Asset revaluations and earnings management: Evidence from Australian companies

This paper examines the association between asset revaluations and discretionary accruals (a proxy for earnings management) using a sample of the largest 300 Australian companies. The results from this study indicate that the revaluation of non-current assets is positively associated with discretionary accruals. This finding is consistent with the argument that revaluation of assets reflects higher agency problems in the form of increased earnings management. Additional findings are that discretionary accruals are higher for firms reporting their non-current assets at fair values appraised by directors, than those of firms that use external appraisers. As well, the choice of auditors and the strength of corporate governance can constrain the opportunistic behaviour of managers in the accounting choice to revalue non-current assets.

De vitio proprietatis religiosorum.

F. 1-8 De vitio proprietatis religiosorum. « Jhesus, Maria, Franciscus. Sequitur... vicio proprietatis religiosorum » (titre effacé, lisible en partie à la lumière ultra-violette). « Manifestum videtur esse quod persone religiose viri et femine ordinem approbatum professe pro proprietatis vicio alligate nullo modo possint salvari... — ... nec continue. Vide Johannem Andree in regulam Non est obligatorium in novella super librum sextum et sic est finis ». F. 9-279 [BARTHOLOMAEUS DE RINONICO PISANUS] Liber de conformitatibus. « Incipit liber de conformitatibus beati Francisci quamvis plurimum breviatus tres partiales libros complectens... » (éd. dans Analecta franciscana sive chronica, IV-V, Quaracchi, 1906-1912). L. I, Conformitatum I-XII secundae partes : « Prima conformitas. Franciscus declaratur, expositio sequitur. Declarata prima parte primi fructus conformitatis que fuit de Christo (que [sic] ego pro nunc scribere non intendo sed solum que spectant ad beatum Franciscum etc.) manifestat nunc consequenter secundam partem ipsius enodare... — ... lucem Christum perveniamus. Amen. Sic ergo prelibatis apparet declarata secunda pars istius 12mi [sic] conformitatis videlicet Franciscus reserator... tam in isto duodecimo quam in precedentibus et subsequentibus conformitatibus sit laus Deo. Amen » (éd. cit., IV, 33-60, 69-82, 95-100, 108-113, 116-124, 138-149, 156-164, 175-364, 369-457, 464-485, 493-564, 580-632) (9-177v) ; — L. II, Conformitates I-XII, incomplet : « Incipit secundus liber et sequitur secunda pars prime conformitatis secundi libri videlicet Franciscus divulgatur. Expositio. Magister summus et verax... — ... patet ad fratres » (177v-224v), avec variantes et lacunes : Conformitas I, pars 2, incomplète de la fin par lacune matérielle (ibid., V, 10-13) (177v-178v) ; II et III, manquent par lacune matérielle ; IV, pars 2 (ibid., 100-123) (179-189) ; pars 1, fragm. (ibid., 97-100) (189-190v) ; V, texte abrégé (ibid., 123-144) (190v-199v) ; VI, pars 2, texte abrégé (ibid., 159-182) (199v-206) ; VII, pars 2, texte abrégé (ibid., 189-198) (206-208v) ; VIII, pars 2, texte abrégé (ibid., 208-211) (208v-209v) ; IX, texte abrégé (ibid., 211-226) (209v-213) ; X, pars 2 (ibid., 232-233) (213-214) ; XI, texte abrégé (ibid., 233-259) (214-224) ; XII, pars 2, texte abrégé (ibid., 275-277) (224-224v) ; — L. III, Conformitates I-IX, incomplet de la fin : « Incipit liber tercius de conformitate vite beati Francisci ad vitam Jhesu Christi. Fructus primus et conformitas et 2us in ordine Jhesus cum suis comedens, Franciscus emulatur. Expositio prime partis... Virtus illa et sapientia divina qua omnia a Deo fiunt... — ... ad orandum. Lc. XI in quo fuit captus... » (ibid., 333-459) (225-279). Ce texte a été aussi publié sous le nom de BARTHOLOMAEUS ALBISIUS PISANUS ; cf. Sbaralea, Supplementum, I, 114-117. Au contreplat supérieur, cote : « 87 » de l'inventaire après décès de Claude Hardy ; cf. ms. Latin 9363, f. 139. Acheté par Baluze pour la bibliothèque de Colbert ; cf. ibid., f. 145v et add. du ms. Latin 3114A.

