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Accelerated share repurchases (ASRs) represent an important recent innovation in repurchase methods. Although executives often mention signaling undervaluation as a motivation for ASRs, managing earnings per share (EPS) has been argued as a key alternative motivation in the financial press. This paper aims to investigate whether ASRs are driven by managerial opportunism (i.e. managing EPS) or managerial optimism (i.e. signaling undervaluation) and whether stock market participants see through these motives.

The sample consists of 293 ASRs conducted between 2004 and 2011. Firms suspected of using ASRs to manage EPS (EPS-suspect firms) were identified by examining actual reported EPS, as-if EPS (i.e. EPS that would have been reported in the absence of an ASR), and analysts’ consensus EPS forecasts. A logistic regression of EPS-suspect versus non-EPS-suspect ASR transactions was performed. Analysts’ reactions to ASR announcements and investors’ reactions to post-ASR earnings announcements were examined. Changes in post-ASR operating performance were also analyzed.

Twenty-nine per cent of ASR firms (EPS-suspect firms) would have missed the consensus EPS forecasts had they not implemented the repurchase. Managerial incentives – securing bonuses and maintaining reputation by avoiding EPS misses – appear to lie behind this opportunistic use of ASRs. Upward revision observed in analysts’ EPS forecasts upon the announcement of ASRs is short-lived, indirectly facilitating firms’ use of ASRs to meet or beat consensus forecasts. Investors, however, are not fooled by managers’ use of ASRs as an earnings management device. Unlike EPS-suspect firms, non-EPS-suspect firms exhibit positive abnormal operating performance during the post-ASR period, suggesting that these firms use ASRs as a signaling device rather than as an earnings management device.

ASRs can be used by managers to signal better future performance to investors. However, managers who intend to do so should carefully consider the timing of an ASR. Initiating an ASR when the company is facing the risk of missing analysts’ EPS forecasts may be interpreted as the ASR being motivated by EPS management concerns rather than signaling, diminishing the credibility of a positive signal intended to be conveyed through the ASR. Further, when considering payout policy and executive compensation decisions, corporate boards need to be cognizant of managers’ incentives for undertaking ASRs. The use of ASRs opportunistically to boost EPS is prevalent, and this action is followed by poor performance.

A number of novel results are documented using tests that are methodologically distinct from those used in related previous research. Notably, this is the first study to distinguish between EPS-suspect and non-EPS-suspect ASR firms and examine the determinants as well as consequences of using ASRs as an earnings management versus signaling device. One out of every four ASR firms are EPS-suspects. Analysts react to ASR announcements by only temporarily increasing their short-term EPS forecasts. Investors see through managers’ use of ASRs as an earnings management device. While ASRs are prone to managerial opportunism, a large number of firms use ASRs to communicate favorable information about their future operating performance to investors.

Many argue that the design of compensation contracts for public company chief executive officers (CEOs) is often not guided by a goal of value maximization. Yet, there is limited direct empirical evidence on the negative consequences of the proposed inefficient contracting between shareholders and CEOs. Using data on CEO bonus contracts of the S&P 500 firms, we investigate potential firm performance implications of the use of qualitative criteria such as leadership and mentoring in those contracts. We maintain that unlike quantitative criteria, qualitative criteria are difficult to define and measure on an objective basis, possibly resulting in an inefficient and biased incentive structure. Twenty-five percent of the sample observations have CEO bonus contracts that include a qualitative criterion for bonus payment determination. Our results show that employee productivity, asset productivity, capital expenditures, and future abnormal stock returns are lower for firms that use a qualitative criterion in CEO bonus contracts than those that do not. Further, contrary to the argument in prior literature that earnings management decreases with the use of subjective performance indicators in incentive contracts, we find that income-increasing accruals are actually higher when the CEO bonus contract includes a qualitative criterion. We recommend that compensation committees set concrete, measurable performance goals for CEOs, providing CEOs with better guidance and helping improve their corporate decision making.

The purpose of this paper is to optimize the key parameters (mesh count, paper type and ink type) in screen printing, which are affecting the printed ink volume. The objective of the optimization was to maximize the color reliability by decreasing the color difference (ΔE value) of the prints while minimizing the ink consumption. Screen printing is still dominating the printing industry to make cost-effective production when high volumes are needed.

The experiment was designed using the Taguchi method, and the samples were prepared with screen-printing by using the standard squeegee angle and pressure. The effect of mesh count, ink type and paper type on ink consumption was evaluated with using analysis of variances and main effects plots of S/N ratio and standard deviation.

The factors ink type, paper type and mesh count were found significant for ink consumption due to their Probability (P) values which were lower than 0.05. It was determined that the mesh count was the most critical variable with the analysis of variance. The analysis showed that the selection of an optimum mesh count was the key to controlling the amount of the deposited ink. Although mesh counts were inversely proportional with the ink consumptions, they did not affect the color differences as expected.

The optimization of process parameters, that are most effective on the print quality, is necessary to minimize the ink usage and lower the costs and environmental impact without exceeding the desired ΔE value limits.

Among the components used for a car brake lining, the chemical and structural properties of the abrasives, jointly with the morphology and size of the particles influence the friction parameters and stability of the composite. This paper aims to investigate the effect of nano SiO2 particles in brake pads on friction and wear properties.

In this paper, the effects of SiO₂ (Silica) particles of varying size on the friction-wear properties of polymeric friction composites are investigated. Four friction composites were prepared containing (5, 10 Wt.%) micro silica (MS) particles and (5, 10 Wt.%) nano silica (NS) particles. The samples were produced by a conventional procedure for a dry formulation following dry-mixing, pre-forming and hot pressing. Friction and wear characteristics of the specimens against to a disk made of cast iron were studied. Friction coefficient, specific wear rate and hardness of specimens were obtained. Detailed examinations on the worn surface were analyzed using a scanning electron microscope.

