Disclosure, conservatism and the cost of equity capital : a review of the foundation literature

In this review piece, we survey the literature on the cost of equity capital implications of corporate disclosure and conservative accounting policy choice decisions with the principle objective of providing insights into the design and methodological issues, which underlie the empirical investigations. We begin with a review of the analytical studies most typically cited in the empirical research as providing a theoretical foundation. We then turn to consider literature that offers insights into the selection of proxies for each of our points of interest, cost of equity capital, disclosure quality and accounting conservatism. As a final step, we review selected empirical studies to illustrate the relevant evidence found within the literature. Based on our review, we interpret the literature as providing the researcher with only limited direct guidance on the appropriate choice of measure for each of the constructs of interest. Further, we view the literature as raising questions about both the interpretation of empirical findings in the face of measurement concerns and the suitability of certain theoretical arguments to the research setting. Overall, perhaps the message which is most clear is that one of the most controversial and fundamental issues underlying the literature is the issue of the diversifiability or nondiversifiability of information effects.

The molecular structure of the mineral sarmientite Fe2(AsO4,SO4)2(OH)6•5H2O : implications for arsenic accumulation and removal

Sarmientite is an environmental mineral; its formation in soils enables the entrapment and immobilisation of arsenic. The mineral sarmientite is often amorphous making the application of X-ray diffraction difficult. Vibrational spectroscopy has been applied to the study of sarmientite. Bands are attributed to the vibrational units of arsenate, sulphate, hydroxyl and water. Raman bands at 794, 814 and 831 cm−1 are assigned to the ν3 (AsO4)3− antisymmetric stretching modes and the ν1 symmetric stretching mode is observed at 891 cm−1. Raman bands at 1003 and 1106 cm−1 are attributed to vibrations. The Raman band at 484 cm−1 is assigned to the triply degenerate (AsO4)3− bending vibration. The high intensity Raman band observed at 355 cm−1 (both lower and upper) is considered to be due to the (AsO4)3−ν2 bending vibration. Bands attributed to water and OH stretching vibrations are observed.

An experimental study of a reactive plume in grid turbulence

Experimental results for a reactive non-buoyant plume of nitric oxide (NO) in a turbulent grid flow doped with ozone (O3) are presented. The Damkohler number (Nd) for the experiment is of order unity indicating the turbulence and chemistry have similar timescales and both affect the chemical reaction rate. Continuous measurements of two components of velocity using hot-wire anemometry and the two reactants using chemiluminescent analysers have been made. A spatial resolution for the reactants of four Kolmogorov scales has been possible because of the novel design of the experiment. Measurements at this resolution for a reactive plume are not found in the literature. The experiment has been conducted relatively close to the grid in the region where self-similarity of the plume has not yet developed. Statistics of a conserved scalar, deduced from both reactive and non-reactive scalars by conserved scalar theory, are used to establish the mixing field of the plume, which is found to be consistent with theoretical considerations and with those found by other investigators in non-reative flows. Where appropriate the reactive species means and higher moments, probability density functions, joint statistics and spectra are compared with their respective frozen, equilibrium and reaction-dominated limits deduced from conserved scalar theory. The theoretical limits bracket reactive scalar statistics where this should be so according to conserved scalar theory. Both reactants approach their equilibrium limits with greater distance downstream. In the region of measurement, the plume reactant behaves as the reactant not in excess and the ambient reactant behaves as the reactant in excess. The reactant covariance lies outside its frozen and equilibrium limits for this value of Vd. The reaction rate closure of Toor (1969) is compared with the measured reaction rate. The gradient model is used to obtain turbulent diffusivities from turbulent fluxes. Diffusivity of a non-reactive scalar is found to be close to that measured in non-reactive flows by others.

