Corporate governance, board responsibilities and financial performance : the National Bank of Australia

This paper examines board responsibilities and accountability by management and Board of Directors in relation to the National Australia Bank's (NABs) performance. The NAB, an international financial service provider within the top thirty most profitable banks in the world, is compared with the Australian major banks. The evidence suggests that NABs poor performance was consistent with a lack of accountability, poor corporate governance and board dysfunction associated with fraudulent currency trading and the subsequent AUD360 million foreign currency losses. The NAB's performance is investigated by utilising accounting-based measures of profitability and cost efficiency as proxies for performance. Following the foreign currency trading losses in 2004 the NAB under-performed the other major Australian banks in terms of profits, cost to income ratio and growth in assets. In terms of profitability and cost efficiency NAB had the lowest ROE and ROA with a 19.7% fall in net profit and the highest cost to income ratio of 5 7.4% of any of the five largest banks. This case study provides an Australian example of poor corporate governance and suggests that financial institutions and regulators can learn from the NAB's experience. Failure to have top-down accountability can have significant impact on over-all performance, profitability and reputation. In particular, it suggests that management and Boards need to review their risk management procedures and regulators need to be more pro-active in their prudential oversight of financial institutions.

A critical analysis of central bank independence and governance in Australia and Bangladesh

This study examines central bank independence and governance (CBIG) in Bangladesh and Australia. It applies a unique index model of Ahsan, Skully and Wickramanayake (2008) to assess their respective legal, political, price stability objectives, exchange rate policies, monetary policy and deficit financing practices, transparency and accountability positions from 1991 to 2008. While the model shows CBIG is much weaker in Bangladesh than in Australia, the Bangladesh Bank’s CBIG shown considerable improvement over the period. These findings suggest that the Government of Bangladesh might learn from Australia’s experience with Reserve Bank of Australia and delegate further power and authority to Bangladesh Bank as well as lessen its political interference.

CEO tenure and other determinants of bank performance in Nigeria

 In 2010, the Central Bank of Nigeria announced a tenure limit policy for bank CEOs in Nigeria. Designed to evaluate this policy, this thesis found that a longer CEO tenure is actually associated with superior bank performance in Nigeria. It has therefore provided solid research evidence on the debatable policy.

Environmental controls on spatial patterns in the long-term persistence of giant kelp in central California

As marine management measures increasingly protect static areas of the oceans, it is important to make sure protected areas capture and protect persistent populations. Rocky reefs in many temperate areas worldwide serve as habitat for canopy-forming macroalgae and these structure-forming species of kelps (order Laminariales) often serve as important habitat for a great diversity of species. Macrocystis pyrifera is the most common canopy-forming kelp species found along the coast of California, but the distribution and abundance of M. pyrifera varies in space and time. The purpose of this study is to determine what environmental parameters are correlated with and their relative contribution to the spatial and temporal persistence of M. pyrifera along the central coast of California and how well those environmental parameters can be used to predict areas where this species is more likely to persist. Nine environmental variables considered in this study included depth of the seafloor, structure of the rocky reef, proportion of rocky reef, size of kelp patch, biomass of kelp within a patch, distance from the edge of a kelp patch, sea surface temperature, wave orbital velocities, and population connectivity of individual kelp patches. Using a generalized linear mixed effects model (GLMM), the persistence of M. pyrifera was significantly associated with seven of the nine variables considered: depth, complexity of the rocky reef, proportion of rock, patch biomass, distance from the edge of a patch, population connectivity, and wave orbital velocities. These seven environmental variables were then used to predict the persistence of kelp across the central coast, and these predictions were compared to a reserved dataset of M. pyrifera persistence, which was not used in the creation of the GLMM. The environmental variables were shown to accurately predict the persistence of M. pyrifera within the central coast of California (r = 0.71, P < 0.001). Because persistence of giant kelp is important to the community structure of kelp forests, understanding those factors that support persistent populations of M. pyrifera will enable more effective management of these ecosystems.

The Power of words: Central bank communication and currency markets.

This thesis investigates the effect of central banks communication on exchange rates. It is found that Bank of Canada speeches had a dampening effect on the Canadian dollar exchange rate while Reserve Bank of Australia speeches did not have an impact on the Australian dollar exchange rate.

