Spectral Values

This series of drawings takes a diagrammatically creative approach to understanding the economic theories and personalities at the centre of the Global Financial Crisis. Mimicking the form of US currency, the work removes labels from common economic diagrams and portrays financial titans in repose as a way to express a personal and ambivalent experience of contemporary capitalism.

Ethical Values and the Integrity of the Climate Change Regime

This book investigates the ethical values that inform the global carbon integrity system, and reflects on alternative norms that could or should do so. The global carbon integrity system comprises the emerging international architecture being built to respond to the climate change. This architecture can be understood as an 'integrity system'- an inter-related set of institutions, governance arrangements, regulations and practices that work to ensure the system performs its role faithfully and effectively. This volume investigates the ways ethical values impact on where and how the integrity system works, where it fails, and how it can be improved. With a wide array of perspectives across many disciplines, including ethicists, philosophers, lawyers, governance experts and political theorists, the chapters seek to explore the positive values driving the global climate change processes, to offer an understanding of the motivations justifying the creation of the regime and the way that social norms impact upon the operation of the integrity system. The collection focuses on the nexus between ideal ethics and real-world implementation through institutions and laws. The book will be of interest to policy makers, climate change experts, carbon taxation regulators, academics, legal practitioners and researchers.

The assessment of ecological condition in south-east Queensland, Australia: An evaluation of reliability across variable environments and surrogate efficacy for biodiversity values

Multimetric ecological condition assessment has become an important biodiversity management tool. This study was the first to examine the reliability of these ecological surrogates across variable environments, and the implications for surrogate efficacy. It was demonstrated that through strategic application and design of the multimetric ecological condition index, the effects of environmental gradients and disturbance regimes can be mitigated, and that ecological condition assessment may serve as a scientifically rigorous approach for conservation planning.

Journalistic branding on Twitter: A representative study of Australian journalists’ profile descriptions

While journalism scholarship on Twitter has expanded significantly in recent years, journalists’ use of the social networking platform for self-promotion and branding has only recently received attention. Yet, as Twitter is becoming important for journalists to build economic and social capital, journalistic branding is increasingly relevant to study. This article reports the results from a study of 4189 Australian journalists’ Twitter accounts to examine their approaches to self-presentation and branding in their profile information. We find that journalists self-identify primarily through professional characteristics, but a significant number also mix this with personal information. Yet, they are also wary of providing personal information, with one-third including a disclaimer that their views are their own. Whereas only small differences could be found along gender lines, more significant differences existed in terms of whether journalists worked in metropolitan or regional areas and the nature of their employers’ main platform of distribution.

Inclusive values: Exploring the perspectives of pre-service teachers

Since the turn of the century there has been an increasing focus on inclusive education in Australian schools, and growing interest in understanding how the values of pre-service teachers impact on their willingness to implement inclusive principles in their future classrooms. The current qualitative study explored the values and views toward diversity and inclusion of pre-service teachers at one university in Queensland, Australia. Results showed that first and fourth year pre-service teachers held similar ideas about the values that teachers should have, and showed congruence between their own personal values and teacher values. Fourth year students who had undertaken an inclusive education minor placed greater emphasis on the importance of inclusion, and felt more confident about supporting this diversity in their future classrooms, than those fourth years who had not undertaken this minor. The findings from this study will inform future planning in preparing teachers for inclusive work in schools.

Flood risk information, actual floods and property values: A quasi-experimental analysis

Hedonic property price analysis tells us that property prices can be affected by natural hazards such as floods. This paper examines the impact of flood-related variables (among other factors) on property values, and examines the effect of the release of flood risk map information on property values by comparing the impact with the effect of an actual flood incidence. An examination of the temporal variation of flood impacts on property values is also made. The study is the first of its kind where the impact of the release of flood risk map information to the public is compared with an actual flood incident. In this study, we adopt a spatial quasi-experimental analysis using the release of flood risk maps by Brisbane City Council in Queensland, Australia, in 2009 and the actual floods of 2011. The results suggest that property buyers are more responsive to the actual incidence of floods than to the disclosure of information to the public on the risk of floods.

Fair values and audit fees: Evidence from asset revaluations in Australia

This paper examines the association between the level of audit fees paid and asset revaluations, one use of fair value accounting. This Australian study also investigates attributes of asset revaluations and the association with the level of audit fees paid. We find that firms choosing the revaluation model incur higher audit fees than those that chose the cost model; asset revaluations made by directors lead to the firm incurring higher audit fees than for those made by external independent appraisers; and revaluation of investment properties leads to lower audit fees. The findings suggest that asset revaluations can result in higher agency costs and audit fees vary with the reliability of the revaluations and the class of assets being revalued.

The usefulness of fair values in improving the predictive ability of earnings: Evidence from international banks

One of the objectives of general-purpose financial reporting is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. The current focus on potentially increased relevance of fair value accounting weighed against issues of reliability has failed to consider the potential impact on the predictive ability of accounting. Based on a sample of international (non-U.S.) banks from 24 countries during 2009-2012, we test the usefulness of fair values in improving the predictive ability of earnings. First, we find that the increasing use of fair values on balance-sheet financial instruments enhances the ability of current earnings to predict future earnings and cash flows. Second, we provide evidence that the fair value hierarchy classification choices affect the ability of earnings to predict future cash flows and future earnings. More precisely, we find that the non-discretionary fair value component (Level 1 assets) improves the predictability of current earnings whereas the discretionary fair value components (Level 2 and Level 3 assets) weaken the predictive power of earnings. Third, we find a consistent and strong association between factors reflecting country-wide institutional structures and predictive power of fair values based on discretionary measurement inputs (Level 2 and Level 3 assets and liabilities). Our study is timely and relevant. The findings have important implications for standard setters and contribute to the debate on the use of fair value accounting.