Earnings management and the role of the audit committee: an investigation of the influence of cross-listing and government officials on the audit committee

This paper extends research on the corporate governance practices of transitional economies by examining whether the ability of the audit committee to constrain earnings management in Chinese firms is associated with the listing environment and the presence of government officials on the audit committee. Despite considerable regulatory reforms by the Chinese Securities Regulatory Commission, there remain incentives for Chinese firms to manage earnings. However, government initiatives to encourage domestic firms to cross-list on the Hong Kong Stock Exchange are accompanied by improved governance. We find that the expertise and independence of the audit committee for cross-listed (CL) Chinese firms are associated with lower abnormal accruals, our measure of earnings management. Both domestic only listed firms and CL Chinese firms appoint government officials as independent members on the audit committee. However, due to the political connection between government officials and the controlling shareholder (the State), these appointments can severely mitigate audit committee independence. Subsequently, we find a significant and positive association between audit committee independence and experience and earnings management when there are government officials on the audit committee.

An investigation of silver electrodeposition from ionic liquids : influence of atmospheric water uptake on the silver electrodeposition mechanism and film morphology

The electrodeposition of silver from two ionic liquids, 1-butyl-3-methylimidazolium tetrafluoroborate ([BMIm][BF4]) and N-butyl-N-methyl-pyrrolidinium bis(trifluoromethanesulfonyl)imide ([C4mPyr][TFSI]), and an aqueous KNO3 solution on a glassy carbon electrode was undertaken. It was found by cyclic voltammetry that the electrodeposition of silver proceeds through nucleation–growth kinetics. Analysis of chronoamperometric data indicated that the nucleation–growth mechanism is instantaneous at all potentials in the case of [BMIm][BF4] and [C4mPyr][TFSI], and instantaneous at low overpotentials tending to progressive at high overpotentials for KNO3. Significantly, under ambient conditions, the silver electrodeposition mechanism changes to progressive nucleation and growth in [C4mPyr][TFSI], which is attributed to the uptake of atmospheric water in the IL. It was found that these differences in the growth mechanism impact significantly on the morphology of the resultant electrodeposit which is characterised ex situ by scanning electron microscopy and X-ray diffraction.

A combined scanning electron micrograph and electrochemical study of the effect of chemical interaction on the cyclability of lithium electrodes in an ionic liquid electrolyte

The effect of storage time on the cyclability of lithium electrodes in an ionic liquid electrolyte, namely 0.5 m LiBF4 in N-methyl-N-propyl pyrrolidinium bis(fluorosulfonyl)imide, [C3mpyr+][FSI–], was investigated. A chemical interaction was observed which is time dependent and results in a morphology change of the Li surface due to build up of passivation products over a 12-day period. The formation of this layer significantly impacts on the Li electrode resistance before cycling and the charging/discharging process for symmetrical Li|0.5 m LiBF4 in [C3mpyr+][FSI–]|Li coin cells. Indeed it was found that introducing a rest period between cycling, and thereby allowing the chemical interaction between the Li electrode and electrolyte to take place, also impacted on the charging/discharging process. For all Li surface treatments the electrode resistance decreased after cycling and was due to significant structural rearrangement of the surface layer. These results suggest that careful electrode pretreatment in a real battery system will be required before operation.

Effect of Imidazolium-based Ionic Liquids on the nanoscale morphology of CuTCNQ (TCNQ= 7, 7, 8, 8-tetracyanoquinodimethane) metal-organic semiconductors

We demonstrate for the first time the ionic-liquid-mediated synthesis of nanostructured CuTCNQ by the simple immersion of copper in a solution of TCNQ where the viscosity of the medium significantly impacts the corrosion–crystallization process and the final morphology of the material.

The 'two strikes' rule on the remuneration report : threats and opportunities for boards

This article examines the fast moving debate on the law and policy surrounding shareholder voting on their companies’ remuneration report, at the AGM. Recently, Australia has moved from the ‘non-binding’ vote provided to shareholders, to the more prescriptive ‘two strikes rule’; that is, two negative shareholder resolutions after 1 July 2011 may result in a board re-election. While much commentary has focused on the potential threats— impacts on remuneration reports and the potential costs to the company — we discuss another potential consequence: an opportunity for board recruitment. At a time when companies are also expected to comment on their diversity policies, planning for a threatened ‘spill’ creates an opportunity for board composition planning and succession. The arguments presented are also placed in the context of the UK debate, where recent proposals advocate for wider stakeholder engagement and diversity in remuneration planning.

