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

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.

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.

A Simultaneous Deterministic Perturbation Actor-Critic Algorithm with an Application to Optimal Mortgage Refinancing

We develop a simulation-based, two-timescale actor-critic algorithm for infinite horizon Markov decision processes with finite state and action spaces, with a discounted reward criterion. The algorithm is of the gradient ascent type and performs a search in the space of stationary randomized policies. The algorithm uses certain simultaneous deterministic perturbation stochastic approximation (SDPSA) gradient estimates for enhanced performance. We show an application of our algorithm on a problem of mortgage refinancing. Our algorithm obtains the optimal refinancing strategies in a computationally efficient manner

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%.

Did bankruptcy reform lead to looser mortgage lending standard? : evidence from the U. S. mortgage market 2000-2007

Resumen: El presente trabajo intenta encontrar una causa exógena al deterioro, a partir de 2005, en los estándares de crédito hipotecario que contribuyeron a la crisis subprime en los Estados Unidos. Sostenemos que la nueva provisión de la prueba de medios de la ley Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) de 2005 fue dicho shock exógeno en el mercado hipotecario. Mostramos que la prueba de medios, que impide solicitar la bancarrota bajo Chapter 7 a los deudores con mayores ingresos relativos, causó un desplazamiento de la oferta de crédito hipotecario de deudores con mayores ingresos a deudores con menores ingresos relativos. Simultáneamente, observamos que todos los deudores debieron pagar tasas de interés más altas, independientemente del nivel de ingresos. Nuestros resultados implican que la ley BAPCPA podría ser un factor que contribuyó al deterioro en los estándares de crédito en el mercado hipotecario de los Estados Unidos.

Evaluación de cinco productos botánicos para el manejo del ácaro blanco (Polyphagotarsonemus latus, Banks.)en chiltoma (Capsicum annuum L.), en Tisma Masaya

Con el objetivo de evaluar cinco productos botánicos para el manejo del ácaro blanco de la chiltoma, se realizó un estudio en el Municipio de Tisma, Masaya en el período comprendido de Septiembre a Noviembre del año 2014. Las alternativas evaluadas fueron: Eucalipto, Neem, Crisantemo, Madero Negro y Chile+Ajo+Jabón en comparación con el testigo que fue solamente aplicación de agua. Las variables evaluadas fueron: Número de ácaro blanco por planta, porcentaje de severidad del daño de ácaro blanco por planta, número de mosca blanca, Halticus, Diabrótica y Minador por planta, y numero de hormigas y arañas por planta, además de algunas variables económicas como el rendimiento en kg/ha por tratamiento evaluado, análisis de presupuesto parcial, análisis de dominancia y tasa de retorno marginal mediante la metodología CIMMYT. Los resultados obtenidos en el estudio determinan que los tratamientos Madero Negro y Chile+Ajo+Jabón fueron los que presentaron el mejor efecto de control del ácaro blanco, el tratamiento madero negro presentó el mejor control de Mosca Blanca, Halticus, Minador de la hoja y Diabrótica, los tratamientos que tuvieron el menor efecto sobre los organismos benéficos fueron Neem, Eucalipto y Chile+Ajo+Jabón , los mejores rendimientos comerciales lo obtuvieron los tratamientos madero negro y Chile+Ajo+Jabón, las mejores tasas de retorno marginal fueron obtenidas en los tratamientos madero negro seguido del Chile+Ajo+Jabón.

