We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders’ expectations based on publicly available information rather than true income, resulting in an observed income and payout process that adjust...

We present spectra of the diffuse FUV (900 – 1200 Å) emission from a region near the Orion Nebula: the first high resolution spectra of the diffuse background radiation. These observations were made using serendipitous FUSE observations and were only possible because of the strength of the diffuse emission (≈ 3× 10 photons cm sr s Å) and the sensitivity of the FUSE instrument. Preliminary model...

SUMMARY This study draws on human capital theory to measure the quality of accounting personnel based their education level and investigate whether client firm’s affects auditors’ assessment audit risk by examining outcomes. It shows that auditors charge higher fees are more likely make adjustments for companies whose have a lower education. The relationship between (audit adjustments) is robus...

ABSTRACT We present theory and empirical evidence that greater financial reporting quality can incentivize myopic investments. In the model, increases investor response to earnings, elevating manager’s incentive invest myopically improve earnings. Using setting of Big N auditors’ acquisitions non-Big Ns, which increased earnings for acquired client firms, we find supporting Specifically, client...

We have mapped with the French submillimeter balloon-borne telescope ProNaOS the thermal emission of the dust in the M42 Orion Nebula. The map obtained is 50' by 40' with an angular resolution of about 3' in the four efficient wavelengths 200 µm, 260 µm, 360 µm and 580 µm. The temperature and index we obtain are highly variable within the studied region: the temperature varies from 12 K to 70 K...