Effect of heat treatment and bend strain on the Jc of Ag-sheathed Bi-2212 tape

Bi-2212 tapes were fabricated using a powder-in-tube method and their superconducting properties were measured as a function of heat treatment. The tapes were heated to temperature, T1 (884-915 °C), and kept at that temperature for 20 min to induce partial (incongruent) melting. The samples were cooled to T2 with a ramp rate of 120 °C h-1 and then slowly cooled to T3 with a cooling rate, R2, and from T3 to T4 with a cooling rate, R3. The tapes were kept at the temperature T4 for P1 hours and then cooled to room temperature. Both R1 and R2 were chosen between 2 and 8 °C h-1. It was found that the structure and Jc of the tapes depend on the sintering conditions, i.e. T1-4, R1-3 and P1. The highest Jc of 5800 Å cm-2 was obtained at 77 K in a self-field with heat treatment where T1 = 894 and 899 °C, R1 = R2 = 5 °C h-1 and P1 = 6 h were employed. When 0.7% of bend strain, which is equivalent to a bend radius of 5 mm, was applied to the tape, 80% of the initial Jc was sustained.

Influence of drying conditions on the moisture diffusion and fluidization quality during multi-stage fluidized bed drying of bovine intestine for pet food

In order to establish the influence of the drying air characteristics on the drying performance and fluidization quality of bovine intestine for pet food, several drying tests have been carried out in a laboratory scale heat pump assisted fluid bed dryer. Bovine intestine samples were heat pump fluidized bed dried at atmospheric pressure and at temperatures below and above the materials freezing points, equipped with a continuous monitoring system. The investigation of the drying characteristics have been conducted in the temperature range −10 to 25 ◦C and the airflow in the range 1.5–2.5 m/s. Some experiments were conducted as single temperature drying experiments and others as two stage drying experiments employing two temperatures. An Arrhenius-type equation was used to interpret the influence of the drying air temperature on the effective diffusivity, calculated with the method of slopes in terms of energy activation, and this was found to be sensitive to the temperature. The effective diffusion coefficient of moisture transfer was determined by the Fickian method using uni-dimensional moisture movement in both moisture, removal by evaporation and combined sublimation and evaporation. Correlations expressing the effective moisture diffusivity and drying temperature are reported. Bovine particles were characterized according to the Geldart classification and the minimum fluidization velocity was calculated using the Ergun Equation and generalized equation for all drying conditions at the beginning and end of the trials. Walli’s model was used to categorize stability of the fluidization at the beginning and end of the dryingv for each trial. The determined Walli’s values were positive at the beginning and end of all trials indicating stable fluidization at the beginning and end for each drying condition.

Better understanding of food material on the basis of water distribution using Thermogravimetric analysis

The prime objective of drying is to enhance shelf life of perishable food materials. As the process is very energy intensive in nature, researchers are trying to minimise energy consumption in the drying process. In order to determine the exact amount of energy needed for drying a food product, understanding the physics of moisture distribution and bond strength of water within the food material is essential. In order understand the critical moisture content, moisture distribution and water bond strength in food material, Thermogravimetric analysis (TGA) can be properly utilised. This work has been conducted to investigate moisture distribution and water bond strength in selected food materials; apple, banana and potato. It was found that moisture distribution and water bond strength influence moisture migration from the food materials. In addition, proportion of different types of water (bound, free, surface water) has been simply identified using TGA. This study provides a better understanding of water contents and its role in drying rate and energy consumption.

