Discretionary use of open briefings in the Australian continuous reporting environment

The Australian Securities Exchange (ASX) listing rule 3.1 requires listed companies to immediately disclose price sensitive information to the market via the ASX’s Company Announcements Platform (CAP) prior to release through other disclosure channels. Since 1999, to improve the communication process, the ASX has permitted third-party mediation in the disclosure process that leads to the release of an Open Briefing (OB) through CAP. An OB is an interview between senior executives of the firm and an Open Briefing analyst employed by Orient Capital Pty Ltd (broaching topics such as current profit and outlook). Motivated by an absence of research on factors that influence firms to use OBs as a discretionary disclosure channel, this study examines (1) Why do firms choose to release information to the market via OBs?, (2) What are the firm characteristics that explain the discretionary use of OBs as a disclosure channel?, and (3) What are the disclosure attributes that influence firms’ decisions to regularly use OBs as a disclosure channel? Based on agency and information economics theories, a theoretical framework is developed to address research questions. This theoretical framework comprises disclosure environments such as firm characteristics and external factors, disclosure attributes and disclosure consequences. In order to address the first research question, the study investigates (i) the purpose of using OBs, (2) whether firms use OBs to provide information relating to previous public announcements, and (3) whether firms use OBs to provide routine or non-routine disclosures. In relation to the second and third research questions, hypotheses are developed to test factors expected to explain the discretionary use of OBs and firms’ decisions to regularly use OBs, and to explore the factors influencing the nature of OB disclosure. Content analysis and logistic regression models are used to investigate the research questions and test the hypotheses. Data are drawn from a hand-collected population of 1863 OB announcements issued by 239 listed firms between 2000 and 2010. The results show that types of information disclosed via an OB announcement are principally on matters relating to corporate strategies and performance and outlook. Most OB announcements are linked with a previous related announcement, with the lag between announcements significantly longer for loss-making firms than profitmaking firms. The main results show that firms which tend to be larger, have an analyst following, and have higher growth opportunities, are more likely to release OBs. Further, older firms and firms that release OB announcements containing good news, historical information and less complex information tend to be regular OB users. Lastly, firms more likely to disclose strategic information via OBs tend to operate in industries facing greater uncertainty, do not have analysts following, and have higher growth opportunities are less likely to disclose good news, historical information and complex information via OBs. This study is expected to contribute to disclosure literature in terms of disclosure attributes and firm characteristics that influence behaviour in this unique (OB) disclosure channel. With regard to practical significance, regulators can gain an understanding of how OBs are disclosed which can assist them in monitoring the use of OBs and improving the effectiveness of communications with stakeholders. In addition, investors can have a better comprehension of information contained in OB announcements, which may in turn better facilitate their investment decisions.

An analysis of the timeliness and nature of profit warnings in the aftermath of the Global Financial Crisis

The global financial crisis (GFC) has severely impacted the financial position and performance of many companies internationally. Because of its severity and associated increase in uncertainty it challenges the effectiveness of existing disclosure regulation. Australia provides a unique environment in which to test the effects of the GFC on corporate disclosure because statutory rules mandate the timely disclosure of ‘price-sensitive’ information (ASX Rule 3.1) by listed entities. Exploiting this institutional setting we investigate the determinants and timeliness of profit warnings issued by the top 500 ASX-listed firms with profit declines in the 2009 fiscal year. Our findings show that firms behave differently with regard to the issuance of profit warnings: larger and more indebted firms are more likely to issue a profit warning and tend to be timelier; surprisingly, poorer performing firms tend to release the news more quickly and this might be attributed to an increasing threat of litigation. Our analysis of profit warning determinants shows interesting results with the presence of asset impairments hindering the early disclosure of profit warnings. Our findings are novel for two main reasons: first, we provide insights into the impact of global financial crisis on profit warning behaviour; second, we are the first to examine the differential impact of alternative features of profit warnings on disclosure timeliness. The findings have implications for regulators in determining compliance with continuous disclosure rules and more broadly, for market participants in interpreting profit warnings.

