A securities market operator's use of the "please explain" price query and its impact on compliance

Market operators in New Zealand and Australia, such as the New Zealand Exchange (NZX) and the Australian Securities Exchange (ASX), have the regulatory power in their listing rules to issue queries to their market participants to explain unusual fluctuations in trading price and/or volume in the market. The operator will issue a price query where it believes that the market has not been fully informed as to price relevant information. Responsive regulation theory has informed much of the regulatory debate in securities laws in the region. Price queries map onto the lower level of the enforcement pyramid envisaged by responsive regulation and are one strategy that a market operator can use in communicating its compliance expectations to its stakeholders. The issue of a price query may be a precursor to more severe enforcement activities. The aim of this study is to investigate whether increased use of price queries by the securities market operator in New Zealand corresponded with an increase in disclosure frequency by all participating companies. The study finds that an increased use of price queries did correspond with an increase in disclosure frequency. A possible explanation for this finding is that price queries are an effective means of appealing to the factors that motivate corporations, and the individuals who control them, to comply with the law and regulatory requirements. This finding will have implications for both the NZX and the ASX as well as for regulators and policy makers generally.

A query-basis approach to parametrizing novelty-biased cumulative gain

Novelty-biased cumulative gain (α-NDCG) has become the de facto measure within the information retrieval (IR) community for evaluating retrieval systems in the context of sub-topic retrieval. Setting the incorrect value of parameter α in α-NDCG prevents the measure from behaving as desired in particular circumstances. In fact, when α is set according to common practice (i.e. α = 0.5), the measure favours systems that promote redundant relevant sub-topics rather than provide novel relevant ones. Recognising this characteristic of the measure is important because it affects the comparison and the ranking of retrieval systems. We propose an approach to overcome this problem by defining a safe threshold for the value of α on a query basis. Moreover, we study its impact on system rankings through a comprehensive simulation.

Simultaneous underwater visibility assessment, enhancement and improved stereo

Vision-based underwater navigation and obstacle avoidance demands robust computer vision algorithms, particularly for operation in turbid water with reduced visibility. This paper describes a novel method for the simultaneous underwater image quality assessment, visibility enhancement and disparity computation to increase stereo range resolution under dynamic, natural lighting and turbid conditions. The technique estimates the visibility properties from a sparse 3D map of the original degraded image using a physical underwater light attenuation model. Firstly, an iterated distance-adaptive image contrast enhancement enables a dense disparity computation and visibility estimation. Secondly, using a light attenuation model for ocean water, a color corrected stereo underwater image is obtained along with a visibility distance estimate. Experimental results in shallow, naturally lit, high-turbidity coastal environments show the proposed technique improves range estimation over the original images as well as image quality and color for habitat classification. Furthermore, the recursiveness and robustness of the technique allows implementation onboard an Autonomous Underwater Vehicle for improving navigation and obstacle avoidance performance.

Publishing the perished : the visibility of foreign death in Australian quality newspapers

The issue of media coverage of death has been under discussion by only a few scholars, and there have existed some disagreements as to just how present death is in public discourse in the Western world. This study adds to the literature on death by investigating the Australian media context. Specifically, it examines how journalists at two Australian quality newspapers, The Australian and the Sydney Morning Herald, cover death in their foreign news reporting. It finds that journalists express preferences for certain types of death, as well as for certain nationalities. Further, it sheds some light on just how visible death is in the news by arguing that, while present in the written word, the visual representation of death is still highly marginalised.

Effects of different levels of refractive blur on night-time pedestrian visibility

Purpose The aim of this study was to systematically investigate the effect of different levels of refractive blur and driver age on night-time pedestrian recognition and determine whether clothing that has been shown to improve pedestrian conspicuity is robust to the effects of blur. Methods Night-time pedestrian recognition was measured for 24 visually normal participants (12 younger M=24.9±4.5 years and 12 older adults M=77.6±5.7 years) for three levels of binocular blur (+0.50 D, +1.00 D, +2.00 D) compared to baseline (optimal refractive correction). Pedestrians walked in place on a closed road circuit and wore one of three clothing conditions: i) everyday clothing, ii) a retro-reflective vest and iii) retro-reflective tape positioned on the extremities in a configuration that conveyed biological motion (known as “biomotion”); the order of conditions was randomized between participants. Pedestrian recognition distances were recorded for each blur and pedestrian clothing combination while participants drove an instrumented vehicle around a closed road course. Results The recognition distances for pedestrians were significantly reduced (p<0.05) by all levels of blur compared to baseline. Pedestrians wearing “biomotion” clothing were recognized at significantly longer distances than for the other clothing configurations in all blur conditions. However, these effects were smaller for the older adults, who had much shorter recognition distances for all conditions tested. Conclusions In summary, even small amounts of blur had a significant detrimental effect on night-time pedestrian recognition. Biomotion retro-reflective clothing was effective, even under moderately degraded visibility conditions, for both young and older drivers.

External knowledge and query strategies in active learning: A study in clinical information extraction

This paper presents a new active learning query strategy for information extraction, called Domain Knowledge Informativeness (DKI). Active learning is often used to reduce the amount of annotation effort required to obtain training data for machine learning algorithms. A key component of an active learning approach is the query strategy, which is used to iteratively select samples for annotation. Knowledge resources have been used in information extraction as a means to derive additional features for sample representation. DKI is, however, the first query strategy that exploits such resources to inform sample selection. To evaluate the merits of DKI, in particular with respect to the reduction in annotation effort that the new query strategy allows to achieve, we conduct a comprehensive empirical comparison of active learning query strategies for information extraction within the clinical domain. The clinical domain was chosen for this work because of the availability of extensive structured knowledge resources which have often been exploited for feature generation. In addition, the clinical domain offers a compelling use case for active learning because of the necessary high costs and hurdles associated with obtaining annotations in this domain. Our experimental findings demonstrated that 1) amongst existing query strategies, the ones based on the classification model’s confidence are a better choice for clinical data as they perform equally well with a much lighter computational load, and 2) significant reductions in annotation effort are achievable by exploiting knowledge resources within active learning query strategies, with up to 14% less tokens and concepts to manually annotate than with state-of-the-art query strategies.

