International terrorism, domestic political instability, and the escalation effect

What are the main causes of international terrorism? Despite the meticulous examination of various candidate explanations, existing estimates still diverge in sign, size, and significance. This article puts forward a novel explanation and supporting evidence. We argue that domestic political instability provides the learning environment needed to successfully execute international terror attacks. Using a yearly panel of 123 countries over 1973–2003, we find that the occurrence of civil wars increases fatalities and the number of international terrorist acts by 45%. These results hold for alternative indicators of political instability, estimators, subsamples, subperiods, and accounting for competing explanations.

Buzz-words in international management education

Buzz words are used by professional academics to signal that the author or speaker is aware of current trends in the subject. Buzz worfds are usually introduced in a specific context, but as they become more popular they are used in other contexts where their meaning is less clear. This creates ambiguity, whhich can be deployed to advance spurious arguments that are difficult for opponents to refute. This thesis is illustrated by reference to the use of the 'strategy' concept in intermnational management education

The effects of corporate and country sustainability characteristics on the cost of debt: an international investigation

We investigate the relationship between corporate and country sustainability on the cost of bank loans. We look into 470 loan agreements signed between 2005 and 2012 with borrowers based in 28 different countries across the world and operating in all major industries. Our principal findings reveal that country sustainability, relating to both social and environmental frameworks, has a statistically and economically impactful effect on direct financing of economic activity. An increase of one unit in a country's sustainability score is associated with an average decrease in the cost of debt by 64 basis points. Our international analysis shows that the environmental dimension of a country's institutional framework is approximately twice as impactful as the social dimension, when it comes to determining the cost of corporate loans. On the other hand, we find no conclusive evidence that firm-level sustainability influences the interest rates charged to borrowing firms by banks. Our main findings survive a battery of robustness tests and additional analyses concerning subsamples, alternative sustainability metrics and the effects of financial crisis.

MOLES3: implementing an ISO standards driven data catalogue

ISO19156 Observations and Measurements (O&M) provides a standardised framework for organising information about the collection of information about the environment. Here we describe the implementation of a specialisation of O&M for environmental data, the Metadata Objects for Linking Environmental Sciences (MOLES3). MOLES3 provides support for organising information about data, and for user navigation around data holdings. The implementation described here, “CEDA-MOLES”, also supports data management functions for the Centre for Environmental Data Archival, CEDA. The previous iteration of MOLES (MOLES2) saw active use over five years, being replaced by CEDA-MOLES in late 2014. During that period important lessons were learnt both about the information needed, as well as how to design and maintain the necessary information systems. In this paper we review the problems encountered in MOLES2; how and why CEDA-MOLES was developed and engineered; the migration of information holdings from MOLES2 to CEDA-MOLES; and, finally, provide an early assessment of MOLES3 (as implemented in CEDA-MOLES) and its limitations. Key drivers for the MOLES3 development included the necessity for improved data provenance, for further structured information to support ISO19115 discovery metadata export (for EU INSPIRE compliance), and to provide appropriate fixed landing pages for Digital Object Identifiers (DOIs) in the presence of evolving datasets. Key lessons learned included the importance of minimising information structure in free text fields, and the necessity to support as much agility in the information infrastructure as possible without compromising on maintainability both by those using the systems internally and externally (e.g. citing in to the information infrastructure), and those responsible for the systems themselves. The migration itself needed to ensure continuity of service and traceability of archived assets.

Accounting quality, information risk and implied volatility around earnings announcements

We examine the impact of accounting quality, used as a proxy for information risk, on the behavior of equity implied volatility around quarterly earnings announcements. Using US data during 1996–2010, we observe that lower (higher) accounting quality significantly relates to higher (lower) levels of implied volatility (IV) around announcements. Worse accounting quality is further associated with a significant increase in IV before announcements, and is found to relate to a larger resolution in IV after the announcement has taken place. We interpret our findings as indicative of information risk having a significant impact on implied volatility behavior around earnings announcements.

Accrual-based and real earnings management before and after IFRS adoption: the case of Greece

Purpose – The purpose of this study is to examine the use of accrual-based vs real earnings management (EM) by Greek firms, before and after the mandatory adoption of International Financial Reporting Standards (IFRS). The research is motivated by the fact that past studies have indicated the existence of significant levels of EM for Greece in particular before IFRS. Design/methodology/approach – Accrual-based earnings management (AEM) is examined by assessing performance-adjusted discretionary accruals, while real earnings management (REM) is defined in terms of abnormal levels of production costs, discretionary expenses, and cash flows from operations, for a three-year period before and after the adoption of IFRS in 2005. Findings – The authors find evidence on a statistically significant shift from AEM to REM after the adoption of IFRS, indicating the replacement of one form of EM with the other. Research limitations/implications – The validity of the results depends on the ability of the empirical models used to efficiently capture the existence of AEM and REM. Practical implications – IFRS adoption aims to improve accounting quality, especially in countries with high need for such an improvement; however, the tendency to substitute one form of EM with another highlights unintended consequences of IFRS adoption, which do not improve the informational content of financial statements if EM continues under different forms. Originality/value – Under the expectation that IFRS adoption should lead to improvements in accounting quality, this study examines whether IFRS actually led to a reduction of EM practices for a country with exceptionally high levels of EM before IFRS, by accounting for all possible forms of EM.

