Miracle-dz/UniFAR-FTUs huggingface dataset:
Fair Value Measurement for Long-Lived Operating Assets: Research Evidence

Abstract This paper reviews research evidence on the usefulness of fair value measurement of long-lived operating assets for financial reporting. Although economically material, these assets have been sidelined in the current fair value debate that largely centers on financial assets, from which operating assets differ in important respects. Our review provides several insights. First, fair value measurement is pervasive for investment property, while nearly non-existent for PP&E and intangible assets. Second, external fair value appraisers help enhance the decision usefulness of fair values. Third, the determinants of fair-value-related reporting choices vary by context and are not yet well-understood. Fourth, fair value measurement is largely useful when it comes to the valuation role of financial reporting, but this usefulness varies across recognized and disclosed fair values. Fifth, the contracting implications of fair value measurement for long-lived operating assets are severely under-researched. Overall, whereas extant research provides relevant insights, it is derived from diverse settings employing different measures and research designs, and does not yet provide an accumulation of evidence sufficient for final clarity about the determinants and consequences of fair value measurement for long-lived operating assets. Based on this conclusion, we develop several suggestions for future research in this area.
Do the LCAPM Predictions Hold?
Replication and Extension Evidence

The Liquidity-adjusted Capital Asset Pricing Model (LCAPM) includes two specific testable predictions: (1) the coefficient on expected liquidity cost equals average turnover and (2) the coefficient on market beta equals the coefficient on net liquidity risk beta. By contrast, generalized liquidity-adjusted asset pricing models allow liquidity characteristics and/or liquidity risk factors without such parameter restrictions. We empirically test these alternative theories. In doing so, we expand the range of evidence in multiple ways. First, we extend forward and backwards in time to cover 80 years. Second, we analyze NASDAQ-listed stocks as well as NYSE/AMEX-listed stocks. Third, we analyze four alternative liquidity measures: (1) the Corwin and Schultz proxy, (2) closing percent quoted spread, (3) the Amihud proxy, and (4) zeros. Fourth, we analyze the impact of adding Fama and French/Carhart risk factors to the model. Our main finding is that both of these specific predictions of LCAPM are robustly rejected. This outcome supports generalized liquidity-adjusted asset pricing. Finally, we ask can the original LCAPM results be replicated? We qualitatively replicate most tables, but obtain mixed results for two tables. We make publicly available our SAS code and the resulting data files for both our new empirical tests and our replication.
Characterising the nonequilibrium stationary states of Ornstein–Uhlenbeck processes

We characterise the nonequilibrium stationary state of a generic multivariate Ornstein–Uhlenbeck process involving degrees of freedom. The irreversibility of the process is encoded in the antisymmetric part of the Onsager matrix. The linearity of the Langevin equations allows us to derive closed-form expressions in terms of the latter matrix for many quantities of interest, in particular the entropy production rate and the fluctuation–dissipation ratio matrix. This general setting is then illustrated by two classes of systems. First, we consider the one-dimensional ferromagnetic Gaussian spin model endowed with a stochastic dynamics where spatial asymmetry results in irreversibility. The stationary state on a ring is independent of the asymmetry parameter, whereas it depends continuously on the latter on an open chain. Much attention is also paid to finite-size effects, especially near the critical point. Second, we consider arrays of resistively coupled electrical circuits. The entropy production rate is evaluated in the regime where the local temperatures of the resistors have small fluctuations. For networks the entropy production rate grows linearly with the size of the array. For networks a quadratic growth law violating extensivity is predicted.
Literature Survey on Secure Data Sharing in Cloud using Accountability Method

Cloud computing is widely precise as momentous modernizations in computer technology. Cloud computing refers to the liberation of computing resources over the Internet on an as needed basis. With the evolution of cloud computing, Data security becomes very important. Cloud computing is an aggressive option to wide-ranging distributed data sharing method. The key feature of cloud services is that user's data are typically processed remotely on unknown machines that users cannot manage. In this paper survey, different cloud data sharing techniques have been discussed from which scholars can get an idea for efficient techniques which can be used.
Unstable Diffusion Indexes: With an Application to Bond Risk Premia

