Corporate governance and risk management : the role of risk management and compensation committees

This paper examines the role of compensation and risk committees in managing and monitoring the risk behaviour of Australian financial firms in the period leading up to the global financial crisis (2006–2008). This empirical study of 711 observations of financial sector firms demonstrates how the coordination of risk management and compensation committees reduces information asymmetry. The study shows that the composition of the risk and compensation committees is positively associated with risk, which, in turn, is associated with firm performance. More importantly, information asymmetry is reduced when a director is a member of both the risk and compensation committees which moderate the negative association between risk and firm performance for firms with high risk.

The use of a Riesz fractional differential-based approach for texture enhancement in image processing

Abstract: Texture enhancement is an important component of image processing, with extensive application in science and engineering. The quality of medical images, quantified using the texture of the images, plays a significant role in the routine diagnosis performed by medical practitioners. Previously, image texture enhancement was performed using classical integral order differential mask operators. Recently, first order fractional differential operators were implemented to enhance images. Experiments conclude that the use of the fractional differential not only maintains the low frequency contour features in the smooth areas of the image, but also nonlinearly enhances edges and textures corresponding to high-frequency image components. However, whilst these methods perform well in particular cases, they are not routinely useful across all applications. To this end, we applied the second order Riesz fractional differential operator to improve upon existing approaches of texture enhancement. Compared with the classical integral order differential mask operators and other fractional differential operators, our new algorithms provide higher signal to noise values, which leads to superior image quality.

Convergence of corporate social responsibility and corporate governance in weak economies : the case of Bangladesh

The convergence of corporate social responsibility (CSR) and corporate governance (CG) has changed the corporate accountability mechanism. This has developed a socially responsible ‘corporate self-regulation’, a synthesis of governance and responsibility in the companies of strong economies. However, unlike in the strong economies, this convergence has not been visible in the companies of weak economies, where the civil society groups are unorganised, regulatory agencies are either ineffective or corrupt and the media and non-governmental organisations do not mirror the corporate conscience. Using the case of Bangladesh, this article investigates the convergence between CSR and CG in the self-regulation of companies in a less vigilant environment.

Image-based visual navigation for mobile robots

We introduce a new image-based visual navigation algorithm that allows the Cartesian velocity of a robot to be defined with respect to a set of visually observed features corresponding to previously unseen and unmapped world points. The technique is well suited to mobile robot tasks such as moving along a road or flying over the ground. We describe the algorithm in general form and present detailed simulation results for an aerial robot scenario using a spherical camera and a wide angle perspective camera, and present experimental results for a mobile ground robot.

Understanding body image disturbance in the promotion of mental health : a discourse analytic study

Health care interventions in the area of body image disturbance and eating disorders largely involve individual treatment approaches, while prevention and health promotion are relatively underexplored. A review of health promotion activities in the area of body image in Australia revealed three programmes, the most extensive and longest standing having been established in 1992. The aims of this programme are to reduce body image dissatisfaction and inappropriate eating behaviour, especially among women. Because health promotion is concerned with the social aspects of health, it was hypothesized by the authors that a social understanding of body image and eating disorders might be advanced in a health promotion setting and reflected in the approach to practice. In order to examine approaches to body image in health promotion, 10 health professionals responsible for the design and management of this programme participated in a series of semi-structured interviews between 1997 and 2000. Three discursive themes were evident in health workers' explanations of body image problems: (1) cognitive-behavioural themes; (2) gender themes; and (3) socio-cultural themes. While body image problems were constructed as psychological problems that are particularly experienced by women, their origins were largely conceived to be socio-cultural. The implications of these constructions are critically discussed in terms of the approach to health promotion used in this programme.

A multi-layered approach for site detection in UAS emergency landing scenarios using geometry-based image segmentation

This paper presents an alternative approach to image segmentation by using the spatial distribution of edge pixels as opposed to pixel intensities. The segmentation is achieved by a multi-layered approach and is intended to find suitable landing areas for an aircraft emergency landing. We combine standard techniques (edge detectors) with novel developed algorithms (line expansion and geometry test) to design an original segmentation algorithm. Our approach removes the dependency on environmental factors that traditionally influence lighting conditions, which in turn have negative impact on pixel-based segmentation techniques. We present test outcomes on realistic visual data collected from an aircraft, reporting on preliminary feedback about the performance of the detection. We demonstrate consistent performances over 97% detection rate.

Statutory-backed continuous disclosure regime and corporate disclosure behaviour : does corporate governance matter?