An analysis of risk management disclosures: Australian evidence

- Purpose Communication of risk management practices are a critical component of good corporate governance. Research to date has been of little benefit in informing regulators internationally. This paper seeks to contribute to the literature by investigating how listed Australian companies in a setting where disclosures are explicitly required by the ASX corporate governance framework, disclose risk management (RM) information in the corporate governance statements within annual reports. - Design/methodology/approach To address our study’s research questions and related hypotheses, we examine the top 300 ASX-listed companies by market capitalisation at 30 June 2010. For these firms, we identify, code and categorise RM disclosures made in the annual reports according to the disclosure categories specified in Australian Stock Exchange Corporate Governance Principles and Recommendations (ASX CGPR). The derived data is then examined using a comprehensive approach comprising thematic content analysis and regression analysis. - Findings The results indicate widespread divergence in disclosure practices and low conformance with the Principle 7 of the ASX CGPR. This result suggests that companies are not disclosing all ‘material business risks’ possibly due to ignorance at the board level, or due to the intentional withholding of sensitive information from financial statement users. The findings also show mixed results across the factors expected to influence disclosure behaviour. Notably, the presence of a risk committee (RC) (in particular, a standalone RC) and technology committee (TC) are found to be associated with improved levels of disclosure. we do not find evidence that company risk measures (as proxied by equity beta and the market-to-book ratio) are significantly associated with greater levels of RM disclosure. Also, contrary to common findings in the disclosure literature, factors such as board independence and expertise, audit committee independence, and the usage of a Big-4 auditor do not seem to impact the level of RM disclosure in the Australian context. - Research limitation/implications The study is limited by the sample and study period selection as the RM disclosures of only the largest (top 300) ASX firms are examined for the fiscal year 2010. Thus, the finding may not be generalisable to smaller firms, or earlier/later years. Also, the findings may have limited applicability in other jurisdictions with different regulatory environments. - Practical implications The study’s findings suggest that insufficient attention has been applied to RM disclosures by listed companies in Australia. These results suggest that the RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders. - Originality/value Despite the importance of risk management communication, it is unclear whether disclosures in annual financial reports achieve this communication. The Australian setting provides an ideal environment to examine the nature and extent of risk management communication as the Australian Securities Exchange (ASX) has recommended risk management disclosures follow Principle 7 of its principle-based governance rules since 2007.

Identifying Meaningful Places

Place identification refers to the process of analyzing sensor data in order to detect places, i.e., spatial areas that are linked with activities and associated with meanings. Place information can be used, e.g., to provide awareness cues in applications that support social interactions, to provide personalized and location-sensitive information to the user, and to support mobile user studies by providing cues about the situations the study participant has encountered. Regularities in human movement patterns make it possible to detect personally meaningful places by analyzing location traces of a user. This thesis focuses on providing system level support for place identification, as well as on algorithmic issues related to the place identification process. The move from location to place requires interactions between location sensing technologies (e.g., GPS or GSM positioning), algorithms that identify places from location data and applications and services that utilize place information. These interactions can be facilitated using a mobile platform, i.e., an application or framework that runs on a mobile phone. For the purposes of this thesis, mobile platforms automate data capture and processing and provide means for disseminating data to applications and other system components. The first contribution of the thesis is BeTelGeuse, a freely available, open source mobile platform that supports multiple runtime environments. The actual place identification process can be understood as a data analysis task where the goal is to analyze (location) measurements and to identify areas that are meaningful to the user. The second contribution of the thesis is the Dirichlet Process Clustering (DPCluster) algorithm, a novel place identification algorithm. The performance of the DPCluster algorithm is evaluated using twelve different datasets that have been collected by different users, at different locations and over different periods of time. As part of the evaluation we compare the DPCluster algorithm against other state-of-the-art place identification algorithms. The results indicate that the DPCluster algorithm provides improved generalization performance against spatial and temporal variations in location measurements.