Evaluation of novel Streptococcus pyogenes vaccine candidates incorporating multiple conserved sequences from the C-repeat region of the M-protein

A major challenge for Streptococcus pyogenes vaccine development is the identification of epitopes that confer protection from infection by multiple S. pyogenes M-types. Here we have identified and characterised the distribution of common variant sequences from individual repeat units of the C-repeat region (CRR) of M-proteins representing 77 different M-types. Three polyvalent fusion vaccine candidates (SV1, SV2 and SV3) incorporating the most common variants were subsequently expressed and purified, and demonstrated to be alpha-helical by Circular Dichroism (CD), a secondary conformational characteristic of the CRR in the M-protein. Antibodies raised against each of these constructs recognise M-proteins that vary in their CRR, and bind to the surface of multiple S. pyogenes isolates. Antibodies raised against SV1, containing five variant sequences, also kill heterologous S. pyogenes isolates in in vitro bactericidal assays. Further structural characterisation of this construct demonstrated the conformation of SV1 was stable at different pHs, and thermal unfolding of SV1 a reversible process. Our findings demonstrate that linkage of multiple variant sequences into a single recombinant construct overcomes the need to embed the variant sequences in foreign helix promoting flanking sequences for conformational stability, and demonstrates the viability of the polyvalent candidates as global S. pyogenes vaccine candidates.

The internal validity of web-based studies

Honing and Ladinig (2008) make the assertion that while the internal validity of web-based studies may be reduced, this is offset by an increase in external validity possible when experimenters can sample a wider range of participants and experimental settings. In this paper, the issue of internal validity is more closely examined, and it is agued that there is no necessary reason why internal validity of a web-based study should be worse than that of a lab-based one. Errors of measurement or inconsistencies of manipulation will typically balance across conditions of the experiment, and thus need not necessarily threaten the validity of a study’s findings.

Deep Raman spectroscopy for the non-invasive standoff detection of concealed chemical threat agents

Deep Raman spectroscopy has been utilized for the standoff detection of concealed chemical threat agents from a distance of 15 meters under real life background illumination conditions. By using combined time and space resolved measurements, various explosive precursors hidden in opaque plastic containers were identified non-invasively. Our results confirm that combined time and space resolved Raman spectroscopy leads to higher selectivity towards the sub-layer over the surface layer as well as enhanced rejection of fluorescence from the container surface when compared to standoff spatially offset Raman spectroscopy. Raman spectra that have minimal interference from the packaging material and good signal-to-noise ratio were acquired within 5 seconds of measurement time. A new combined time and space resolved Raman spectrometer has been designed with nanosecond laser excitation and gated detection, making it of lower cost and complexity than picosecond-based laboratory systems.

Neoproterozoic glacial deposits of the Kimberly Region and northwestern Northern Territory, Australia

Neoproterozoic glacigenic formations are preserved in the Kimberley region and northwestern Northern Territory of northern Australia. They are distributed in the west Kimberley adjacent to the northern margins of the King Leopold Orogen, the Mt Ramsay area at the junction of the King Leopold and Halls Creek Orogens, and the east Kimberley, adjacent to the eastern margin of the Halls Creek Orogen. Small outlier glacigenic deposits are preserved in the Litchfield Province, Northern Territory (Uniya Formation) and Georgina Basin, western Queensland (Little Burke Formation). Glacigenic strata comprise diamictite, conglomerate, sandstone and pebbly mudstone and characterize the Walsh, Landrigan and Fargoo/Moonlight Valley formations. Thin units of laminated dolomite sit conformably at the top of the Walsh, Landrigan and Moonlight Valley formations. Glacigenic units are also interbedded with the carbonate platform deposits of the Egan Formation and Boonall Dolomite. δ13C data are available for all carbonate units. There is no direct chronological constraint on these successions. Dispute over regional correlation of the Neoproterozoic succession has been largely resolved through biostratigraphic, chemostratigraphic and lithostratigraphic analysis. However, palaeomagnetic results from the Walsh Formation are inconsistent with sedimentologically based correlations. Two stratigraphically defined glaciations are preserved in northwestern Australia: the ‘Landrigan Glaciation’, characterized by southwest-directed continental ice-sheet movement and correlated with late Cryogenian glaciation elsewhere in Australia and the world; and, the ‘Egan Glaciation’, a more localized glaciation of the Ediacaran Period. Future research focus should include chronology, palaeomagnetic constraint and tectonostratigraphic controls on deposition.

