Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts

Commencing 13 March 2000, the Corporate Law Economic Reform Program Act 1999 (Cth) introduced changes to the regulation of corporate fundraising in Australia. In particular, it effected a reduction in the litigation risk associated with initial public offering prospectus disclosure. We find that the change is associated with a reduction in forecast frequency and an increase in forecast value relevance, but not with forecast error or bias. These results confirm previous findings that changes in litigation risk affect the level but not the quality of disclosure. They also suggest that the reforms' objectives of reducing fundraising costs while improving investor protection, have been achieved.

Speleothem master chronologies: combined Holocene O-18 and C-13 records from the North Island of New Zealand and their palaeoenvironmental interpretation

The stable isotope records of four stalagmites dated by 19 TIMS uranium series ages are combined to produce master chronologies for delta(18)O and delta(13)C The delta(18)O records display good overall coherence, but considerable variation in detail. Variability in the delta(13)C records is greater, but general trends can still be discerned. This implies that too fine an interpretation of the structure of individual isotopic records can be unreliable. Speleothem delta(18)O values are demonstrated to show a positive relationship with temperature by comparing trends with other proxy records, but also to respond negatively to rainfall amount. Speleothem delta(13)C is considered to be most influenced by rainfall. The postglacial thermal optimum occur-red around 10.8 ka BP, which is similar in timing to Antarctica but up to 2000 years earlier than most Northern Hemisphere sites. Increasingly negative delta(18)O values after 7.5 ka BP indicate that temperatures declined to a late mid-Holocene minimum centred around 3 ka BP, but more positive values followed to mark a warm peak about 750 years ago which coincided with the 'Mediaeval Warm Period' of Europe. Low 5110 values at 325 years BP suggest cooling coincident with the 'Little Ice Age'. A marked feature of the delta(13)C record is an asymmetric periodicity averaging c. 2250 years and amplitude of c. 1.9parts per thousand. It is concluded that this is mainly driven by waterbalance variations with negative swings representing particularly wet intervals. The 5110 record shows a higher-frequency cyclicity with a period of c. 500 years and an amplitude of c. 0.25 parts per thousand. This is most likely to be temperature-driven, but some swings may have been amplified by precipitation.