Experimental study of ostensibly shamanic journeying imagery in naďve participants I: antecedents

The purpose of the present study was to investigate experimentally the antecedents of ostensibly shamanic journeying imagery associated with the Lower World in naïve participants. Forty six participants completed a composite questionnaire consisting of demographic items and the Tellegen Absorption Scale (Tellegen and Atkinson 1974). Participants were randomly assigned to one of five conditions: Harner's (1990) shamanic journeying to the Lower World instructions coupled with monotonous percussion drumming at either 4 or 8 beats-per-second for either 10 or 15 minutes; and sitting quietly with eyes closed for 15 minutes. Participants' phenomenology was retrospectively assessed using the Phenomenology of Consciousness Inventory (Pekala 1991) and a mental imagery checklist. The results indicated that there was a statistically significant difference between conditions with regards to the number of ostensibly shamanic journeying images. After adjusting for Harner's (1990) instructions, a significant main effect was found for both beats-per-second and time with regards to the number of ostensibly shamanic journeying images reported. There was a statistically significant relationship between condition and the tendency to report mental imagery associated with rocky ravines, predatory creatures, and rivers. Religious devotion was found to be a significant predictor of the number of ostensibly shamanic journeying images reported. Religious exposure and trait absorption were significant predictors of altered experience. Implications of the findings are discussed and suggestions for future research advanced.

Experimental study of ostensibly shamanic journeying imagery in naďve participants II: phenomenological mapping and modified affect bridge

This study develops the methodological framework advanced in Rock, Baynes, and Casey's (2005) experimental study of ostensibly shamanic journeying imagery in naïve participants. Specifically, the present study experimentally investigates the impact of the word landscape, featured in Harner's (1990) shamanic journeying to the Lower World instructions, on the number of landscape-related images reported; examines the origins of ostensibly shamanic journeying images; and maps the phenomenological state effects of shamanic journeying to the Lower World. Sixtyeight naïve participants were randomly assigned to one of three conditions: either the original or a revised version of Harner's (1990) instructions coupled with monotonous percussion drumming at 8 beats-per-second for 15 minutes, or sitting quietly with eyes open for 15 minutes. Each participant's subjective experience was retrospectively assessed using the Phenomenology of Consciousness Inventory (PCI) (Pekala 1991) and a mental imagery checklist. Subsequently, participants were administered the Modified Affect Bridge for the purpose of exploring the origins of mental imagery experienced during the experimental conditions. The results indicated that there was a statistically significant difference between conditions with regard to the number of ostensibly shamanic journeying images reported, but not between treatment conditions with regard to the number of landscaperelated images reported. There were no significant relationships between condition and mental imagery derived from autobiographical memories. There were statistically significant differences between conditions with regard to the PCI dimensions of fear, altered state of awareness, and arousal.

Defining plant resistance against Phytophthora Cinnamomi and application of resistance to revegetation

Phytophthora cinnamomi is a soil borne plant pathogen that causes devastating disease in many Australian ecosystems and threatens the survival of native flora. Compared with the number of plant species that are susceptible to P. cinnamomi, only a few species are known to be resistant and control of this pathogen by chemicals is difficult and undesirable in natural systems. The major aim of our research is therefore to characterise natural resistance and determine which signalling pathways and defence responses are involved. Our examination of resistance is being approached at several levels, one of which is through the use of the model plant, Arabidopsis. Previously, Arabidopsis had been shown to display ecotypic variation in responses to P. cinnamomi and we are exploring this further in conjunction with the analysis of a bank of Arabidopsis defence pathway mutants for their responses to the pathogen. These experiments will provide a fundamental basis for further analysis of the defence responses of native plants. Native species (susceptible and resistant) are being assessed for their responses to P. cinnamomi at morphological, biochemical and molecular levels. This research also involves field-based studies of plants under challenge at various sites throughout Victoria, Australia. The focus of this field-based research is to assess the responses of individual species to P. cinnamomi in the natural environment with the goal of identifying individuals within susceptible species that display 'resistance'. Understanding how plants are able to resist this pathogen will enable strategies to be developed to enhance species survival and to restore structure and biodiversity to the ecosystems under threat.

Tale of Gresham's law

Gresham’s law, which says that bad money tends to drive good money out of circulation, may account for many nations’ episodes of money troubles, as far back as ancient Athens. This Commentary discusses the two main explanations for Gresham’s law and suggests some circumstances in which the law does not apply.