Discretionary use of open briefings in the Australian continuous reporting environment

The Australian Securities Exchange (ASX) listing rule 3.1 requires listed companies to immediately disclose price sensitive information to the market via the ASX’s Company Announcements Platform (CAP) prior to release through other disclosure channels. Since 1999, to improve the communication process, the ASX has permitted third-party mediation in the disclosure process that leads to the release of an Open Briefing (OB) through CAP. An OB is an interview between senior executives of the firm and an Open Briefing analyst employed by Orient Capital Pty Ltd (broaching topics such as current profit and outlook). Motivated by an absence of research on factors that influence firms to use OBs as a discretionary disclosure channel, this study examines (1) Why do firms choose to release information to the market via OBs?, (2) What are the firm characteristics that explain the discretionary use of OBs as a disclosure channel?, and (3) What are the disclosure attributes that influence firms’ decisions to regularly use OBs as a disclosure channel? Based on agency and information economics theories, a theoretical framework is developed to address research questions. This theoretical framework comprises disclosure environments such as firm characteristics and external factors, disclosure attributes and disclosure consequences. In order to address the first research question, the study investigates (i) the purpose of using OBs, (2) whether firms use OBs to provide information relating to previous public announcements, and (3) whether firms use OBs to provide routine or non-routine disclosures. In relation to the second and third research questions, hypotheses are developed to test factors expected to explain the discretionary use of OBs and firms’ decisions to regularly use OBs, and to explore the factors influencing the nature of OB disclosure. Content analysis and logistic regression models are used to investigate the research questions and test the hypotheses. Data are drawn from a hand-collected population of 1863 OB announcements issued by 239 listed firms between 2000 and 2010. The results show that types of information disclosed via an OB announcement are principally on matters relating to corporate strategies and performance and outlook. Most OB announcements are linked with a previous related announcement, with the lag between announcements significantly longer for loss-making firms than profitmaking firms. The main results show that firms which tend to be larger, have an analyst following, and have higher growth opportunities, are more likely to release OBs. Further, older firms and firms that release OB announcements containing good news, historical information and less complex information tend to be regular OB users. Lastly, firms more likely to disclose strategic information via OBs tend to operate in industries facing greater uncertainty, do not have analysts following, and have higher growth opportunities are less likely to disclose good news, historical information and complex information via OBs. This study is expected to contribute to disclosure literature in terms of disclosure attributes and firm characteristics that influence behaviour in this unique (OB) disclosure channel. With regard to practical significance, regulators can gain an understanding of how OBs are disclosed which can assist them in monitoring the use of OBs and improving the effectiveness of communications with stakeholders. In addition, investors can have a better comprehension of information contained in OB announcements, which may in turn better facilitate their investment decisions.

Detecting approximate clones in process model repositories with Apromore

Approximate clone detection is the process of identifying similar process fragments in business process model collections. The tool presented in this paper can efficiently cluster approximate clones in large process model repositories. Once a repository is clustered, users can filter and browse the clusters using different filtering parameters. Our tool can also visualize clusters in the 2D space, allowing a better understanding of clusters and their member fragments. This demonstration will be useful for researchers and practitioners working on large process model repositories, where process standardization is a critical task for increasing the consistency and reducing the complexity of the repository.

Performance analysis of IEC 61850 sampled value process bus networks

Process bus networks are the next stage in the evolution of substation design, bringing digital technology to the high voltage switchyard. Benefits of process buses include facilitating the use of Non-Conventional Instrument Transformers, improved disturbance recording and phasor measurement and the removal of costly, and potentially hazardous, copper cabling from substation switchyards and control rooms. This paper examines the role a process bus plays in an IEC 61850 based Substation Automation System. Measurements taken from a process bus substation are used to develop an understanding of the network characteristics of "whole of substation" process buses. The concept of "coherent transmission" is presented and the impact of this on Ethernet switches is examined. Experiments based on substation observations are used to investigate in detail the behavior of Ethernet switches with sampled value traffic. Test methods that can be used to assess the adequacy of a network are proposed, and examples of the application and interpretation of these tests are provided. Once sampled value frames are queued by an Ethernet switch the additional delay incurred by subsequent switches is minimal, and this allows their use in switchyards to further reduce communications cabling, without significantly impacting operation. The performance and reliability of a process bus network operating with close to the theoretical maximum number of digital sampling units (merging units or electronic instrument transformers) was investigated with networking equipment from several vendors, and has been demonstrated to be acceptable.

