Indian bank efficiency and productivity changes with undesirable outputs: A disaggregated approach

The objective of this study is to examine technical efficiency and productivity growth in the Indian banking sector over the period from 2004 to 2011. We apply an innovative methodological approach introduced by Chen et al. (2011) and Barros et al. (2012), who use a weighted Russell directional distance model to measure technical inefficiency. We further modify and extend that model to measure TFP change with NPLs. We find that the inefficiency levels are significantly different among the three ownership structure of banks in India. Foreign banks have strong market position in India and they pull the production frontier in a more efficient direction. SPBs and domestic private banks show considerably higher inefficiency. We conclude that the restructuring policy applied in the late 1990s and early 2000s by the Indian government has not had a long-lasting effect.

Defining anthropometric cut-off levels related to metabolic risk in a group of Sri Lankan children

Background: Body mass index (BMI) is widely used as a measure of adiposity. However, currently used cut-off values are not sensitive in diagnosing obesity in South Asian populations. Aim: To define BMI and waist circumference (WC), cut-off values representing percentage fat mass (%FM) associated with adverse health outcomes. Subjects and methods: A cross-sectional descriptive study of 285 5–14 year old Sri Lankan children (56% boys) was carried out. Fat mass (FM) was assessed using the isotope (D2O) dilution technique based on 2C body composition model. BMI and WC cut-off values were defined based on %FM associated with adverse health outcomes. Results: Sri Lankan children had a low fat free mass index (FFMI) and a high fat mass index (FMI). Individuals with the same BMI had %FM distributed over a wide range. Lean body tissue grew very little with advancing age and weight gain was mainly due to increases in body fat. BMI corresponding to 25% in males and 35% in females at 18 years was 19.2 kg/m2 and 19.7 kg/m2, respectively. WC cut-off values for males and females were 68.4 cm and 70.4 cm, respectively. Conclusion: This chart analysis clearly confirms that Sri Lankan children have a high %FM from a young age. With age, more changes occur in FM than in fat free mass (FFM). Although the newly defined BMI and WC cut-off values appear to be quite low, they are comparable to some recent data obtained in similar populations.

Bank guarantees and the reasonable expectations of beneficiaries

A bank guarantee has traditionally been viewed as a cash equivalent. This view is supported by the operation of the autonomy principle. However, the autonomy principle is subject to certain recognised exceptions both at common law and under statute. One of these exceptions is commonly referred to as the negative stipulation or underlying contract exception. In recent times the operation of this particular exception has given rise to a wealth of case law. This article examines whether this recent case law appropriately recognises the reasonable expectations of the beneficiary of a bank guarantee that a bank guarantee should function not only as a security but as a risk allocation device.

Reducing Browning of Fresh-cut ‘Maha’ Carambola with Chemical Additives and Low-oxygen Atmospheres

The greatest attraction to using carambola (Averrhoa carambola L.) in the fresh-cut market is the star shape that the fruit presents after a transverse cut. Carambola is well-suited for minimal processing, but cut surface browning is a main cause of deterioration. This problem is exacerbated as a result of mechanical injuries occurring during processing and is mainly induced by the leakage of phenolic compounds from the vacuole and subsequent oxidation by polyphenol oxidase (PPO) (Augustin et al., 1985). The use of browning inhibitors in processed fruits is restricted to compounds that are non-toxic, ‘wholesome’, and that do not adversely affect taste and flavour (Gil et al., 1998). In the past, browning was mainly controlled by the action of sulphites, but the use of this compound has declined due to allergic reactions in asthmatics (Weller et al., 1995). The shelf life of fresh-cut products may be extended by a combination of oxygen exclusion and the use of enzymatic browning inhibitors. The objectives of this work were to determine the effects of: (1) post-cutting chemical treatments of ascorbic, citric, oxalic acids, and EDTA-Ca; (2) atmospheric modification; and (3) combinations of the above, on the shelf life of carambola slices based on appearance, colour and polyphenol oxidase activity

Spatial patterns in the biology of the chokka squid, Loligo reynaudii on the Agulhas Bank, South Africa

