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.

Beliefs, practices, and interactions of teachers in a Japanese high school English department

This study reveals the school culture and the teachers' professional development activities in a Japanese high school learning environment. Furthermore, it documents the relationships among the context, teachers' beliefs, practices, and interactions. Using multiple data sources including interviews, observations, and documents of teachers from an English department, this yearlong study revealed these English as a Foreign Language teachers lacked many teacher learning opportunities in their context. The study revealed that teacher collaboration only reinforced existing practices, eroding teachers' motivation to learn to teach in this specific context. The study provides evidence to teacher educators about inservice teachers and their learning environment and the significance of the relationships between the two entities. (C) 2004 Elsevier Ltd. All rights reserved.