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...

Recent emergence of dengue virus serotype 4 in French Polynesia results from multiple introductions from other south pacific islands

BACKGROUND: Infection by dengue virus (DENV) is a major public health concern in hundreds of tropical and subtropical countries. French Polynesia (FP) regularly experiences epidemics that initiate, or are consecutive to, DENV circulation in other South Pacific Island Countries (SPICs). In January 2009, after a decade of serotype 1 (DENV-1) circulation, the first cases of DENV-4 infection were reported in FP. Two months later a new epidemic emerged, occurring about 20 years after the previous circulation of DENV-4 in FP. In this study, we investigated the epidemiological and molecular characteristics of the introduction, spread and genetic microevolution of DENV-4 in FP. METHODOLOGY/PRINCIPAL FINDINGS: Epidemiological data suggested that recent transmission of DENV-4 in FP started in the Leeward Islands and this serotype quickly displaced DENV-1 throughout FP. Phylogenetic analyses of the nucleotide sequences of the envelope (E) gene of 64 DENV-4 strains collected in FP in the 1980s and in 2009-2010, and some additional strains from other SPICs showed that DENV-4 strains from the SPICs were distributed into genotypes IIa and IIb. Recent FP strains were distributed into two clusters, each comprising viruses from other but distinct SPICs, suggesting that emergence of DENV-4 in FP in 2009 resulted from multiple introductions. Otherwise, we observed that almost all strains collected in the SPICs in the 1980s exhibit an amino acid (aa) substitution V287I within domain I of the E protein, and all recent South Pacific strains exhibit a T365I substitution within domain III. CONCLUSIONS/SIGNIFICANCE: This study confirmed the cyclic re-emergence and displacement of DENV serotypes in FP. Otherwise, our results showed that specific aa substitutions on the E protein were present on all DENV-4 strains circulating in SPICs. These substitutions probably acquired and subsequently conserved could reflect a founder effect to be associated with epidemiological, geographical, eco-biological and social specificities in SPICs.

Book Review : Criminological and Legal Consequences of Climate Change. Edited by Stephen Farrell, Tawhida Ahmed and Duncan French (Oxford : Hart Publishing, 272 pp.)

The book addresses a number of pressing social and environmental issues of global concern. It takes the reader on a socio-legal journal of climate change and explores a range of challenging and complex topics including renewable energies, emissions reduction, carbon trading, deforestation, migration and corporate governance.

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.

How to improve pupils' literacy? A cost-effectiveness analysis of a French educational project

The Action Lecture program is an innovative teaching method run in some nursery and primary schools in Paris and designed to improve pupils’ literacy. We report the results of an evaluation of this program. We describe the experimental protocol that was built to estimate the program’s impact on several types of indicators. Data were processed following a Differences-in-Differences (DID) method. Then we use the estimation of the impact on academic achievement to conduct a cost-effectiveness analysis and take a reduction of the class size program as a benchmark. The results are positive for the Action Lecture program.

The Rise of the BASIC Group Within the International Climate Regime : The Challenge of Ensuring Equitable Mitigation Obligations

The chapter examines the current emission reduction obligations within the climate regime. It looks at the formation and rise of the BASIC negotiation group within the international climate COP negotiations and examines the role that BASIC nations are now playing shaping international mitigation policy.

An analysis of Australia's legal regime for imposing liability on manufacturers of pharmaceutical drugs

Following a trial in June 2009 where the Federal Court heard submissions regarding whether Merck Sharpe and Dohme Australia should be held liable for an increased risk of cardiovascular conditions noted in patients who had taken the anti-inflammatory drug Vioxx, a judgment was handed down against MSDA in March 2010. MSDA appealed to the Full Federal Court, where they were successful. Special leave to appeal to the High Court of Australia was rejected in May 2012. This article will examine the themes raised in the trial judgment and the appropriateness of Australia’s statutory consumer protection regime through the lens of pharmaceutical drug injuries and side effects.