Solar thermal components adapted to common building standards (SCAS)

Pilot versions of a solar heating/natural gas burner system, of a solar heating/pellet burner system and of a façade/roof integrated polymeric collector have been installed in the summer of 2006 in a number of demonstration houses in Denmark, Sweden and Norway.These three new products have been evaluated by means of measurements of the thermal performance and energy savings of the pilot systems in practice and by means of a commercial evaluation.The conclusion of the evaluations is that the products are attractive for the industry partners METRO THERM A/S, Solentek and SOLARNOR. It is expected that the companies will bring the products into the market in 2007.Further, the results of the project have been presented atinternational and national congresses and seminars for the solar heating branch. The congresses and seminars attracted a lot of interested participants.Furthermore, the project results have been published in international congress papers as well as in national journals in the energy field.Consequently, the Nordic solar heating industry will benefit from the project.

A evidenciação e as companhias transnacionais: estudo de casos

O objetivo fundamental deste trabalho foi verificar se as informações contábeis fornecidas pelas Organizações Trasnacionais atendem adequadamente às necessidades mínimas de informação, estabelecidas pelo órgão encarregado de tentar uma harmonização dos assuntos relativos ao disclosure das informações, a nível internacional. Assim, procedeu-se a uma revisão dos principais conceitos teóricos sobre a evidenciação das informações, destacando-se suas principais características. Abordou-se o campo das Companhias Multinacionais, bem como a atuação dos organismos internacionais preocupados com a necessidade de estabelecer normas e práticas relativas à contabilidade e ao disclosure em nível mundial, especialmente o trabalho realizado pela Organização das Nações Unidas, através do "Grupo de Trabalho Intergovernamental de Especialistas em Padrões Internacionais de Contabilidade e Informação". A partir dos pronunciamentos emitidos por esse Grupo, organizou-se um quadro de referência que fundamentou a pesquisa. Em virtude do propósito descritivo do trabalho, optou-se pelo método do estudo de casos. Com base em dados colhidos diretamente nos arquivos da Comissão de Valores Mobiliários, descreveu-se as características e, principalmente, as informações evidenciadas pelas empresas estudadas. Os resultados obtidos permitiram comparar o nível de disclosure praticado por essas empresas em relação ao quadro de referência previamente levantado e, ainda, possibilitaram que se chegasse a importantes conclusões.

International Recommendations for Training Future Toxicologic Pathologists Participating in Regulatory-Type, Nonclinical Toxicity Studies

The International Federation of Societies of Toxicologic Pathologists (IFSTP) proposes a common global framework for training future toxicologic pathologists who will support regulatory-type nonclinical toxicology studies. Trainees optimally should undertake a scientific curriculum of at least 5 years at an accredited institution leading to a clinical degree (veterinary medicine or medicine). Trainees should then obtain 4 or more years of intensive pathology practice during a residency and/or on-the-job "apprenticeship," at least 2 years of which must be focused on regulatory-type toxicologic pathology topics. Possession of a recognized pathology qualification (i.e., certification) is highly recommended. A non-clinical pathway (e.g., a graduate degree in medical biology or pathology) may be possible if medically trained pathologists are scarce, but this option is not optimal. Regular, lifelong continuing education (peer review of nonclinical studies, professional meetings, reading, short courses) will be necessary to maintain and enhance one's understanding of current toxicologic pathology knowledge, skills, and tools. This framework should provide a rigorous yet flexible way to reliably train future toxicologic pathologists to generate, interpret, integrate, and communicate data in regulatory-type, nonclinical toxicology studies. (J Toxicol Pathol 2010; 23: 171-181)

Economic survey of Latin America and the Caribbean 2012: policies for an adverse international economy

Includes bibliography

Strategy proposal, from the perspective of Latin America and the Caribbean, for advancing towards an international convention on the human rights of older persons

The Brasilia Declaration, adopted in 2007 at the second Regional Intergovernmental Conference on Ageing in Latin America and the Caribbean: towards a society for all ages and rights-based social protection and ratified in ECLAC resolution 644(XXXII) of 2008, called on participating governments to work towards adopting a international convention regarding the rights of older persons (Article 24). It also established a mandate for a Human Rights Council Special Rapporteur who would be responsible for promoting and protecting the rights of older persons (Article 25).Three meetings were held during the past biennium pursuant to that commitment. The first and second meetings took place, respectively, in Rio de Janeiro, Brazil (2008) and in Buenos Aires, Argentina (2009). At the third meeting, held in Santiago (Chile), on 5-6 October 2009, participating countries requested the Secretariat of the United Nations Economic Commission for Latin America (ECLAC) to prepare "a proposal for a strategy on how to follow up article 24 and 25 of the Brasilia Declaration." This proposal should include the "minimum content necessary in an international convention on the rights of older persons from the Latin American and Caribbean perspective."In response to this request, this document first presents a general overview of existing human rights standards, both at the international and at the regional levels, that are relevant to the promotion and the protection of the rights of older persons. It then provides the arguments that, from a Latin American and Caribbean perspective, justify the adoption of an international convention regarding the rights of older persons, as well as the minimum contents that this convention should include. The document finally presents a proposed strategy to move towards the adoption of an international convention in this realm from a Latin American and Caribbean perspective.

A new generation of standards: implications for the Caribbean and Latin America

Incluye Bibliografía