An analysis of risk management disclosures: Australian evidence

- Purpose Communication of risk management practices are a critical component of good corporate governance. Research to date has been of little benefit in informing regulators internationally. This paper seeks to contribute to the literature by investigating how listed Australian companies in a setting where disclosures are explicitly required by the ASX corporate governance framework, disclose risk management (RM) information in the corporate governance statements within annual reports. - Design/methodology/approach To address our study’s research questions and related hypotheses, we examine the top 300 ASX-listed companies by market capitalisation at 30 June 2010. For these firms, we identify, code and categorise RM disclosures made in the annual reports according to the disclosure categories specified in Australian Stock Exchange Corporate Governance Principles and Recommendations (ASX CGPR). The derived data is then examined using a comprehensive approach comprising thematic content analysis and regression analysis. - Findings The results indicate widespread divergence in disclosure practices and low conformance with the Principle 7 of the ASX CGPR. This result suggests that companies are not disclosing all ‘material business risks’ possibly due to ignorance at the board level, or due to the intentional withholding of sensitive information from financial statement users. The findings also show mixed results across the factors expected to influence disclosure behaviour. Notably, the presence of a risk committee (RC) (in particular, a standalone RC) and technology committee (TC) are found to be associated with improved levels of disclosure. we do not find evidence that company risk measures (as proxied by equity beta and the market-to-book ratio) are significantly associated with greater levels of RM disclosure. Also, contrary to common findings in the disclosure literature, factors such as board independence and expertise, audit committee independence, and the usage of a Big-4 auditor do not seem to impact the level of RM disclosure in the Australian context. - Research limitation/implications The study is limited by the sample and study period selection as the RM disclosures of only the largest (top 300) ASX firms are examined for the fiscal year 2010. Thus, the finding may not be generalisable to smaller firms, or earlier/later years. Also, the findings may have limited applicability in other jurisdictions with different regulatory environments. - Practical implications The study’s findings suggest that insufficient attention has been applied to RM disclosures by listed companies in Australia. These results suggest that the RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders. - Originality/value Despite the importance of risk management communication, it is unclear whether disclosures in annual financial reports achieve this communication. The Australian setting provides an ideal environment to examine the nature and extent of risk management communication as the Australian Securities Exchange (ASX) has recommended risk management disclosures follow Principle 7 of its principle-based governance rules since 2007.

Perception of surface brightness

The human visual system has adapted to function in different lighting environments and responds to contrast instead of the amount of light as such. On the one hand, this ensures constancy of perception, for example, white paper looks white both in bright sunlight and in dim moonlight, because contrast is invariant to changes in overall light level. On the other hand, the brightness of the surfaces has to be reconstructed from the contrast signal because no signal from surfaces as such is conveyed to the visual cortex. In the visual cortex, the visual image is decomposed to local features by spatial filters that are selective for spatial frequency, orientation, and phase. Currently it is not known, however, how these features are subsequently integrated to form objects and object surfaces. In this thesis the integration mechanisms of achromatic surfaces were studied by psychophysically measuring the spatial frequency and orientation tuning of brightness perception. In addition, the effect of textures on the spread of brightness and the effect of phase of the inducing stimulus on brightness were measured. The novel findings of the thesis are that (1) a narrow spatial frequency band, independent of stimulus size and complexity, mediates brightness information (2) figure-ground brightness illusions are narrowly tuned for orientation (3) texture borders, without any luminance difference, are able to block the spread of brightness, and (4) edges and even- and odd-symmetric Gabors have a similar antagonistic effect on brightness. The narrow spatial frequency tuning suggests that only a subpopulation of neurons in V1 is involved in brightness perception. The independence of stimulus size and complexity indicates that the narrow tuning reflects hard-wired processing in the visual system. Further, it seems that figure-ground segregation and mechanisms integrating contrast polarities are closely related to the low level mechanisms of brightness perception. In conclusion, the results of the thesis suggest that a subpopulation of neurons in visual cortex selectively integrates information from different contrast polarities to reconstruct surface brightness.

