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.

Aquatic toxicity of manufactured nanomaterials: challenges and recommendations for future toxicity testing

 Aquatic nanotoxicologists and ecotoxicologists have begun to identify the unique properties of the nanomaterials (NMs) that potentially affect the health of wildlife. In this review the scientific aims are to discuss the main challenges nanotoxicologists currently face in aquatic toxicity testing, including the transformations of NMs in aquatic test media (dissolution, aggregation and small molecule interactions), and modes of NM interference (optical interference, adsorption to assay components and generation of reactive oxygen species) on common toxicity assays. Three of the major OECD (Organisation for Economic Co-operation and Development) priority materials, titanium dioxide (TiO2), zinc oxide (ZnO) and silver (Ag) NMs, studied recently by the Natural Sciences and Engineering Research Council of Canada (NSERC), National Research Council of Canada (NRC) and the Business Development Bank of Canada (BDC) Nanotechnology Initiative (NNBNI), a Canadian consortium, have been identified to cause both bulk effect, dissolution-based (i.e. free metal), or NM-specific toxicity in aquatic organisms. TiO2 NMs are most toxic to algae, with toxicity being NM size-dependent and principally associated with binding of the materials to the organism. Conversely, dissolution of Zn and Ag NMs and the subsequent release of their ionic metal counterparts appear to represent the primary mode of toxicity to aquatic organisms for these NMs. In recent years, our understanding of the toxicological properties of these specific OECD relevant materials has increased significantly. Specifically, researchers have begun to alter their experimental design to identify the different behaviour of these materials as colloids and, by introducing appropriate controls and NM characterisation, aquatic nanotoxicologists are now beginning to possess a clearer understanding of the chemical and physical properties of these materials in solution, and how these materials may interact with organisms. Arming nanotoxicologists with this understanding, combined with knowledge of the physics, chemistry and biology of these materials is essential for maintaining the accuracy of all future toxicological assessments.

What happens after the central bank of Brazil increases the target interbank rate by 1%?

I start presenting an explicit solution to Taylorís (2001) model, in order to illustrate the link between the target interest rate and the overnight interest rate prevailing in the economy. Next, I use Vector Auto Regressions to shed some light on the evolution of key macroeconomic variables after the Central Bank of Brazil increases the target interest rate by 1%. Point estimates show a four-year accumulated output loss ranging from 0:04% (whole sample, 1980 : 1-2004 : 2; quarterly data) to 0:25% (Post-Real data only) with a Örst-year peak output response between 0:04% and 1:0%; respectively. Prices decline between 2% and 4% in a 4-year horizon. The accumulated output response is found to be between 3:5 and 6 times higher after the Real Plan than when the whole sample is considered. The 95% confidence bands obtained using bias-corrected bootstrap always include the null output response when the whole sample is used, but not when the data is restricted to the Post-Real period. Innovations to interest rates explain between 4:9% (whole sample) and 9:2% (post-Real sample) of the forecast error of GDP.

What happens after the Central Bank of Brazil increases the target interbank rate by 1%?

In this paper I use Taylor's (2001) model and Vector Auto Regressions to shed some light on the evolution of some key macroeconomic variables after the Central Bank of Brazil, through the COPOM, increases the target interest rate by 1%. From a quantitative perspective, the best estimate from the empírical analysis, obtained with a 1994 : 2 - 2004 : 2 subsample of the data, is that GDP goes through an accumulated decline, over the next four years, around 0.08%. Innovations to interest rates explain around 9.2% of the forecast erro r of GDP.

Spatial distribution and shell utilization in three sympatric hermit crabs at non-consolidated sublittoral of estuarine-bay complex in São Vicente, São Paulo, Brazil

The objective of the present study was to characterize the spatial distribution and shell utilization of three hermit crab species in the estuarine-bay complex of São Vicente, São Paulo State, Brazil. Monthly samples were done throughout two years, in the non-consolidated sub-littoral at the estuarine-bay complex. The environmental factors, such as temperature, salinity and depth, were measured every month. The three hermit crab species, Clibanarius vittatus, Loxopagurus loxochelis and Isocheles sawayai, were captured utilizing shells from six gastropods species; 92.7% of the hermit crabs utilized Stramonita haemastoma. The results suggest a strong correlation between hermit crabs spatial distribution and salinity, which was considered the main environmental factor limiting their distribution in the estuary. I. sawayai was the only species present in all transects sampled; C. vittatus was captured only in regions with low salinity and L. loxochelis occurred only in high salinity waters.

The dynamics of specialist development banking: the case of the agriculture development bank of Trinidad and Tobago

Includes bibliography

Measuring income dynamics: the experience of Canada's Survey of Labour and Income Dynamics

Includes bibliography

An update on the development of Canada's market basket measure

Includes bibliography

Economic survey of Canada, 1999

Includes bibliography

Economic survey of Canada, 1992

Includes bibliography

Economic survey of Canada, 1993

Includes bibliography