Men´s health behaviour, health beliefs and need for health counselling : A study amongst 40-year-old males from one Helsinki City region

Tavoitteena oli tutkia 40-vuotiaiden miesten terveyskäyttäytymistä, terveysuskomuksia ja miesten saamaa terveysneuvontaa Helsingissä. 273 miestä vastasi kyselyyn ja osallistui terveystutkimuksiin. Terveydentilan perusteella miehet arvioitiin matalan (n=145) ja korkean (n=128) riskin ryhmiin. Khin neliö-testillä tutkittiin elämäntapa- ja riskitekijöitä koetun terveyden (hyvä, keskinkertainen/huono) luokissa ja verrattiin matalan ja korkean riskin ryhmiä em. tekijöiden osalta. Askeltavalla logistisella regressiomallilla analysoitiin tulosmuuttujia taustatekijöiden, terveyskäyttäytymisen, terveysuskomusten ja kliinisten riskitekijöiden avulla sekä arvioitiin oireiden ja vaivojen suhdetta koettuun terveydentilaan. Korkeassa riskissä olevien terveyttä seurattiin vuosina 2001–2004 analysoimalla mini-intervention vaikutusta terveysriskeihin ja elintapoihin varianssianalyysin avulla (ANOVA) (n=46). Matalasta vastausprosentista johtuen (39.6%), ei-vastanneiden aineistoa kerättiin käyttämällä syvähaastattelua (n=28) sekä puhelinkyselyä (n=40). Lopullinen aineisto koostui 341 miehestä. Tulokset osoittivat, että miehillä oli sydän- ja verisuonitautiriskejä. Kaksi kolmesta osallistuneista oli ylipainoisia tai lihavia, yli kolmanneksella vyötärönympärys oli ≥100 cm, ja yli 40%:llä oli diastolinen verenpaine ≥90 mmHg. Yli puolet tupakoi päivittäin ja 40% käytti alkoholia runsaasti. Ristiriitaisuutta ilmensi se, että huolimatta riskitekijöistä noin puolet miehistä koki terveydentilansa hyväksi. Sairauden tai vamman puute, hyvä suun terveydentila ja normaali vyötärönympärys olivat yhteydessä hyväksi koettuun terveydentilaan. Suora yhteys voitiin havaita omaisten tarjoaman neuvonnan ja vähäisen alkoholin käytön välillä. Masennus ja unettomuus olivat voimakkaasti yhteydessä loppuun palamiseen. Miehillä oli erilaisia fyysisiä ja psyykkisiä oireita, jotka korreloivat voimakkaasti masennuksen kanssa. Pieni määrä miehistä koki saaneensa terveysneuvontaa hoitohenkilökunnalta verrattuna perheenjäseniltä saatuun ohjaukseen. Korkeariskisten miesten (n=46) arvot parantuivat merkitsevästi lyhyellä aikavälillä. Kolesteroliarvoja lukuunottamatta ne palautuivat kolmen vuoden kuluttua alkumittausarvoja kohti. Laadullinen tutkimus osoitti, että “ei-vastanneet“ eivät osallistuneet projektiin, sillä he olivat oireettomia tai kiireisiä. Heillä todettiin samoja terveysriskejä kuin projektiin osallistuneilla. Syvähaastattelussa miehet toivat esille kokemuksiaan huolista, vihan tunteista, peloista ja yksinäisyydestä. Hoidonantajien on tärkeää ymmärtää ristiriidat miesten subjektiivisen ja objektiivisen terveydentilan välillä, mikä auttaa havaitsemaan esteitä terveyskäyttäytymiselle. Yhä enemmän tarvitaan yhteistyötä yksityisen ja julkisen terveydenhuollon välillä varmistamaan terveystottumusten jatkuminen miesten keskuudessa.