This paper studies the empirically relevant problem of estimation and inference in diffusion index forecasting models with structural instability. Factor model and factor augmented regression both experience a structural change with different unknown break dates. In the factor model, we estimate factors and loadings by principal components. We consider least squares estimation of the factor augmented regression and propose a break test. The empirical application uncovers instabilities in the linkages between bond risk premia and macroeconomic factors.
Mechanism Design, Kinematics and Dynamics Analysis of a 7-Degree-Of-Freedom (DOF) Cable-Driven Humanoid Robot Arm

DING, JUN, M.S., March 2011, Mechanical Engineering Mechanism Design, Kinematics and Dynamics Analysis of a 7-Degree-Of-Freedom (DOF) Cable-Driven Humanoid Robot Arm (118 pp.) Director of Thesis: Robert L. Williams II The purpose of this thesis is to study a 7-DOF humanoid cable-driven robotic arm, implement kinematics and dynamics analysis, present different cable-driven designs and evaluate their merits and drawbacks. Since this is a redundant mechanism, kinematics optimization is used to avoid joint limits, singularities and obstacles. Cable kinematics analysis studies the relations between lengths of cables and pose of the end-effector. This is a design modified from the literature. Several new designs are compared in statics analysis of the whole arm and the most favorable design is suggested in terms of motion range and the consumption of cable tensions. Linear programming is used to optimize cable tensions. The energy consumption of the cable-driven arm is much less than that of the traditional motor-driven arm in dynamics analysis. Cable-driven robots have potential benefits but also some limitations. Approved: _____________________________________________________________ Robert L. Williams II Professor of Mechanical Engineering
The MACHO Project: Microlensing Optical Depth toward the Galactic Bulge from Difference Image Analysis

We present the microlensing optical depth toward the Galactic bulge based on the detection of 99 events found in our Difference Image Analysis (DIA) survey. This analysis encompasses 3 yr of data, covering ~17 million stars in ~4 deg2, to a source-star baseline magnitude limit of V = 23. The DIA technique improves the quality of photometry in crowded fields, and allows us to detect more microlensing events with faint source stars. We find that this method increases the number of detection events by 85% compared with the standard analysis technique. DIA light curves of the events are presented, and the microlensing fit parameters are given. The total microlensing optical depth is estimated to be τtotal = 2.43 × 10-6, averaged over eight fields centered at l = 2. °68 and b = -3. °35. For the bulge component, we find τbulge = 3.23 × 10-6, assuming a 25% stellar contribution from disk sources. These optical depths are in good agreement with the past determinations of the MACHO and OGLE groups, and are higher than predicted by contemporary Galactic models. We show that our observed event timescale distribution is consistent with the distribution expected from normal mass stars, if we adopt the Scalo stellar mass function as our lens mass function. However, we note that since there is still disagreement about the exact form of the stellar mass function, there is uncertainty in this conclusion. Based on our event timescale distribution, we find no evidence for the existence of a large population of brown dwarfs in the direction of the Galactic bulge.
Innovation by demand? An introduction

