An analysis of the timeliness and nature of profit warnings in the aftermath of the Global Financial Crisis

The global financial crisis (GFC) has severely impacted the financial position and performance of many companies internationally. Because of its severity and associated increase in uncertainty it challenges the effectiveness of existing disclosure regulation. Australia provides a unique environment in which to test the effects of the GFC on corporate disclosure because statutory rules mandate the timely disclosure of ‘price-sensitive’ information (ASX Rule 3.1) by listed entities. Exploiting this institutional setting we investigate the determinants and timeliness of profit warnings issued by the top 500 ASX-listed firms with profit declines in the 2009 fiscal year. Our findings show that firms behave differently with regard to the issuance of profit warnings: larger and more indebted firms are more likely to issue a profit warning and tend to be timelier; surprisingly, poorer performing firms tend to release the news more quickly and this might be attributed to an increasing threat of litigation. Our analysis of profit warning determinants shows interesting results with the presence of asset impairments hindering the early disclosure of profit warnings. Our findings are novel for two main reasons: first, we provide insights into the impact of global financial crisis on profit warning behaviour; second, we are the first to examine the differential impact of alternative features of profit warnings on disclosure timeliness. The findings have implications for regulators in determining compliance with continuous disclosure rules and more broadly, for market participants in interpreting profit warnings.

Leaving home for the party on the roof : Brisbane music and musicians

It lies 27°S of the Equator, wrapped uneasily around a wide, muddy river. Three years ago, Brisbane was identified by Billboard Magazine as one of six “hot spots” of independent music in the world. A place to watch. Someone turned a torch on this town, had a quick look, moved on. But this town has always had music in it. Some of it made by me. So, I’m taking my connection with this town, the music and the people, and working it into a contextual historical analysis of the creative lives of Brisbane musicians, and by extension, of Brisbane’s music and Brisbane itself. Talking about what music means to us, how it figures in our lives, and considering the notion, among other factors, of ‘place’ in both our creative practice and creative output. This paper offers an analysis of a particular auto/ethnographic method. How lives are organized and intensified by sounds made and heard in particular social and geographic settings. How music can be the thread which, when pulled, unravels stories, reveals certain truths about musicians and their relationships to one another, to family, to place and to their work.

Restrung New Chamber Festival : Bridging the Gap Between High Art Music and Popular Sensibilities

The Restrung New Chamber Festival was a practice-led research project which explored the intricacies of musical relationships. Specifically, it investigated the relationships between new music ensembles and pop-oriented bands inspired by the new music genre. The festival, held at the Brisbane Powerhouse (28 February-2 March 2009) comprised 17 diverse groups including the Brodsky Quartet, Topology, Wood, Fourplay and CODA. Restrung used a new and distinctive model which presented new music and syncretic musical genres within an immersive environment. Restrung brought together approaches used in both contemporary classical and popular music festivals, using musical, visual and spatial aspects to engage audiences. Interactivity was encouraged through video and sound installations, workshops and forums. This paper will investigate some of the issues surrounding the conception and design of the Restrung model, within the context of an overview of European new music trends. It includes a discussion of curating such an event in a musically sensitive and effective way, and approaches to identifying new and receptive audiences. As a guide to programming Restrung, I formulated a working definition of new music, further developed by interviews with specialists in Australia and Europe, and this will be outlined below.

Soundcipher : a music and sound library for processing

SoundCipher is a software library written in the Java language that adds important music and sound features to the Processing environment that is widely used by media artists and otherwise has an orientation toward computational graphics. This article introduces the SoundCipher library and its features, describes its influences and design intentions, and positions it within the field of computer music programming tools. SoundCipher enables the rich history of algorithmic music techniques to be accessible within one of today’s most popular media art platforms. It also provides an accessible means for learning to create algorithmic music and sound programs.

Producing better outcomes : music and public services

Music has played an important role in social life for thousands of years, and its varied forms of communication have significantly influenced the types of public services reported in this book. It is now time for practitioners and academics to sing songs of resilience that reinvigorate the public’s understanding of the positive role music can play in all of our lives, and for public services to better resource music projects. The last twenty years have seen major advances in studies of music and its affects on the brain’s neuroplasticity, but as yet no one has managed to provide a comprehensive response to Oliver Sachs’ (2006) question: why does music, for better or worse, have so much power? This chapter seeks to demonstrate the power of those music making experiences that bridge the gap between the physicaland social sciences across commercial, social and cultural contexts.

An orchestral audience: Classical music and continued patterns of distinction

This paper considers the key findings of a year-long collaborative research project focusing on the audience of the London Symphony Orchestra and their introduction of a new mobile telephone (‘app’) ticketing system. A mixed-method approach was employed, utilizing focus groups and questionnaires with over 80 participants, to research a sample group of university students. This research develops our understanding of classical music audiences, and highlights the continued individualistic, middle-class, and exclusionary culture of classical music attendance and patterns of behaviours. The research also suggests that a mobile phone app does prove a useful mechanism for selling discounted tickets, but shows little indication of being a useful means of expanding this audience beyond its traditional demographic.

The urgent need for career preview: Student expectations and graduate realities in music and dance

Unlike the work available in many creative disciplines, musicians and dancers have the possibility of full-time, company-based employment; however, participants far outweigh the number of available positions. As a result, many graduates become ‘enforced entrepreneurs’ as they shape their work to meet personal and professional needs. This paper first explores the career projections of 58 music and dance students who were surveyed in their first week of post-secondary study. It then contrasts these findings with the reality of graduate careers as reported by five of that cohort four years later. In contrast with the students’ overwhelming focus on performance roles, the graduate cohort reported a prevalence of portfolio careers incorporating both creative and non-creative roles. The paper characterises the notion of a performing arts ‘career’ as a messy concept fraught with misunderstanding. Implications include the need to heighten students’ career awareness and position intrinsic satisfaction as a valued career concept.

