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.

Mechanisms of Thermal Adaptation Revealed From the Genomes of the Antarctic Archaea Methanogenium frigidum and Methanococcoides burtonii

We generated draft genome sequences for two cold-adapted Archaea, Methanogenium frigidum and Methanococcoides burtonii, to identify genotypic characteristics that distinguish them from Archaea with a higher optimal growth temperature (OGT). Comparative genomics revealed trends in amino acid and tRNA composition, and structural features of proteins. Proteins from the cold-adapted Archaea are characterized by a higher content of noncharged polar amino acids, particularly Gin and Thr and a lower content of hydrophobic amino acids, particularly Leu. Sequence data from nine methanogen genomes (OGT 15degrees-98degreesC) were used to generate IIII modeled protein structures. Analysis of the models from the cold-adapted Archaea showed a strong tendency in the solvent-accessible area for more Gin, Thr, and hydrophobic residues and fewer charged residues. A cold shock domain (CSD) protein (CspA homolog) was identified in M. frigidum, two hypothetical proteins with CSD-folds in M. burtonii, and a unique winged helix DNA-binding domain protein in M. burtonii. This suggests that these types of nucleic acid binding proteins have a critical role in cold-adapted Archaea. Structural analysis of tRNA sequences from the Archaea indicated that GC content is the major factor influencing tRNA stability in hyperthermophiles, but not in the psychrophiles, mesophiles or moderate thermophiles. Below an OGT of 60degreesC, the GC content in tRNA was largely unchanged, indicating that any requirement for flexibility of tRNA in psychrophiles is mediated by other means. This is the first time that comparisons have been performed with genome data from Archaea spanning the growth temperature extremes. from psychrophiles to hyperthermophiles

Why Scotland needs more than just a new migration policy

The Scottish Executive has adopted a policy to combat Scotland's declining population by encouraging inward migration. Using a multi-state population model this paper presents nine long-term population scenarios for Scotland using three net international migration levels and three fertility paths. The results show inward migration can slow population decline but makes little difference to population ageing. Without a higher fertility rate Scotland's population will become demographically unsustainable. Our simulations show that a higher fertility rate substantially reduces the future ageing.

Biology and conservation of the rare New Zealand land snail Paryphanta busbyi watti (Mollusca, Pulmonata)

The biology of Paryphanta busbyi watti, an endangered carnivorous land snail, was studied mostly by following large juvenile and adult snails with harmonic radar. The snails are nocturnally active and most (79%) hide during the day under leaf litter or in dense vegetation. Fecal analysis showed that the diet is primarily earthworms, but some cannibalism of smaller snails occurs. Empty shells appear to be an additional source of dietary calcium. Mating occurred most frequently between April and July. Mating snails stayed together for 4-7 days, and each pair reversed their positions at least twice. Four snails were first found mating 151-1240 d after they acquired adult shells, and 7 snails were observed mating a second time after 66-298 d. We found 8 nests and observed 6 snails ovipositing; 5 snails laid eggs in holes they dug and one laid eggs in a crevice between rocks. In 2 instances, oviposition was recorded 52 and 140 d after mating. Snails were estimated to lay on average similar to17.5 eggs per year in 3-5 clutches. Most oviposition was observed in August/September, but some occurred between November and February. Of the snails that died, pigs killed 13.6% and humans inadvertently killed another 13.6%. Other snails died from unknown causes mostly during the drier and warmer months, from November to April. This large land snail survives in the presence of introduced predators, but some life history traits could predispose it to a rapid decline in numbers if new predators arrive.

Importance of water for Archaean granitoid petrology: a comparative study of TTG and potassic granitoids from Barberton Mountain Land, South Africa

A new model for Archaean granitoid magmatism is presented which reconciles the most important geochemical similarities and differences between tonalite-trondhjemite-granodiorite (TTG) and potassic granitoids. Trace element abundances reveal a strong arc magmatism signature in all studied granitoids from Barberton Mountain Land. Characteristic features include HFSE depletion as well as distinct enrichment peaks of fluid-sensitive trace elements such as Pb in N-MORB normalisation, clearly indicating that all studied granitoids are derived from refertilised mantle above subduction zones. We envisage hydrous basaltic (s.l.) melts as parental liquids, which underwent extensive fractional crystallisation. Distinctive residual cumulates evolved depending on initial water content. High-H2O melts crystallised garnet/amphibole together with pyroxenes and minor plagioclase, but no olivine. This fractionation path ultimately led to TTG-like melts. Less hydrous basaltic melts also crystallised garnet/amphibole, but the lower compatible element content indicates that olivine was also a liquidus phase. Pronounced negative Eu-anomalies of the granitic melts, correlating with Na, Ca and Al, indicate plagioclase to be of major importance. In the context of our model, the post-Archaean disappearance of TTG and concomitant preponderance of granites (s.l.), therefore, is explained with secular decrease of aqueous fluid transport into subduction zones and/or efficiency of deep fluid release from slabs.

Development of forest structure on cleared rainforest land in eastern Australia under different styles of reforestation

Rainforests in eastern Australia have been extensively cleared over the past two centuries. In recent decades, there have been increasing efforts to reforest some of these cleared lands, using a variety of methods, to meet a range of economic and environmental objectives. However, the extent to which the various styles of reforestation restore structure, composition and ecological function to cleared land is not presently understood. In this study, we develop and apply a method for quantifying the structural attributes of reforestation sites in tropical and subtropical Australia. The types of reforestation studied were plantation monocultures, mixed-species cabinet timber plots, diverse restoration plantings and unmanaged regrowth. Two age classes of reforestation were examined: 'young' (5-22 years), incorporating sites from all categories, and 'old' (30-70 years), in which only monoculture plantations and regrowth were represented. A total of 104 sites were surveyed including reference sites in intact rainforest and pasture. Intact rainforest was characterised by a suite of complex structural features including abundant special life forms (vines, epiphytes, hemi-epiphytes and strangler figs), a dense stand of trees in a range of size classes, a closed canopy, a shrubby understorey and a well-developed ground layer of leaf litter and woody debris. These features were lost on conversion to pasture. While all types of reforestation returned some elements of structural complexity to cleared land, young plantation monocultures, cabinet timber plots and young regrowth had a relatively simple structure. These sites typically had a low density of woody stems, a relatively open canopy and grassy ground cover, and lacked large trees, coarse woody debris and most special life forms. Restoration plantings and old regrowth were more complex, with a high density of woody stems, a relatively closed canopy and shrubby understorey. Old monoculture plantations in the tropics had acquired many of the structural attributes of intact forest, however this was not the case in the subtropics, where plantations were subject to more intensive management. The marked differences in structural complexity between sites suggest that the different types of reforestation practiced in eastern Australia are likely to vary considerably in their value as habitat for rainforest biota. (C) 2003 Elsevier Science B.V. All rights reserved.