Since 1 December 2002, the New Zealand Exchange’s (NZX) continuous disclosure listing rules have operated with statutory backing. To test the effectiveness of the new corporate disclosure regime, we compare the change in quantity of market announcements (overall, non-routine, non-procedural and external) released to the NZX before and after the introduction of statutory backing. We also extend our study in investigating whether the effectiveness of the new corporate disclosure regime is diminished or augmented by corporate governance mechanisms including board size, providing separate roles for CEO and Chairman, board independence, board gender diversity and audit committee independence. Our findings provide a qualified support for the effectiveness of the new corporate disclosure regime regarding the quantity of market disclosures. There is strong evidence that the effectiveness of the new corporate disclosure regime was augmented by providing separate roles for CEO and Chairman, board gender diversity and audit committee independence, and diminished by board size. In addition, there is significant evidence that share price queries do impact corporate disclosure behaviour and this impact is significantly influenced by corporate governance mechanisms. Our findings provide important implications for corporate regulators in their quest for a superior disclosure regime.

An analysis of corporate related-party disclosure in the Asia-Pacific region

Related-party (RP) transactions are said to be commonly used opportunistically in business and contribute to corporate failures. While periodic disclosure is widely accepted as an effective means of monitoring such transactions, research is scant, particularly in countries where business dealings may be more susceptible to corruption. This study investigates the nature and extent of corporate RP disclosures across six countries in the Asia-Pacific region. The key finding indicates that companies in countries with stronger regulatory enforcement, shareholders’ protection, and control for corruption, have more transparent RP disclosures. This evidence potentially contributes to reforms aimed at strengthening RP disclosure and compliance.

Modelling users' contextual querying behaviour for web image searching

The rapid growth of visual information on Web has led to immense interest in multimedia information retrieval (MIR). While advancement in MIR systems has achieved some success in specific domains, particularly the content-based approaches, general Web users still struggle to find the images they want. Despite the success in content-based object recognition or concept extraction, the major problem in current Web image searching remains in the querying process. Since most online users only express their needs in semantic terms or objects, systems that utilize visual features (e.g., color or texture) to search images create a semantic gap which hinders general users from fully expressing their needs. In addition, query-by-example (QBE) retrieval imposes extra obstacles for exploratory search because users may not always have the representative image at hand or in mind when starting a search (i.e. the page zero problem). As a result, the majority of current online image search engines (e.g., Google, Yahoo, and Flickr) still primarily use textual queries to search. The problem with query-based retrieval systems is that they only capture users’ information need in terms of formal queries;; the implicit and abstract parts of users’ information needs are inevitably overlooked. Hence, users often struggle to formulate queries that best represent their needs, and some compromises have to be made. Studies of Web search logs suggest that multimedia searches are more difficult than textual Web searches, and Web image searching is the most difficult compared to video or audio searches. Hence, online users need to put in more effort when searching multimedia contents, especially for image searches. Most interactions in Web image searching occur during query reformulation. While log analysis provides intriguing views on how the majority of users search, their search needs or motivations are ultimately neglected. User studies on image searching have attempted to understand users’ search contexts in terms of users’ background (e.g., knowledge, profession, motivation for search and task types) and the search outcomes (e.g., use of retrieved images, search performance). However, these studies typically focused on particular domains with a selective group of professional users. General users’ Web image searching contexts and behaviors are little understood although they represent the majority of online image searching activities nowadays. We argue that only by understanding Web image users’ contexts can the current Web search engines further improve their usefulness and provide more efficient searches. In order to understand users’ search contexts, a user study was conducted based on university students’ Web image searching in News, Travel, and commercial Product domains. The three search domains were deliberately chosen to reflect image users’ interests in people, time, event, location, and objects. We investigated participants’ Web image searching behavior, with the focus on query reformulation and search strategies. Participants’ search contexts such as their search background, motivation for search, and search outcomes were gathered by questionnaires. The searching activity was recorded with participants’ think aloud data for analyzing significant search patterns. The relationships between participants’ search contexts and corresponding search strategies were discovered by Grounded Theory approach. Our key findings include the following aspects: - Effects of users' interactive intents on query reformulation patterns and search strategies - Effects of task domain on task specificity and task difficulty, as well as on some specific searching behaviors - Effects of searching experience on result expansion strategies A contextual image searching model was constructed based on these findings. The model helped us understand Web image searching from user perspective, and introduced a context-aware searching paradigm for current retrieval systems. A query recommendation tool was also developed to demonstrate how users’ query reformulation contexts can potentially contribute to more efficient searching.