Benefit cost analysis applied to behavioral and engineering safety countermeasures in San Francisco, California

The state of the practice in safety has advanced rapidly in recent years with the emergence of new tools and processes for improving selection of the most cost-effective safety countermeasures. However, many challenges prevent fair and objective comparisons of countermeasures applied across safety disciplines (e.g. engineering, emergency services, and behavioral measures). These countermeasures operate at different spatial scales, are funded often by different financial sources and agencies, and have associated costs and benefits that are difficult to estimate. This research proposes a methodology by which both behavioral and engineering safety investments are considered and compared in a specific local context. The methodology involves a multi-stage process that enables the analyst to select countermeasures that yield high benefits to costs, are targeted for a particular project, and that may involve costs and benefits that accrue over varying spatial and temporal scales. The methodology is illustrated using a case study from the Geary Boulevard Corridor in San Francisco, California. The case study illustrates that: 1) The methodology enables the identification and assessment of a wide range of safety investment types at the project level; 2) The nature of crash histories lend themselves to the selection of both behavioral and engineering investments, requiring cooperation across agencies; and 3) The results of the cost-benefit analysis are highly sensitive to cost and benefit assumptions, and thus listing and justification of all assumptions is required. It is recommended that a sensitivity analyses be conducted when there is large uncertainty surrounding cost and benefit assumptions.

A qualitative analysis of stress, uplifts and coping in the personal and professional lives of Singaporean nurses.

Aim. This paper is a report of a descriptive study of nurses’ experiences of daily stress and coping. Background. Much of the research on stress in nursing is quantitative and has focused on only work stressors. Moreover, few studies have examined the uplifting side of living and the role it may play in moderating stress. A theoretical framework on stress and coping, ‘hassles’ and ‘uplifts’ was used to examine nurses’ experiences across their personal and professional lives from a qualitative perspective. Methods. A purposive sample of Singaporean hospital nurses (n = 23) identified using a snowball sampling technique, participated in two sets of email interviews in 2009. The qualitative data were analysed using thematic analysis. Results. Three themes were identified as constituting daily hassles: (i) time pressures, (ii) nature of nursing work and (iii) multiple roles. Uplifts were expressed in relation to one main theme of feeling good extending across nurses’ personal and professional lives. Three themes were identified as ways of coping: (i) taking time out, (ii) seeking emotional support and (iii) belief systems. Conclusion. The interaction between personal and professional life plays a major role in Singaporean nurses’ experiences of stress and coping. However, stress may be ameliorated through effective management and strong familial support. Nurses and employers are recommended to use uplifts and identify ways of coping to minimize attrition and contribute to the development of a healthy workforce.

A genetic analysis of serotonergic biosynthetic and metabolic enzymes in migraine using a DNA pooling approach

Migraine is a common debilitating primary headache disorder with significant mental, physical and social health implications. The brain neurotransmitter 5-hydroxytryptamine (5-HT; serotonin) is involved in nociceptive pathways and has been implicated in the pathophysiology of migraine. With few genetic studies investigating biosynthetic and metabolic enzymes governing the rate of 5-HT activity and their relationship to migraine, it was the objective of this study to assess genetic variants within the human tryptophan hydroxylase (TPH), amino acid decarboxylase (AADC) and monoamine oxidase A (MAOA) genes in migraine susceptibility. This objective was undertaken using a high-throughput DNA pooling experimental design, which proved to be a very accurate, sensitive and specific method of estimating allele frequencies for single nucleotide polymorphism, insertion deletion and variable number tandem repeat loci. Application of DNA pooling to a wide array of genetic loci provides greater scope in the assessment of population-based genetic association study designs. Despite the application of this high-throughput genotyping method, negative results from the two-stage DNA pooling design used to screen loci within the TPH, AADC and MAOA genes did not support their role in migraine susceptibility.

Multi-outcome construction policies : comparative analysis of western australian and queensland policies

This document provides an overview of the differences and similarities in the objectives and implementation frameworks of the training and employment policies applying to public construction projects in Western Australia and Queensland. The material in the document clearly demonstrates the extent to which approaches to the pursuit of training objectives in particular have been informed by the experiences of other jurisdictions. The two State governments now have very similar approaches to the promotion of training with the WA government basing a good part of its policy approach on the “Queensland model”. As the two States share many similar economic and other characteristics, and have very similar social and economic goals, this similarity is to be expected. The capacity to benefit from the experiences of other jurisdictions is to be welcomed. The similarity in policy approach also suggests a potential for ongoing collaborations between the State governments on research aimed at further improving training and employment outcomes via public construction projects.

Real estate agency practice and profitability : an analysis of house sales and agency profitability in Sydney

Large cities provide a broad range of residential property types, as well as a range of socio-economic locations. This results in a significant variation in residential property prices across both the city itself and the individual suburbs. The only constant across such a diverse range of residential property is the need for the majority of residential property owners to employ the services of a real estate agent to sell their property or to purchase a residential property. This paper will analyse the Sydney residential property market over the period 1994 to 2002 to determine the change in real estate offices numbers over the period, the profitability of real estate agency offices based on the residential house price performance of houses and units in these specific locations and the extent of changing residential house prices on agency profitability. Suburbs have been selected to provide a full range of housing types, socio-economic areas, older established and developing residential suburbs and location from the