food. Ten-day old post larvae endowed with eight branched rays in dorsal fin and seven in caudal fin. Fifteen-day old post larvae had the pectm:al spine become stout though the embryonic fin folds had to be disappeared. The length of fingerlings ranged from 25-30 mm after 30 days, and their external features were just like those of an adult except that they were not sexually matured.

Biology and distribution of grouper (Epinephelus coioides) in province waters (Abadan Bhrakan)

This survay has been done from Januray 2000 till May 2002 in Khouzestan costal waters. Four species of grouper were identified from which orange spotted grouper (Epinephelus coioides) was the dominant species. For studing environmental parameters and reproductive biology, age, growth parameters and mortality rate samples were collected by fishing ship. Samples were taken montly in 4 days by fishing traps and trawls. In addition, some samples were obtained from Khozestan fish landing centres. Environmental factors such as PH, 02, salinity, water temperature and depth of traping areas, were measured. To identify species, morphometric characteries of 452 individal fishes were measured. Stomach contents of 394 fish were has survaid, from which stomach of 226 fish, and 168 fish had empty stomachs. Percentage of empty stomachs (cv) in males was more than females. Food items found in 73 percent of stomach were crab (11%), shrimps (8.8%) , squids (3.9%), gastropods (17%) and bivalves (0.4%). Feeding intensity in year classes did not obay logic trends The importance relatively indicator (I.R.I) were 81, 9.9, 4, 1.5 and 0.3 percent for fish, crab, shrimp, squid, gastropod and bivalve respectively. For age determination, sagita otoliths of 450 fish were taken and countable sections were obtained from 425 specimens. Relative frequency distribution of opaque and transparent rings showed that each opaque growth ring generates once a year from November to September. It seemed that generation of opaque rings is affected by temperature and photoperiod changes. Correlation between length and age was calculated using Von Bertalanffy's least square method. Following equasion was obtaind: L(t) : 122.27 (1 e 0.146 (t+0.482)) Growth parameters were determined through by Ford Walford equasion and Response Surface and Shepherd subcommands in Elefan program and L00 and K amounts were have determined. Correlation between length and age of 635 fish was determined by gender . Length and age correlation was calculated by exponential model and between total length and standard length by straghit line model. Correlation between age and weight of sagita was calculated by total length and age. The most Correlation was between sagita weight and fish age (r=0.876). Total mortality rate (z) was estimated by Length Converthed Method , Jones and Vanzaling and Powel Wetherall. Total mortality rate was z=0.39. Natural mortality rate, using Pauly method was calculated M=0.32. Fishing mortality (F) was 0.08. Gonads of 425 fishes were surveid within 18 month, from which 363 were female, 46 were male and 16 were sex reversing individuals .Total length of females varied from 26 to 95.5 centimeters while males length varied from 56.5 to 107 centimeters. Sex reversing individuals had a length of 47.5 centimeters, when two years old and 62.5 centimeters at age of 3 years. From the mentioned 425 fish, 401 individuals were matured, containing 339 females and 62 males, 5.47 females against each male. Montly changes of Gonadosomatic Index (GSI) by total body weight and standard length and total body length showed that this index increases from march to May and maximum increase was in May . This experiment was adapted in spawning season. Potential, relative, and absoulate fecundity was estimated by counting eggs in three samples. Total amount of traped fish using special traps was 16182.18 kg from which Epinephelus coioides provided catching 15353.43 kg of it (91.27 %) and By catch was 141.18 kg (8.24 %). Total average CPUE for whole catch was 123.33 kg/day/vessel. Total amount of catch was estimated 232.04 tons, considering CPUE of total catch and total Khuzestan trap ships effort.