Although migration patterns for various life history stages of the chokka squid (Loligo reynaudii) have been previously presented, there has been limited comparison of spatial variation in biological parameters. Based on data from research surveys; size ranges of juveniles, subadults and adults on the Agulhas Bank were estimated and presented spatially. The bulk of the results appear to largely support the current acceptance of the life cycle with an annual pattern of squid hatching in the east, migrating westwards to offshore feeding grounds on the Central and Western Agulhas Bank and the west coast and subsequent return migration to the eastern inshore areas to spawn. The number of adult animals in deeper water, particularly in autumn in the central study area probably represents squid spawning in deeper waters and over a greater area than is currently targeted by the fishery. The distribution of life history stages and different feeding areas does not rule out the possibility that discrete populations of L. reynaudii with different biological characteristics inhabit the western and eastern regions of the Agulhas Bank. In this hypothesis, some mixing of the populations does occur but generally squid from the western Agulhas Bank may occur in smaller numbers, grow more slowly and mature at a larger size. Spawning occurs on the western portion of the Agulhas Bank, and juveniles grow and mature on the west coast and the central Agulhas Bank. Future research requirements include the elucidation of the age structure of chokka squid both spatially and temporally, and a comparison of the statolith chemistry and genetic characterisation between adults from different spawning areas across the Agulhas Bank.

Native cut foliage production using Proteaceae species - A research summary

The Queensland Department of Primary Industries and Fisheries in collaboration with the Rural Industries Research and Development Corporation and Yuruga Nursery Pty Ltd have been conducting research into the development of five native foliage products. The three species and two cultivars being developed for commercial production are: Grevillea baileyana, Lomatia fraxinifolia, Athertonia diversifolia, Stenocarpus 'Forest Lace' and Stenocarpus 'Forest Gem'. Previous research involved an evaluation of 21 species from which these five were selected based on market comments, post harvest life and ability to grow under a range of climatic conditions. Lomatia fraxinifolia, Grevillea baileyana and Athertonia diversifolia are all native to north Queensland rainforests. Stenocarpus 'Forest Gem' and Stenocarpus 'Forest Lace' are hybrids and have been selected by Yuruga Nursery Pty Ltd. Both Stenocarpus cultivars are protected by Plant Breeders Rights. Current research into the commercial development of these species involves: market research, post harvest trials, field trials and grower training. Two field trials have been established on the Atherton Tablelands, one in the high rainfall zone at Yungaburra and the other in the low rainfall zone west of Mareeba. Field trials will evaluate the effects of fertiliser rates and pruning techniques on yield. Pests and diseases will be identified and appropriate control measures tested on trial plants. Vase life evaluations have also been carried out and the results indicate that the five foliages have exceptional vase life. All five products are being sold on the Australian domestic market in small volumes at this stage; it is anticipated that sales will significantly increase in the coming years. A number of leading exporters have indicated that the foliages may also meet the requirements of export markets. Stenocarpus 'Forest Gem' is similar in appearance to Persoonia longifolia (Barker Bush), which is a bush-picked foliage currently exported from Australia to a number of overseas markets.

Cultivar affects browning susceptibility of freshly cut star fruit slices

Consumption of freshly-cut horticultural products has increased in the last few years. The principal restraint to using freshly-cut carambola is its susceptibility to tissue-browning, due to polyphenol oxidase-mediated oxidation of phenolic compounds present in the tissue. The current study investigated the susceptibility to browning of star fruit slices (Averrhoa carambola L.) of seven genotypes (Hart, Golden Star, Taen-ma, Nota-10, Malasia, Arkin, and Fwang Tung). Cultivar susceptibility to browning as measured by luminosity (L*) varied significantly among genotypes. Without catechol 0.05 M, little changes occurred on cut surface of any cultivars during 6 hour at 25 degrees C, 67% RH. Addition of catechol led to rapid browning, which was more intense in cvs. Taen-ma, Fwang Tung, and Golden Star, with reduction in L* value of 28.60%, 27.68%, and 23.29%, respectively. Browning was more intense in the center of the slices, particularly when treated with catechol, indicating highest polyphenol oxidase (PPO) concentration. Epidermal browning, even in absence of catechol, is a limitation to visual acceptability and indicates a necessity for its control during carambola processing. Care must be given to appropriate selection of cultivars for fresh-cut processing, since cultivar varied in browning susceptibility in the presence of catechol.

