Discount rates in disarray : evidence on flawed goodwill impairment testing

Carlin and Finch, this issue, compare goodwill impairment discount rates used by a sample of large Australian firms with ‘independently’ generated discount rates. Their objective is to empirically determine whether managers opportunistically select goodwill discount rates subsequent to the 2005 introduction of International Financial Reporting Standards (IFRS) in Australia. This is a worthwhile objective given that IFRS introduced an impairment regime, and within this regime, discount rate selection plays a key role in goodwill valuation decisions. It is also timely to consider the goodwill valuation issue. Following the recent downturn in the economy, there is a high probability that many firms will be forced to write down impaired goodwill arising from boom period acquisitions. Hence, evidence of bias in rate selection is likely to be of major concern to investors, policymakers and corporate regulators. Carlin and Finch claim their findings provide evidence of such bias. In this commentary I review the validity of their claims.

Contributions of vision-proprioception interactions to the estimation of time-varying hand and target locations

We investigated the relative importance of vision and proprioception in estimating target and hand locations in a dynamic environment. Subjects performed a position estimation task in which a target moved horizontally on a screen at a constant velocity and then disappeared. They were asked to estimate the position of the invisible target under two conditions: passively observing and manually tracking. The tracking trials included three visual conditions with a cursor representing the hand position: always visible, disappearing simultaneously with target disappearance, and always invisible. The target’s invisible displacement was systematically underestimated during passive observation. In active conditions, tracking with the visible cursor significantly decreased the extent of underestimation. Tracking of the invisible target became much more accurate under this condition and was not affected by cursor disappearance. In a second experiment, subjects were asked to judge the position of their unseen hand instead of the target during tracking movements. Invisible hand displacements were also underestimated when compared with the actual displacement. Continuous or brief presentation of the cursor reduced the extent of underestimation. These results suggest that vision–proprioception interactions are critical for representing exact target–hand spatial relationships, and that such sensorimotor representation of hand kinematics serves a cognitive function in predicting target position. We propose a hypothesis that the central nervous system can utilize information derived from proprioception and/or efference copy for sensorimotor prediction of dynamic target and hand positions, but that effective use of this information for conscious estimation requires that it be presented in a form that corresponds to that used for the estimations.

Destination brand positions of a competitive set of near-home destinations

Although the branding literature commenced during the 1940s, the first publications related to destination branding did not emerge until half a century later. A review of 74 destination branding publications by 102 authors from the first 10 years of destination branding literature (1998-2007) found at least nine potential research gaps warranting attention by researchers. In particular, there has been a lack of research examining the extent to which brand positioning campaigns have been successful in enhancing brand equity in the manner intended in the brand identity. The purpose of this paper is to report the results of an investigation of brand equity tracking for a competitive set of destinations in Queensland, Australia between 2003 and 2007. A hierarchy of consumer-based brand equity (CBBE) provided an effective means to monitor destination brand positions over time. A key implication of the results was the finding that there was no change in brand positions for any of the five destinations over the four year period. This leads to the proposition that destination position change within a competitive set will only occur slowly over a long period of time. The tabulation of 74 destination branding case studies, research papers, conceptual papers and web content analyses provides students and researchers with a useful resource on the current state of the field.

Near infrared spectroscopy of benzoic acid adsorbed on montmorillonite

The adsorption of benzoic acid on both sodium and calcium montmorillonites has been studied by near infrared spectroscopy complimented with infrared spectroscopy. Upon adsorption of benzoic acid additional near infrared bands are observed at 8665 cm-1 and assigned to an interaction of benzoic acid with the water of hydration. Upon adsorption of the benzoic acid on Na-Mt, the NIR bands are now observed at 5877, 5951, 6028 and 6128 cm-1 and are assigned to the overtone and combination bands of the CH fundamentals. Additional bands at 4074, 4205, 4654 and 4678 cm-1 are attributed to CH combination bands resulting from the adsorption of the benzoic acid. Benzoic acid is used as a model molecule for adsorption studies. The application of near infrared spectroscopy to the study of adsorption has the potential for the removal of acids from polluted aqueous systems.

Automated control of a dragline using machine vision

The research described in this paper is directed toward increasing productivity of draglines through automation. In particular, it focuses on the swing-to-dump, dump, and return-to-dig phases of the dragline operational cycle by developing a swing automation system. In typical operation the dragline boom can be in motion for up to 80% of the total cycle time. This provides considerable scope for improving cycle time through automated or partially automated boom motion control. This paper describes machine vision based sensor technology and control algorithms under development to solve the problem of continuous real time bucket location and control. Incorporation of this capability into existing dragline control systems will then enable true automation of dragline swing and dump operations.

Real-time vision, tracking and control

This paper, which serves as an introduction to the mini-symposium on Real-Time Vision, Tracking and Control, provides a broad sketch of visual servoing, the application of real-time vision, tracking and control for robot guidance. It outlines the basic theoretical approaches to the problem, describes a typical architecture, and discusses major milestones, applications and the significant vision sub-problems that must be solved.

Vision-based detection and tracking of aerial targets for UAV collision avoidance

Machine vision represents a particularly attractive solution for sensing and detecting potential collision-course targets due to the relatively low cost, size, weight, and power requirements of the sensors involved (as opposed to radar). This paper describes the development and evaluation of a vision-based collision detection algorithm suitable for fixed-wing aerial robotics. The system was evaluated using highly realistic vision data of the moments leading up to a collision. Based on the collected data, our detection approaches were able to detect targets at distances ranging from 400m to about 900m. These distances (with some assumptions about closing speeds and aircraft trajectories) translate to an advanced warning of between 8-10 seconds ahead of impact, which approaches the 12.5 second response time recommended for human pilots. We make use of the enormous potential of graphic processing units to achieve processing rates of 30Hz (for images of size 1024-by- 768). Currently, integration in the final platform is under way.

