Impact of policy changes on the efficiency and returns-to-scale of Japanese financial institutions: an evaluation

This paper examines the impact of FSA's (Financial Services Agency) recent policy changes on the efficiency and returns-to-scale (RTS) of Japanese financial institutions including banks, securities companies and bank holding companies. Three kinds of efficiency are investigated namely, technical efficiency (TE), pure technical efficiency (PTE) and scale efficiency (SE) using the non-parametric methodology named data envelopment analysis (DEA). The DEA analysis shows a substantial improvement in the overall efficiency of Japanese banks, albeit a significant difference of efficiency scores between the major/city banks and the regional banks. Results are robust to alternative specifications of efficiency and scale changes.

Profiling for profit : a report on target marketing and profiling practices in the credit industry

This report examines how many businesses make significant investments to purchase and develop customer relationship management systems. Given such investments, information about these systems is not widely available, but some publicly available information gives indication of the extent, and purpose, of the use. Recognising that lenders use customer information and highly sophisticated systems to target their marketing strategies, is the first step towards ensuring that these practices are taken into account in the development of consumer policy and law reform. This research was funded by the consumer advisory panel of the Australian Securities and Investment Commission (ASIC).

Application of the reporting entity concept and lodgement of special purpose financial statements

This Research Report analyses the application of the reporting entity concept and the adoption of special purpose financial reporting, particularly by entities lodging financial statements with the Australian Securities and Investments Commission (ASIC) and with state-based regulators in Australia’s three most populous states, namely, Consumer Affairs Victoria, NSW Fair Trading and Queensland Office of Fair Trading. This Report does not cover entities that have their equity interests traded in a public market, such as listed companies, and some other entities with ‘public accountability’.

Australian Unity Wellbeing Index survey 28.0 : The wellbeing of Australians - The impact of marriage : Report

The Australian Unity Wellbeing Index monitors the subjective wellbeing of the Australian population. Our first survey was conducted in April 2001 and this report concerns the 28 th survey, undertaken in September 2012. Our previous survey had been conducted six months earlier in April. This intervening period corresponded to the 5 th year of the Labor Government, elected in November 2007. It was also marked by continuing apprehension at the unstable international financial situation, with serious problems in Europe. The Australian economy, however, appeared stable. 

Australian Unity Wellbeing Index survey 30.0 : The wellbeing of Australians – social media, personal achievement, and work : Report

The Australian Unity Wellbeing Index monitors the subjective wellbeing of the Australian population. Our first survey was conducted in April 2001 and this report concerns the 30th survey, undertaken in August 2013. Our previous survey had been conducted four months earlier in April. This intervening period corresponded to the 6th year of the Labor Government, elected in November 2007. Shortly after data collection, on 7th September, an election took place at which Labor lost to the Liberal Party Coalition.
The share market had been stable for a couple of years, at a level well below its peak before the financial crisis. However, unemployment remained at about 5% and for those people with jobs, many were better-off financially due to cuts in interest rates, and so, in mortgage repayments.
Each survey involves a telephone interview with a new sample of 2,000 Australians, selected to represent the geographic distribution of the national population. These surveys comprise the Personal Wellbeing Index, which measures people’s satisfaction with their own lives, and the National Wellbeing Index, which measures how satisfied people are with life in Australia. Other items include a standard set of demographic questions and other survey-specific questions. The specific topics for Survey 30 are social media, personal achievement, and work conditions.

Metrics to assess ecological condition, change, and impacts in sandy beach ecosystems

Complexity is increasingly the hallmark in environmental management practices of sandy shorelines. This arises primarily from meeting growing public demands (e.g., real estate, recreation) whilst reconciling economic demands with expectations of coastal users who have modern conservation ethics. Ideally, shoreline management is underpinned by empirical data, but selecting ecologically-meaningful metrics to accurately measure the condition of systems, and the ecological effects of human activities, is a complex task. Here we construct a framework for metric selection, considering six categories of issues that authorities commonly address: erosion; habitat loss; recreation; fishing; pollution (litter and chemical contaminants); and wildlife conservation. Possible metrics were scored in terms of their ability to reflect environmental change, and against criteria that are widely used for judging the performance of ecological indicators (i.e., sensitivity, practicability, costs, and public appeal). From this analysis, four types of broadly applicable metrics that also performed very well against the indicator criteria emerged: 1.) traits of bird populations and assemblages (e.g., abundance, diversity, distributions, habitat use); 2.) breeding/reproductive performance sensu lato (especially relevant for birds and turtles nesting on beaches and in dunes, but equally applicable to invertebrates and plants); 3.) population parameters and distributions of vertebrates associated primarily with dunes and the supralittoral beach zone (traditionally focused on birds and turtles, but expandable to mammals); 4.) compound measurements of the abundance/cover/biomass of biota (plants, invertebrates, vertebrates) at both the population and assemblage level. Local constraints (i.e., the absence of birds in highly degraded urban settings or lack of dunes on bluff-backed beaches) and particular issues may require alternatives. Metrics - if selected and applied correctly - provide empirical evidence of environmental condition and change, but often do not reflect deeper environmental values per se. Yet, values remain poorly articulated for many beach systems; this calls for a comprehensive identification of environmental values and the development of targeted programs to conserve these values on sandy shorelines globally.

