Base material characterisation of spoil piles at BMA coal mines

This project was an initiation to investigate slaking induced properties detrition of spoil pile materials with overburden pressure and time. The changes in the material properties over time are important parameters that control the behaviour and performance of the piles. The time dependent mechanical and hydraulic properties reported together with mineralogical changes. One chamber designed to apply slaking in the laboratory and geotechnical investigation conducted to fulfil the objective of this project.

Innovative management of herbicide resistant weeds - seed banks and soil biology

The project will evaluate seed bank depletion of key northern herbicide resistant weeds under different environments, cropping systems, crop agronomies and non-chemical control tactics. The project will also evaluate soil biology and seed bank relationships to explain differences in seed bank persistence.

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.

How your shopping choices will help Coles and Woolworths take on the banks

The days when Coles and Woolworths only sold groceries are long gone. Both are now established players in a broad range of consumer markets, with interests in liquor and hotels, fuel and convenience, general merchandise and mobile phones. With a network of over 1,600 supermarkets, 1,100 service stations, 2,200 liquor stores and nearly 400 hotels, the supermarket duo are now getting ready for a war with Australia’s big four banks.

Shari'ah supervision, corporate governance and performance: Conventional vs. Islamic banks

The performance and accountability of boards of directors and effectiveness of governance mechanisms continue to be a matter of concern. Focusing on differences between conventional banks and Islamic banks, we examine the effect of (i) Shari-ah supervision boards, (ii) board structure and (iii) CEO-power on performance during the period 2005-2011. We find Shari'ah supervision boards positively impact on Islamic banks' performance when they perform a supervisory role, but the impact is negligible when they have only an advisory role. The effect of board structure (Board size and board independence) and CEO power (CEO-chair duality and internally recruited CEO) on the performance of Islamic banks is overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards but also emphasize the need for enforcement and regulatory mechanism for them to be more effective.

Does the GRI influence sustainability disclosures in Asia-Pacific banks?

This article examines sustainability disclosures by the major banks in the Asia-Pacific region (the six largest banks from each of four countries: Australia, Japan, China and India) during the period 2005 to 2012. The findings show sustainability disclosures by banks that participate in the global reporting initiative (GRI) are significantly higher than disclosures by those banks that have not participated in the GRI. Amongst those banks that have participated in the GRI there is is a higher rate of disclosure by externally assured banks than by non-externally assured banks. Among the GRI

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.

Corporate Governance in European Banks: Essays on Bank Ownership

Banks are important as they have a central role in the financial system, where funds are channelled either through financial intermediaries, such as banks, or through financial markets, hence promoting growth in any economy. Recently, we have been reminded of the drawbacks of the central role of banks. The current financial crisis, which started out as a sub-prime mortgage crisis in the US, has become a global financial crisis with substantial impact on the real economy in many countries. Some of the roots to the current financial crisis can be sought in the changing role of banks and in bank corporate governance. Moreover, the substantial revitalising measures taken have been justified by the central role of banks. Not only are banks important, they are also very special. The fact that banks are regulated in conjunction with greater opacity, make bank corporate governance different from corporate governance in non-bank companies. Surprisingly little is, however, known about bank corporate governance, in particularly, in a European setting. Hence, the objective of this doctoral thesis is to provide new insights in this research area by examining banks from 37 different European countries. Each of the three essays included in the doctoral thesis examines a particular aspect of bank corporate governance. In the first essay the interaction between the regulatory environment a bank operates in and its ownership structure is explored. Indicators of the severity of the moral hazard problem induced by the deposit insurance system and implicit too-big-to-fail government guarantee, particular features of deposit insurance systems as well as legal protection of shareholders, legal origin of a country and level of integration to the European community are used in the analysis. The empirical findings confirm previous findings on the link between legal protection of shareholders and ownership structure. Moreover, they show that differences in deposit insurance system features can explain some of the differences in ownership structure across European banks. In the second essay the impact of management and board ownership on the profitability of banks with different strategy is examined. The empirical findings suggest that the efficiency of these two particular corporate governance mechanisms varies with the characteristics of the agency problem faced by the bank. More specifically, management ownership is important in opaque non-traditional banks, whereas board ownership is important in traditional banks, where deposit insurance reduces the monitoring incentives of outsiders. The higher profitability does, however, go together with higher risk. In the third essay the profitability and risk of commercial, savings and cooperative banks are compared. The empirical findings suggest that distinct operational and ownership characteristics rather than only the mere fact that a bank is a commercial, savings or cooperative bank explain the profitability and risk differences. The main insight from the three essays is that a number of different aspects should be addressed simultaneously in order to give the complexity of bank corporate governance justice.

