Reliability of Financial Information from the Perspective of Benford’s Law

This study investigates the conformity to Benford’s Law of the information disclosed in financial statements. Using the first digit test of Benford’s Law, the study analyses the reliability of financial information provided by listed companies on an emerging capital market before and after the implementation of International Financial Reporting Standards (IFRS). The results of the study confirm the increase of reliability on the information disclosed in the financial statements after IFRS implementation. The study contributes to the existing literature by bringing new insights into the types of financial information that do not comply with Benford’s Law such as the amounts determined by estimates or by applying professional judgment.     

The constructal law and the evolution of design in nature

The constructal law accounts for the universal phenomenon of generation and evolution of design (configuration, shape, structure, pattern, rhythm). This phenomenon is observed across the board, in animate, inanimate and human systems. The constructal law states the time direction of the evolutionary design phenomenon. It defines the concept of design evolution in physics. Along with the first and second law, the constructal law elevates thermodynamics to a science of systems with configuration. In this article we review the more recent work of our group, with emphasis on the advances made with the constructal law in the natural sciences. Highlighted are the oneness of animate and inanimate designs, the origin of finite-size organs on animals and vehicles, the flow of stresses as the generator of design in solid structures (skeletons, vegetation), the universality and rigidity of hierarchy in all flow systems, and the global design of human flows. Noteworthy is the tapestry of distributed energy systems, which balances nodes of production with networks of distribution on the landscape, and serves as key to energy sustainability and empowerment. At the global level, the constructal law accounts for the geography and design of human movement, wealth and communications.     

Bound exciton in CuGaS2

In CuGaS₂ crystals absorption and luminescence spectra at the temperature 9 K at excitation by different wavelengths of Ar laser are investigated. A series of lines available in luminescence and absorption spectra is found. Another series of lines is found only in absorption spectra. The found series of lines of absorption and luminescence are determined by excitons bound on neutral acceptor. A model of electron transitions between the energy levels of the exciton bound on neutral acceptor is proposed.     

Interference of resonance luminescence of exciton polaritons in CuGaS2 crystals

The nonmodulated and wavelength-modulated reflection spectra of CuGaS₂ crystals for the polarization EIIc of 10 K are studied. The states n = 1, 2 and 3 of the excitons Γ₄ (A-excitons) and n = 1, n = 2 of B- and C-excitons are found. The nonmodulated absorption spectra for the polarization E⊥c at 10 K have been studied. The states n = 1, 2 and 3 of Γ₅ excitons are found. The main parameters of the A (Γ₄, Γ₅) and B, C exciton series at the energies of the longitudinal and transverse excitons Γ₄ for the states n = 1 and n = 2, the effective masses of electrons and holes are determined. The photoluminescence peaks were observed at n = 3 and n = 4 of the excitons Γ₅ in the luminescence spectra excited by the line 4880 Å of Ar⁺ laser. In the luminescence spectra the interference is found.     

Local transformations of superpositions of entangled states

Suppose that we have two entangled states |?₁〉, |ψ₁〉 that cannot be converted to any of other two states |?₂〉, |ψ₂〉 by local operations and classical communication. We analyze the possibility of locally transforming a superposition of |?₁〉 and |ψ₁〉 into a superposition of |?₂〉 and |ψ₂〉. By using the Nielsen's theorem we find the necessary and sufficient conditions for this conversion to be performed.     

A Bayesian Entropy Approach to Sectoral Systemic Risk Modeling

We investigate the dynamics of systemic risk of European companies using an approach that merges paradigmatic risk measures such as Marginal Expected Shortfall, CoVaR, and Delta CoVaR, with a Bayesian entropy estimation method. Our purpose is to bring to light potential spillover effects of the entropy indicator for the systemic risk measures computed on the 24 sectors that compose the STOXX 600 index. Our results show that several sectors have a high proclivity for generating spillovers. In general, the largest influences are delivered by Capital Goods, Banks, Diversified Financials, Insurance, and Real Estate. We also bring detailed evidence on the sectors that are the most pregnable to spillovers and on those that represent the main contributors of spillovers.     

Transient natural convection in a rectangular enclosure with one heated side wall

This paper describes a numerical and theoretical study of the transient natural convection heating of a two-dimensional rectangular enclosure filled with fluid. The heating is applied suddenly along one of the side walls, while the remaining three walls are maintained insulated. It is shown that the process has two distinct phases, an early period dominated by conduction and a late period dominated by convection. The scaling laws for the heat transfer rate and the effectiveness (energy storage fraction) are determined based on scale analysis. These theoretical results are confirmed by numerical experiments conducted in the domain Ra = 10³−10⁶, Pr = 7, A = 1, where Ra is the Rayleigh number based on height and initial temperature difference, Pr is the Prandtl number, and A is the height/length ratio of the enclosure. Correlations for heat transfer rate and effectiveness are constructed by comparing the theoretical scaling laws with the numerical results.     

Extraction of exergy from solar collectors under time-varying conditions

Maximization of energy delivery is the fundamental problem in solar collector thermal design. This paper examines the trade-off between the storage and the immediate use of solar exergy, with the objective of maximising the long-term exergy output from a solar collector installation. It is demonstrated that a trade-off exists, and that for maximum exergy output the collector and the collector-user interaction must conform to a well-defined pattern. It is also shown that the practice of operating collectors at constant temperature, regardless of time of day, is responsible for a sizeable and steady exergy loss     

Harmonic Almost Complex Structures with Respect to General Natural Metrics

We continue here the study initiated in [9] on the harmonicity of certain geometric objects on the total space TM of the tangent bundle of a Riemannian space form (M(c), g). Precisely, in this paper we find all the general natural metrics on TM, with respect to which the canonical almost complex structure J on TM is harmonic. We also study the harmonicity of this tensor field with respect to the natural diagonal metrics. In particular, we obtain that J is harmonic with respect to the Sasaki metric on TM if and only if the base manifold is flat.