Autre exemplaire de la relation contenue dans le ms. fr. 5094. Cet exemplaire est dédié à Catherine de Foix, reine de Navarre, petite-fille de Charles VII, par Madeleine de France. La dédicace est en 12 vers. Premier vers (fol. 1 v°).

Même ornementation, mêmes armoiries que dans le ms. français 5094. « Noble dame, yssue de Foueix, roylle lignée... ».

Débat inexistant ou paroles persistantes : la théologie des reliques au Moyen Âge, autour du De pigneribus sanctorum de Guibert de Nogent

Les reliques sont des objets associés aux saints, ou au Christ. Une relique est porteuse d’une puissance spirituelle, une virtus, source de miracles. Depuis l’Antiquité et surtout le Moyen Âge, les reliques ont joué un rôle essentiel dans la vie des sociétés chrétiennes. Il n’en reste pas moins que les théologiens semblent n’avoir réservé au culte des reliques qu’une faible part de leurs écrits, au point d’être considéré par l’historiographie actuelle comme ayant eu « une élaboration théorique inversement proportionnelle à son importance ». Le présent mémoire se propose d’étudier, à travers les différents témoignages laissés sur le culte des reliques, durant l’Antiquité et le Moyen Âge, quelles ont pu être les conceptions, croyances et controverses autour du culte des reliques. L’hypothèse par conséquent proposée est celle d’un « problème des reliques », intimement lié aux évolutions du culte des saints et aux conceptions sur l’eucharistie tout au long du Moyen Âge. Un glissement se produit au cours du Moyen Âge, d’une critique jugée hérétique du culte en lui-même, à un refus des abus et du flou entourant ce culte au nom de l’orthodoxie. Ces paroles persistantes, à défaut d’un débat, sur la validité, les mécanismes mystiques et les abus d’un tel culte se sont ainsi cristallisées au XIIe siècle chez plusieurs auteurs contemporains, tels Thiofrid d’Echternach et surtout Guibert de Nogent, soulignant le besoin d’une élaboration théorique et d’une codification de ces pratiques.

Modelo para la implementación de procesos de Eco Innovación en el sector industrial Colombiano

El objetivo de este trabajo es presentar un modelo de implementación, aplicación y medición de diferentes procesos de eco-innovación al interior de una empresa. Para lograr este fin, se presenta una estructura donde se evalúan los procesos productivos del sector industrial colombiano y su relación con la eco-innovación, esto para realizar un filtro dentro de la propuesta y poder dirigir el proyecto a empresas idóneas para adoptar un modelo eco-innovador. Este modelo está basado en diferentes métodos de desarrollo de conceptos como lo son la innovación, el desarrollo sostenible y un término que en los últimos tiempos ha venido tomando fuerza dentro del sector empresarial mundial, el término Eco-amigable. Este término será entonces una base para la relación de los procesos productivos con la adaptación de la eco-innovación para generar un desarrollo sostenible referente al ambiente y un posicionamiento empresarial industrial dentro de un mercado altamente competitivo.

Condicionamiento de la nueva Ley General de Educación.