Ergonomic DHM systems - limitations and trends – a systematic literature review focused on the ‘future of ergonomics’

Digital Human Models (DHM) have been used for over 25 years. They have evolved from simple drawing templates, which are nowadays still used in architecture, to complex and Computer Aided Engineering (CAE) integrated design and analysis tools for various ergonomic tasks. DHM are most frequently used for applications in product design and production planning, with many successful implementations documented. DHM from other domains, as for example computer user interfaces, artificial intelligence, training and education, or the entertainment industry show that there is also an ongoing development towards a comprehensive understanding and holistic modeling of human behavior. While the development of DHM for the game sector has seen significant progress in recent years, advances of DHM in the area of ergonomics have been comparatively modest. As a consequence, we need to question if current DHM systems are fit for the design of future mobile work systems. So far it appears that DHM in Ergonomics are rather limited to some traditional applications. According to Dul et al. (2012), future characteristics of Human Factors and Ergonomics (HFE) can be assigned to six main trends: (1) global change of work systems, (2) cultural diversity, (3) ageing, (4) information and communication technology (ICT), (5) enhanced competiveness and the need for innovation, and; (6) sustainability and corporate social responsibility. Based on a literature review, we systematically investigate the capabilities of current ergonomic DHM systems versus the ‘Future of Ergonomics’ requirements. It is found that DHMs already provide broad functionality in support of trends (1) and (2), and more limited options in regards to trend (3). Today’s DHM provide access to a broad range of national and international databases for correct differentiation and characterization of anthropometry for global populations. Some DHM explicitly address social and cultural modeling of groups of people. In comparison, the trends of growing importance of ICT (4), the need for innovation (5) and sustainability (6) are addressed primarily from a hardware-oriented and engineering perspective and not reflected in DHM. This reflects a persistent separation between hardware design (engineering) and software design (information technology) in the view of DHM – a disconnection which needs to be urgently overcome in the era of software defined user interfaces and mobile devices. The design of a mobile ICT-device is discussed to exemplify the need for a comprehensive future DHM solution. Designing such mobile devices requires an approach that includes organizational aspects as well as technical and cognitive ergonomics. Multiple interrelationships between the different aspects result in a challenging setting for future DHM. In conclusion, the ‘Future of Ergonomics’ pose particular challenges for DHM in regards to the design of mobile work systems, and moreover mobile information access.

On the periodicity of traffic oscillations and capacity drop : the role of driver characteristics

This paper shows that traffic hysteresis, a manifestation of driver characteristics, has a profound impact on the development of traffic oscillations and the bottleneck discharge rate. Findings suggest that aggressive driver behavior (with small response times and jammed spacing) leads to spontaneous formations of stop-and-go disturbances. Furthermore, the aggressive behavior, coupled with a late response to adopt less aggressive behavior, generates large hysteresis that leads to oscillations’ transformation from localized to substantial disturbances and growth. The larger the magnitude of hysteresis is, the larger the growth is. Our finding also suggests that the bottleneck discharge rate can diminish by 8-23% when driver adopts a less aggressive reaction to a disturbance (characterized by a larger response time). This finding is particularly notable since lane-changes have been believed to be the major cause of a reduction in bottleneck discharge rate.

Findings report on the endemic fluorosis in the lower reaches of Xiaoqing river [小清河下游地区地方性氟中毒调查报告]

Objective: To find out the present prevalent situation of the endemic fluorosis in the lower reaches of Xiao Qing River , and to look for an effective way to altering sources to lower fluoride level. Methods: To determine the water fluoride content in the drinking water sources and investigate the basic condition of the water sources (type of the water sources, the depth of well, etc) in the three towns of this area . Make a sampling survey of the children aged from 8 to 12 about the dent al fluoro sis and determine the urine fluoride, and the skeletal fluorosis among the crowd over 16 y ears of age. Results: The survey shows that the lower reaches of Xiaoqing river belong to the drinking water type of endemic fluorosis caused by drinking deep well water. In this area, 65.71% of the water sources contain high level of fluoride, 57.51% of the children suffer from dental fluorosis, 0.58% of the crowd over 16 years of age suffer from skeletal fluorosis. High water fluoride rate is related with the depth of the well. If the well is over 500 metres deep, the fluoride content rate is clearly low. Conclusions: In this area, there are still some water sources which contain normal level of fluoride. By increasing the depth of the well down to 500 metres, the problem of high fluoride in water might be solved.