First report of Vialaea minutella in Australia, its association with mango branch dieback and systematic placement of Vialaea in the Xylariales

Vialaea minutella was consistently isolated from infected mango trees showing branch dieback symptoms in northern Queensland. The fungus was identified by morphology and confirmed with molecular sequence data. This is the first report of V. minutella in Australia. The systematic position of Vialaea was confirmed to be in the Xylariales based on reconstructed LSU sequence data.

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

Branch-branch connections in trees analogous to hyphal fusions in fungal colonies

the leopard tree Caesalpinia ferrea (Leguminosae) a native of eastern Brazil-some of the leader branches connect to and fuse with neighbouring branches of the same tree. The bridge initials project out as pegs or protuberances and apparently extend in a coordinated manner, connecting branches up to 4 ft apart. The fusion of two branches of the same tree implies intra-plant communication involving signaling factor(s). The bridges resemble fusions between hyphae in a fungal colony. Whereas hyphal fusions are common and the process is apparently completed in <1 h, branch fusions in C. ferrea tree are limited and a slow process, apparently requiring several months to years to complete. Branch fusions in C. ferrea are in accord with Claus Mattheck's analysis that tree branches actually seek contact rather than avoid contacts.

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.

Nature and Properties of a Repulsive Fermi Gas in the Upper Branch of the Energy Spectrum

We generalize the Nozieres-Schmitt-Rink method to study the repulsive Fermi gas in the absence of molecule formation, i.e., in the so-called ``upper branch.'' We find that the system remains stable except close to resonance at sufficiently low temperatures. With increasing scattering length, the energy density of the system attains a maximum at a positive scattering length before resonance. This is shown to arise from Pauli blocking which causes the bound states of fermion pairs of different momenta to disappear at different scattering lengths. At the point of maximum energy, the compressibility of the system is substantially reduced, leading to a sizable uniform density core in a trapped gas. The change in spin susceptibility with increasing scattering length is moderate and does not indicate any magnetic instability. These features should also manifest in Fermi gases with unequal masses and/or spin populations.

BER Analysis of Space Shift Keying in Cooperative Multi-hop Multi-branch DF Relaying

Space shift keying (SSK) is an attractive modulation technique for multi-antenna communications. In SSK, only one among the available transmit antennas is activated during one channel use, and the index of the chosen transmit antenna conveys information. In this paper, we analyze the performance of SSK in multi-hop, multi-branch cooperative relaying systems. We consider the decode-and-forward relaying protocol, where a relay forwards the decoded symbol if it decodes the symbol correctly from the received signal. We derive closed-form expressions for the end-to-end bit error rate of SSK in this system. Analytical and simulation results match very well.

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%.