Earnings management and stock price crashes post-crossdelisting

We test whether cross-delisted firms from the major U.S. stock exchanges experience an increase in crash risk associated with earnings management. Consistent with our prediction, we find that earnings management have a greater positive impact on stock price crash risk post-cross-delisting when compared to a sample of still cross-listed firms. Moreover, our results suggest that this effect is more pronounced for crossdelisted firms from countries with weaker investor protection and poorer quality of their information environment. We further examine whether managers’ ability to manipulate earnings increases post-cross-delisting around seasoned equity offerings. Our evidence shows that cross-delisted firms that engage in earnings management to inflate reported earnings prior to a seasoned equity offering are more likely to observe a subsequent stock price crash.

Integrated management systems as complex adaptive systems

It is a difficult task to avoid the “smart systems” topic when discussing smart prevention and, similarly, it is a difficult task to address smart systems without focusing their ability to learn. Following the same line of thought, in the current reality, it seems a Herculean task (or an irreparable omission) to approach the topic of certified occupational health and safety management systems (OHSMS) without discussing the integrated management systems (IMSs). The available data suggest that seldom are the OHSMS operating as the single management system (MS) in a company so, any statement concerning OHSMS should mainly be interpreted from an integrated perspective. A major distinction between generic systems can be drawn between those that learn, i.e., those systems that have “memory” and those that have not. These former systems are often depicted as adaptive since they take into account past events to deal with novel, similar and future events modifying their structure to enable success in its environment. Often, these systems, present a nonlinear behavior and a huge uncertainty related to the forecasting of some events. This paper seeks to portray, for the first time as we were able to find out, the IMSs as complex adaptive systems (CASs) by listing their properties and dissecting the features that enable them to evolve and self-organize in order to, holistically, fulfil the requirements from different stakeholders and thus thrive by assuring the successful sustainability of a company. Based on the revision of literature carried out, this is the first time that IMSs are pointed out as CASs which may develop fruitful synergies both for the MSs and for CASs communities. By performing a thorough revision of literature and based on some concepts embedded in the “DNA” of the subsystems implementation standards it is intended, specifically, to identify, determine and discuss the properties of a generic IMS that should be considered to classify it as a CAS.

Life cycle analysis of zero waste management for Jonggol green city

A Zero waste management is believed to be one of methods to gain sustainability in urban areas. Take advantages of resources as enough as the needs and process it until the last part to be wasted is a contribution to take care the environment for the next generation. Reduce, reuse, and recycle are three simplesactivities which are until nowadays consideredas the back bone of zero waste. Jonggolgreen city is a new urban area in Indonesia with a 100 ha of surface area zoned as education tourism area. It is an independent area with pure natural resources of water, air, and land to be managed and protected. It is planned as green city through zero waste management since2013. In this preliminary period, a monitoring tool is being prepared by applying a Life Cycle Analysis (LCA) for urban areas [1]. This paper will present an explanatory assessment ofthe zero waste management for Jonggolgreen city. The existing situation will be examined through LCA and afterwards,the new program and the proposed green design to gain the next level of zero waste will be discussed. The purpose is to track the persistence of the commitment and the perception of the necessary innovationsin order to achieve the ideal behavior level of LCA.

Insider threats: the major challenge to security risk management

Security risk management is by definition, a subjective and complex exercise and it takes time to perform properly. Human resources are fundamental assets for any organization, and as any other asset, they have inherent vulnerabilities that need to be handled, i.e. managed and assessed. However, the nature that characterize the human behavior and the organizational environment where they develop their work turn these task extremely difficult, hard to accomplish and prone to errors. Assuming security as a cost, organizations are usually focused on the efficiency of the security mechanisms implemented that enable them to protect against external attacks, disregarding the insider risks, which are much more difficult to assess. All these demands an interdisciplinary approach in order to combine technical solutions with psychology approaches in order to understand the organizational staff and detect any changes in their behaviors and characteristics. This paper intends to discuss some methodological challenges to evaluate the insider threats and its impacts, and integrate them in a security risk framework, that was defined according to the security standard ISO/IEC_JTC1, to support the security risk management process.

A trust model for cloud computing environment

This paper presents a proposal for a management model based on reliability requirements concerning Cloud Computing (CC). The proposal was based on a literature review focused on the problems, challenges and underway studies related to the safety and reliability of Information Systems (IS) in this technological environment. This literature review examined the existing obstacles and challenges from the point of view of respected authors on the subject. The main issues are addressed and structured as a model, called "Trust Model for Cloud Computing environment". This is a proactive proposal that purposes to organize and discuss management solutions for the CC environment, aiming improved reliability of the IS applications operation, for both providers and their customers. On the other hand and central to trust, one of the CC challenges is the development of models for mutual audit management agreements, so that a formal relationship can be established involving the relevant legal responsibilities. To establish and control the appropriate contractual requirements, it is necessary to adopt technologies that can collect the data needed to inform risk decisions, such as access usage, security controls, location and other references related to the use of the service. In this process, the cloud service providers and consumers themselves must have metrics and controls to support cloud-use management in compliance with the SLAs agreed between the parties. The organization of these studies and its dissemination in the market as a conceptual model that is able to establish parameters to regulate a reliable relation between provider and user of IT services in CC environment is an interesting instrument to guide providers, developers and users in order to provide services and secure and reliable applications.

Aspergilli and Penicillia related to the surface of ripening italian grana type cheese and its ripening environment

Information available on the mycoflora associated to ripening Italian “grana type” cheese is very poor. Recently, ochratoxin A (OTA) was detected in samples of packed grated cheese [1]; therefore, the need of information to perform a risk management was highlighted. Moreover, sterigmatocystin (STC) has been reported in cheese and it is considered an emerging problem. Despite the fact that both of them are mycotoxins included in group 2B by IARC [2,3], no European regulation exists. So, the main goal of this work is to give for the first time a general overview about Penicillia and Aspergilli growing on the surface of ripening “grana type” cheese, with particular attention on mycotoxigenic species. To perform this, in 2013 and 2014 crust samples were scratched from ripening grana cheese wheels and also Potato Dextrose Agar plates were exposed to monitor ripening house air. Then, 140 fungal isolates were randomly chosen, purified and monosporic colonies were obtained for their identification at specie level. A polyphasic approach is followed, based on morphological characterisation, toxic extrolites profiling and gene sequencing. The identification is still in progress, but the first results based on the morphological approach showed the presence of mycotoxigenic Aspergilli (Aspergillus flavus and A. versicolor) and various Penicillium species; among them Penicillium chrysogenum, P. implicatum and P. solitum were identified. Only P. chrysogenum was reported to produce the mycotoxins cyclopiazonic acid (CPA) and roquefortine-C (ROQ-C) [4]. These results will be presented and discussed. [1] A. Biancardi, R. Piro, G. Galaverna, C. Dall’Asta, "A simple and reliable liquid chromatography–tandem mass spectrometry method for determination of ochratoxin A in hard cheese" International Journal of Food Sciences and Nutrition 64 (5), 2013, 632 – 640. [2] International Agency for Research on Cancer (IARC) “IARC Monographs on the Evaluation of Carcinogenic Risks to Humans” 31, 1983, 191 – 199. [3] International Agency for Research on Cancer (IARC) “IARC Monographs on the Evaluation of carcinogenic Risks to Humans”, suppl. 7, 1987, 72. [4] J. I. Pitt, D. A. Hocking, “Fungi and Food Spoilage” 1997, 291.

Introduction [to "Citizen voices: performing public participation in science and environment communication"]

"ECREA series, ISSN 1742-9420"