The structure and regulation of consumption and demand have recently become of great interest to sociologists and economists alike, ‘consumption’ being the focus of sociological accounts, whilst ‘demand’ has been the preserve of economists’ analyses. At the same time, there is growing interest, especially among economists, in trying to understand the patterns and drivers of technological innovation. The connection between consumption/demand and innovation suggests a number of interesting questions. How do macrosocial shifts influence patterns of consumption? How do firms and other organisations structure markets and create demand? How do perceptions of demand influence the innovative activities of firms? How do consumers respond to the innovative offerings of firms? In 1999 the Centre for Research in Innovation and Competition (at Manchester University and UMIST) ran an international workshop to explore these themes. The primary aim of the workshop was to bring together sociologists and economists to look at how they study the role of demand and consumption in the innovation process. There have been few attempts to find points of contact between the diverse approaches. So the focus of the workshop was on identifying differences and complementarities in approach, with a view to finding possible common ground and new interdisciplinary research directions. This book presents some of the papers from the workshop and others of CRIC researchers that explore the same theme. The first two chapters set the scene for the whole volume. They offer broad conceptual overviews of ways that the sociological and economics literatures address issues of innovation, demand and consumption. Alan Warde, in Chapter 2, reviews the sociological literature on consumption, focusing in particular on research that offers alternative or complementary views to the concepts of ‘conspicuous consumption’ and individual choice, which has dominated much work in this area. From this, he proposes a research agenda for examining everyday consumption, that is, consumption that is unremarkable, bound by habit and routine, and which takes place in the context of social networks and institutions, by which it is also constrained. As he points 1 Innovation by demand? An introduction
Zero temperature limit for the Brownian directed polymer among Poissonian disasters

We study a continuum model of directed polymer in random environment. The law of the polymer is defined as the Brownian motion conditioned to survive among space-time Poissonian disasters. This model is well-studied in the positive temperature regime. However, at zero-temperature, even the existence of the free energy has not been proved. In this article, we prove that the free energy exists and is continuous at zero-temperature.
Missing pixels restoration for remote sensing images using adaptive search window and linear regression

Abstract. The Consultative Committee for Space Data Systems proposed an efficient image compression standard that can do lossless compression (CCSDS-ICS). CCSDS-ICS is the most widely utilized standard for satellite communications. However, the original CCSDS-ICS is weak in terms of error resilience with even a single incorrect bit possibly causing numerous missing pixels. A restoration algorithm based on the neighborhood similar pixel interpolator is proposed to fill in missing pixels. The linear regression model is used to generate the reference image from other panchromatic or multispectral images. Furthermore, an adaptive search window is utilized to sieve out similar pixels from the pixels in the search region defined in the neighborhood similar pixel interpolator. The experimental results show that the proposed methods are capable of reconstructing missing regions with good visual quality.
Star Formation at z~6: i-dropouts in the ACS GTO fields

Using an i-z dropout criterion, we determine the space density of z~6 galaxies from two deep ACS GTO fields with deep optical-IR imaging. A total of 23 objects are found over 46 arcmin^2, or ~0.5 objects/arcmin^2 down to z~27.3 (6 sigma; all AB mag) (including one probable z~6 AGN). Combining deep ISAAC data for our RDCS1252-2927 field (J~25.7 and Ks~25.0 (5 sigma)) and NICMOS data for the HDF North (JH~27.3 (5 sigma)), we verify that these dropouts have flat spectral slopes. i-dropouts in our sample range in luminosity from ~1.5 L* (z~25.6) to ~0.3 L* (z~27.3) with the exception of one very bright candidate at z~24.2. The half-light radii vary from 0.09" to 0.29", or 0.5 kpc to 1.7 kpc. We derive the z~6 rest-frame UV luminosity density using three different procedures, each utilizing simulations based on a CDF South V dropout sample. First, we compare our findings with a no-evolution projection of this V-dropout sample. We find 23+/-25% more i-dropouts than we predict. Adopting previous results to z~5, this works out to a 20+/-29% drop in the luminosity density from z~3 to z~6. Second, we use these same V-dropout simulations to derive a selection function for our i-dropout sample and compute the UV-luminosity density (7.2+/-2.5 x 10^25 ergs/s/Hz/Mpc^3 down to z~27). We find a 39+/-21% drop over the same redshift range. This is our preferred value and suggests a star formation rate of 0.0090+/-0.0031 M_sol/yr/Mpc^3 to z~27, or ~0.036+/- 0.012 M_sol/yr/Mpc^3 extrapolating the LF to the faint limit. Third, we follow a very similar procedure, but assume no incompleteness, finding a luminosity density which is ~2-3X lower. This final estimate constitutes a lower limit. All three estimates are within the canonical range of luminosity densities necessary for reionization of the universe at this epoch. (abridged)
Evaluate the Gray Code in Distributed Fields for Tracking