La libertad de información y revelación de datos fiscales

[ES]Con el desarrollo de las nuevas tecnologías, se han facilitado las relaciones, acortado el tiempo de espera y agilizado los trámites con la Administración Pública. Estos adelantos, sin embargo, han propiciado que sea necesario proporcionar información de carácter personal de los ciudadanos, que en la mayoría de los casos es sensible. Es por esto que en los últimos años se han ido modificando e introduciendo nuevas leyes que permiten proteger estos datos de carácter personal. Cuando un contribuyente realiza sus obligaciones tributarias suministra datos de carácter personal a Hacienda, datos que están protegidos por la Ley Orgánica de Protección de Datos. El Sistema Tributario deber ser eficaz y transparente. Sin embargo, cabe preguntarse dónde se sitúa el límite a esa transparencia. Con el fin de que la transparencia sea máxima y de que la ciudadanía se conciencie de la importancia de cumplir con sus obligaciones tributarias el legislador se ha planteado la posibilidad de publicar una lista de deudores y las sentencias firmes condenatorias de grandes defraudadores. Esta publicación de las listas aparentemente vulneraría los derechos de los ciudadanos en lo referente a la protección de datos con opiniones encontradas. Tras informes de diferentes organismos se ha llegado al Proyecto de Ley de Modificación parcial de la Ley 58/2003, General Tributaria (Boletín Oficial de las Cortes Generales del 30 de abril de 2015), que permitiría publicar las listas con ciertos límites: publicación únicamente del nombre de la persona física o jurídica y DNI o NIF. Además, para permitir la publicación de las sentencias firmes de los defraudadores, recientemente se ha aprobado el Proyecto de reforma de la Ley Orgánica del Poder Judicial.

基于核方法的敏感信息过滤的研究

在深入分析敏感信息过滤任务的特点和难点的基础上,针对现有一般的信息过滤方法的不足,提出了一种利用敏感词的组合信息来改进过滤效果的思想.进而,研究了在核方法的框架下特征共现行为建模的原则并提出了复合ANOVA核来刻画特征组合行为.通过真实信息过滤环境中的测试评估,显示了此敏感信息过滤方法的有效性.

Carbon Markets: Past, Present, and Future

Carbon markets are substantial and they are expanding. There are many lessons from experiences over the past eight years: fewer free allowances, better management of market-sensitive information, and a recognition that trading systems require adjustments that have consequences for market participants and market confidence. Moreover, the emerging international architecture features separate emissions trading systems serving distinct jurisdictions. These programs are complemented by a variety of other types of policies alongside the carbon markets. This sits in sharp contrast to the integrated global trading architecture envisioned 15 years ago by the designers of the Kyoto Protocol and raises a suite of new questions. In this new architecture, jurisdictions with emissions trading have to decide how, whether, and when to link with one another, and policymakers overseeing carbon markets must confront how to measure the comparability of efforts among markets and relative to a variety of other policy approaches.

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Microabrasion : A novel method to assess surface degradation of UHMWPE following sterilisation and ageing

The ageing behaviour of ultra-high molecular weight polyethylene (UHMWPE) has been studied following gamma irradiation (25 or 40 kGy) in air. Accelerated ageing procedures used elevated temperature (70°C) and/or pressurised oxygen (5 bar). Shelf-aged UHMWPE was also studied. The variation in surface density and mechanical properties were determined following the various sterilisation and ageing treatments. Microabrasive wear testing was also performed. Wear rates were found to correlate well with stress at break for sterilised and aged UHMWPE but not with elongation to failure. It is proposed that the wear mechanism is fracture dominated and occurs following some disentanglement of the polymer chains. Wear also depends upon embrittlement of the surface layer due to its processing and ageing. Elongation to failure in a tensile test is not a good measure of this embrittlement whereas the microabrasion test provides more surface sensitive information concerning this property.