The results of test showed that the inclusion of nano silicon carbide (SiC) powder improved the wear performance significantly. Friction coefficient (μ) of NS samples was higher than the MS samples. Micro-SiC showed poor performance and μ. High wear performance was exhibited in materials containing 5 Wt.% NS and 10 Wt.% NS.

This paper emphasizes the importance of nano-composites in the automotive industry and helps to industrial firms and academicians working on wear of materials.

Along with accounting scandals in the past, academics, researchers, and legislators have focused on fraud. The purpose of this study is to examine postgraduate and doctoral studies, articles, and books about forensic accounting and fraud audit published between the years 2008 and 2018 in Turkey. For this purpose, a total of 96 studies have been examined and 35 of these are master’s theses, 10 of them are PhD theses, 45 of them are articles, and six of them are books. These studies were presented in tables as classified. The studies examined in our research are summarized as year they were published, the author, and the scope of the topic and in terms of results. The conclusions of this study can be summarized as follows: (a) the majority of thesis published about forensic accounting and fraud audit are in 2011 and following years. In addition, most of the theses are focused on forensic accounting review rather than fraud audit. (b) Results in the articles reviewed are in the same direction with theses. (c) There are very few books about fraud audit and forensic accounting. One of them is related to fraud audit, while the rest of them are related to forensic accounting and forensic accounting profession. We suggest extending the scope of the study and making to other countries.

Academic freedom is of central importance in all kinds of activities of academics and students. Considering this, many reforms were made to secure and improve academic freedom in Turkey. The most important reforms and changes were made in 1933, 1946, 1960, 1973 and 1981, and they all coincided with significant social and political periods. But, the history of Turkey’s academic freedom is not bright. The past university policies pertaining to academic freedom had occasionally positive, but often restrictive, results in expanding academic freedom. Despite policies and reforms, illegal dismissals of faculty members, disciplinary inspections and penalties were experienced. Moreover, the restrictions also affected freedom of expression in the forms of censorship and self-censorship; freedom to learn, teach and conduct researches had limitations. On the other hand, the removal of headscarf ban and the abolishment of coefficient policy which disadvantaged some students in the university entrance examinations can be given as examples of improvement in academic freedom of students, both of which improved students’ access to higher education. When compared with other Organisation for Economic Co-operation and Development countries, the rankings and various indicators present Turkey at lower end in terms of academic freedom. This shows that further steps are to be taken to improve academic freedom in Turkey.

The purpose of this paper is to study the potential of alumina (Al₂O₃) in nanometer size in automotive brake friction materials.

Four brake linings containing alumina differing in particle size (355 µm and 80 nm) and various amount (5 and 10 Wt.%) were designed and produced. The hardness, density and porosity of the samples were measured. All samples were tested on a full-scale brake dynamometer with gray cast iron disc to determine the tribological properties. Detailed examinations on the worn surface were analyzed using a scanning electron microscopy.

It was concluded that all performance parameters were beneficially affected because of nano alumina.

This paper emphasizes the importance of nano-composites in the automotive industry and helps industrial firms and academicians working on wear of materials.

The purpose of this paper is to theorize and empirically investigate the formation of consumer’s consumption ritual experiences and discourses associated with Feast of Sacrifice.

The authors have approached the data from assemblage theory perspective. By use of ethnographic participant observation and in-depth interviews, seven themes are uncovered and discussed: meaning of Qurban, preparation of the ritual, Qurban choice, meat, Qurban ritual, marketplace and framing of discourses.

This study provides a theoretical development in which it depicts that assemblage theory can be used in the context of religious rituals such as the Feast of Sacrifice. This suggests that parts forming the social phenomena include different meanings and functions in different assemblages to the ritual, which has a structure with a particular process, roles and content scenario. This implies that even the most structured social phenomena as religious rituals can be accepted as social assemblage where every individual experiences his/her own ritual with the parts that have ever-changing material and expressive roles.

This study will contribute to the literature on religious rituals and practices through viewing ritual as an assemblage including material and expressive features as well as human and non-human actors. Besides, this study aims to find out whether there is a constant consumer and the concept of ritual by focusing on buying experiences of consumer in Feast of Sacrifice in Turkey.

Since capital is not evenly distributed across the world geography, each geography has different ways of life. Likewise, capitalism prevails within nation-states, which are the governorships of capital, and this is the main cause of inequalities. These inequalities lead to the consumption of a different industry in areas where industry or consumer culture cannot spread: The arms industry. For this, the conflict of elements with the necessary ethnic or sectarian distinctions is triggered and encouraged by the nation-state’s and corporations’ policies. The state, as the governorship of capitalism and the companies behind it, supports the consumption of the products of the arms industry, one of the most important economic factors of capitalism, precisely in these areas. Conflicts between armies and so-called “terrorist” groups are very convenient and functional points for the arms industry to find new markets. In this study, the reality of “stone-throwing children,” which is a part of the Kurdish people’s struggle for existence, has been going on in various grammars for nearly a hundred years, and the representation of this reality in mainstream newspapers in Turkey will be shown. The Diyarbakır branch of the Human Rights Association of Turkey and 11 non-governmental organizations have reported that between 2006 and 2010, 4,000 children between the ages of 12 and 18 were detained or imprisoned for periods ranging from 2 months to 4 years. The findings of academic articles on the representation of stone-throwing children in the media will be summarized.