The efficient market hypothesis and corporate event waves: part 1

Efficient markets are commonly defined as ones that do not allow investors to earn above-average returns without accepting above-average risk. In a traditional framework, where investors are rational and there are no frictions, the efficient market hypothesis (EMH) states that a security's price reflects its fundamental value, which is the sum of its discounted expected future cash flows. Put simply, under the EMH, securities are "rightly priced." Through this study, the author finds that while the EMH has been widely accepted for decades among academics, practitioners and regulators still appear to be unconvinced. From a behavioral perspective, the author shows that human psychology and sentiment factors can account for some discrepancies in financial markets. He also finds evidence of limited arbitrage being risky and costly and, hence, impeding the ability of investors to take advantage of profitable opportunities. This study provides an extensive analysis of the critical discussions surrounding the EMH and deepens and strengthens the understanding of the EMH, as well as the arguments for and against.

Impact of introduced house mice (Mus musculus) on burrowing seabirds on Steeple Jason and Grand Jason Islands, Falklands, South Atlantic

Whilst there is good evidence for negative impacts of introduced rat species on island ecosystems, the effects of house mice (Mus musculus) are generally less well documented. In some situations, introduced house mice can exert severe impacts, particularly where this is the only introduced mammal. Here, we examine the distribution, relative abundance and breeding success of small burrowing seabirds on Steeple Jason Island, Falklands, in relation to habitat types and the distribution of house mice which is the sole introduced mammal species, and we make comparisons with seabird distribution and densities on the neighbouring island of Grand Jason where mice are absent. Grey-backed storm-petrel (Garrodia nereis) and Wilson's storm-petrel (Oceanites oceanicus), which due to their extremely small size are likely to be the most vulnerable to mouse predation, were considerably more abundant on mouse-free Grand Jason than on Steeple Jason. Grey-backed storm-petrel, which are typically associated with tussac grass, avoided this habitat on Steeple Jason where it is associated with high levels of house mouse activity (assessed from the proportion of wax baits gnawed overnight), whereas on mouse-free Grand Jason, there was no such avoidance. Wilson's storm-petrel nesting on Steeple Jason suffered high rates of egg and chick loss. Whilst we found evidence for detrimental impacts of house mice on the two small storm-petrel species, there was no relationship between relative mouse activity levels and the distribution or abundance of the larger thin-billed Prion (Pachyptila belcheri). © 2014 Springer-Verlag Berlin Heidelberg.

The rigour of IFRS education in the USA: analysis, reflection and innovativeness

International Financial Reporting Standards (IFRS) are accepted throughout the world, particularly in the European Union, Australia, New Zealand and Canada. Emerging economies are also are aligning their practices with IFRS. Historically, the USA has been cautious about accepting IFRS. However, following acceptance of IFRS worldwide, the US Securities and Exchange Commission has recently allowed the filing of IFRS-based financial statements from foreign issuers and is presently considering the same from domestic issuers. Owing to lack of IFRS education and training in the country, concerns have been expressed about such moves of the USA towards IFRS. Following such concerns, the aim of the present study is to review previous literature on IFRS education to reflect on the present status of IFRS education in the USA. The research method includes a review of past literature on IFRS education in the Business Source Complete database from 2001 to 2012. In line with the review, this study reports that active learning approaches that stimulate critical thinking and judgement skills of students are the best methods to teach IFRS. The studies reviewed also report the lack of teaching materials, including software and technologies, to effectively teach IFRS. The only active learning strategies advocated in previous studies were the use of case studies and real life examples. Additionally, this study advocates the use of problem-based learning strategies. This study also reports the lack of research investigating students’ and educators' perceptions of available resources and approaches. Future studies are suggested in this direction, employing surveys and interviews.

The diet of Pacific gulls (Larus pacificus) breeding at Seal Island in northern Bass Strait

The endemic Pacific gull (Larus pacificus) is Australia's largest larid, and though little is currently known of its foraging ecology, its size and wide distribution suggest that it may play an important role within the marine environment. In the present study, regurgitate pellets collected from Seal Island in northern Bass Strait were used to compare intra- and interannual trends in diet composition. The main taxa identified in pellets were the common diving-petrel (Pelecanoides urinatrix), leatherjacket species (Family Monacanthidae), short-tailed shearwater (Puffinus tenuirostris) and mirror bush (Coprosma repens). Analysis of similarity (ANOSIM) identified no significant differences in numerical abundance of the dominant prey species between years, suggesting that the prey base in this region is temporally consistent or that the gulls consume low enough numbers to be unaffected by fluctuation in prey populations. Diving-petrels were consumed in consistently high numbers, suggesting the gulls may be an important predator of this species, or that the gulls are particularly skilled at foraging for them. © CSIRO 2014.