UV-fluorescence microscopy and the coherence of pollen assemblages in environmental archaeology and Quaternary geology

UV-fluorescence microscopy provides a powerful tool for the assessment of the coherence of pollen and organic-walled microfossil assemblages in situations where recycling or the intrusion of younger pollen is suspected. It also provides sensitive information about the thermal maturity of pollen, important for assessing whether material has been heated. Examples are given from the Palaeolithic sites at Barnham, Suffolk, UK; Stanton Harcourt, Oxfordshire, UK; High Lodge, Suffolk, UK; Niah Cave, Sarawak, Malaysian Borneo; and Holocene sites at Wadi Dana, Jordan; Milldale and Creswell, Derbyshire, UK; and Dooncarton Mountain, County Mayo, Republic of Ireland.

Hardware Comparison of the ISO/IEC 29192-2 Block Ciphers

As ubiquitous computing becomes a reality, sensitive information is increasingly processed and transmitted by smart cards, mobile devices and various types of embedded systems. This has led to the requirement of a new class of lightweight cryptographic algorithm to ensure security in these resource constrained environments. The International Organization for Standardization (ISO) has recently standardised two low-cost block ciphers for this purpose, Clefia and Present. In this paper we provide the first comprehensive hardware architecture comparison between these ciphers, as well as a comparison with the current National Institute of Standards and Technology (NIST) standard, the Advanced Encryption Standard.

Knowledge translation in men’s health research: development and delivery of content for use online

Background: Men can be hard to reach with face-to-face health-related information, while increasingly, research shows that they are seeking health information from online sources. Recognizing this trend, there is merit in developing innovative online knowledge translation (KT) strategies capable of translating research on men’s health into engaging health promotion materials. While the concept of KT has become a new mantra for researchers wishing to bridge the gap between research evidence and improved health outcomes, little is written about the process, necessary skills, and best practices by which researchers can develop online knowledge translation.
Objective: Our aim was to illustrate some of the processes and challenges involved in, and potential value of, developing research knowledge online to promote men’s health.

Methods: We present experiences of KT across two case studies of men’s health. First, we describe a study that uses interactive Web apps to translate knowledge relating to Canadian men’s depression. Through a range of mechanisms, study findings were repackaged with the explicit aim of raising awareness and reducing the stigma associated with men’s depression and/or help-seeking. Second, we describe an educational resource for teenage men about unintended pregnancy, developed for delivery in the formal Relationship and Sexuality Education school curricula of Ireland, Northern Ireland (United Kingdom), and South Australia. The intervention is based around a Web-based interactive film drama entitled “If I Were Jack”.

Results: For each case study, we describe the KT process and strategies that aided development of credible and well-received online content focused on men’s health promotion. In both case studies, the original research generated the inspiration for the interactive online content and the core development strategy was working with a multidisciplinary team to develop this material through arts-based approaches. In both cases also, there is an acknowledgment of the need for gender and culturally sensitive information. Both aimed to engage men by disrupting stereotypes about men, while simultaneously addressing men through authentic voices and faces. Finally, in both case studies we draw attention to the need to think beyond placement of content online to delivery to target audiences from the outset.

Conclusions: The case studies highlight some of the new skills required by academics in the emerging paradigm of translational research and contribute to the nascent literature on KT. Our approach to online KT was to go beyond dissemination and diffusion to actively repackage research knowledge through arts-based approaches (videos and film scripts) as health promotion tools, with optimal appeal, to target male audiences. Our findings highlight the importance of developing a multidisciplinary team to inform the design of content, the importance of adaptation to context, both in terms of the national implementation context and consideration of gender-specific needs, and an integrated implementation and evaluation framework in all KT work.

