Determining the Inherent Risks of Cryptocurrency: A Survey Analysis

Cryptocurrencies pose several risks that impact the inherent risk assessments of auditors. The SEC has issued warnings about the risks (Clayton 2017), and the PCAOB lists virtual assets as a key focus area in future inspections (Vincent and Wilkins 2020). This study examines how accounting professionals perceive the inherent risks associated with cryptocurrency based on their likelihood of occurrence and expected impact on financial statements. We find the risk of determining cryptocurrency value is perceived as having the highest likelihood of occurrence, and unauthorized private key access has the highest impact. Combining the evaluations of likelihood and impact, we rank the risk of ineffective exchange-level controls as having the highest inherent risk. We also find that inherent risk judgments are negatively correlated with cryptocurrency experience. Professionals with prior cryptocurrency experience, or who work for a company planning to process cryptocurrency transactions, rate inherent risk lower than those with less experience.

On the Structure-Activity Relationship for NO-SCR with NH3 Catalyzed by Cu-exchanged Natural Chabazite and SSZ-13

In spite of their similar structures, the catalytic properties of natural and synthetic (SSZ-13) Chabazite during the selective reduction of NO with NH3 have a different dependence on the Cu exchange level when tested under conditions equivalent to those found in Diesel vehicles. At low (1-2 wt.%) and high copper loadings (6-14 wt.%), their activities differ, because there are variations in the different species of Cu (Cu+, Cu2+, Cu-O-Cu) detected by UV-Vis. At intermediate Cu loadings (2-3 wt.%) they have similar high activities, reaching 100 % conversion. High deNOx activity per Cu site appears to correlate with the predominance of charge compensation Cu2+ species over CuOx moieties. There are changes in the distribution of Cu moieties during operation of both catalysts, evidenced by DR-UV-Vis. Resumen. A pesar de sus estructuras similares, las propiedades catalíticas de Chabazita natural y sintética (SSZ-13) durante la reducción selectiva de NO con NH3 dependen de manera diferente frente al nivel de intercambio con Cu cuando se prueban bajo condiciones equivalentes a las de vehículos Diesel. A bajos (1-2 % p/p) y altos contenidos de Cu (6-14 % p/p) la reducción de NO es diferente debido a variaciones en las distintas especies de Cu (Cu+, Cu2+, Cu-O-Cu) observadas por UV-Vis. Por su parte, los catalizadores intercambiados con 2-3 % p/p de Cu tuvieron alta actividad por sitio de Cu, alcanzando 100 % de conversión de NO, lo que parece deberse a la predominancia de especies de Cu2+ sobre especies CuOx de acuerdo con el análisis por DR-UV-Vis, el que también muestra la existencia de variaciones en la distribución de especies de Cu debido a la reacción.

Comprehensive Analysis of the Copper Exchange Implemented in Ammonia and Protonated Forms of Mordenite Using Microwave and Conventional Methods

This article presents the results of a comprehensive study of copper-exchanged mordenite samples prepared from its ammonia and protonated forms (Si/Al = 10) using two different ion exchange methods: conventional and microwave (MW)-assisted. The protonated H-MOR-10 sample was obtained by calcination of commercial NH4MOR-10; in this case, a slight degradation of the mordenite framework was observed, but the resulting defects were partially restored after the first ion-exchange procedure of protons for copper ions. The level of copper exchange in the studied materials was found to be limited to 70%. Regardless of the exchange procedure, the replacement of ammonium or proton ions with copper led to a linear increase in the a/b ratio of cell parameters in accordance with an increase in the level of copper exchange, which means that all Cu2+ cations are ion-exchangeable and enter the main mordenite channel. Thermal analysis indicated a correlation between the replacement of various ammonium and hydroxyl groups by copper ions during the exchange treatment and their dehydroxylation energy during thermal decomposition. As a conclusion: MW-assisted treatment proved itself as an efficacious method for the synthesis of copper-exchanged mordenites, which not only significantly reduces preparation time but leads to a systematically higher copper exchange level.

