Target behavior and financing: how conclusive is the evidence?

The notion that firms have a debt ratio target that is a primary determinant of financing behavior is influential in finance. Yet, how definitive is the evidence? We address this issue by generating samples where financing is unrelated to a firm’s current debt ratio or a target. We find that much of the available evidence in favor of target behavior based on leverage ratio changes can be reproduced for these samples. Taken together, our findings suggest that a number of existing tests of target behavior have no power to reject alternatives.

Dietary n-6/n-3 LC-PUFA ratio, temperature and time interactions on nutrients and fatty acids digestibility in Atlantic salmon

The objective of the present study was to evaluate the effects of altered dietary n-3/n-6 LC-PUFA ratio, adaptation to diet over time, different water temperatures, and their interactions on nutrients and fatty acids digestibility in juvenile Atlantic salmon. Three experimental diets were formulated to be identical, with the only exception of the ratio of eicosapentaenoic acid (EPA, 20:5n-3) to arachidonic acid (ARA, 20:4n-6), and fed to triplicate groups of juvenile Atlantic salmon (Salmo salar) of 55. g initial body weight. Fish were reared in a fully controlled recirculating aquaculture system, fed to apparent satiety twice daily and kept at 10. °C and for an initial period of 100. days, and faeces were collected for digestibility estimation. Then, half of the fish of each experimental tank were moved to a separate system, where the water temperature was gradually increased up to 20. °C. Fish were maintained in the two systems for an additional period of 50. days, and faeces were collected for digestibility estimation from both groups of fish at the two water temperatures. This study concluded that dietary treatments and time had only minor effects, whereas environmental temperature resulted in modified digestibility values, with increased nutrient digestibility with increasing temperature. Varying EPA/ARA ratio in the diet had only minor direct effects on digestibility, with no direct effect on overall nutrients digestibility, and fundamentally only statistically significant effects in the fatty acid digestibility of EPA and ARA themselves. Because of current increasing pressure for more efficient fish oil replacement strategies, increasing interest in dietary ARA in aquafeed and increasing relevance and occurrence of sub-optimal rearing temperature in commercial aquaculture, this study can be considered to be important as it provided a series of fundamental information, which are envisaged to be useful towards addressing these constraints and possible nutritional remedial strategies.

Supplier integrity due diligence in public procurement: limiting the criminal risk to Australia

The potential for criminals and terrorism financiers to secure lucrativegovernment contracts poses a risk to Australia’s anti-money laundering,anti-corruption and counter-terrorism financing objectives. This articlecompares the customer due diligence measures that banks are required to implement to prevent money laundering and terrorism financing with the general supplier due diligence practices and processes of key Australian government departments and agencies. It identifies various weaknesses in current procurement practices relating to standard contracts and argues that these render Australian public procurement vulnerable to criminal abuse, threaten compliance with its sanctions regime and potentially undermine the crime combating objectives of its money laundering and terrorism financinglaws. The article recommends that the national interest calls for awhole-of-government approach to improve supplier due diligence in public procurement.

Towards the optimization of performance of Atlantic salmon reared at different water temperatures via the manipulation of dietary ARA/EPA ratio