A global vision system for a robot soccer team

This paper describes the real time global vision system for the robot soccer team the RoboRoos. It has a highly optimised pipeline that includes thresholding, segmenting, colour normalising, object recognition and perspective and lens correction. It has a fast ‘paint’ colour calibration system that can calibrate in any face of the YUV or HSI cube. It also autonomously selects both an appropriate camera gain and colour gains robot regions across the field to achieve colour uniformity. Camera geometry calibration is performed automatically from selection of keypoints on the field. The system achieves a position accuracy of better than 15mm over a 4m × 5.5m field, and orientation accuracy to within 1°. It processes 614 × 480 pixels at 60Hz on a 2.0GHz Pentium 4 microprocessor.

Single camera vision-only SLAM on a suburban road network

Simultaneous Localization And Mapping (SLAM) is one of the major challenges in mobile robotics. Probabilistic techniques using high-end range finding devices are well established in the field, but recent work has investigated vision only approaches. This paper presents a method for generating approximate rotational and translation velocity information from a single vehicle-mounted consumer camera, without the computationally expensive process of tracking landmarks. The method is tested by employing it to provide the odometric and visual information for the RatSLAM system while mapping a complex suburban road network. RatSLAM generates a coherent map of the environment during an 18 km long trip through suburban traffic at speeds of up to 60 km/hr. This result demonstrates the potential of ground based vision-only SLAM using low cost sensing and computational hardware.

Extending the dynamic range of robotic vision

Conventional cameras have limited dynamic range, and as a result vision-based robots cannot effectively view an environment made up of both sunny outdoor areas and darker indoor areas. This paper presents an approach to extend the effective dynamic range of a camera, achieved by changing the exposure level of the camera in real-time to form a sequence of images which collectively cover a wide range of radiance. Individual control algorithms for each image have been developed to maximize the viewable area across the sequence. Spatial discrepancies between images, caused by the moving robot, are improved by a real-time image registration process. The sequence is then combined by merging color and contour information. By integrating these techniques it becomes possible to operate a vision-based robot in wide radiance range scenes.

Optical absorption near infrared and EPR studies of mottramite

Mottramite mineral originated from Tsumeb Corporation Mine, Tsumeb, Otavi, Namibia, is used in the present work. The mineral contains of vanadium and copper to the extent of 22.73% and 16.84% by weight respectively as V2O5 and CuO. An EPR study of sample confirms the presence of Cu(II) with g = 2.2. Optical absorption spectrum of mottramite indicates that Cu(II) is present in rhombic environment. NIR results are due to water fundamentals.

An application of near-infrared and mid-infrared spectroscopy to the study of natural halotrichites : halotrichite, apjohnite and wupatkiite

Near-infrared (NIR) and Fourier transform infrared (FTIR) spectroscopy have been used to determine the mineralogical character of isomorphic substitutions for Mg2+ by divalent transition metals Fe, Mn, Co and Ni in natural halotrichite series. The minerals are characterised by d-d transitions in NIR region 12000-7500 cm-1. NIR spectrum of halotrichite reveals broad feature from 12000 to 7500 cm-1 with a splitting of two bands resulting from ferrous ion transition 5T2g ® 5Eg. The presence of overtones of OH- fundamentals near 7000 cm-1 confirms molecular water in the mineral structure of the halotrichite series. The appearance of the most intense peak at around 5132 cm-1 is a common feature in the three minerals and is derived from combination of OH- vibrations of water molecules and 2 water bending modes. The influence of cations like Mg2+, Fe2+, Mn2+, Co2+, Ni2+ shows on the spectra of halotrichites. Especially wupatkiite-OH stretching vibrations in which bands are distorted conspicuously to low wave numbers at 3270, 2904 and 2454 cm-1. The observation of high frequency 2 mode in the infrared spectrum at 1640 cm-1 indicates coordination of water molecules is strongly hydrogen bonded in natural halotrichites. The splittings of bands in 3 and 4 (SO4)2- stretching regions may be attributed to the reduction of symmetry from Td to C2v for sulphate ion. This work has shown the usefulness of NIR spectroscopy for the rapid identification and classification of the halotrichite minerals.

MATLAB toolboxes : robotics and vision for students and teachers

In this column, Dr. Peter Corke of CSIRO, Australia, gives us a description of MATLAB Toolboxes he has developed. He has been passionately developing tools to enable students and teachers to better understand the theoretical concepts behind classical robotics and computer vision through easy and intuitive simulation and visualization. The results of this labor of love have been packaged as MATLAB Toolboxes: the Robotics Toolbox and the Vision Toolbox. –Daniela Rus, RAS Education Cochair

High dynamic range stereo vision for outdoor mobile robotics

We present a technique for high-dynamic range stereo for outdoor mobile robot applications. Stereo pairs are captured at a number of different exposures (exposure bracketing), and combined by projecting the 3D points into a common coordinate frame, and building a 3D occupancy map. We present experimental results for static scenes with constant and dynamic lighting as well as outdoor operation with variable and high contrast lighting conditions.