The value of risk reporting:a critical analysis of value-at-risk disclosures in the banking sector

This paper critically reviews the evolution of financial reporting in the banking sector with specific reference to the reporting of market risk and the growing use of the measure known as Value at Risk (VaR). The paper investigates the process by which VaR became 'institutionalised'. The analysis highlights a number of inherent limitations of VaR as a risk measure and questions the usefulness of published VaR disclosures, concluding that risk 'disclosure' might be more apparent than real. It also looks at some of the implications for risk reporting practice and the accounting profession more generally.

AstroWeb – A Graphical Representation of an Astronomical WFPDB Database Using a Web-Based Open Source Geographical Information System

ACM Computing Classification System (1998): H.5.2, H.2.8, J.2, H.5.3.

Intellectual capital disclosures and corporate governance:an empirical examination

Empirical examinations of the links between corporate governance and intellectual capital are underresearched, particularly from the context of emerging economies where corporate governance mechanisms tend to be largely ceremonial due to family dominance. This study aims to address this gap in the intellectual capital disclosure (ICD) literature by undertaking an empirical examination of the relationship between corporate governance and the extent of ICD of Bangladeshi companies. Inter alia, the key findings of this study suggest that there is a non-linear relationship between family ownership and the extent of ICD. This research also found that foreign ownership, board independence, and the presence of audit committees are positively associated with the extent of ICD. Conversely, family duality (i.e., where the positions of CEO and chairperson are occupied by two individuals from the same family) is negatively associated with the extent of ICD.

Optimal redistricting under geographical constraints: Why "pack and crack" does not work

We show that optimal partisan redistricting with geographical constraints is a computationally intractable (NP-complete) problem. In particular, even when voter's preferences are deterministic, a solution is generally not obtained by concentrating opponent's supporters in \unwinnable" districts ("packing") and spreading one's own supporters evenly among the other districts in order to produce many slight marginal wins ("cracking").

Helyhez kötött kapcsolatok. Egy társadalmi kapcsolathálókon alapuló magyarázat a földrajzi munkamegosztás kialakulására = Ties of locality. An explanation of the development of the geographical division of labour based on social networks

A „földrajzi munkamegosztás” vagy „elhelyezkedés probléma” arra a kérdésre utal, miért alakulnak ki egy-egy gazdasági tevékenységre szakosodott földrajzi egységek, regionális gazdasági rendszerek. A hagyományos közgazdasági megközelítések a területek racionálisan kalkulálható komparatív előnyeit, a nyersanyagok vagy a piac közelségét, infrastrukturális adottságokat, útfüggőséget stb. szokták hangsúlyozni. A tanulmány szerzője a társadalmi kapcsolatok jelentőségét emeli ki, azt sugallja, hogy a területi specializálódás az egymással kapcsolatban álló, hasonlóan specializálódott többi szereplő nyomására alakul ki. A hipotézist két külföldön végzett eset tanulmány tapasztalatai alapján járja körül. ______________________ The question of "regional economic systems", "geographical division of labour" or "location problem" has an important literature. Economic approaches emphasize the rationally calculated advantages of the specialized industrial areas: the benefit of the exploitation of discovered resources, more cooperative relations, etc. The paper stresses the role of social networks in the location problem: economically specialized areas formed because of the suggestions and tips of connected enterprises, cooperative partners. The hypothesis is based on the experiences of two case studies, made in a Peruvian rural area and a Mexican modern industrial area.

Seasonality and geographical occurrence of West Nile fever and distribution of Asian tiger mosquito

The importance and risk of emerging mosquito borne diseases is going to increase in the European temperate areas due to climate change. The present and upcoming climates of Transdanubia seem to be suitable for the main vector of Chikungunya virus, the Asian tiger mosquito, Aedes albopictus Skuse (syn. Stegomyia albopicta). West Nile fever is recently endemic in Hungary. We used climate envelope modeling to predict the recent and future potential distribution/occurrence areas of the vector and the disease. We found that climate can be sufficient to explain the recently observed area of A. albopictus, while in the case of West Nile fever, the migration routes of reservoir birds, the run of the floodplains, and the position of lakes are also important determinants of the observed occurrence.

Investigating the effect of geographical distances and cultural proximity on the Hungarian wine trade

Wine is a very special product from an economic, cultural, and sociological point of view. Wine culture and wine trade play an important role in Hungary. The effect of cultural and geographical proximity on international trade has already been proven in the international trade literature. The size of bilateral trade flows between any two countries can be approximated by the gravity theory of trade. The gravity model provides empirical evidence of the relationship between the size of the economies, the distances between them, and their trade. This paper seeks to analyse the effect of cultural and geographical proximity on Hungary’s bilateral wine trade between 2000 and 2012, employing the gravity equation. The analysis is based on data from the World Bank WITS, WDI, as well as CEPII, and WTO databases. I apply OLS, Random Effects, Poisson, Pseudo-Poisson-Maximum-Likelihood and Heckman two stage estimators to calculate the gravity regression. The results show that in the case of Hungary, cultural similarity and trade liberalisation have a positive impact, while geographical distance, landlockedness, and contiguity have a negative impact on Hungarian wine exports.