In recent years, aquaculture has been facing a series of new issues, including the necessary replacement of fish oil and fish meal because of their limited supply and sub-optimal water temperature conditions. Higher water temperatures are increasingly encountered as the result of climate change related phenomena and/or the practice of farming of species in areas with environmental characteristics outside their optimal physiological range, such as the case of Atlantic salmon (. Salmo salar) farming in Australia during the summer season. Previous studies in teleost fish have shown that when fish are exposed at higher environmental temperatures, fish had a preferential increased dietary intake for arachidonic acid (20:4n - 6, ARA). This observation suggests that, given the several metabolic roles of ARA, its dietary provision may play an important role in fish for adapting at sub-optimal high water temperatures. The objective of this study was therefore to evaluate the effects of different dietary ARA/EPA ratios in juvenile Atlantic salmon as affected by time of exposition to the diet and water temperatures, with particular focus to fish performance and possible resulting modifications of tissue fatty acid composition. The study showed that independently from dietary treatments, fish held at the higher temperatures had an increased ARA accumulation, primarily in the liver and this ARA accumulation increased over time. It was also shown that the combined dietary inclusion of ARA and EPA significantly improved fish performance, compared with diets either richer in ARA or EPA. A general trend toward higher content of n - 3 LC-PUFA at lower temperatures was also quite clear, especially in the liver. Therefore, and assuming that the trends in tissue fatty acid composition could be taken as a clue of the optimal fatty acid requirements of fish, the n - 6 requirement (and in particular ARA) clearly appears to be greater for Atlantic salmon raised at high water temperatures. Protein accumulation was higher in the diet with the combined dietary inclusion of ARA and EPA for fish held at high water temperature (20. °C), with a concomitant lipid reduction. This study shows the importance of dietary ARA for maximal growth in Atlantic salmon, particularly during the period of the year when high water temperatures are often encountered. Further studies specifically looking at optimal dietary ARA/EPA ratio and roles of ARA on myogenesis, stress physiology and immune status of cultured fish are warranted. Statement of relevance: Given the current high level of fish oil replacement in aquafeed, and the often encountered sub-optimal environmental temperatures, we believe that this study could be considered as timely and highly pertinent for the aquaculture industry and associated R&D sector.

Current trends in machinability research

The manufacturing index of a country relies on the quality of manufacturing research outputs. Theemergence of new materials such as composites and multi component alloy has replaced traditionalmaterials in certain design application. Materials with properties like high strength to weight ratio,fatigue strength, wear resistance, thermal stability and damping capacity are a popular choice for adesign engineer. Contrary, the manufacturing engineer is novice to the science of machining thesematerials. This paper is an attempt to focus on the current trends in machinability research and anaddition to the existing information on machining. The paper consist of information on machiningAustempered Ductile Iron (ADI), Duplex Stainless Steel and Nano-Structured Bainitic Steel. Thevarious techniques used to judge the machinability of these materials is described in this paper.Studying the chip formation process in duplex steel using a quick stop device, metallographic analysisusing heat tinting of ADI and cutting force analysis of Nano-structured bainitic steel is discussed.

Path independent limiting criteria in sheet metal forming

The Forming Limit Diagram (FLD) is a conventional failure diagram to estimate necking limits of sheet metal for proportional loading conditions. Previous studies reveal that the FLD is not suitable for predicting the influence of nonlinear strain paths. This paper presents methodical comparison among all common available strain path independent strain/stress based limiting criteria. All the strain path independent strain based limiting criteria (Traditional Failure Diagram (TFD), Extended Forming Limit Diagram (XFLD), Extended Stress Ratio Based Forming Limit Diagram (ESRFLD), and Polar Effective Plastic StrainDiagram (PEPSD)) and stress based limiting criteria (Traditional Stress based Failure Diagram (TFSD), Stress Based Forming Limit Diagram (FLSD), Stress Ratio and Stress Based Forming Limit Diagram (SRFLSD), Extended Stress Based Forming Limit Diagram (XFLSD), and Polar Effective Stress Diagram (PESSD)) are approximately path-independent for smaller amount of pre-straining and path dependent for large pre-straining conditions. From advance image correlation technique precisely determination of local strains near necked area is possible today. However direct determination of local stresses near necked area is not possible. Therefore, local stresses and equivalent stress are determined by employing both yield criterion and strain-hardening law. Similarly equivalent strain is calculated by the use of yield criterion. Therefore, the choice of yield criterion has an impact on the results for TFD, XFLD, ESRFLD and PEPSD. However, selections of both yield criterion and strain-hardening law have substantial influence on the results for TFSD, FLSD, SRFLSD, XFLSD and PESSD. The inherent calculation error can be minimized by generation of experimental data for each material and then selection of representable yield criterion and strain-hardening law. Improvement of experimental techniques and generation of rigorous material data bank in various strain paths may help researchers to diagnose and resolve the issue. TFD, TFSD and XFLSD have inherent variables to take care the effect of through thickness stress, however rigorous experimental verification is needed before the field application.