Reaching high-risk adolescents : a process evaluation of a school based injury prevention program

High-risk adolescents are a population most vulnerable to harm from injury due to increased engagement in risk taking behaviour. There is a gap in the literature regarding how universal school based injury prevention programs apply to high-risk adolescents. This study involves a component of the process evaluation of a school based injury prevention program, as it relates to high-risk adolescents (13-14 years)...

Characterisation of sugarcane juice particles that influence the clarification process

Problems associated with processing whole sugarcane crop can be minimised by removing impurities during the clarification stage. As a first step, it is important to understand the colloidal chemistry of juice particles on a molecular level to assist development of strategies for effective clarification performance. This paper presents the composition and surface characteristics of colloidal particles originating from various juice types by using scanning electron microscopy with energy-dispersive X-ray spectroscopy (SEM-EDX), X-ray photoelectron spectroscopy(XPS) and zeta potential measurements. The composition and surface characteristics of colloidal juice particles are reported. The results indicate that there are three types of colloidal particles present, viz. an aluminosilicatecompound, silica and iron oxide, with the latter two being abundant. Proteins, polysaccharides and organic acids were identified on the surface of particles in juice. The overall particle charge varies from -2 mV to -6 mV. In comparison to juice expressed from burnt cane, the zeta potential values were more negative with juice particles originating from whole crop. This in part explains why these juices are difficult to clarify.

Cultural fitness for business process management : what is it and what is it worth?

While business process management (BPM) is often associated with large investments in IT systems and process analysis projects, the success of BPM initiatives largely depends on the cultural readiness of organizations for process management. In this article, we introduce a model that helps to understand the role of culture in managing business processes and to take the right investments into the development of organizational culture. For that purpose, we also describe an assessment tool that allows examining the supportiveness of an organizational culture for BPM initiatives. We show how the results of such an assessment help organizations to determine in which areas of a corporation investments in cultural change can be most beneficial.

Modeling heat and mass transfer process during convection drying of fruit

Fruit drying is a process of removing moisture to preserve fruits by preventing microbial spoilage. It increases shelf life, reduce weight and volume thus minimize packing, storage, and transportation cost and enable storage of food under ambient environment. But, it is a complex process which involves combination of heat and mass transfer and physical property change and shrinkage of the material. In this background, the aim of this paper to develop a mathematical model to simulate coupled heat and mass transfer during convective drying of fruit. This model can be used predict the temperature and moisture distribution inside the fruits during drying. Two models were developed considering shrinkage dependent and temperature dependent moisture diffusivity and the results were compared. The governing equations of heat and mass transfer are solved and a parametric study has been done with Comsol Multiphysics 4.3. The predicted results were validated with experimental data.

Intercultural usability of language learning websites

Website usability can be defined as the ease of use of websites. General usability, pedagogical usability, technical usability and intercultural usability can be considered and examined for the understanding of the usability of language learning websites, which requires a discipline-specific approach. In the field of computer-assisted language learning, usability issues have been addressed mainly in terms of evaluation criteria and have been commonly discussed in relation to user expectations and user experiences. In spite of a growing interest in intercultural language learning, however, little research on intercultural usability of language learning websites has been published yet. There is a need to answer the question of how language learning websites integrate the target language and culture for the development of intercultural sensitivity and competence. This article explores intercultural aspects of language learning websites and presents usability guidelines for designing intercultural language learning websites.

Building sustainable and effective assurance of learning process in a changing higher education environment

In a study of assuring learning in Australian Business Schools, 25 Teaching and Learning Associate Deans were interviewed to identify current issues in developing and measuring the quality of teaching and learning outcomes. Results indicate that for most institutions developing a perspective on graduate attributes and mapping assessments to measure outcomes across an entire program required knowledge creation and the building of new inclusive processes. Common elements of effective practice, namely those which offered consistently superior outcomes, included: inclusive processes; embedded graduate attributes throughout a program; alongside consistent and appropriate assessment. Results indicate that assurance of learning processes are proliferating nationally while quality of teaching and learning outcomes and in the processes for assuring it is increasing as a result.