Consumer perceptions of medication warnings about driving : a comparison of French and Australian labels

OBJECTIVE Little research has examined user perceptions of medication warnings about driving. Consumer perceptions of the Australian national approach to medication warnings about driving are examined. The Australian approach to warning presentation is compared with an alternative approach used in France. Visual characteristics of the warnings and overall warning readability are investigated. Risk perceptions and behavioral intentions associated with the warnings are also examined. METHOD Surveys were conducted with 358 public hospital outpatients in Queensland, Australia. Extending this investigation is a supplementary comparison study of French hospital outpatients (n = 75). RESULTS The results suggest that the Australian warning approach of using a combination of visual characteristics is important for consumers but that the use of a pictogram could enhance effects. Significantly higher levels of risk perception were found among the sample for the French highest severity label compared to the analogous mandatory Australian warning, with a similar trend evident in the French study results. The results also indicated that the French label was associated with more cautious behavioral intentions. CONCLUSION The results are potentially important for the Australian approach to medication warnings about driving impairment. The research contributes practical findings that can be used to enhance the effectiveness of warnings and develop countermeasures in this area. Hospital pharmacy patients should include persons with the highest level of likelihood of knowledge and awareness of medication warning labeling. Even in this context it appears that a review of the Australian warning system would be useful particularly in the context of increasing evidence relating to associated driving risks. Reviewing text size and readability of messages including the addition of pictograms, as well as clarifying the importance of potential risk in a general community context, is recommended for consideration and further research.

French version of the Family Attitude Scale : psychometric properties and relation of attitudes to the respondent's psychiatric status

The Family Attitude Scale (FAS) is a self-report measure of critical or hostile attitudes and behaviors towards another family member, and demonstrates an ability to predict relapse in psychoses. Data are not currently available on a French version of the scale. The present study developed a French version of the FAS, using a large general population sample to test its internal structure, criterion validity and relationships with the respondents' symptoms and psychiatric diagnoses, and examined the reciprocity of FAS ratings by respondents and their partners. A total of 2072 adults from an urban population undertook a diagnostic interview and completed self-report measures, including an FAS about their partner. A subset of participants had partners who also completed the FAS. Confirmatory factor analyses revealed an excellent fit by a single-factor model, and the FAS demonstrated a strong association with dyadic adjustment. FAS scores of respondents were affected by their anxiety levels and mood, alcohol and anxiety diagnoses, and moderate reciprocity of attitudes and behaviors between the partners was seen. The French version of the FAS has similarly strong psychometric properties to the original English version. Future research should assess the ability of the French FAS to predict relapse of psychiatric disorders.

The role of common but differentiated responsibility in the 2020 climate regime

The principle of common but differentiated responsibility (CBDR) will play a role in the 2020 Climate Regime. This Article starts by examining differential treatment within the international legal order, finding that it is ethically and practically difficult to implement an international climate instrument based on formal equality. There is evidence of state parties accepting differential responsibilities in a number of areas within the international legal order and the embedding of CBDR in the United Nations Framework Convention on Climate Change (UNFCCC), means that that differential commitments will lie at the heart of the 2020 climate regime. The UNFCCC applies the implementation method of differentiation, while the Kyoto Protocol applies both the obligation and implementation method of differentiation. It is suggested that the implementation model will be the differentiation model retained in the 2020 climate agreement. The Parties’ submissions under the Durban Platform are considered in order to gain an understanding of their positions on CBDR. While there are areas of contention including the role of principles in shaping obligations and the ongoing legal status of Annex I and Non-Annex I distinction, there is broad consensus among the parties in favour of differentiation by implementation with developed and major economies undertaking Quantified Emission Limitation and Reduction Objectives (economy wide targets) and developing countries that are not major economies undertaking sectoral targets.

An Interview with Sylvère Lotringer, Jean Baudrillard Chair at the European Graduate School and Professor Emeritus of French Literature and Philosophy at Columbia University, on the Architectural Contribution to Semiotext(e), Schizoculture, and the Early Deleuze and Guattari Scene at Columbia University

An Interview with Sylvère Lotringer, Jean Baudrillard Chair at the European Graduate School and Professor Emeritus of French Literature and Philosophy at Columbia University, on the Architectural Contribution to Semiotext(e), Schizoculture, and the Early Deleuze and Guattari Scene at Columbia University, which took place at the Department of French, Columbia University, New York City, July 2003. This interview exists as an audio cassette tape recording.