A Comparative Review of Existing Data and Methodologies for Calculating Embodied Energy and Carbon of Buildings

In the Climate Change Act of 2008 the UK Government pledged to reduce carbon emissions by 80% by 2050. As one step towards this, regulations are being introduced requiring all new buildings to be ‘zero carbon’ by 2019. These are defined as buildings which emit net zero carbon during their operational lifetime. However, in order to meet the 80% target it is necessary to reduce the carbon emitted during the whole life-cycle of buildings, including that emitted during the processes of construction. These elements make up the ‘embodied carbon’ of the building. While there are no regulations yet in place to restrict embodied carbon, a number of different approaches have been made. There are several existing databases of embodied carbon and embodied energy. Most provide data for the material extraction and manufacturing only, the ‘cradle to factory gate’ phase. In addition to the databases, various software tools have been developed to calculate embodied energy and carbon of individual buildings. A third source of data comes from the research literature, in which individual life cycle analyses of buildings are reported. This paper provides a comprehensive review, comparing and assessing data sources, boundaries and methodologies. The paper concludes that the wide variations in these aspects produce incomparable results. It highlights the areas where existing data is reliable, and where new data and more precise methods are needed. This comprehensive review will guide the future development of a consistent and transparent database and software tool to calculate the embodied energy and carbon of buildings.

A Comparative Review of existing data and methodologies for calculating embodied energy and carbon of buildings

In the Climate Change Act of 2008 the UK Government pledged to reduce carbon emissions by 80% by 2050. As one step towards this, regulations are being introduced requiring all new buildings to be ‘zero carbon’ by 2019. These are defined as buildingswhichemitnetzerocarbonduringtheiroperationallifetime.However,inordertomeetthe80%targetitisnecessary to reduce the carbon emitted during the whole life-cycle of buildings, including that emitted during the processes of construction. These elements make up the ‘embodied carbon’ of the building. While there are no regulations yet in place to restrictembodiedcarbon,anumberofdifferentapproacheshavebeenmade.Thereareseveralexistingdatabasesofembodied carbonandembodiedenergy.Mostprovidedataforthematerialextractionandmanufacturingonly,the‘cradletofactorygate’ phase. In addition to the databases, various software tools have been developed to calculate embodied energy and carbon of individual buildings. A third source of data comes from the research literature, in which individual life cycle analyses of buildings are reported. This paper provides a comprehensive review, comparing and assessing data sources, boundaries and methodologies. The paper concludes that the wide variations in these aspects produce incomparable results. It highlights the areas where existing data is reliable, and where new data and more precise methods are needed. This comprehensive review will guide the future development of a consistent and transparent database and software tool to calculate the embodied energy and carbon of buildings.

Experimental demonstration of a transparent graphene millimetre wave absorber with 28% fractional bandwidth at 140 GHz.

The development of transparent radio-frequency electronics has been limited, until recently, by the lack of suitable materials. Naturally thin and transparent graphene may lead to disruptive innovations in such applications. Here, we realize optically transparent broadband absorbers operating in the millimetre wave regime achieved by stacking graphene bearing quartz substrates on a ground plate. Broadband absorption is a result of mutually coupled Fabry-Perot resonators represented by each graphene-quartz substrate. An analytical model has been developed to predict the absorption performance and the angular dependence of the absorber. Using a repeated transfer-and-etch process, multilayer graphene was processed to control its surface resistivity. Millimetre wave reflectometer measurements of the stacked graphene-quartz absorbers demonstrated excellent broadband absorption of 90% with a 28% fractional bandwidth from 125-165 GHz. Our data suggests that the absorbers' operation can also be extended to microwave and low-terahertz bands with negligible loss in performance.

Novel Near-Infrared Luminescent Hybrid Materials Covalently Linking with Lanthanide [Nd(III), Er(III), Yb(III), and Sm(III)] Complexes via a Primary beta-Diketone Ligand: Synthesis and Photophysical Studies

A series of novel, colorless, and transparent sot-gel derived hybrid materials Ln-DBM-Si covalently grafted with Ln(DBM-OH)(3)center dot 2H(2)O (where DBM-OH = o-hydroxydibenzoylmethane, Ln = Nd, Er, Yb, and Sin) were prepared through the primary beta-diketone ligand DBM-OH. The structures and optical properties of Ln-DBM-Si were studied in detail. The investigation results revealed that the lanthanide complexes were successfully in situ grafted into the corresponding hybrids Ln-DBM-Si. Upon excitation at the maximum absorption of ligands, the resultant materials displayed excellent near-infrared luminescence.