A földrajzi távolság, a kulturális hasonlóság és a szabadkereskedelem hatása a borkereskedelemre = Effects on the global wine trade of geographical distance, cultural and linguistic similarity, and free trade

A globalizálódó világgazdaságban a vezető bortermelő országok egyre jelentősebb borkereskedelmet bonyolítanak le egymás között. Míg Európában a fogyasztók egyre kevesebb bort vásárolnak, addig Amerikában és Ázsiában a bor iránti kereslet folyamatosan bővül: a borkereskedelem földrajzi átrendeződése zajlik. A kulturális hasonlóság és a földrajzi távolság kereskedelemre gyakorolt hatását gyakran a kereskedelemelméletek gravitációs modelljével elemzik. E tanulmány azt vizsgálja, hogy a fő borexportáló országok közötti földrajzi távolság, kulturális hasonlóság és szabadkereskedelem milyen hatással van a nemzetközi borkereskedelemre, annak költségeire. A regressziós becslés eredményei alátámasztják, hogy a borkereskedelem költségei alacsonyabbak, ha a kereskedelmi partnerek kulturálisan hasonlók, földrajzilag közel helyezkednek el egymáshoz, vagy van tengeri kikötőjük, tagjai a WTO-nak, illetve ha kötöttek egymással regionális kereskedelmi megállapodást. Ezenkívül megállapítható, hogy az angolszász, a latin-amerikai és az európai kulturális klaszterek elsősorban egymással kereskednek. A kutatás számos kulturális változó alkalmazásával és több ökonometriai modell, illetve becslési eljárás nagymintás tesztelésével gazdagítja a szakirodalmat. ____ In a globalizing world, major wine-producing countries export considerable quantities to the global wine market and turn over a notable trade, but in what happens European wine regions differ markedly from the New World. Here major wine producers suffered a remarkable fall in domestic wine consumption in recent decades, while New World wine producers increased their production potential and generated new foreign demand. The changes have been joined by geographical relocation of wine consumption and exports. The gravity equation can be derived from demand-side or supply-side theory-consistent estimation methods that suggest relationships between the size of the economies, geographical distances, cultural similarities, and size of their trade. The paper analyses the effects of cultural and geographical proximity, free trade, and linguistic similarity on bilateral trade in the main wine-producing countries, using a cross-section gravity model for 2012. The results suggest that larger countries export more wine, while transport costs rise in line with geographical distance and are higher for landlocked trading partners. Wine export costs are lower if trading partners are culturally similar, share a dominant religion, or are both WTO members with regional trade agreements. Anglo-Saxon, Germanic, Latin American and Latin European countries mainly trade wines within their groups. The paper looks to extend the number of trading partners, investigate the effect of language clusters, and confirm that the results are robust by different econometric methodologies.

Geographical Literacy, Attitudes, and Experiences of Freshman Students: A Qualitative Study at Florida International University

The purpose of the study was to explore the geography literacy, attitudes and experiences of Florida International University (FIU) freshman students scoring at the low and high ends of a geography literacy survey. The Geography Literacy and ABC Models formed the conceptual framework. Participants were freshman students enrolled in the Finite Math course at FIU. Since it is assumed that students who perform poorly on geography assessments do not have an interest in the subject, testing and interviewing students allowed the researcher to explore the assumption. In Phase I, participants completed the Geography Literacy Survey (GLS) with items taken from the 2010 NAEP Geography Subject Area Assessment. The low 35% and high 20% performers were invited for Phase II, which consisted of semi-structured interviews. A total of 187 students participated in Phase I and 12 in Phase II. The primary research question asked was what are the geography attitudes and experiences of freshman students scoring at the low and high ends of a geographical literacy survey? The students had positive attitudes regardless of how they performed on the GLS. The study included a quantitative sub-question regarding the performance of the students on the GLS. The students’ performance on the GLS was equivalent to the performance of 12th grade students from the NAEP Assessment. There were three qualitative sub-questions from which the following themes were identified: the students’ definition of geography is limited, students recall more out of school experiences with geography, and students find geography valuable. In addition, there were five emergent themes: there is a concern regarding a lack of geographical knowledge, rote memorization of geographical content is overemphasized, geographical concepts are related to other subjects, taking the high school level AP Human Geography course is powerful, and there is a need for real-world applications of geographical knowledge. The researcher offered as suggestions for practice to reposition geography in our schools to avoid misunderstandings, highlight its interconnectedness to other fields, connect the material to real world events/daily decision-making, make research projects meaningful, partner with local geographers, and offer a mandatory geography courses at all educational levels.