Deriatives disclosure in corporate annual reports: bank analysts; perceptions of usefulness

Responding to mixed evidence on the decision-usefulness of annual report disclosures for derivative financial instruments to capital market participants, and concerns identified by practice, this paper examines usefulness in a direct study of user perceptions. Interviews with analysts from Australia’s four major banks reveal essential usefulness, limited by the disclosures’ failure to reflect companies’ actual use of derivatives throughout the period, and inability of users to understand companies’ off-balance sheet risk and risk management practices from information considered generic and boilerplate. The research complements and extends existing archival and survey research and provides new evidence suggesting low-cost ways for increasing usefulness. It supports the International Accounting Standards Board’s disclosure recommendations in its recent Discussion Paper: A Review of the Conceptual Framework for Financial Reporting, but, at the same time, highlights that for these proposed measures to be successful in relation to IFRS 7, they may need to address other issues. The research increases knowledge of the informational requirements of lenders, an important class of financial information user, and supports calls from practice for companies to improve their disclosure of material economic risks.

Fate of applied biosolids nitrogen in a cut and remove forage system on an alluvial clay loam soil

The fate of nitrogen (N) applied in biosolids was investigated in a forage production system on an alluvial clay loam soil in south-eastern Queensland, Australia. Biosolids were applied in October 2002 at rates of 6, 12, 36, and 54dryt/ha for aerobically digested biosolids (AE) and 8, 16, 48, and 72dryt/ha for anaerobically digested biosolids (AN). Rates were based on multiples of the Nitrogen Limited Biosolids Application rate (0.5, 1, 3, and 4.5NLBAR) for each type of biosolid. The experiment included an unfertilised control and a fertilised control that received multiple applications of synthetic fertiliser. Forage sorghum was planted 1 week after biosolids application and harvested 4 times between December 2002 and May 2003. Dry matter production was significantly greater from the biosolids-treated plots (21-27t/ha) than from the unfertilised (16t/ha) and fertilised (18t/ha) controls. The harvested plant material removed an extra 148-488kg N from the biosolids-treated plots. Partial N budgets were calculated for the 1NLBAR and 4.5NLBAR treatments for each biosolids type at the end of the crop season. Crop removal only accounted for 25-33% of the applied N in the 1NLBAR treatments and as low as 8-15% with 4.5NLBAR. Residual biosolids N was predominantly in the form of organic N (38-51% of applied biosolids N), although there was also a significant proportion (10-23%) as NO3-N, predominantly in the top 0.90m of the soil profile. From 12 to 29% of applied N was unaccounted for, and presumed to be lost as gaseous nitrogen and/or ammonia, as a consequence of volatilisation or denitrification, respectively. In-season mineralisation of organic N in biosolids was 43-59% of the applied organic N, which was much greater than the 15% (AN)-25% (AE) expected, based on current NLBAR calculation methods. Excessive biosolids application produced little additional biomass but led to high soil mineral N concentrations that were vulnerable to multiple loss pathways. Queensland Guidelines need to account for higher rates of mineralisation and losses via denitrification and volatilisation and should therefore encourage lower application rates to achieve optimal plant growth and minimise the potential for detrimental impacts on the environment.

Control of the invasive liana, Hiptage benghalensis

The liana, hiptage (Hiptage benghalensis), is currently invading the wet tropics of northern Queensland and remnant bushland in south-eastern Queensland, Australia. Trials using seven herbicides and three application methods (foliar, basal bark, and cut stump) were undertaken at a site in north Queensland (158 700 hiptage plants ha−1). The foliar-applied herbicides were only effective in controlling the hiptage seedlings. Of the foliar herbicides trialed, dicamba, fluroxypyr, and triclopyr/picloram controlled >75% of the treated seedlings. On the larger plants, the cut stump applications were more effective than the basal bark treatments. Kills of >95% were obtained when the plants were cut close to ground level (5 cm) and treated with herbicides that were mixed with diesel (fluroxypyr and triclopyr/picloram), with water (glyphosate), or were applied neat (picloram). The costings for the cut stump treatment of a hiptage infestation (85 000 plants ha−1), excluding labor, would be $A14 324 ha−1 using picloram and $A5294 ha−1 and $A2676 ha−1, respectively, using glyphosate and fluroxypyr. Foliar application using dicamba for seedling control would cost $A1830 ha−1. The costs range from 2–17 cents per plant depending on the treatment. A lack of hiptage seeds below the soil surface, a high germinability (>98%) of the viable seeds, a low viability (0%) of 2 year old, laboratory-stored fruit, and a seedling density of 0.1 seedlings m−2 12 months after a control program indicate that hiptage might have a short-term seed bank. Protracted recolonization from the seed bank would therefore be unlikely after established seed-producing plants have been controlled.