Uzbekistan Supplementary NGO Report on the Implementation of the Convention on the Rights of the Child in the Republic of Uzbekistan

[Excerpt] The Convention on the Rights of the Child (CRC) was one of the first international instruments to which the Republic of Uzbekistan acceded, and with parliamentary ratification on 9 December 1992, the Republic of Uzbekistan entered into a commitment to observe all the provisions of the CRC and to shoulder its responsibility before the international community. As a result various legislative, administrative and other steps have been taken by the government of the Republic of Uzbekistan with a view to bringing the State policy and legislation on children to be in line with the provisions as enshrined in the Convention on the Rights of the Child. The Constitution incorporates the fundamental provisions of the Universal Declaration of Human Rights. At the current stage in the restructuring of the country’s social and economic development, solid foundations have been laid for the conduct of significant democratic reforms based on a recognition of the innate worth of the individual (including the child) and of the unconditional respect of his or her rights and freedoms. Until recently, the State acted as the main guarantor of the provision of all social services, however the process of the transition (political/economic) to a market economy has entailed the development of new economic relations with a reduction in the allocation of state resources for the provision of social services to children. The efforts of the government made so far to bring the state policy and legislation on the child to be in line with the provisions enshrined in the convention on the rights of the child are commendable; never the less, the implementations of all these policies and laws into practice needs a lot to desire as there are a number of ongoing child rights violations. The National Report has fundamentally overlooked a number of child rights privileges enshrined in the CRC that have not yet been realised, or those rights that have been eroded since the independence. These shortcomings need to be noted for consideration so that the state steps up its efforts to enact new laws and/or to enforce the existing rules and regulations required for the protection and implementation of these child rights, and to improve the overall situation for children in the Republic of Uzbekistan.

Achieving Quality: Consumer Involvement in Quality Evaluation of Services

[Excerpt] The aim of this paper is to raise awareness of the fact that changes in the approach towards the “clients” or “consumers” of services for people with intellectual disability do have an important impact on the way the quality evaluation systems of these services should be designed and organised.

Indigenous as ’not-Indigenous' as ’Us'?: A dissident insider's views on pushing the bounds for what constitutes 'our mob'

In australia, 'Aboriginality' is often defined by people in constrictive ways that are heavily influenced by the coloniser's epistemological frameworks. An essential component of this is a 'racial' categorisation of peoples that marks sameness and difference, thereby influencing insider and outsider status. In one sense, this categorisation of people acts to exclude non-aboriginal 'others' from participation in preinvasion indigenous ontologies, ways of living that may not have contained such restrictive identity categories and were thereby highly inclusive of outsiders. One of the effects of this is that aboriginal peoples' efforts for 'advancement' - either out of 'disadvantage' and/or towards political independence (ie, sovereignty) - become confined and restricted by what is deemed possible within the coloniser's epistemological frameworks. This is so much so that aboriginal people are at risk of only reinforcing and upholding the very systems that resulted in their original and continuing dispossession.

Uskonnonopetuksen tunnustuksellisuus koulun kiistakysymyksenä : Evankelinen herätysliike oppivelvollisuuskoulun kristillisyyden asialla 1912-1926

In the early years of independence the Finnish school system went through a major change. Both the Compulsory school attendance act (1921) and the Religious freedom act (1923) were legislated almost simultaneously. Although the legislators were deciding on the whole content of the citizenship education given in the compulsory school, their attention was mainly concentrated on the issue of the religious education. The former study concerning the subject shows that this issue was strongly influenced by the political power struggle between the conservative and the socialist parties. One of the underlying factors was also the Church s decreased authority concerning the elementary school. The aim of this research was to study the Finnish evangelical movement s attitude and opinions on the issue of religious education and on its status and nature. Their opinions on the issue were especially investigated from the point of view of their own evangelical lower elementary school teachers seminar, which was deeply connected with the matter of confessionalism. The source material of this research of educational history consist of documents of the school administration and the Lutheran Evangelical Association as well as of vast collection of educational, Church s and evangelical movement s journals. According to the results of this study, the evangelical movement plead very strongly for denominational religious education. However, the confessionalism they were pursuing differed from the common understanding of the concept at that time. This became evident both because of their demands for increased education on the Christian doctrine and because of their sharp criticism against loosely confessional, generally Christian religious education. The evangelical movement s strict opinion was combined with their effort to emphasize the Lutherian doctrine in the Evangelical Lutheran Church in Finland. The founding of the Evangelical seminar for lower elementary school teachers in Karkku was a significant indication of the evangelical movement s dedication to strive towards school s Christianity. The objective of the evangelical seminar was to change the school by means of training evangelical minded teachers. The seminar was only a part of much larger plans of evangelical education and home missionary work. However, maintaining the seminar proved to be impossible, especially as the National Board of Education was absolutely against it, claiming that it would endanger the unity of the compulsory school. The National Board of Education indicated that the objectivity of citizenship education would be forfeit, if every marginal ideological movement could educate their own teachers.