Design and Development of Geographical Information System (GIS) Map for Nuclear Waste Streams

A nuclear waste stream is the complete flow of waste material from origin to treatment facility to final disposal. The objective of this study was to design and develop a Geographic Information Systems (GIS) module using Google Application Programming Interface (API) for better visualization of nuclear waste streams that will identify and display various nuclear waste stream parameters. A proper display of parameters would enable managers at Department of Energy waste sites to visualize information for proper planning of waste transport. The study also developed an algorithm using quadratic Bézier curve to make the map more understandable and usable. Microsoft Visual Studio 2012 and Microsoft SQL Server 2012 were used for the implementation of the project. The study has shown that the combination of several technologies can successfully provide dynamic mapping functionality. Future work should explore various Google Maps API functionalities to further enhance the visualization of nuclear waste streams.

Gene expression under thermal stress varies across a geographical range expansion front

Acknowledgements: We would like to thank Hanna Bensch and Hannes Weise for assistance with the collection of samples in the field. This work was supported by the Biodiversity and Ecosystem Services in a Changing Climate (BECC; a joint Lund-Gothenburg University initiative), the Swedish Research Council (EIS, BH), the Crafoord Foundation (EIS, BH), the Swedish Royal Society (EIS), ‘Gyllenstiernska Krapperupstiftelsen (EIS), the Wenner-Gren Foundations (postdoctoral stipend to RYD), EU FP7 (Marie Curie International Incoming Fellowship to RYD), the Kungliga Fysiografiska Sällskapet i Lund (MW) and the Helge Ax:son Johnson Stiftelse (MW). B.H. and E.I.S. conceived of the study. L.L. developed the hypotheses to be tested. L.L. and R.D. collected the field data and samples. All six authors contributed to planning RNA-seq analyses. P.C. and L.L. analysed the data. L.L. wrote the manuscript, which all six authors edited.

Natural Language Generation and Fuzzy Sets : An Exploratory Study on Geographical Referring Expression Generation

This work was supported by the Spanish Ministry for Economy and Competitiveness (grant TIN2014-56633-C3-1-R) and by the European Regional Development Fund (ERDF/FEDER) and the Galician Ministry of Education (grants GRC2014/030 and CN2012/151). Alejandro Ramos-Soto is supported by the Spanish Ministry for Economy and Competitiveness (FPI Fellowship Program) under grant BES-2012-051878.

A geographical perspective on the decline and extermination of the Irish wolf Canis lupus - an initial assessment

Wolves were a component of the Irish landscape until 1786 when the last one was killed. It had taken a concerted effort by Cromwell and his Government in Ireland to bring this about particularly through deforestation and landscape change, legislation, bounties and the efforts of a few professional wolf hunters. This paper estimates the wolf population in Ireland at three lime periods in the 1600s and examines how each of the forces already mentioned led to their eventual extermination. The 87 dated and documented wolf incidents which include wolf attacks on both animals and humans, wolf observations and the hunting and killing of wolves over the period 1560-1789 show both spatial and temporal variations.

The Effect of Reputation Shocks to Rating Agencies on Corporate Disclosures

This paper explores the effect of credit rating agency’s (CRA) reputation on the discretionary disclosures of corporate bond issuers. Academics, practitioners, and regulators disagree on the informational role played by major CRAs and the usefulness of credit ratings in influencing investors’ perception of the credit risk of bond issuers. Using management earnings forecasts as a measure of discretionary disclosure, I find that investors demand more (less) disclosure from bond issuers when the ratings become less (more) credible. In addition, using content analytics, I find that bond issuers disclose more qualitative information during periods of low CRA reputation to aid investors better assess credit risk. That the corporate managers alter their voluntary disclosure in response to CRA reputation shocks is consistent with credit ratings providing incremental information to investors and reducing adverse selection in lending markets. Overall, my findings suggest that managers rely on voluntary disclosure as a credible mechanism to reduce information asymmetry in bond markets.

(Table 1) Geographical location and nutrient composition of saline lake sediments (SLS) and nearby adjacent biological soil crusts (BSC) identified as potential dust sources

While microbial communities of aerosols have been examined, little is known about their sources. Nutrient composition and microbial communities of potential dust sources, saline lake sediments (SLS) and adjacent biological soil crusts (BSC), from Southern Australia were determined and compared with a previously analyzed dust sample. Multivariate analyses of fingerprinting profiles indicated that the bacterial communities of SLS and BSC were different, and these differences were mainly explained by salinity. Nutrient concentrations varied among the sites but could not explain the differences in microbial diversity patterns. Comparison of microbial communities with dust samples showed that deflation selects against filamentous cyanobacteria, such as the Nostocales group. This could be attributed to the firm attachment of cyanobacterial filaments to soil particles and/or because deflation occurs mainly in disturbed BSC, where cyanobacterial diversity is often low. Other bacterial groups, such as Actinobacteria and the spore-forming Firmicutes, were found in both dust and its sources. While Firmicutes-related sequences were mostly detected in the SLS bacterial communities (10% of total sequences), the actinobacterial sequences were retrieved from both (11-13%). In conclusion, the potential dust sources examined here show highly diverse bacterial communities and contain nutrients that can be transported with aerosols. The obtained fingerprinting and sequencing data may enable back tracking of dust plumes and their microorganisms.