Exponer las confluencias y divergencias de las líneas en las cuales están la formación de una estructura legal, en este caso en la Ley General de Educación. Explica la fundamentación última del derecho, examina las leyes fundamentales españolas y la legislación escolar, analiza el pensamiento de los profesionales de la educación sobre el principio de subsidiariedad del Estado y la libertad de enseñanza y examina los contenidos del Libro Blanco. 1) Al tratar de fundamentar el derecho a las libertades, en nuestro caso a la libertad de enseñanza, el argumento fuerte no debe ser ni el de la máxima rentabilidad, ni algún otro, sino el de la persona humana y el de la humanidad entera a que no se le interpongan muros donde debe encontrar campo abierto a su autorrealización máxime cuando estos muros pueden juntarse unos a otros y estrangular la libertad total. 2) Las líneas que deben servir de andamiaje a la Ley General de Educación en proyecto son: la filosofía del derecho, las Leyes Fundamentales españolas, la legislación escolar que se intenta mejorar, la legislación u orientaciones internacionales sobre todo cuando provienen de instituciones a las que pertenece nuestra nación, y la opinión del pueblo. Como esta opinión del pueblo no se manifestará en una sola dirección, sino en varias habrá que atenerse a la ley democrática del mayor peso específico. 3) La idea de la libertad de enseñanza y los pilares en que se apoya: el principio de la subsidiariedad del Estado y la financiación por parte del Estado no tiene porqué salir responsable de que quienes se apoyaron en ella fueron incluso testigos mudos y por entonces tan influyentes como ahora, cuando se suprimieron ciertos centros que no gustaban, y cuando se depuró drásticamente al personal docente. La verdad sigue siendo verdad en unos ropajes y en otros; lo procedente es cambiar los ropajes si éstos la desfiguran, pero no hacer desaparecer la verdad. 1) La supresión del clasismo social es una necesidad imperiosa. La actual situación escolar marca y divide a los escolares en ricos y pobres. 2) La opinión pública no especializada no ha puesto condiciones a la reforma escolar. La demanda pronto y exige que sea eficaz pero sin reparar en condiciones. 3) La implantación de una reforma escolar basada en el principio de subsidiariedad del estado y en la financiación directa y universal por el Estado es deseada por la gran mayoría de los profesionales de la docencia. Se oponen a ella los catedráticos numerarios de los institutos de enseñanza media. Los grupos políticos que han informado sobre el Libro Blanco se colocan en términos ambiguos dando la impresión de admitir las premisas y negar las conclusiones. 4) Un reconocimiento más amplio nos daría una situación más humana, una educación más rica en variedad y una mayor eficacia en el aprovechamiento de los recursos económicos.

Developing “Best Practices” for bankers’ pay in line with Basel III

This paper proposes hybrid capital securities as a significant part of senior bank executive incentive compensation in light of Basel III, a new global regulatory standard on bank capital adequacy and liquidity agreed by the members of the Basel Committee on Banking Supervision. The committee developed Basel III in a response to the deficiencies in financial regulation brought about by the global financial crisis. Basel III strengthens bank capital requirements and introduces new regulatory requirements on bank liquidity and bank leverage. The hybrid bank capital securities we propose for bank executives’ compensation are preferred shares and subordinated debt that the June 2004 Basel II regulatory framework recognised as other admissible forms of capital. The past two decades have witnessed dramatic increase in performance-related pay in the banking industry. Stakeholders such as shareholders, debtholders and regulators criticise traditional cash and equity-based compensation for encouraging bank executives’ excessive risk taking and short-termism, which has resulted in the failure of risk management in high profile banks during the global financial crisis. Paying compensation in the form of hybrid bank capital securities may align the interests of executives with those of stakeholders and help banks regain their reputation for prudence after years of aggressive risk-taking. Additionally, banks are desperately seeking to raise capital in order to bolster balance sheets damaged by the ongoing credit crisis. Tapping their own senior employees with large incentive compensation packages may be a viable additional source of capital that is politically acceptable in times of large-scale bailouts of the financial sector and economically wise as it aligns the interests of the executives with the need for a stable financial system.

The financial system reform in China: the lesson learnt from the global financial crisis

This paper reviews the impact of the global financial crisis on financial system reform in China. Scholars and practitioners have critically questioned the efficiencies of the Anglo- American principal-agent model of corporate governance which promotes shareholder-value maximisation. Should China continue to follow the U.K.-U.S. path in relation to financial reform? This conceptual paper provides an insightful review of the corporate governance literature, regulatory reports and news articles from the financial press. After examining the fundamental limitations of the laissez-faire philosophy that underpins the neo-liberal model of capitalism, the paper considers the risks in opening up China’s financial markets and relaxing monetary and fiscal policies. The paper outlines a critique of shareholder-capitalism in relation to the German team-production model of corporate governance, promoting a “social market economy” styled capitalism. Through such analysis, the paper explores numerous implications for China to consider in terms of developing a new and sustainable corporate governance model. China needs to follow its own financial reform through understanding its particular economy. The global financial crisis might help China rethink the nature of corporate governance, identify its weakness and assess the current reform agenda.