Distribution Fields (DFs) for tracking achieved a better performance than traditional algorithms due to its special representation that allows smoothing the objective function without destroying information about pixel values. DFs descriptor can satisfy both the specificity and smooth landscape requirements of a good tracking algorithm. In this paper, we evaluate the Gray code in original DFs algorithm by replacing the pixel values using Gray code instead of original binary code. Experimental results show that the Gray code can improve the tracking efficiency in certain way
Research and Implementation on the Synchronization of Real-Time Audio and Video Transmission

A coding method of synchronization between audio and video based on the real-time transport protocol is proposed,with establishing the correspondence relationship between audio and video data broadcasting synchronously and quickly finding the next synchronization point to continue playing when the data is not synchronized.In the TCP/IP network,a real-time audio and video transmission system is designed and implemented based on the H.264 video coding standard,G.729A audio and the real-time transport protocol RTP/RTCP.Experimental results show that this program will enable the synchronization of audio and video data maintained time shift between the ±80 ms,the synchronization phase distortion synchronized before and after has significantly improved.
The Political Economy of Social Security Reform

We identify which types of Social Security reforms are supported when people vote in their financial self-interest, under alternative economic and demographic projections and voting proclivity assumptions. While 40% of voters have negative lifetime net transfers, less than 10% have negative future transfers under the un- sustainable status quo. Framing the problem as a choice between reforms is necessary for any to receive majority support. Delayed reforms are often preferred, but immediate tax hikes or slower benefit growth win in some circumstances. Inter-generational AND intragenerational heterogeneity of economic interests combine to affect which reforms are blocked and which are feasible.
Robustly Optimal Reserve Price

We study a robust version of the single-unit auction problem. The auctioneer has confidence in her estimate of the marginal distribution of a generic bidder's valuation, but does not have reliable information about the joint distribution. In this setting, we analyze the performance of second-price auctions with reserve prices in terms of revenue guarantee, that is, the greatest lower bound of revenue across all joint distributions that are consistent with the marginals. For any finite number of bidders, we solve for the robustly optimal reserve price that generates the highest revenue guarantee. Our analysis has interesting implications in large markets. For any marginal distribution, the robustly optimal reserve price converges to zero as the number of bidders gets large. Furthermore, the second-price auction with no reserve price is asymptotically optimal among all mechanisms.
A predictive control method for networked control systems with random delay and packet dropouts

For networked control systems (NCSs) with random delay and packet dropouts in feedback channel (sensor to controller) and the feedforward channel (controller to actuator), in this paper, a predictive control algorithm based on the theory of pseudo partial derivative (PPD) is used to compensate random delay and packet dropouts in process of the network transmission. Furthermore, the stability and convergence of the algorithm are proved. Finally, simulation results show that the proposed algorithm is reasonable and effective.
EUROPEAN MONETARY UNION: ACHIEVEMENTS AND FUTURE CHALLENGES

The European governance has constantly evolved since the acceptance of the Maastricht Treaty in 1992. The evolution of the European institutions is especially marked by the economic impact of the 2008 crisis. Indeed, following the crisis new institutions with new functions emerged in order to allow for a better management of the crisis. Further reforms are likely to give way to the creation of new institutions in the future, such as the European monetary fund or the European Ministry of Economy and Finance. The present paper analyzes the interaction between the innovations in the functioning of the euro area and the economic business cycles. For this, the present paper first gives the evolution of the key economic indicators in the euro area compared to the USA. Then, the new institutions are analyzed with respect to their economic stabilization capacity. The supra-national character of these new institutions implies higher policy cooperation within the euro area. However, the order of priority assigned to the policy targets seems to be more decisive than the institutional innovation in stabilizing the business cycles.
Finding benchmark brown dwarfs to probe the substellar initial mass function as a function of time