Measurable progress? Teaching artsworkers to assess and articulate the impact of their work

The National Cultural Policy Discussion Paper—drafted to assist the Australian Government in developing the first national Cultural Policy since Creative Nation nearly two decades ago—envisages a future in which arts, cultural and creative activities directly support the development of an inclusive, innovative and productive Australia. "The policy," it says, "will be based on an understanding that a creative nation produces a more inclusive society and a more expressive and confident citizenry by encouraging our ability to express, describe and share our diverse experiences—with each other and with the world" (Australian Government 3). Even a cursory reading of this Discussion Paper makes it clear that the question of impact—in aesthetic, cultural and economic terms—is central to the Government's agenda in developing a new Cultural Policy. Hand-in-hand with the notion of impact comes the process of measurement of progress. The Discussion Paper notes that progress "must be measurable, and the Government will invest in ways to assess the impact that the National Cultural Policy has on society and the economy" (11). If progress must be measurable, this raises questions about what arts, cultural and creative workers do, whether it is worth it, and whether they could be doing it better. In effect, the Discussion Paper pushes artsworkers ever closer to a climate in which they have to be skilled not just at making work, but at making the impact of this work clear to stakeholders. The Government in its plans for Australia's cultural future, is clearly most supportive of artsworkers who can do this, and the scholars, educators and employers who can best train the artsworkers of the future to do this.

Time-dependent rates of molecular evolution

For over half a century, it has been known that the rate of morphological evolution appears to vary with the time frame of measurement. Rates of microevolutionary change, measured between successive generations, were found to be far higher than rates of macroevolutionary change inferred from the fossil record. More recently, it has been suggested that rates of molecular evolution are also time dependent, with the estimated rate depending on the timescale of measurement. This followed surprising observations that estimates of mutation rates, obtained in studies of pedigrees and laboratory mutation-accumulation lines, exceeded long-term substitution rates by an order of magnitude or more. Although a range of studies have provided evidence for such a pattern, the hypothesis remains relatively contentious. Furthermore, there is ongoing discussion about the factors that can cause molecular rate estimates to be dependent on time. Here we present an overview of our current understanding of time-dependent rates. We provide a summary of the evidence for time-dependent rates in animals, bacteria and viruses. We review the various biological and methodological factors that can cause rates to be time dependent, including the effects of natural selection, calibration errors, model misspecification and other artefacts. We also describe the challenges in calibrating estimates of molecular rates, particularly on the intermediate timescales that are critical for an accurate characterization of time-dependent rates. This has important consequences for the use of molecular-clock methods to estimate timescales of recent evolutionary events.

Validity and reliability of instruments designed to measure factors influencing the overuse of antibiotics

Background: Antibiotic overuse is a global public health issue that is influenced by several factors. The degree and prevalence of antibiotic overuse is difficult to measure directly. A more practical approach, such as the use of a psycho-social measurement instrument, might allow for the observation and assessment of patterns of antibiotic use. Study objective: The aim of this paper is to review the nature, validity, and reliability of measurement scales designed to measure factors associated with antibiotic misuse/overuse. Design: This study is descriptive and includes a systematic integration of the measurement scales used in the literature to measure factors associated with antibiotic misuse/overuse. The review included 70 international scientific publications from 1992 to 2010. Main results: Studies have presented scales to measure antibiotic misuse. However, the workup of these instruments is often not mentioned, or the scales are used with only early-phase validation, such as content or face validity. Other studies have discussed the reliability of these scales. However, the full validation process has not been discussed in any of the reviewed measurement scales. Conclusion: A reliable, fully validated measurement scale must be developed to assess the factors associated with the overuse of antibiotics. Identifying these factors will help to minimize the misuse of antibiotics.