Supermarkets’ governance of the agri-food supply chain : is the ‘corporate-environmental’ food regime evident in Australia?

This article investigates the extent to which the purported greening of food retailing and consumption in Australia is consistent with the development of a corporate-environmental food regime. Recent developments in food regime theory, particularly the concept of an emerging third food regime (the so-called ‘corporate-environmental food regime’), provide a useful organizing framework for understanding recent agri-restructuring trends. We find that, while a globally based, third food regime is becoming more apparent, the attributes that relate to corporate retail-driven greening of the supply chain are less evident within Australia’s domestic market than in its EU counterparts. However, there is some evidence that Australia’s export market is subject to some degree of ‘greening at a distance’ due to private regulations imposed by supermarkets overseas. We argue that while broader agri-restructuring trends may be evident at an international level, elements of greening specific to national contexts are important for determining the trajectory of any third food regime.

Bistable regime of surface magnetoplasma waves excitation at a semiconductor-metal interface

The theoretical analysis of the bistability associated with the excitation of surface magnetoplasma waves (SWs) propagating across an external magnetic field at the semiconductor-metal interface by the attenuated total reflection (ATR) method is presented. The Kretschmann-Raether configuration of the ATR method is considered, i.e. a plane electromagnetic wave is incident onto a metal surface through a coupling prism. The third-order nonlinearity of the semiconductor medium is considered in the general form using the formalism of the third-order nonlinear susceptibilities and of the perturbation theory. The examples of the nonlinear mechanisms which influence the SW propagation are given. The analytical and numerical analyses show that the realization of bistable regimes of the SW excitation is possible. The SW amplitude values providing bistability in the structure are evaluated and are reasonably low to provide the experimental observation.

The French polisher and the unsentimental interior

In January 2011 a swollen Brisbane River broke its banks flooding riverside houses and buildings. The river’s water spread and rose up through storm water drains inundating some 20 000 houses in low-lying land. As the water receded those residents affected by the floods returned to their homes to assess the damage. While some people breathed a sigh of relief others were devastated by the overwhelming damage to their homes and personal belongings. Over the next few weeks the landscape of Brisbane was altered not merely by the mud and debris left by the torrent of water, but by the piles of domestic contents occupying Brisbane streets. Beds, toys, cabinets, plasterboard, tiles and household furniture lined curbsides waiting for collection. Later they would accumulate in public parks and sports centres to await disposal, momentarily creating an unsettling landscape of discarded domestic interiors. While most houses remained standing the heart breaking repercussions were evident in their interiority. Thousands of volunteers flocked to help those affected by the floods to purge the damage left by the water – removing wall and floor linings, discarding furniture and spoilt belongings. In her paper on Hurricane Katrina, Julieanna Preston wrote, ‘What anthropological evidence would we find as we followed their migration – heaps left by the side of the road, the physical weight overcoming the personal value…’ For many of the post flood restored homes and buildings entire interiors have been replaced, eradicating any trace of the significant event that disturbed them only months earlier. There were artifacts that would have survived the floods - furniture of solid timber – these were discarded and with them the patina that marked an important event in history. The patina is beyond technological reproducibility, and as Walter Benjamin writes, this being the whole premise of genuineness. It is the role of the French Polisher to maintain the true wear of the artefact for it is the patina that is most valuable in its ability to narrate the history of a piece. In 2012 two separate exhibitions in Brisbane will take place to display a selected collection of flood-damaged artefacts. This orchestrated way to commemorate the damage left by floods may be a method to compensate for the haste in which the damage was purged from the city. This need for exhibiting damaged artifacts illustrates Andreas Huyssen’s point that "…today memory is understood as a mode of re-presentation and as belonging to the present." This research looks at the dying trade of the French Polisher through conversations and a visual study of flood damaged furniture. The research also investigates the personal loss of artifacts through intimate stories shared by flood victims. This paper seeks to understand why so much was discarded and celebrate what remains.