International Journal of Music Business Research. Special Issue on the Australasian Music Economy

The music business is one of the most international of all the cultural industries. Music, industry practices, and people travel easily across country borders and the major music companies are dominating national music markets across the globe. However, at the same time the music industries in different countries are very idiosyncratic. Music is an ingrained part of a country’s history, its culture and heritage. One aspect of this idiosyncrasy is related to how creatives, audiences and music organizations are affected by and is able to take advantage of the ongoing digitization of society.

Persistence of bellyache bush (Jatropha gossypifolia L.) soil seed banks

Bellyache bush (Jatropha gossypifolia L.) is an invasive shrub that adversely impacts agricultural and natural systems of northern Australia. While several techniques are available to control bellyache bush, depletion of soil seed banks is central to its management. A 10-year study determined the persistence of intact and ant-discarded bellyache bush seeds buried in shade cloth packets at six depths (ranging from 0 to 40 cm) under both natural rainfall and rainfall-excluded conditions. A second study monitored changes in seedling emergence over time, to provide an indication of the natural rate of seed bank depletion at two sites (rocky and heavy clay) following the physical removal of all bellyache bush plants. Persistence of seed in the burial trial varied depending on seed type, rainfall conditions and burial depth. No viable seeds of bellyache bush remained after 72 months irrespective of seed type under natural rainfall conditions. When rainfall was excluded seeds persisted for much longer, with a small portion (0.4%) of ant-discarded seeds still viable after 120 months. Seed persistence was prolonged (> 96 months to decline to < 1% viability) at all burial depths under rainfall-excluded conditions. In contrast, under natural rainfall, surface located seeds took twice as long (70 months) to decline to 1% viability compared with buried seeds (35 months). No seedling emergence was observed after 58 months and 36 months at the rocky and heavy clay soil sites, respectively. These results suggest that the required duration of control programs on bellyache bush may vary due to the effect of biotic and abiotic factors on persistence of soil seed banks.

Using old concepts to gain new insights: Addressing the issue of consistency

Purpose – This paper aims to go beyond a bookkeeping approach to evolutionary analysis whereby surviving firms are better adapted and extinct firms were less adapted. From discussion of the preliminary findings of research into the Hobart pizza industry, evidence is presented of the need to adopt a more traditional approach to applying evolutionary theories with organizational research. Design/methodology/approach – After a brief review of the relevant literature, the preliminary findings of research into the Hobart pizza industry are presented. Then, several evolutionary concepts that are commonplace in ecological research are introduced to help explain the emergent findings. The paper concludes with consideration given to advancing a more consistent approach to employing evolutionary theories within organizational research. Findings – The paper finds that the process of selection cannot be assumed to occur evenly across time and/or space. Within geographically small markets different forms of selection operate in different ways and degrees requiring the use of more traditional evolutionary theories to highlight the causal process associated with population change. Research limitations/implications – The paper concludes by highlighting Geoffrey Hodgson’s Principle of Consistency. It is demonstrated that a failure to truly understand how and why theory is used in one domain will likely result in its misuse in another domain. That, at present, too few evolutionary concepts are employed in organisational research to ensure an appreciation of any underlying causal processes through which social change occurs. Originality/value – The concepts introduced throughout this paper, whilst not new, provide new entry points for organizational researchers intent on employing an evolutionary approach to understand the process of social change.

Virtual Special Issue: “The impact of temperature on human health: new insights”

Ambient temperature is one of the basic parameters characterising human comfort: are we too hot, too cold, or just right? The impact of temperature goes beyond comfort: inadequate temperature and temperature variations have consequences on human health, as the increasing numbers of studies have demonstrated. The topic is of particular significance at the times when climate change shifts the traditional – as we know them- temperature zones, and brings much wider temperature variations. For these reasons the impact of temperature on health has been one of the most popular topics among the articles submitted and published in Science of the Total Environment over the last few years. This Virtual Special Issue compiles 18 articles published in our journal on this topic since 2012. It is worth briefly summarizing the rich scientific insights brought by these articles, as well as broader considerations, particularly those extending to management, discussed by the authors of the articles.

Editorial of "Student Success, volume 7, issue 1"

Welcome to Volume 7 of Student Success. This editorial has two parts: The first part maintains the “doing things differently” tradition, making readers aware by chronicling the publishing of the journal in an open access (OA) forum. Future editorials will briefly discuss other aspects and issues pertaining to the new scholarly publishing landscape that this journal adheres to, such as: Creative Commons Licencing; ORCID IDs; considerations of new peer review models and importantly; measuring research impact in OA publishing. The second part presents the usual editorial summary of the content of this issue.