Synthesis and property of a novel sulfonated poly(ether ether ketone) with high selectivity for direct methanol fuel cell applications

Bisphenol monomer 4-carboxylphenyl hydroquinone (4C-PH) containing carboxyl groups was synthesized by diazotization reaction of p-aminobenzoic acid and 1,4-benzoquinone and subsequent reductive reaction. Copolymerization of bisphenol A, 4C-PH, sodium 5,5'-carbonylbis(2-fluorobenzene-sulfonate) and 4,4'-difluorobenzophenone at various molar ratios through aromatic nucleophilic substitution reaction resulted in a new sulfonated poly(ether ether ketone) containing pendant carboxyl groups (C-SPEEK). The structures of the monomer 4C-PH and copolymers were confirmed by FT-IR and H-1 NMR. Flexible and transparent membranes with sulfonic and carboxylic acid groups as the proton conducting sites were prepared. The dependence of ion-exchange capacity (IEC), water uptake, proton conductivity and methanol permeability on the degree of sulfonation has been studied.

Synthesis and properties of novel soluble polyimides having a spirobisindane-linked dianhydride unit

A new synthetic procedure was elaborated allowing the preparation of semiaromatic dianhydride. N-Methyl protected 4-chlorophthalic anhydride was nitrated with HNO3 to produce N-methyl-4-chloro-5-nitrophthalimide (1). The aromatic nucleophilic substitution reaction between 5,5',6,6'-tetrahydroxy-3,3,3',3'-tetramethyl-1,1-spirobisindane and 1 afforded spirobisindane-linked bis(N-methylphthalimide) (2), which was hydrolyzed and subsequently dehydrated to give the corresponding dianhydride (3). The latter was polymerized with five different aromatic diamines to afford a series of aromatic polyimides. The properties of polyimides such as inherent viscosity, solubility, UV transparency and thermal stability were investigated to illustrate the contribution of the introduction of spirobisindane groups into the polyimide backbone. The resulting polyimides were readily soluble in polar solvents such as chloroform, THF and N-methyl-2-pyrrolidone. The glass-transition temperatures of these polyimides were in the range of 254-292 degrees C. The tensile strength, elongation at break, and Young's modulus of the polyimide film were 68.8-106.6 MPa, 5.9-9.8%, 1.7-2.0 GPa, respectively. The polymer films were colorless and transparent with the absorption cutoff wavelength at 286-308 nm.

Synthesis and gas transport property of polyimide from 2,2 '-disubstituted biphenyltetracarboxylic dianhydrides (BPDA)

A series of dianhydride monomers, 2,2'-disubstituted-4,4',5,5'-biphenyltetracarboxylic dianhydride (substituents = phenoxy, p-methylphenoxy, p-tert-butylphenoxy, nitro, and methoxy) were synthesized by the nitration of an N-methyl protected 3,3',4,4'-biphenyttetracarboxylic dianhydride (BPDA) and subsequent aromatic nucleophilic substitutions with aroxides (NaOAr) or methoxide. These dianhydrides were polymerized with various aromatic diamines in refluxing m-cresol containing isoquinoline to afford a series of aromatic polyintides. The effects of varying 2,2'-substituents of the dianhydride (BPDA) moiety on the properties of polyimides were investigated. It was found that polyimides from the dianhydrides containing phenoxy, p-methylphenoxy, and p-tert-butylphenoxy side groups possessed excellent solubility and film forming capability whereas polyimides from 2,2'-dinitro-BPDA and 2,2'-dimethoxy-BPDA were less soluble in organic solvent. The soluble polymers formed flexible, tough and transparent films. The films had a tensile strength, elongation at break, and Young's modulus in the ranges 102-168 MPa, 8-21%, 2.02-2.38 GPa, respectively. The polymer gas permeability coefficients (P) and ideal selectivities for N-2, O-2, CO2 and CH4 were determined for the -OAr substituted polyimides. The oxygen permeability coefficient (P-O2) and permselectivity of oxygen to nitrogen (PO2/N-2) of the films were in the ranges 3.4-11.3 barrer and 3.8-4.6, respectively.