The effect of mill orientation angle on bagasse moisture content

THIS PAPER DESCRIBES an experimental investigation to explore a concept designed to reduce the moisture content of bagasse. It takes advantage of gravity to separate juice from bagasse by feeding bagasse upwards into the nip of the mill while juice drains downwards under gravity. The investigation found that orienting the feed to a mill upwards does reduce bagasse moisture content and that the benefit is expected to be greater than two units of moisture. While an advantage was found in orienting the feed up to 50° above the horizontal, no extra benefit was found in increasing the angle higher (up to 60° was explored) and so a 50° orientation was identified as the preferred angle for this design concept.

Raman spectroscopic study of the mineral xonotlite Ca 6Si 6O 17(OH) 2-A component of plaster boards

The mineral xonotlite Ca 6Si 6O 17(OH) 2 is a crystalline calcium silicate hydrate which is widely used in plaster boards and in many industrial applications. The structure of xonotlite is best described as having a dreierdoppelketten silicate structure, and describes the repeating silicate trimer which forms the silicate chains, and doppel indicating that two chains combine. Raman bands at 1042 and 1070 cm -1 are assigned to the SiO stretching vibrations of linked units of Si 4O 11 units. Raman bands at 961 and 980 cm -1 serve to identify Si 3O 10 units. The broad Raman band at 862 cm -1 is attributed to hydroxyl deformation modes. Intense Raman bands at 593 and 695 cm -1 are assigned to OSiO bending vibrations. Intense Raman bands at 3578, 3611, 3627 and 3665 cm -1 are assigned to OH stretching vibrations of the OH units in xonotlite. Infrared spectra are in harmony with the Raman spectra. Raman spectroscopy with complimentary infrared spectroscopy enables the characterisation of the building material xonotlite.

The impact of English as a Foreign Language (EFL) listening comprehension through first language (L1) listening strategy training

Listening is the basic and complementary skill in second language learning. The term listening is used in language teaching to refer to a complex process that allows us to understand spoken language. Listening, the most widely used language skill, is often used in conjunction with the other skills of speaking, reading and writing. Listening is not only a skill area in primary language performance (L1), but is also a critical means of acquiring a second language (L2). Listening is the channel in which we process language in real time – employing pacing, units of encoding and decoding (the 2 processes are central to interpretation and meaning making) and pausing (allows for reflection) that are unique to spoken language. Despite the wide range of areas investigated in listening strategies during training, there is a lack of research looking specifically at how effectively L1 listening strategy training may transfer to L2. To investigate the development of any such transfer patterns the instructional design and implementation of listening strategy of L1 will be critical.

Behavioural changes add validity to the construct of posttraumatic growth

The research aimed to identify positive behavioural changes that people may make as a result of negotiating the aftermath of a traumatic experience, thereby extending the current cognitive model of posttraumatic growth (PTG). It was hypothesised that significant others would corroborate survivor’s cognitive and behavioural reports of PTG. The sample comprised 176 participants; 88 trauma survivors and 88 significant others. University students accounted for 64% of the sample and 36% were from the broader community. Approximately one third were male. All participants completed the Posttraumatic Growth Inventory [PTGI] and open ended questions regarding behavioural changes. PTGI scores in the survivor sample were corroborated by the significant others with only the Appreciation of Life factor of the PTGI differing between the two groups (e.g., total PTGI scores between groups explained 33.64% of variance). Nearly all of the survivors also reported positive changes in their behaviour and these changes were also corroborated by the significant others. Results provide validation of the posttraumatic growth construct and the PTGI as an instrument of measurement. Findings may also influence therapeutic practice for example, the potential usefulness of corroborating others.

Review of 3D model development with application to groundwater studies in New Zealand 1996 – 2011

Three dimensional geological modelling techniques have been applied since 1996 with an aim to characterise the lithological and chronological units of New Zealand’s many diverse aquifers. Models of property-scattered data have also been applied to assess physical properties of aquifers and the distribution of groundwater chemistry, including groundwater age, to inform an understanding of groundwater systems. These models, fundamental to understanding groundwater recharge, flow and discharge have found many uses as outlined in this paper.