What lies beneath? The pattern and abundance of the subterranean tuber bank of the invasive liana cat's claw creeper, Macfadyena unguis-cati (Bignoniaceae)

Cat’s claw creeper, Macfadyena unguis-cati (L.) Gentry (Bignoniaceae) is a major environmental weed of riparian areas, rainforest communities and remnant natural vegetation in coastal Queensland and New South Wales, Australia. In densely infested areas, it smothers standing vegetation, including large trees, and causes canopy collapse. Quantitative data on the ecology of this invasive vine are generally lacking. The present study examines the underground tuber traits of M. unguis-cati and explores their links with aboveground parameters at five infested sites spanning both riparian and inland vegetation. Tubers were abundant in terms of density (~1000 per m2), although small in size and low in level of interconnectivity. M. unguis-cati also exhibits multiple stems per plant. Of all traits screened, the link between stand (stem density) and tuber density was the most significant and yielded a promising bivariate relationship for the purposes of estimation, prediction and management of what lies beneath the soil surface of a given M. unguis-cati infestation site. The study also suggests that new recruitment is primarily from seeds, not from vegetative propagation as previously thought. The results highlight the need for future biological-control efforts to focus on introducing specialist seed- and pod-feeding insects to reduce seed-output.

Lantana (Lantana camara) Seed Bank Dynamics: Seedling Emergence and Seed Survival.

Seed persistence is poorly quantified for invasive plants of subtropical and tropical environments and Lantana camara, one of the world's worst weeds, is no exception. We investigated germination, seedling emergence, and seed survival of two lantana biotypes (Pink and pink-edged red [PER]) in southeastern Queensland, Australia. Controlled experiments were undertaken in 2002 and repeated in 2004, with treatments comprising two differing environmental regimes (irrigated and natural rainfall) and sowing depths (0 and 2 cm). Seed survival and seedling emergence were significantly affected by all factors (time, biotype, environment, sowing depth, and cohort) (P < 0.001). Seed dormancy varied with treatment (environment, sowing depth, biotype, and cohort) (P < 0.001), but declined rapidly after 6 mo. Significant differential responses by the two biotypes to sowing depth and environment were detected for both seed survival and seedling emergence (P < 0.001). Seed mass was consistently lower in the PER biotype at the population level (P < 0.001), but this variation did not adequately explain the differential responses. Moreover, under natural rainfall the magnitude of the biotype effect was unlikely to result in ecologically significant differences. Seed survival after 36 mo under natural rainfall ranged from 6.8 to 21.3%. Best fit regression analysis of the decline in seed survival over time yielded a five-parameter exponential decay model with a lower asymptote approaching −0.38 (% seed survival = [( 55 − (−0.38)) • e (k • t)] + −0.38; R2 = 88.5%; 9 df). Environmental conditions and burial affected the slope parameter or k value significantly (P < 0.01). Seed survival projections from the model were greatest for buried seeds under natural rainfall (11 yr) and least under irrigation (3 yr). Experimental data and model projections suggest that lantana has a persistent seed bank and this should be considered in management programs, particularly those aimed at eradication.

Breeding Ananas for the cut-flower and garden markets

Only small quantities of Ananas have been marketed as cut flowers or as potted plants for garden use in Australia. Worldwide there have, until very recent times, been no breeding programs to develop ornamental characteristics and hence the choice of cultivars has been limited mainly to semi-domesticated selections or those developed by amateur enthusiasts. Interest in developing Ananas selections specifically for the ornamental market is now increasing. A small program has operated in Australia since 1995. In this program, a total of 4,700 seedlings were generated over three generations using various parental combinations of Ananas comosus var. comosus, A. comosus var. bracteatus, A. comosus var. ananassoides 'FRF223', A. comosus var. erectifolious 'Selvagem 6' and Ananas macrodontes 'I.26-803'. Several selections have been developed for the garden and or cut-flower market. Characteristics represented include a pink or red syncarp, dark red-brown foliage and a dwarf, clumping growth habit. While a surprising display of ornamental diversity exists within Ananas, the genus is limited in comparison to the other bromeliad genera. Opportunity might exist however to introgress characteristics such as additional foliage colours, plant morphology and syncarp colours from other genera into Ananas.

Trialing new cut flower varieties

Field trial of new cut flower, floriculture, foliage varieties.