Impact of board size and board diversity on firm value: Australian evidence

The aim of this paper is to provide a preliminary analysis of the relationship between firm market value and the size and gender diversity of a board of directors for a sample of publicly listed Australian firms. Our results show that smaller boards appear to be more effective in representing the shareholders as smaller boards are associated with higher firm value. As board size increases firm value declines, however at a decreasing rate suggesting that the relationship between board size and firm value is not strictly linear. Our findings further indicate that gender diversity promotes shareholders' value as the presence of women directors is associated with higher firm value.

Pandemic containment and management

In a pandemic, nurses will be the first health care contact for the general public in most cases. This clinical update provides information about the influenza virtus and its modes of transmission. The update will describe the principles of containment and management that will be important to understand in the event of a pandemic occurring.

External monitoring, managerial ownership and form performance in Malaysian capital market: a GMM based panel data approach

This study re-examines whether the structure of share ownership by both directors and institutional ownership provides explanation for firm performances. These relationships are modelled and estimated using GMM based dynamic panel data over a period from 1997 to 2001 with a sample of 100 CI components companies listed on Main Board of Malaysia. The findings provide strong evidence of simultaneity between firm performance and managerial ownership. Although an insignificant relationship between firm performance and institutional ownership is~ observed, the institutional holdings provide strong substitute for managerial ownership with a strong negative relationship between managerial ownership and institutional ownership. This is in line with the managerial incentive hypothesis, which suggests that manager's share in the firm's ownership leads to better performance and the monitoring substitute hypothesis, which suggests that managerial ownership could be effectively replaced by institutional ownership.

Organisation change and its impact on Australian Building Societies' performance

The paper examines the relation between changing ownership structure and performance of Australian building societies. An analysis and discussion of the theories of organizational development and change is undertaken to explore the mutual building societies' motivation for change. The financial performance measures, provided by financial ratios of the major mutual building societies in Australia, are examined to assess the behaviour of building societies under different governance structures in the 1980s and 1990s. The theoretical and empirical literature has suggested that mutual deposit-taking institutions should have lov^^er profitability and higher operating expenses than their publicly listed counterparts. Accounting ratios are observed over time to investigate if governance change in mutual deposit-taking organizations accounted for any discernable differences in profitability and cost efficiency pre- and post- demutualization. The study finds support for the contention that demutualized building societies will have higher profitability and lower costs than their mutual counterparts. The study is confined to investigation of the six largest building societies that undertook the demutualization process. It could he extended to the entire building society sector. The results have implications for investors, managers and 'ovraers' of firms that retain their mutual structure, suggesting the demutualization vnû benefit these groups. There is no study that compares mutual deposit-taking institutions pre- and post-conversion in Australia.

Ownership structure and corporate performance : Australian evidence

This paper seeks to analyse the relationship between ownership structure and corporate performance for fifty firms listed on the Australian Stock Exchange during 2002-2003. The study initially tests a two equation model similar to that in the existing literature, but is distinguished from prior literature by subsequently reclassifying leverage. By categorising leverage as an endogenous variable, an examination of the relationship between ownership and performance is undertaken through ordinary least squares and two stage least squares analysis of a three equation econometric model. Interestingly, empirical results illustrate the fact that managerial ownership impacts negatively on firm performance which is consistent with the management entrenchment hypothesis.

Information leakage and informed trading around unscheduled earnings announcements

While there has been much judicial discussion regarding the competency of Australia's continuous disclosure regime with reference to contemporaneous international standards, there has to date been limited empirical analysis of the Australian system's effectiveness in preventing selective disclosure and information leakage. This paper presents an empirical study of information content and trading behaviour around unscheduled earnings announcements - comprising of profit upgrades, profit warnings and neutral trading statements - made by ASX-listed companies during 2004. The contention is that informed trading impacts on the stock returns and trading volumes of listed entities, and hence abnormal returns or trading volumes observed prior to an announcement provide evidence of information leakage. The paper models a range of factors that potentially influence firm disclosure practices and contribute to the level information asymmetry in the market during the pre- announcement period. Previous research has investigated the influence of firm size and information content in contributing to information leakage. This study further considers the variables of firm growth, capital structure and industry group.

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.