On the day-of-the-week effects of Bitcoin markets: international evidence

Purpose The purpose of this paper is to examine the day-of-the-week effects of Bitcoin (BTC) markets on the exchange level from January 2014 to September 2018. Design/methodology/approach The in-depth study on the day-of-the-week effects is conducted by using data consisting of Bitcoin prices denominated in 20 fiat currencies from 23 Bitcoin trading exchanges through the method of rolling sample for calendar effect proposed by Zhang et al. (2017). Findings It is shown by the empirical results that different patterns of the day-of-the-week effects are observed on Bitcoin denominated in various fiat currencies by referring to the price data collected from exchanges. Furthermore, the patterns of the day-of-the-week effects are also available after adjusting Bitcoin prices denominated in domestic currencies into USD. Research limitations/implications Because of the discontinuity of data for some daily return series, estimation with dynamic variance is not applicable. It is assumed that the error item follows normal distribution with constant variance. Originality/value The day-of-the-week effects are wide-spread in Bitcoin markets, and they are not mainly caused by movements of foreign exchange rates. Actually, empirical findings in this study provide evidence for inefficiency of Bitcoin markets.

Analysis of Relationships between Coaches' Organizational Justice and Leader-Member Exchange by Structural Equation Modeling

In this study, it was aimed to determine to what extent coaches’ organizational justice levels were explained by a leader-member exchange. This study was conducted by using correlational survey model and its sub-purposes were to determine the coaches’ organizational justice levels and to examine the differences in organizational justice levels according to their demographics. 230 coaches participated in the study. As a result of the study, it was determined that the organizational justice level of the coaches is generally moderate. It was found that coaches’ organizational justice levels did not differ significantly among their genders, age, and marital status; on the other hand, those levels differed significantly among their seniority and ranks. As a result of the structural equation modeling, it was found that the coaches’ leader-member exchange level was a positive and significant predictor (R2 = 0.53) of their organizational justice level.

Cirkuliranje novca u prvom stoljeću u unutrašnjosti rimske provincije Dalmacije / The coin circulation in the 1st century AD in the inland of the Roman province of Dalmatia

This paper examines the circulation of Roman coins in the 1st century in the inland of province of Dalmatia. The research timeframe is the period from the first reign of Octavian Augustus to the end of the reign of Nerva. The geographic region consists of the area of Bosnia and Herzegovina, or the province of Dalmatia in the Roman period. This paper analyzes the available reports on coin findings, individual coins or coin hoards, as well as the frequency of coin findings in relation to the Republican period. By combining the information of coin findings with the historical circumstances of coin storage, the paper creates a numismatic topography of Bosnia and Herzegovina in the 1st century. The study of money circulation paints a better picture about the monetary exchange level, as well as the economic development of this area.

LINEAR ACENES LINKED THIOPHENE, ELECTRONIC AND CHEMICAL PROPERTIES: PROSPECTS FOR MOLECULAR ORGANIC ELECTRONIC MATERIAL

We report a theoretical study of linear acene (n=1 to 7) linked thiophene properties functionality. The total ground state and band gap energies, Coulomb potential and nuclear repulsion energy are calculated by DFT, MP2 at B3LYP exchange level of the theory and 6-311G* basis set. The results are in good agreement with the experimental and theoretical values. It is found that the total ground state energy of the system and band gap energy decreases with an increasing number of electrons in the rings. The addition of thiophene molecules tends to improve the electronic and chemical properties of the linear acenes, the material exhibit potential application in the organic molecular electronic material.

Commonality in Liquidity: A Global Perspective

We conduct a comprehensive study of commonality in liquidity using intraday spread and depth data from 47 stock exchanges. We find that firm-level changes in liquidity are significantly influenced by exchange-level changes across most of the world’s stock exchanges. Emerging Asian exchanges have exceptionally strong commonality, while those of Latin America exhibit little if any commonality. After documenting the pervasive role of commonality within individual exchanges, we examine commonality across exchanges. We find evidence of a distinct, global component in bid-ask spreads and depths. Local (exchange-level) sources of commonality represent roughly 39% of the firm’s total commonality in liquidity, while global sources contribute an additional 19%. We also investigate potential sources of exchange-level and global commonality. We show that commonality is driven by both domestic and U.S. macroeconomic announcements.