Translating road safety research on night-time visibility to the context of mining

In recent years a significant amount of research has been undertaken in collision avoidance and personnel location technology in order to reduce the number of incidents involving pedestrians and mobile plant equipment which are a high risk in underground coal mines. Improving the visibility of pedestrians to drivers would potentially reduce the likelihood of these incidents. In the road safety context, a variety of approaches have been used to make pedestrians more conspicuous to drivers at night (including vehicle and roadway lighting technologies and night vision enhancement systems). However, emerging research from our group and others has demonstrated that clothing incorporating retroreflective markers on the movable joints as well as the torso can provide highly significant improvements in pedestrian visibility in reduced illumination. Importantly, retroreflective markers are most effective when positioned on the moveable joints creating a sensation of “biological motion”. Based only on the motion of points on the moveable joints of an otherwise invisible body, observers can quickly recognize a walking human form, and even correctly judge characteristics such as gender and weight. An important and as yet unexplored question is whether the benefits of these retroreflective clothing configurations translate to the context of mining where workers are operating under low light conditions. Given that the benefits of biomotion clothing are effective for both young and older drivers, as well as those with various eye conditions common in those >50 years reinforces their potential application in the mining industry which employs many workers in this age bracket. This paper will summarise the visibility benefits of retroreflective markers in a biomotion configuration for the mining industry, highlighting that this form of clothing has the potential to be an affordable and convenient way to provide a sizeable safety benefit. It does not involve modifications to vehicles, drivers, or infrastructure. Instead, adding biomotion markings to standard retroreflective vests can enhance the night-time conspicuity of mining workers by capitalising on perceptual capabilities that have already been well documented.

Visual openness in urban environments: Measuring visual openness and visibility to natural landscapes in a changing urban landscape in Gold Coast, Australia

The visual characteristics of urban environments have been changing dramatically with the growth of cities around the world. Protection and enhancement of landscape character in urban environments have been one of the challenges for policy makers in addressing sustainable urban growth. Visual openness and enclosure in urban environments are important attributes in perception of visual space which affect the human interaction with physical space and which can be often modified by new developments. Measuring visual openness in urban areas results in more accurate, reliable, and systematic approach to manage and control visual qualities in growing cities. Recent advances in techniques in geographic information systems (GIS) and survey systems make it feasible to measure and quantify this attribute with a high degree of realism and precision. Previous studies in this field do not take full advantage of these improvements. This paper proposes a method to measure the visual openness and enclosure in a changing urban landscape in Australia, on the Gold Coast, by using the improved functionality in GIS. Using this method, visual openness is calculated and described for all publicly accessible areas in the selected study area. A final map is produced which shows the areas with highest visual openness and visibility to natural landscape resources. The output of this research can be used by planners and decision-makers in managing and controlling views in complex urban landscapes. Also, depending on the availability of GIS data, this method can be applied to any region including non-urban landscapes to help planners and policy-makers manage views and visual qualities.

Generalized Query-By-Rule: a heterogeneous database query language

This paper describes the design and implementation of a high-level query language called Generalized Query-By-Rule (GQBR) which supports retrieval, insertion, deletion and update operations. This language, based on the formalism of database logic, enables the users to access each database in a distributed heterogeneous environment, without having to learn all the different data manipulation languages. The compiler has been implemented on a DEC 1090 system in Pascal.

Access path query language for relational database systems

Database management systems offer a very reliable and attractive data organization for fast and economical information storage and processing for diverse applications. It is much more important that the information should be easily accessible to users with varied backgrounds, professional as well as casual, through a suitable data sublanguage. The language adopted here (APPLE) is one such language for relational database systems and is completely nonprocedural and well suited to users with minimum or no programming background. This is supported by an access path model which permits the user to formulate completely nonprocedural queries expressed solely in terms of attribute names. The data description language (DDL) and data manipulation language (DML) features of APPLE are also discussed. The underlying relational database has been implemented with the help of the DATATRIEVE-11 utility for record and domain definition which is available on the PDP-11/35. The package is coded in Pascal and MACRO-11. Further, most of the limitations of the DATATRIEVE-11 utility have been eliminated in the interface package.

Atmospheric visibility and PM10 as indicators of new particle formation in an urban environment

It is well-known that new particle formation (NPF) in the atmosphere is inhibited by pre-existing particles in the air that act as condensation sinks to decrease the concentration and, thus, the supersaturation of precursor gases. In this study, we investigate the effects of two parameters - atmospheric visibility, expressed as the particle back-scatter coefficient (BSP), and PM10 particulate mass concentration, on the occurrences of NPF events in an urban environment where the majority of precursor gases originate from motor vehicle and industrial sources. This is the first attempt to derive direct relationships between each of these two parameters and the occurrence of NPF. NPF events were identified from data obtained with a neutral cluster and air ion spectrometer over 245 days within a calendar year. Bayesian logistic regression was used to determine the probability of observing NPF as functions of BSP and PM10. We show that the BSP at 08 h on a given day is a reliable indicator of an NPF event later that day. The posterior median probability of observing an NPF event was greater than 0.5 (95%) when the BSP at 08 h was less than 6.8 Mm-1.

Query on the burial of persons married to Gentiles from the trustees answered

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