Gene-based pleiotropy across migraine with aura and migraine without aura patient groups

Introduction: It is unclear whether patients diagnosed according to International Classification of Headache Disorders criteria for migraine with aura (MA) and migraine without aura (MO) experience distinct disorders or whether their migraine subtypes are genetically related. Aim: Using a novel gene-based (statistical) approach, we aimed to identify individual genes and pathways associated both with MA and MO. Methods: Gene-based tests were performed using genome-wide association summary statistic results from the most recent International Headache Genetics Consortium study comparing 4505 MA cases with 34,813 controls and 4038 MO cases with 40,294 controls. After accounting for non-independence of gene-based test results, we examined the significance of the proportion of shared genes associated with MA and MO. Results: We found a significant overlap in genes associated with MA and MO. Of the total 1514 genes with a nominally significant gene-based p value (pgene-based ≤ 0.05) in the MA subgroup, 107 also produced pgene-based ≤ 0.05 in the MO subgroup. The proportion of overlapping genes is almost double the empirically derived null expectation, producing significant evidence of gene-based overlap (pleiotropy) (pbinomial-test = 1.5 × 10–4). Combining results across MA and MO, six genes produced genome-wide significant gene-based p values. Four of these genes (TRPM8, UFL1, FHL5 and LRP1) were located in close proximity to previously reported genome-wide significant SNPs for migraine, while two genes, TARBP2 and NPFF separated by just 259 bp on chromosome 12q13.13, represent a novel risk locus. The genes overlapping in both migraine types were enriched for functions related to inflammation, the cardiovascular system and connective tissue. Conclusions: Our results provide novel insight into the likely genes and biological mechanisms that underlie both MA and MO, and when combined with previous data, highlight the neuropeptide FF-amide peptide encoding gene (NPFF) as a novel candidate risk gene for both types of migraine.

State Dependent Attempt Rate Modeling of Single Cell IEEE 802.11 WLANs with Homogeneous Nodes and Poisson Arrivals

Analytical models of IEEE 802.11-based WLANs are invariably based on approximations, such as the well-known mean-field approximations proposed by Bianchi for saturated nodes. In this paper, we provide a new approach for modeling the situation when the nodes are not saturated. We study a State Dependent Attempt Rate (SDAR) approximation to model M queues (one queue per node) served by the CSMA/CA protocol as standardized in the IEEE 802.11 DCF. The approximation is that, when n of the M queues are non-empty, the attempt probability of the n non-empty nodes is given by the long-term attempt probability of n saturated nodes as provided by Bianchi's model. This yields a coupled queue system. When packets arrive to the M queues according to independent Poisson processes, we provide an exact model for the coupled queue system with SDAR service. The main contribution of this paper is to provide an analysis of the coupled queue process by studying a lower dimensional process and by introducing a certain conditional independence approximation. We show that the numerical results obtained from our finite buffer analysis are in excellent agreement with the corresponding results obtained from ns-2 simulations. We replace the CSMA/CA protocol as implemented in the ns-2 simulator with the SDAR service model to show that the SDAR approximation provides an accurate model for the CSMA/CA protocol. We also report the simulation speed-ups thus obtained by our model-based simulation.

The Routledge Companion to Social Media and Politics

Social media are now widely used for political protests, campaigns, and communication in developed and developing nations, but available research has not yet paid sufficient attention to experiences beyond the US and UK. This collection tackles this imbalance head-on, compiling cutting-edge research across six continents to provide a comprehensive, global, up-to-date review of recent political uses of social media. Drawing together empirical analyses of the use of social media by political movements and in national and regional elections and referenda, The Routledge Companion to Social Media and Politics presents studies ranging from Anonymous and the Arab Spring to the Greek Aganaktismenoi, and from South Korean presidential elections to the Scottish independence referendum. The book is framed by a selection of keystone theoretical contributions, evaluating and updating existing frameworks for the social media age. "Comprehensive and definitive, this is an outstanding book that provides a panoramic view of politics in an era of social media. From the Mediterranean to East Asia to Oceania, from Scandinavia to sub-Sahara Africa to Latin America, the volume as a whole is truly global, yet with nuanced regional and national analyses in each chapter. Theoretically informed, the research presented here breaks new empirical grounds using latest digital methods. The result is a milestone for our collective understanding of new media technology and comparative politics in the twenty-first century." ―Jack Linchuan Qiu, The Chinese University of Hong Kong "This book brings together top scholars from across disciplines and across the globe to examine social media use in a variety of political systems and for distinct purposes. It is required reading for anyone interested in understanding the many ways that digital communication technologies now are used in political life." ―Jennifer Stromer-Galley, Syracuse University

Theodore Herzl Centenary Coin

Obverse: silver 5 Lirot coin. Reverse: In the upper right portait of Theodore Herzl in rectangle with rounded corners. Below the emblem of the state of Israel.