The determinants of fair value measurements of banks: International evidence

The purpose of this study is to investigate the accounting choice decisions of banks to employ Level 3 inputs in estimating the value of their financial assets and liabilities. Using a sample of 146 bank-year observations from 18 countries over 2009-2012, this study finds banks’ incentives to use Level 3 valuation inputs are associated with both firm-level and country-level determinants. At the firm-level, leverage, profitability (in term of net income), Tier 1 capital ratio, size and audit committee independence are associated with the percentage of Level 3 valuation inputs. At the country-level, economy development, legal region, legal enforcement and investor rights are also associated with the Level 3 classification choice. Lastly, ‘secrecy’, the proxy for culture dimensions and values, is found to be positively associated with the use of Level 3 valuation inputs. Altogether, these findings suggest that banks use the discretion available under Level 3 inputs opportunistically to avoid violating debt covenants limits, to increase earnings and manage their capital ratios. Results of this study also highlight that corporate governance quality at the firm-level (e.g. audit committee independence) and institutional features can constrain banks’ opportunistic behaviors in using the discretion available under Level 3 inputs. The results of this study have important implications for standard setters and contribute to the debate on the use of fair value accounting in an international context.

The determinants of fair value measurements of banks: International evidence

The purpose of this study is to investigate the accounting choice decisions of banks to employ Level 3 inputs in estimating the value of their financial assets and liabilities. Using a sample of 146 bank-year observations from 18 countries over 2009-2012, this study finds banks’ incentives to use Level 3 valuation inputs are associated with both firm-level and country-level determinants. At the firm-level, leverage, profitability (in term of net income), Tier 1 capital ratio, size and audit committee independence are associated with the percentage of Level 3 valuation inputs. At the country-level, economy development, legal region, legal enforcement and investor rights are also associated with the Level 3 classification choice. Lastly, ‘secrecy’, the proxy for culture dimensions and values, is found to be positively associated with the use of Level 3 valuation inputs. Altogether, these findings suggest that banks use the discretion available under Level 3 inputs opportunistically to avoid violating debt covenants limits, to increase earnings and manage their capital ratios. Results of this study also highlight that corporate governance quality at the firm-level (e.g. audit committee independence) and institutional features can constrain banks’ opportunistic behaviors in using the discretion available under Level 3 inputs. The results of this study have important implications for standard setters and contribute to the debate on the use of fair value accounting in an international context.

The usefulness of fair values in improving the predictive ability of earnings: Evidence from international banks

One of the objectives of general-purpose financial reporting is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. The current focus on potentially increased relevance of fair value accounting weighed against issues of reliability has failed to consider the potential impact on the predictive ability of accounting. Based on a sample of international (non-U.S.) banks from 24 countries during 2009-2012, we test the usefulness of fair values in improving the predictive ability of earnings. First, we find that the increasing use of fair values on balance-sheet financial instruments enhances the ability of current earnings to predict future earnings and cash flows. Second, we provide evidence that the fair value hierarchy classification choices affect the ability of earnings to predict future cash flows and future earnings. More precisely, we find that the non-discretionary fair value component (Level 1 assets) improves the predictability of current earnings whereas the discretionary fair value components (Level 2 and Level 3 assets) weaken the predictive power of earnings. Third, we find a consistent and strong association between factors reflecting country-wide institutional structures and predictive power of fair values based on discretionary measurement inputs (Level 2 and Level 3 assets and liabilities). Our study is timely and relevant. The findings have important implications for standard setters and contribute to the debate on the use of fair value accounting.

Comments on "Full-sphere simulations of circulation-dominated solar dynamo: Exploring the parity issue" - Reply

We respond to Dikpati et al.'s criticism of our recent solar dynamo model. A different treatment of the magnetic buoyancy is the most probable reason for their different results.

With Good Reputation Size Does not Matter: Issue Frequency and the Determinants of Debt Maturity

This paper examines empirically the effect firm reputation has on the determinants of debt maturity. Utilising data from European primary bond market between 1999 and 2005, I find that the maturity choice of issuers with a higher reputation is less sensitive to macroeconomic conditions, market credit risk-premiums, prevailing firm credit quality and size of the debt issue. The annualised coupon payments are shown to be a significant factor in determining the debt maturity and reveal a monotonously increasing relationship between credit quality and debt maturity once controlled for. Finally, I show that issuers lacking a credit rating have an implied credit quality positioned between investment-grade and speculative-grade debt.

Language independent automated segmentation of speech using Bach scale filter-banks

This correspondence describes a method for automated segmentation of speech. The method proposed in this paper uses a specially designed filter-bank called Bach filter-bank which makes use of 'music' related perception criteria. The speech signal is treated as continuously time varying signal as against a short time stationary model. A comparative study has been made of the performances using Mel, Bark and Bach scale filter banks. The preliminary results show up to 80 % matches within 20 ms of the manually segmented data, without any information of the content of the text and without any language dependence. The Bach filters are seen to marginally outperform the other filters.

Soft condensed matter -A special issue of solid state communications -Foreword

It is a policy of Solid State Communications’ Executive Editorial Board to organize special issues from time to time on topics of current interests. The present issue focuses on soft condensed matter, a rapidly developing and diverse area of importance not only for the basic science, but also for its potential applications. The ten articles in this issue are intended to give the readers a snapshot of some latest developments in soft condensed matter, mainly from the point of view of basic science. As the special issues are intended for a broad audience, most articles are short reviews that introduce the readers to the relevant topics. Hence this special issue can be especially helpful to readers who might not be specialists in this area but would like to have a quick grasp on some of the interesting research directions.