Hybrid authentication systems: towards robust user authentication on wireless and mobile devices using biometric technologies

Adequate user authentication is a persistent problem, particularly with mobile devices, which tend to be highly personal and at the fringes of an organisation's influence. Yet these devices are being used increasingly in various business settings, where they pose a risk to security and privacy, not only from sensitive information they may contain, but also from the means they typically offer to access such information over wireless networks. User authentication is the first line of defence for a mobile device that falls into the hands of an unauthorised user. However, motivating users to enable simple password mechanisms and periodically update their authentication information is difficult at best. This paper examines some of the issues relating to the use of biometrics as a viable method of authentication on mobile wireless devices. It is also a critical analysis of some of the techniques currently employed and where appropriate, suggests novel hybrid ways in which they could be improved or modified. Both biometric technology and wireless setting based constraints that determine the feasibility and the performance of the authentication feature are specified. Some well known biometric technologies are briefly reviewed and their feasibility for wireless and mobile use is reviewed. Furthermore, a number of quantitative and qualitative parameters for evaluation are also presented. Biometric technologies are continuously advancing toward commercial implementation in wireless devices. When carefully designed and implemented, the advantage of biometric authentication arises mainly from increased convenience and coexistent improved security.

La sous-traitance des données du patient au regard de la Directive 95/46

La gestion des données du patient occupe une place significative dans la pratique de l’art de guérir. Il arrive fréquemment que des personnes participent à la production ou à la gestion des données du patient alors que, praticiens de la santé ou non, elles ne travaillent pas sous l’autorité ou la direction du praticien ou de l’équipe en charge du patient. Au regard de la directive 95/46/CE relative à la protection des personnes physiques à l’égard du traitement des données à caractère personnel, ces tiers revêtent la qualité de sous–traitant lorsqu’ils traitent des données pour compte du responsable du traitement de données. Ce dernier doit choisir un sous–traitant qui apporte des garanties suffisantes au regard des mesures de sécurité technique et d’organisation relatives aux traitements à effectuer, et il doit veiller au respect de ces mesures. L’existence de labels de sécurité pourrait faciliter le choix du sous–traitant. S’agissant de données très sensibles comme les données génétiques, il serait opportun d’envisager un contrôle préalable par l’autorité de contrôle ou par un détaché à la protection des données. Il demeure alors à déterminer le véritable responsable du traitement des données du patient, ce qui dépend fortement du poids socialement reconnu et attribué aux différents acteurs de la relation thérapeutique.

The legality of online Privacy-Enhancing Technologies

L’utilisation d’Internet prend beaucoup d’ampleur depuis quelques années et le commerce électronique connaît une hausse considérable. Nous pouvons présentement acheter facilement via Internet sans quitter notre domicile et avons accès à d’innombrables sources d’information. Cependant, la navigation sur Internet permet également la création de bases de données détaillées décrivant les habitudes de chaque utilisateur, informations ensuite utilisées par des tiers afin de cerner le profil de leur clientèle cible, ce qui inquiète plusieurs intervenants. Les informations concernant un individu peuvent être récoltées par l’interception de données transactionnelles, par l’espionnage en ligne, ainsi que par l’enregistrement d’adresses IP. Afin de résoudre les problèmes de vie privée et de s’assurer que les commerçants respectent la législation applicable en la matière, ainsi que les exigences mises de l’avant par la Commission européenne, plusieurs entreprises comme Zero-knowledge Systems Inc. et Anonymizer.com offrent des logiciels permettant la protection de la vie privée en ligne (privacy-enhancing technologies ou PETs). Ces programmes utilisent le cryptage d’information, une méthode rendant les données illisibles pour tous à l’exception du destinataire. L’objectif de la technologie utilisée a été de créer des systèmes mathématiques rigoureux pouvant empêcher la découverte de l’identité de l’auteur même par le plus déterminé des pirates, diminuant ainsi les risques de vol d’information ou la divulgation accidentelle de données confidentielles. Malgré le fait que ces logiciels de protection de la vie privée permettent un plus grand respect des Directives européennes en la matière, une analyse plus approfondie du sujet témoigne du fait que ces technologies pourraient être contraires aux lois concernant le cryptage en droit canadien, américain et français.