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This dissertation investigates the effects of changes in the accounting environment on the capital markets. Included are three manuscripts, each of which, make an important contribution to the accounting literature. The first two manuscripts investigate the impact and importance of analysts' forecasts. The third manuscript documents the impact of eliminating an important accounting disclosure. This dissertation makes the following contributions to the accounting literature. The first manuscript documents that investor skepticism towards meet/beat firms appears to have been a temporary phenomenon and investors have resumed rewarding firms that meet/beat analysts' earnings expectations. Further, the study provides evidence that changes in the analyst forecasting environment also contributed to this temporary decline implying that the scandals did not have as strong of an effect on investors' confidence in earnings as previously believed. The second manuscript contributes to the accounting literature by documenting the importance of meeting/beating cash flow forecasts to participants in the debt markets. Finally, the third manuscript contributes to the existing literature regarding the value relevance of the IFRS -- U.S.GAAP reconciliation by documenting a significant decrease in publicly available information to equity investors at the first reporting period following the SEC's decision to eliminate the reconciliation. All of these manuscripts extend what is currently known about the importance of public disclosures to capital market participants. / Ph. D.

This research provides the original work on the geometry factors selection for single crystal sapphire optical fiber (SCSF) to improve the optical property in sensing applications. Single crystal sapphire fibers were fabricated with a Laser Heated Pedestal Growth (LHPG) system, which was constructed in-house at Virginia Tech. The cost effective, high efficiency and fully operational Laser-heated Pedestal Growth (LHPG) system as well as the fiber fabrication process were also demonstrated in this research. The results indicated the windmill single crystal sapphire optical fiber (SCSF) will readily improve the performance of current fiber optic sensors in the harsh environment and potentially enable those that are limited by the optical property of unclad single crystal sapphire optical fiber (SCSF). / Ph. D.

The use of tsunami models for applications of 'now-casting', which is the prediction of the present and near future behavior, has limited exploration, and could potentially be of significant usefulness. Tsunamis are most often caused by earthquakes in subduction zones, which generates coupled uplift and subsidence, and displaces the water column. The behavior of the fault failure is difficult to describe in the short term, often requiring seismic waveform inversion, which takes a length of time on the order of weeks to months to properly model, and is much too late for any use in a now-casting sense. To expedite this length of time, a series of source models are created with variable fault geometry behaviors, using fault parameters from Northern Oceanic and Atmospheric Administration's Short-term Inundation and Forecasting of Tsunamis (SIFT) database, in order to model a series of potential tsunami behaviors using the numerical modelling package, GeoClaw. The implementation of modeling could identify areas of interest for further study that are sensitive to fault failure geometry. Initial results show that by varying the geometry of sub-faults of a given earthquake, the resulting tsunami models behave fairly differently with different wave dispersion behavior, both in pattern and magnitude. While there are shortcomings of the potential geometries the code created in this study, and there are significant improvements that can be made, this study provides a good starting point into now-casting of tsunami models, with future iterations likely involving statistical probability in the fault failure geometries. / Master of Science / Short term modeling of tsunamis generated by earthquakes is poorly explored. If an earthquake causes movement in a fault located underwater, and this movement will then cause the water column above it to be displaced. Tsunami models are sensitive to how the fault moves, and an accurate representation of this movement often takes much more time that the duration of a tsunami. This lengthy process is ineffective for short term modeling. This study instead estimates several possible scenarios of how the fault will behave, and model each of them. This will show how different locations of interest are sensitive to different geometries of fault failure. Initial results show that by varying this geometry, the tsunami wave behaves very differently, and will cause different amounts of run-up in the same location depending on which particular geometry is modeled. The automation of distinctly different earthquake sources serve as a good starting point for future work to be conducted to generate more accurate models.

One basic assumption of the celebrated Black-Scholes-Merton PDE model for pricing derivatives is that the volatility is a constant. However, the implied volatility plot based on real data is not constant, but curved exhibiting patterns of volatility skews or smiles. Since the volatility is not observable, various stochastic volatility models have been proposed to overcome the problem of non-constant volatility. Although these methods are fairly successful in modeling volatilities, they still rely on the implied volatility approach for model implementation. To avoid such circular reasoning, we propose a new class of stochastic volatility models based on directly observable volatility proxies and derive the corresponding option pricing formulas. In addition, we propose a new GARCH (1,1) model, and show that this discrete-time stochastic volatility process converges weakly to Heston's continuous-time stochastic volatility model. Some Monte Carlo simulations and real data analysis are also conducted to demonstrate the performance of our methods.