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.

The communication rights in the information society (CRIS) campaign: Applying social movement theories to an analysis of global media reform

Social movement theories offer useful conceptual and analytical tools to the study and research of global media reform movements. This article is a critical analysis of the Communication Rights in the Information Society (CRIS) campaign. It explores its successes and blind-spots in the light of social movement theory, in particular resource mobilization theory (RMT), and offers practical directions for the movement to move on from where it is to where it ought to be.

Economic Liberalisation and Environmental Concerns: A South Asian Perspective

This Article does not have an abstract.

Cultures within culture: Unity and diversity of two generations of employees in state-owned enterprises

This study adopts integration and differentiation perspectives to examine why unity and diversity of organizational cultures emerged as a function of economic reform, and how subcultural differences were reflected in employees' perceptions of cultural practices. Data were gathered from in-depth interviews and a large-scale survey in two large, state-owned enterprises in north-east China. Results indicated that, although all employees were oriented towards a common set of cultural themes, the two generations of employees did not exemplify the themes in the same way. Specifically, unity was illustrated by employees' desire to maintain Harmony and to reduce Inequality. Diversity was revealed by first-generation employees' higher ratings on Loyalty, Security and even Bureaucracy. The findings are discussed in the light of traditional Chinese cultural values, political ideology and the social context. Implications are drawn for organizational cultural theory and research.

Neoliberalism, individualisation and community: Regional restructuring in Australia

Since the early 1980s, Australian governments have embraced neoliberal policies as a means of improving the nation’s global economic competitiveness. The impacts of such policies in regional areas have been quite profound, leading to socio-economic polarisation, population loss, and the growth of anti-globalisation sentiments. In this paper, we examine the process of regional restructuring that arises from this trajectory in Australia, and examine current policy responses to change under the neoliberal regime. We argue that while many such responses are individualistic, and based upon policies of personal responsibility, self-advancement and entrepreneurship, others are imbued with the language of community, social capital and collective action. The existence of individualism and community within the same policy agenda may appear contradictory, yet it is suggested that neoliberalism brings together these two opposing discourses through a process of what Nikolas Rose calls ‘governing through community’. We explore how neoliberalism underpins community approaches to regional development in Australia, arguing that such strategies do little to counter the negative forces of globalisation in non-metropolitan parts of the country.

Taming the tigers? Reforming the security sector in Southeast Asia

Despite global trends towards military reform characterized by processes of professionalization and democratization, militaries in Southeast Asia have continued to play prominent roles in domestic politics since 11 September. This suggests that wider patterns of global military reform have not had as great an impact on the control, capacity and cooperative functions of armed forces in Southeast Asia as they may have elsewhere. In order to explore why the security sector reform agenda has had so little impact in the region, we investigate recent patterns of civil-military relations in Southeast Asia by focusing on the experiences of four of the region's militaries: Malaysia, Thailand, the Philippines and Indonesia. We argue that the security sector reform agenda is informed by a predominantly North American approach to civil-military relations based on a number of core assumptions that do not reflect Southeast Asian experiences. Hence, we ask whether the reform agenda itself could be modified to better suit the Southeast Asian context. We suggest that although the regional military sector has not reformed along a 'Western' path it is nonetheless possible to see other types of, and potential for, reform.

40Ar/39Ar geochronological constraints on the evolution of lateritic iron deposits in the Quadrilatero Ferrifero, Minas Gerais, Brazil