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.

Evaluación de cinco tratamientos para el manejo del ácaro (Polyphagotarsonemus latus, banks) en el cultivo de chiltoma (Capsicum annum, L.)

Este ensayo se estableció en la localidad de Surco Muerto, Municipio de Sebaco, Departamento de Matagalpa, en la época de postrera (Junio-Octubre) del 2003. El presente trabajo se realizó con el objetivo de identificar el efecto de cinco tratamientos para manejo del acaro (Polyphagotarsonemus latus, Banks) en el cultivo de chiltoma (Capsicum annum,L.). Los tratamientos evaluados fueron: Diazinon, Caldo Sulfocálcico A, Caldo sulfocálcico B, Cobre Penta hidratado y un testigo sin aplicación. El genotipo evaluado corresponde a la variedad criolla tres cantos liberada por el INTA Centro Norte. Se utilizó un diseño de bloques completos al azar, el cual estuvo constituido por cinco tratamientos y cuatro bloques. Al realizar el análisis estadístico de los datos ANDEVA, no se registraron diferencias estadísticas entre los tratamientos, el compuesto Caldo Sulfocálcico B mostró el menor número de ácaros por hojas a los 33, 43 y 47 días después del transplante. En la variable de altura a los 65 días después del transplante, las plantas tratadas con Caldo Sulfocálcico B presentaron el mayor promedio. Para rendimiento el mayor promedio lo mostró el tratamiento Caldo Sulfocálcico A, seguido por el tratamiento Diazinon, aunque no se encontró diferencias significativa entre los tratamientos. En cuanto al análisis económico que es preponderante en este trabajo se ha demostrado que el tratamiento con Caldo sulfocálcico A resultó ser él más rentable presentando una tasa de retorno marginal del 18.84%.

Evaluación de cinco productos botánicos para el manejo del ácaro blanco (Polyphagotarsonemus latus, Banks.)en chiltoma (Capsicum annuum L.), en Tisma Masaya

Con el objetivo de evaluar cinco productos botánicos para el manejo del ácaro blanco de la chiltoma, se realizó un estudio en el Municipio de Tisma, Masaya en el período comprendido de Septiembre a Noviembre del año 2014. Las alternativas evaluadas fueron: Eucalipto, Neem, Crisantemo, Madero Negro y Chile+Ajo+Jabón en comparación con el testigo que fue solamente aplicación de agua. Las variables evaluadas fueron: Número de ácaro blanco por planta, porcentaje de severidad del daño de ácaro blanco por planta, número de mosca blanca, Halticus, Diabrótica y Minador por planta, y numero de hormigas y arañas por planta, además de algunas variables económicas como el rendimiento en kg/ha por tratamiento evaluado, análisis de presupuesto parcial, análisis de dominancia y tasa de retorno marginal mediante la metodología CIMMYT. Los resultados obtenidos en el estudio determinan que los tratamientos Madero Negro y Chile+Ajo+Jabón fueron los que presentaron el mejor efecto de control del ácaro blanco, el tratamiento madero negro presentó el mejor control de Mosca Blanca, Halticus, Minador de la hoja y Diabrótica, los tratamientos que tuvieron el menor efecto sobre los organismos benéficos fueron Neem, Eucalipto y Chile+Ajo+Jabón , los mejores rendimientos comerciales lo obtuvieron los tratamientos madero negro y Chile+Ajo+Jabón, las mejores tasas de retorno marginal fueron obtenidas en los tratamientos madero negro seguido del Chile+Ajo+Jabón.