Understanding process behaviours in a large insurance company in Australia : a case study

Having a reliable understanding about the behaviours, problems, and performance of existing processes is important in enabling a targeted process improvement initiative. Recently, there has been an increase in the application of innovative process mining techniques to facilitate evidence-based understanding about organizations' business processes. Nevertheless, the application of these techniques in the domain of finance in Australia is, at best, scarce. This paper details a 6-month case study on the application of process mining in one of the largest insurance companies in Australia. In particular, the challenges encountered, the lessons learned, and the results obtained from this case study are detailed. Through this case study, we not only validated existing `lessons learned' from other similar case studies, but also added new insights that can be beneficial to other practitioners in applying process mining in their respective fields.

Network interactions and performance of a multi-function IEC 61850 process bus

New substation technology, such as non-conventional instrument transformers,and a need to reduce design and construction costs, are driving the adoption of Ethernet based digital process bus networks for high voltage substations. Protection and control applications can share a process bus, making more efficient use of the network infrastructure. This paper classifies and defines performance requirements for the protocols used in a process bus on the basis of application. These include GOOSE, SNMP and IEC 61850-9-2 sampled values. A method, based on the Multiple Spanning Tree Protocol (MSTP) and virtual local area networks, is presented that separates management and monitoring traffic from the rest of the process bus. A quantitative investigation of the interaction between various protocols used in a process bus is described. These tests also validate the effectiveness of the MSTP based traffic segregation method. While this paper focusses on a substation automation network, the results are applicable to other real-time industrial networks that implement multiple protocols. High volume sampled value data and time-critical circuit breaker tripping commands do not interact on a full duplex switched Ethernet network, even under very high network load conditions. This enables an efficient digital network to replace a large number of conventional analog connections between control rooms and high voltage switchyards.

Process based synthesis to evaluate design flexibility in airport terminal layout

Flexible design concept is a relatively new trend in airport terminal design which is believed to facilitate the ever changing needs of a terminal. Current architectural design processes become more complex every day because of the introduction of new building technologies where the concept of flexible airport terminal would apparently make the design process even more complex. Previous studies have demonstrated that ever growing aviation industry requires airport terminals to be planned, designed and constructed in such a way that should allow flexibility in design process. In order to adopt the philosophy of ‘design for flexibility’ architects need to address a wide range of differing needs. An appropriate integration of the process models, prior to the airport terminal design process, is expected to uncover the relationships that exist between spatial layout and their corresponding functions. The current paper seeks to develop a way of sharing space adjacency related information obtained from the Business Process Models (BPM) to assist in defining flexible airport terminal layouts. Critical design parameters are briefly investigated at this stage of research whilst reviewing the available design alternatives and an evaluation framework is proposed in the current paper. Information obtained from various design layouts should assist in identifying and defining flexible design matrices allowing architects to interpret and to apply those throughout the lifecycle of the terminal building.

Is there a place for pixels in our practice? Dietitians' attitudes towards the use of photographic dietary records within the nutrition care process

Photographic records of dietary intake (PhDRs) are an innovative method for the dietary assessment and may alleviate the burden of recording intake compared to traditional methods of recording intake. While the performance of PhDRs has been evaluated, no investigation into the application of this method had occurre within dietetic practice. This study examined the attitudes of dietitians towards the use of PhDRs in the provision of nutrition care. A web-based survey on the practices and beliefs with regards to technology use among Dietitians Association of Australia members was conducted in August 2011. Of the 87 dietitians who responded, 86% assessed the intakes of clients as part of individualised medical nutrition therapy, with the diet history the most common method used. The majority (91%) of dietitians surveyed believed that a PhDR would be of use in their current practice to estimate intake. Information contained in the PhDR would primarily be used to obtain a qualitative evaluation of diet (84%) or to supplement an existing assessment method (69%), as opposed to deriving an absolute measure of nutrient intake (31%). Most (87%) indicated that a PhDR would also be beneficial in both the delivery of the intervention and to evaluate and monitor goals and outcomes, while only 46% felt that a PhDR would assist in determining the nutrition diagnosis. This survey highlights the potential for the use of PhDRs within practice. Future endeavours lie in establishing resources which support the inclusion of PhDRs within the nutrition care process.

Australia leads with process bus

Powerlink Queensland has undertaken an aggressive program of research, development and implementation of IEC 61850-based system solutions. The intent is to move towards an IEC 61850 process bus using a two-step approach.