Comparability of German and Australian disclosures in financial reports

Reports an international comparison between Australian and German company annual reports. The theoretical framework was drawn from Hofstede's analysis of national cultural value dimensions and Gray's accounting sub-cultural values. The results, using the method developed by Van der Tas, showed low levels of international harmony on accounting policies.

A brief review of recent research trends on applications of computational and statistical techniques in financial and business intelligence

Artificial neural networks and statistical techniques like decision trees, discriminant analysis, logistic regression and survival analysis play a crucial role in Business Intelligence. These predictive analytical tools exploit patterns found in historical data to make predictions about future events. In this paper we have shown some recent developments of a few of these techniques in financial and business intelligence applications like fraud detection, bankruptcy prediction and credit rating scoring.

Simulating crowd phenomena in African markets

Crowd simulation is an important feature in the computer graphics field. Typical implementations simulate battle scenes, emergency situations, safety issues or add content to virtual environments. The problem stated in this paper falls in the last category. We present a crowd simulation behavioural model which allows us to simulate identified phenomena in popular local African markets such as narrow street flows and crowd formation around street performances. We propose a three-tier architecture model enable to produce intentions, perform path planning and control movement. We demonstrate that this approach produces the desired behaviour associated with crowds in an African market, which includes navigation, flow formation and circle creation.

Efficiency, cointegration and contagion in equity markets : evidence from China, Japan and South Korea

This paper empirically examines whether three East Asian stock markets, namely, those of China, Japan and South Korea, are individually and/or jointly efficient, and whether contagion exists between the cointegrated markets. While individual market efficiency is examined through testing for the random walk hypothesis, joint market efficiency is examined through testing for cointegration and contagion. The present study finds that the hypothesis of individual market efficiency is strongly rejected for the Chinese stock market, but not for the Japanese and the South Korean stock markets. However, when testing for cointegration, market efficiency is strongly rejected for all these markets. We take a simple case of contagion and find that although there is a long-term relationship among the three markets, the contagion hypothesis cannot be rejected only between Japanese and South Korean stock markets, indicating short-run portfolio diversification benefits from these two markets.

Gender differences in financial barriers to primary health care in New Zealand

Gender differences in health status and use of health care services have been established in the developed world; less attention, however, has been paid to gender differences in financial barrier to primary health care. Such barrier, however, represent potentially avoidable mortality and morbidity. This paper aims to examine gender differences in financial barrier to primary health care in New Zealand.

Common trends and common cycles in stock markets

In this paper we examine the role of permanent and transitory shocks in explaining variations in the S&P 500, Dow Jones and the NASDAQ. Our modeling technique involves imposing both common trend and common cycle restrictions in extracting the variance decomposition of shocks. We find that: (1) the three stock price indices are characterized by a common trend and common cycle relationship; and (2) permanent shocks explain the bulk of the variations in stock prices over short horizons.

On the efficiency of private and state-owned enterprises in mixed markets

We examine oligopoly models of vertical product differentiation in which producing firms face variable costs of quality development. We show that comparing to private oligopoly, mixed oligopoly – whereby state-owned enterprises (SOEs) and private firms coexist – enhances social welfare but reduces firms' profitability. We also demonstrate that Bertrand competition makes firms better off under mixed oligopoly but it makes firms worse off under private oligopoly compared with Cournot competition. These findings help to justify both the existence of SOEs and the efficiency of SOEs and private firms in mixed markets in transitional economies.

Competitive and cooperative behavior in embedded markets: developing an institutional perspective on bazaars

In an ethnographic study of a retail setting, we examine relationships among competitors. We find that competitors often emphasize various forms of cooperation, and we describe socio-economic behaviors that illustrate how cooperation transcends or mediates competition among retailers. Retailers selectively cooperate and compete for customers in ways that alter our understandings of concepts such as loyalty and market stability, and practices such as marketing communications and pricing. We highlight the significance of these institutional practices and the role they play in forming and maintaining community in a bazaar.

Are firms with negative book equity in financial distress?

© 2015 World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research. This study examines whether negative book equity (BE) firms are in financial distress by analyzing their operating performance, financial characteristics, distress risk, and survivability when they first report negative BE. Firms with small magnitude of negative BE (SNBE firms) suffer from persistent negative earnings and financial distress, while firms with large magnitude of negative BE (LNBE firms) experience a temporary non-distress related earnings shock. LNBE firms report consecutive years of negative BE, but have lower distress risk and failure rate than both SNBE and control firms. However, all negative BE stocks have abysmal returns subsequent to their first report of negative BE.

International contact lens prescribing in 2015 : our 15th annual report in CLS provides information about 23,000 fits in 34 markets

We have been collecting data on worldwide contact lens prescribing habits for almost 20 years. Over this time period, we have amassed prospective information about 315,000 contact lens fits in 59 countries. This article marks our 15th report in Contact Lens Spectrum and features a breakdown of more than 23,000 contact lens fits in 34 markets.As in previous years, our international network of coordinators distributed survey forms to eyecare practitioners in their market who then recorded generic information about the first 10 patients fit with contact lenses after receipt. Information is gathered about patient age and gender; whether the contact lenses are prescribed as a new fit or a refit; contact lens material, design, and replacement frequency; number of intended days per week of use; wearing modality; and care system. Contact lens fits are weighted to reflect the number of fits undertaken by each eyecare practitioner. The study data were entered and processed at the University of Manchester and at the University of Waterloo.