Ocurrencia poblacional del ácaro blanco (Polyphagotarsonemus latus, Banks) (Acarina: Tarsonemidae) y otros artrópodos plagas y benéficos en chiltoma (Capsicum annuum L.) en policultivo y monocultivo en Tisma, Masaya, Septiembre - Noiembre, 2014

El estudio se realizó en el municipio Tisma, Masaya en la finca “El Cha güit e” en los meses de Septiembre a Noviembre del 2014 , con el objetivo de estudiar el efecto de dos sistemas de siembra , monocultivo y policultivo, sobre la o currencia poblacional de artrópodos plagas y benéficos y severidad del ataque de l á caro blanco en el cultivo de c hiltoma . Para el desarrollo de la investigación se estableciero n cuatro parcelas, una con el arreglo en poli cultivos de chiltoma, maíz, tomate , y uca y quequisque; y los restantes se establecieron con monocultivo de chiltom a, maíz y tomate . Las variab les evaluadas semanalmente fuero n la o currencia poblacional de artrópodos plagas y benéficos , o currencia y se veridad del ácaro blanco y el rendimiento obteni do en los cultivos de chiltoma, maíz y tomate para el análisis del uso equivalente de la tierra ( LER ) . Los datos obtenidos se analizaro n a través de medias, error estándar de la media, análisis de varianza y separación de medias por Tukey a un nivel de con fianza del 95%, utilizando el programa InfoStat versión 2015 . El sistema de siembra policultivo presentó menor o currencia de plagas (0.95 individuos por planta) , menor densi d ad poblacional de ácaro blanco (1.77 individuos por planta) , menor severi dad en el ataque de ácaro blanco (74.33%) , mayor densidad poblacional de artrópodos benéfico s (0.06 individuos por planta) y un mejor aprovechamient o de la tierra por unidad de área

Consumer Expertise or Credit Risk? An empirical analysis of mortgage pricing

Loan mortgage interest rates are usually the result of a bank-customer negotiation process. Credit risk, consumer cross-buying potential, bundling, financial market competition and other features affecting the bargaining power of the parties could affect price. We argue that, since mortgage loan is a complex product, consumer expertise could be a relevant factor for mortgage pricing. Using data on mortgage loan prices for a sample of 1055 households for the year 2005 (Bank of Spain Survey of Household Finances, EFF-2005), and including credit risk, costs, potential capacity of the consumer to generate future business and bank competition variables, the regression results indicate that consumer expertise-related metrics are highly significant as predictors of mortgage loan prices. Other factors such as credit risk and consumer cross-buying potential do not have such a significant impact on mortgage prices. Our empirical results are affected by the credit conditions prior to the financial crisis and could shed some light on this issue.

Flower Garden Banks National Marine Sanctuary: A rapid assessment of coral, fish, and algae using the AGRRA Protocol

The Flower Garden Banks are topographic features on the edge of the continental shelf in the northwest Gulf of Mexico. These banks are approximately 175 km southeast of Galveston, Texas at 28° north latitude and support the northernmost coral reefs on the North American continental shelf. The East and West Flower Garden Banks (EFG and WFG) and Stetson Bank, a smaller sandstone bank approximately 110 km offshore, are managed and protected as the Flower Garden Banks National Marine Sanctuary (FGBNMS). As part of a region-wide initiative to assess coral reef condition, the benthic and fish communities of the EFG and WFG were assessed using the Atlantic and Gulf Rapid Reef Assessment (AGRRA) protocol. The AGRRA survey was conducted during a week-long cruise in August 1999 that was jointly sponsored by the FGBNMS and the Reef Environmental Education Foundation (REEF). A total of 25 coral transects, 132 algal quadrats, 24 fish transects, and 26 Roving Diver (REEF) surveys were conducted. These surveys revealed reefs with high coral cover, dominated by large, healthy corals, little macroalgae, and healthy fish populations. The percent live coral cover was 53.9 and 48.8 at the WFG and EFG, respectively, and the average colony diameter was 93 and 81 cm. Fish diversity was lower than most Caribbean reefs, but large abundances and size of many species reflected the low fishing pressure on the banks. The benthic and fish assemblages at the EFG and WFG were similar. Due to its near pristine conditions, the FGB data will prove to be a valuable component in the AGRRA database and its resulting scale of reef condition for the region. (PDF contains 22 pages.)