Keittiömaailman matkassa 20 vuotta : Tutkimus erään keittiökalustevalmistajan johtavan markkina-aseman rakentamisesta ja säilyttämisestä

A View into the World of Kitchen: Development and retention of a leading position in the market of kitchen interiors - a case study of 20 years. This study focuses on the development of a kitchen interiors company, presently called Novart Inc., into the leading company of the industry from 1980´s to the present. The objective of the study is to describe the effects of strategic choices, the decisions of the management and the owner´s direction and control to the build up and the retaining of the leading position in the market. From theory point of view, strategic choices refer to com-pany purchases as corporate-level strategies, and business and marketing strategies. The empirical research was carried out in two phases and it is based on various company documents and records, and on the intensive interviews of seven key executives in the company. An abductive research design was utilized. The company gained the leading position in the kitchen market in Finland by company purchases, and the company has been able to retain the position. Firstly the goal was to expand to retail market and, secondly, the company has maintained the balance of supply and demand by closing the purchased production units when needed. The simultaneous use of these two strategic goals is a kind of a new observation, and the strategy may be suitable only for market leaders. During the latter part of the research period the strategy of com-pany purchases has been abandoned and the leading position in the market has been main-tained by developing systematically business and marketing capability. In the business and marketing strategies the distribution channels and the brands have been emphasized. During the research period the company has almost totally abandoned the long distribution channels and started to use its own channels built and named after the main brands. These are A la Carte, Parma and Petra. At the moment, in the beginning of the 21st century, a new distribution channel, the concept of the Kitchen World, is being built in addition to the channels mentioned above. The management´s decision making and the implementation the decisions have been well-considered. The executives emphasized the valuing of the importance of the decisions dif-ferently except the two decisions named the most important ones, i.e., the decisions to start own production of the raw material and to concentrate the business only to one company. The executive staff has also succeeded in managing crisis and threats of bankruptcy, and the company has been managed profitable. During all the four terms of ownership: Puolimatka Corporation, the Hankkija/Novera Corporation, the ownership period of the "bank", and the Nobia Corporate the ownership direction and control has been somewhat different. All the owners have paid attention to economic issues. The direction of cash flows and investments was at its strongest during the Hankkija/Novera term. For the last owner Nobia the production and marketing of the kitchen interiors has been the core business, which thus has strengthened the business and marketing capabilities of the target company of this research. A common denominator during all the four terms of ownership has been owners' trust gained by the professional skills of the management of the target company. This has lead to greater independence of the management of the company and less owners´ direction. Keywords: leading position, marketing strategy, management decisions, acquisition, corporate governance

Social work and complex care systems: The case of people hospitalised with a disability

Health and hospital system reforms prioritise efficiency. However, initiatives can impact on people with new or existing disabilities who require time to maximise functional independence. With greater demands for shorter hospital stays social workers face increasing pressure to facilitate discharge. This paper reports findings from research identifying factors contributing to extended stays for adults with disabilities. We sought to better understand patient characteristics and discharge planning challenges by analysing a clinical data set of 80 patients and qualitative interviews with five experienced hospital social workers. Three key factors are identified: issues around rehabilitation services; assessment and planning for community care; and availability of and access to discharge options. Strategies to reduce length of stay are reported. We argue that building collaborative partnerships and working across multiple, complex systems and disciplines are vital to ensure these patients access appropriate community-based resources within the current health reform environment.

Mother and Child Coin

Obverse: 50 Lirot silver coin, emblem of the State of Israel. Reverse: Stylized designs of mother and two children.

Israel Bonds Coin

Obverse: 25 Lirot silver coin. Reverse: Stylized Star of David.

Brotherhood in Jerusalem, Capital of Israel Coin

Obverse: 25 Lirot silver coin. Reverse: Stylized design of Jerusalem on the dove of peace.