Weathering profiles overlying the Sapecado, Pico and Andaime iron ore deposits, Quadrilátero Ferrífero (QF), Minas Gerais, Brazil, reach depths of 150–400 m and host world-class supergene iron orebodies. In addition to hosting supergene ore bodies of global economic significance, weathered banded iron-formations at the Quadrilátero Ferrífero and elsewhere (e.g., Carajás, Hamersley) are postulated to underlie some of the most ancient continuously exposed weathering profiles on earth. Laser incremental-heating 40Ar/39Ar results for 69 grains of hollandite-group manganese oxides extracted from 23 samples collected at depths ranging from 5 to 150 m at the Sapecado, Pico and Andaime deposits reveal ages ranging from ca. 62 to 14 Ma. Older Mn-oxides occur near the surface, while younger Mn-oxides occur at depth. However, many samples collected at the weathering–bedrock interface yield ages in the 51–41 Ma range, suggesting that the weathering profiles in the Quadrilátero Ferrífero had already reached their present depth in the Paleogene. The antiquity of the weathering profiles in the Quadrilátero Ferrífero is comparable to the antiquity of dated weathering profiles on banded iron-formations in the Carajás Region (Brazil) and the Hamersley Province, Western Australia. The age versus depth distributions obtained in this study, but not available for other regions containing similar supergene iron deposits, suggest that little further advance of the weathering front has occurred in the Quadrilátero Ferrífero lateritic profiles during the Neogene. The results suggest that weathering in some of these ancient landscapes is not controlled by the steady-state advance of weathering fronts through time, but may reflect climatic and geomorphological conditions prevailing in a remote past. The geochronological results also confirm that the ancient landsurfaces in the Quadrilátero Ferrífero probably remained immune to erosion for tens of millions of years. Deep weathering, mostly in the Paleogene, combined with low erosion rates, account for the abundance and widespread distribution of supergene iron, manganese, and aluminum orebodies in this region.

Post-Fordism, the welfare state and the personal social services: A comparison of Australia and Britain

The Post-Fordist welfare state thesis locates contemporary social welfare change within a wider analysis of the transformation of capitalist accumulation regimes. Whilst this analysis is useful in directing attention to macro socio-economic change, it has for the most part contained three shortcomings. First, the Post-Fordist thesis has overemphasized the role of historical 'breaks' in the development of social welfare as it purportedly passes from Fordism to Post-Fordism. Second, the thesis has assumed a degree of convergence between welfare states as a result of global economic forces. In doing so, it has underemphasized the mediating impact of existing institutional arrangements within nations. Third, the thesis has assumed, rather than demonstrated, the specific changes which are alleged to be taking place in various fields of social welfare. As a consequence, aspects of continuity in social welfare have been neglected. These three lacunae are addressed through a comparative analysis of developments in the personal social services in Australia and Britain. Services to older people are employed as the specific context of comparison in relation to three dimensions of measuring transformation along a Post-Fordist trajectory: a shift from a unitary economy to a mixed economy of service provision; changes in the model of service delivery and consumption; and strengthening the governance function of the central state. This comparative analysis suggests the need for refinement of the Post-Fordist welfare state thesis concerning the restructuring of social welfare and its impact on the personal social services.

Rethinking the "diseases of affluence" paradigm: Global patterns of nutritional risks in relation to economic development

Background Cardiovascular diseases and their nutritional risk factors-including overweight and obesity, elevated blood pressure, and cholesterol-are among the leading causes of global mortality and morbidity, and have been predicted to rise with economic development. Methods and Findings We examined age-standardized mean population levels of body mass index (BMI), systolic blood pressure, and total cholesterol in relation to national income, food share of household expenditure, and urbanization in a cross-country analysis. Data were from a total of over 100 countries and were obtained from systematic reviews of published literature, and from national and international health agencies. BMI and cholesterol increased rapidly in relation to national income, then flattened, and eventually declined. BMI increased most rapidly until an income of about I$5,000 (international dollars) and peaked at about I$12,500 for females and I$17,000 for males. Cholesterol's point of inflection and peak were at higher income levels than those of BMI (about I$8,000 and I$18,000, respectively). There was an inverse relationship between BMI/cholesterol and the food share of household expenditure, and a positive relationship with proportion of population in urban areas. Mean population blood pressure was not correlated or only weakly correlated with the economic factors considered, or with cholesterol and BMI. Conclusions When considered together with evidence on shifts in income-risk relationships within developed countries, the results indicate that cardiovascular disease risks are expected to systematically shift to low-income and middle-income countries and, together with the persistent burden of infectious diseases, further increase global health inequalities. Preventing obesity should be a priority from early stages of economic development, accompanied by population-level and personal interventions for blood pressure and cholesterol.