Ownership, corporate governance and timeliness of price discovery : Australian evidence

This study investigates whether and how a firm’s ownership and corporate governance affect its timeliness of price discovery, which is referred to as the speed of incorporation of value-relevant information into the stock price. Using a panel data of 1,138 Australian firm-year observations from 2001 to 2008, we predict and find a non-linear relationship between ownership concentration and the timeliness of price discovery. We test the identity of the largest shareholder and find that only firms with family as the largest shareholder exhibit faster price discovery. There is no evidence that suggests that the presence of a second largest shareholder affects the timeliness of price discovery materially. Although we find a positive association between corporate governance quality and the timeliness of price discovery, as expected, there is no interaction effect between the largest shareholding and corporate governance in relation to the timeliness of price discovery. Further tests show no evidence of severe endogeneity problems in our study.

Robust image hash functions using higher order spectra

Robust hashing is an emerging field that can be used to hash certain data types in applications unsuitable for traditional cryptographic hashing methods. Traditional hashing functions have been used extensively for data/message integrity, data/message authentication, efficient file identification and password verification. These applications are possible because the hashing process is compressive, allowing for efficient comparisons in the hash domain but non-invertible meaning hashes can be used without revealing the original data. These techniques were developed with deterministic (non-changing) inputs such as files and passwords. For such data types a 1-bit or one character change can be significant, as a result the hashing process is sensitive to any change in the input. Unfortunately, there are certain applications where input data are not perfectly deterministic and minor changes cannot be avoided. Digital images and biometric features are two types of data where such changes exist but do not alter the meaning or appearance of the input. For such data types cryptographic hash functions cannot be usefully applied. In light of this, robust hashing has been developed as an alternative to cryptographic hashing and is designed to be robust to minor changes in the input. Although similar in name, robust hashing is fundamentally different from cryptographic hashing. Current robust hashing techniques are not based on cryptographic methods, but instead on pattern recognition techniques. Modern robust hashing algorithms consist of feature extraction followed by a randomization stage that introduces non-invertibility and compression, followed by quantization and binary encoding to produce a binary hash output. In order to preserve robustness of the extracted features, most randomization methods are linear and this is detrimental to the security aspects required of hash functions. Furthermore, the quantization and encoding stages used to binarize real-valued features requires the learning of appropriate quantization thresholds. How these thresholds are learnt has an important effect on hashing accuracy and the mere presence of such thresholds are a source of information leakage that can reduce hashing security. This dissertation outlines a systematic investigation of the quantization and encoding stages of robust hash functions. While existing literature has focused on the importance of quantization scheme, this research is the first to emphasise the importance of the quantizer training on both hashing accuracy and hashing security. The quantizer training process is presented in a statistical framework which allows a theoretical analysis of the effects of quantizer training on hashing performance. This is experimentally verified using a number of baseline robust image hashing algorithms over a large database of real world images. This dissertation also proposes a new randomization method for robust image hashing based on Higher Order Spectra (HOS) and Radon projections. The method is non-linear and this is an essential requirement for non-invertibility. The method is also designed to produce features more suited for quantization and encoding. The system can operate without the need for quantizer training, is more easily encoded and displays improved hashing performance when compared to existing robust image hashing algorithms. The dissertation also shows how the HOS method can be adapted to work with biometric features obtained from 2D and 3D face images.

Confidence in the police : balancing public image with community safety : a comparative review of the literature

Examining the evolution of British and Australian policing, this comparative review of the literature considers the historical underpinnings of policing in these two countries and the impact of community legitimacy derived from the early concepts of policing by consent. Using the August 2011 disorder in Britain as a lens, this paper considers whether, in striving to maintain community confidence, undue emphasis is placed on the police's public image at the expense of community safety. Examining the path of policing reform, the impact of bureaucracy on policing and the evolving debate surrounding police performance, this review suggests that, while largely delivering on the ideal of an ethical and strong police force, a preoccupation with self-image may in fact result in tarnishing the very thing British and Australian police forces strive to achieve – their standing with the public. This paper advocates for a more realistic goal of gaining public respect rather than affection in order to achieve the difficult balance between maintaining trust and respect as an approachable, ethical entity providing firm, confident policing in this ever-evolving, modern society.

Multiliteracies and a new metalanguage for the moving image

Globalised communication in society today is characterised by multimodal forms of meaning making in a context of increased cultural and linguistic diversity, calling for the teaching of multiliteracies. This transformation requires the development of a new metalanguage or language of description for the burgeoning and hybridised variety of text forms associated with information and multimedia technologies. To continue to teach to a narrow band of print-based genres, grammars, and skills is to ignore the reality of textual practices outside of schools. This paper draws from classroom research in a multiliteracies classroom to provide a multimodal analysis of a claymation movie. The significance of the paper is the synthesis of a multimodal metalanguage for teachers and students to describe the features of work in the kineikonic (moving image) mode.