Remote monitoring system enabling cloud technology upon smart phones and inertial sensors for human kinematics

Stroke is a common neurological condition which is becoming increasingly common as the population ages. This entails healthcare monitoring systems suitable for home use, with remote access for medical professionals and emergency responders. The mobile phone is becoming the easy access tool for self-evaluation of health, but it is hindered by inherent problems including computational power and storage capacity. This research proposes a novel cloud based architecture of a biomedical system for a wearable motion kinematic analysis system which mitigates the above mentioned deficiencies of mobile devices. The system contains three subsystems: 1. Bio Kin WMS for measuring the acceleration and rotation of movement 2. Bio Kin Mobi for Mobile phone based data gathering and visualization 3. Bio Kin Cloud for data intensive computations and storage. The system is implemented as a web system and an android based mobile application. The web system communicates with the mobile application using an encrypted data structure containing sensor data and identifiable headings. The raw data, according to identifiable headings, is stored in the Amazon Relational Database Service which is automatically backed up daily. The system was deployed and tested in Amazon Web Services.

Feasibility of trialling cord blood stem cell treatments for cerebral palsy in Australia

Umbilical cord blood may have therapeutic benefit in children with cerebral palsy (CP), but further studies are required. On first appearance it seems that Australia is well placed for such a trial because we have excellence in CP research backed by extensive CP registers, and both public and private cord blood banks. We aimed to examine the possibilities of conducting a trial of autologous umbilical cord blood cells (UCBCs) as a treatment for children with CP in Australia.

Problems and prospects for corporate governance in Bangladesh: Some case studies basis analysis

Bangladesh is one of the least economically developed countries in the world. A lack of corporate governance creates problem for the economic development of the country. This study has been undertaken to observe whether corporate governance is being well-executed in Bangladesh and to inform views about which approach to corporate governance will be more acceptable to the county. The study has examined six cases to see whether corporate governance is properly utilised in the country. It is suggested that monetary, fiscal and exchange rate policies should be applied with appropriate diligence by the Securities and Exchange Commission, the Bangladesh Bank and the National Board of Revenue. It is expected that value can be added through arranging primary and supportive activities. Attention to inbound and outbound logistics is likely to improve productivity, enhancing profitability, long run sustainability and creating distinct competencies for the Bangladesh economy. Ultimately this may help to improve gross domestic product and the basic needs of the population.

Call auction transparency and market liquidity: Evidence from China

This paper uses the natural experiment offered by the Shanghai Stock Exchange to investigate the impact of opening call auction transparency on market liquidity. We find that the dissemination of indicative trade information during the pre-open call auction session leads to an overall improvement in stock liquidity in the continuous trading session. Bid-ask spreads narrow in the first trading hour because adverse selection risk fell significantly and there is less price volatility in the continuous market. This effect is greater for actively traded securities than illiquid securities. Our findings are robust for different lengths of sample period, different lengths of trading hours after market open, and stocks that had (and had not) reformed the share split structure during our research period.

Ethical transnational corporate activity at home and abroad: A proposal for reforming continuous disclosure obligations in Australia and the United States

Multinational Corporations establish operations in states with lower legal and ethical standards in areas including the environment, wages, labor standards, human rights, corruption, and company taxation. Corporate law scholars cannot be indifferent to the horrific consequences of these lax standards. From contributing to rapes and violent incidents stemming from trade in conflict minerals in the Congo to the killing of workers due to poor conditions in garment manufacturing units in Bangladesh, multinational corporations exploit conditions in developing countries abroad without disclosing their actions at home. We advance a normative argument to clarify and strengthen the existing model of disclosure-based regulation to hold MNCs accountable. We argue that, since the core expectations held by shareholders of companies are the same whether they are operating within our borders or externally, a harmonization of disclosure obligations imposed by law would be a more flexible and less costly solution. We posit that a broader reading of the disclosure obligations of companies under existing legislation like the Reg. S-K in the United States, the continuous disclosure rules under * Dean and Professor of Law, University of Newcastle Law School. Sandeep Gopalan would like to thank Terrie Troxel, Jack Tatom, Professor Bill Wilhelm, and the Networks Financial Institute at Indiana State University College of Business for their valuable support in conducting research for this article. We are also grateful to Audrey Son, Bassam Khawaja, and the editorial staff of the Columbia Human Rights Law Review for their excellent editorial work. ** Solicitor and doctoral candidate, University of Newcastle Law School. 2 COLUMBIA HUMAN RIGHTS LAW REVIEW [46.2:1 the Australian Corporations Act 2001, and listing rules such as those adopted by the Australian Securities Exchange and the New York Stock Exchange would require the disclosure of material corporate practices outside our national borders.