Using a simulated disc brown dwarf (BD) population, we find that new large area infrared surveys are expected to identify enough BDs covering wide enough mass–age ranges to potentially measure the present day mass function down to ∼0.03 M⊙, and the BD formation history out to 10 Gyr, at a level that will be capable of establishing if BD formation follows star formation. We suggest these capabilities are best realized by spectroscopic calibration of BD properties (Teff, g and [M/H]) which when combined with a measured luminosity and an evolutionary model can give BD mass and age relatively independent of BD atmosphere models. Such calibration requires an empirical understanding of how BD spectra are affected by variations in these properties, and thus the identification and study of ‘benchmark BDs’ whose age and composition can be established independently. We identify the best sources of benchmark BDs as young open cluster members, moving group members, and wide (>1000 au) BD companions to both subgiant stars and high-mass white dwarfs (WDs). To accurately asses the likely number of wide companion BDs available, we have constrained the wide L dwarf companion fraction using the 2-Micron All Sky Survey (2MASS), and find a companion fraction of 2.7+0.7−0.5 per cent for separations of ∼1000–5000 au. This equates to a BD companion fraction of 34+9−6 per cent if one assumes an α∼ 1 companion mass function. Using this BD companion fraction, we simulate populations of wide BD binaries, and estimate that 80+21−14 subgiant–BD binaries, and 50+13−10 benchmark WD–BD binaries could be identified using current and new facilities. The WD–BD binaries should all be identifiable using the Large Area Survey component of the United Kingdom Infrared Telescope (UKIRT) Infrared Deep Sky Survey, combined with the Sloan Digital Sky Survey. Discovery of the subgiant–BD binaries will require a near-infrared imaging campaign around a large (∼900) sample of Hipparcos subgiants. If identified, spectral studies of these benchmark BD populations could reveal the spectral sensitivities across the Teff, g and [M/H] space probed by new surveys.
A influência da alavancagem financeira na rentabilidade dos investidores em empresas brasileiras

A alavancagem financeira consiste na estratégia de aumentar a variação dos resultados em relação às receitas, devido às despesas financeiras advindas do uso de capital terceiros, como financiamento de investimentos. Contudo, nem sempre o adequado nível de endividamento de uma empresa é identificável claramente, e pode provocar uma alavancagem com perdas de resultados. Desse modo, este estudo objetivou verificar qual a influência da alavancagem financeira em relação à rentabilidade dos investidores nas empresas brasileiras. Adotaram-se métodos da estatística descritiva, com intuito de averiguar as correlações entre as variáveis estudadas: GAF e Endividamento; e GAF e ROE. Aplicou-se o teste t de Student para verificar se houve significância das médias das empresas que obtiveram GAF > 1 ou GAF ≤ 1. Os índices de correlação apresentaram-se de forma positiva, mostrando forte relação entre as variáveis. Concluiu-se que é significante o número de empresas que mantiveram sua situação favorável de alavancagem financeira com GAF > 1, tendo o retorno sobre o ativo superior à remuneração paga ao capital de terceiros, sempre atentas às proporções de capital de terceiros utilizados na composição da estrutura de capital. Financial leverage consists of the strategy of increasing the variation of the results in relation to the revenues, due to the financial expenses derived from the use of third capital, as investment financing. However, a company’s adequate level of indebtedness is not always clearly identifiable, and can lead to loss-of-profit leverage. Thus, this study aimed to verify the influence of financial leverage in relation to the profitability of investors in Brazilian companies. Descriptive statistics methods were used in order to ascertain the correlations between the studied variables: GAF and Indebtedness; and GAF and ROE. The Student’s t-test was applied to verify if there was a significance of the means of the companies that obtained GAF > 1 or GAF ≤ 1. The correlation indexes were positive, showing a strong relationship between the variables. It was concluded that the number of companies that maintained their favorable financial leverage situation with GAF > 1 was significant, with a return on the asset higher than the remuneration paid to the capital of third parties, always attentive to the proportions of third-party capital used in the composition of the capital structure.