Disclosure of proxy voting information by Australian managed investment schemes

The US Securities and Exchange Commission requires registered management investment companies to disclose how they vote proxies relating to portfolio securities they hold. The primary purpose of this rule is to enable fund investors to monitor the role of institutional shareholders in the corporate governance practices of public companies. In Australia, despite reform proposals, there are no regulations requiring institutional investors to report proxy voting procedures and practices. There is little evidence of voluntary disclosure of proxy voting by Australian managed investment schemes in equities, indicating that there are costs involved in such disclosure.

Feedforward activity of the cervical flexor muscles during voluntary arm movements is delayed in chronic neck pain

The objective of this study was to compare onset of deep and superficial cervical flexor muscle activity during rapid, unilateral arm movements between ten patients with chronic neck pain and 12 control subjects. Deep cervical flexor (DCF) electromyographic activity (EMG) was recorded with custom electrodes inserted via the nose and fixed by suction to the posterior mucosa of the oropharynx. Surface electrodes were placed over the sternocleidomastoid (SCM) and anterior scalene (AS) muscles. While standing, subjects flexed and extended the right arm in response to a visual stimulus. For the control group, activation of DCF, SCM and AS muscles occurred less than 50 ms after the onset of deltoid activity, which is consistent with feedforward control of the neck during arm flexion and extension. When subjects with a history of neck pain flexed the arm, the onsets of DCF and contralateral SCM and AS muscles were significantly delayed (p<0.05). It is concluded that the delay in neck muscle activity associated with movement of the arm in patients with neck pain indicates a significant deficit in the automatic feedforward control of the cervical spine. As the deep cervical muscles are fundamentally important for support of the cervical lordosis and the cervical joints, change in the feedforward response may leave the cervical spine vulnerable to reactive forces from arm movement.

A simple and unified approach to human voluntary movements

In his provocative article, F. Mechsner (2004) advances the thesis that human voluntary movements are subject to psychological or perceptual -cognitive control and are thus organized without regard to efferent patterns (p. 355). Rather than considering in detail the experiments that he proffered by way of support, the present author discusses the degree to which that supposition has appeal on the grounds of simplicity and is defined in terms that are compatible with a unified science.

Abdominal muscle recruitment during a range of voluntary exercises

Various exercises are used to retrain the abdominal muscles in the management of low back pain and other musculoskeletal disorders. However. few studies have directly investigated the activity of all the abdominal muscles or the recruitment of regions of the abdominal muscles during these manoeuvres. This study examined the activity of different regions of transversus abdominis (TrA), obliquus internus (OI) and externus abdominis (OE), and rectus abdominis (RA), and movement of lumbar spine, pelvis and abdomen during inward movement of the lower abdominal wall, abdominal bracing, pelvic tilting, and inward movement of the lower and upper abdominal wall. Inward movement of the lower abdominal wall in supine produced greater activity of TrA compared to OI. OE and RA. During posterior pelvic tilting. middle OI was most active and with abdominal bracing. OE was predominately recruited. Regions of TrA were recruited differentially and in inverse relationship between lumbopelvic motion and TrA electromyography (EMG) was found. This study indicates that inward movement of the abdominal wall in supine produces the most independent activity of TrA relative to the other abdominal muscle, recruitment varies between regions of TrA, and observation of abdominal and lumbopelvic motion may assist in evalation of exercise performance. (c) 2004 Elsevier Ltd. All rights reserved.

Consumer credit code disclosure: Does it work?

Since 1996 all consumer credit transactions in Australia have been regulated by the Consumer Credit Code. The principal means by which the Code purports to protect consumers and prevent market failure is a detailed and prescriptive disclosure regime. There has been little empirical work done on whether or not such disclosure actually improves consumers’ understanding of their credit contracts. By exposing participants to typical consumer credit documents, this research discovered quite poor comprehension of important features of the relevant transactions. Most significantly, there appeared to be little difference in comprehension when the consumers read contracts which complied with the disclosure requirements of the Code, and when they read contracts which did not. These results cast doubt on the effectiveness of the Code disclosure regime.

The role of avoidance coping in the disclosure of trauma

Little research has been undertaken to examine the empirical basis of commonly applied methods of posttrauma intervention. We propose that Pennebaker's work on structured disclosure of trauma provides a suitable analogue to explore questions of interest. The present study asks whether avoidance coping is likely to interfere with abbreviated disclosure of traumatic experiences. Subjects were 118 college students randomly allocated to either a one-session or four-session written trauma-disclosure condition. At 2 months postdisclosure, subjects with high avoidance coping within the one-session condition exhibited significantly more trauma-specific and physical symptoms than all other subjects. Avoidance coping significantly predicted trauma-specific symptoms at 2 months. These findings suggest that single session traumatic disclosure may not be useful for individuals with an avoidance style of coping.

The Australian insolvency regime revisited: a precis of the next leap forward

Australian corporate insolvency laws contained within Chapter 5 of the Corporations Act are currently being reviewed with respect to four principal areas identified by Australian Government Treasury. The four themes of review include employee ‘benefit’ enhancements; seeking to deter misconduct of company officers; rules around insolvency practitioner disclosure with respect to their remuneration and related independence issues; and some minor proposed changes to the voluntary administration procedure, widely regarded as requiring only minor adjustment. At this time, the draft legislation is not available for general release and is being discussed within the Australian Government appointed Insolvency Law Advisory Group. The next steps are public comment for review of draft legislation and then operation of the legislative change. These are expected to occur in 2007. This paper seeks to outline the likely issues associated with the expected reforms of the Australian insolvency regime.