An analysis of corporate related-party disclosure in the Asia-Pacific region

Related-party (RP) transactions are said to be commonly used opportunistically in business and contribute to corporate failures. While periodic disclosure is widely accepted as an effective means of monitoring such transactions, research is scant, particularly in countries where business dealings may be more susceptible to corruption. This study investigates the nature and extent of corporate RP disclosures across six countries in the Asia-Pacific region. The key finding indicates that companies in countries with stronger regulatory enforcement, shareholders’ protection, and control for corruption, have more transparent RP disclosures. This evidence potentially contributes to reforms aimed at strengthening RP disclosure and compliance.

Improving the ability of guarantors to make a real choice : lenders' practices in taking third party guarantees

This article considers recent cases on guarantees of business loans to identify the lending practices that led the court to set aside the guarantee as against the creditor on the basis that the creditor had engaged in unconscionable conduct. It also explores the role of industry codes of practice in preventing unconscionable conduct, including whether there is a correlation between commitment to an industry code and higher standards of lending practices; whether compliance with an industry code would have produced different outcomes in the cases considered; and whether lenders need to do more than comply with an industry code to ensure their practices are fair and reasonable.

Simulation of retrofitted unreinforced concrete masonry unit walls under blast loading

This paper describes an investigation into the effectiveness of using spray-on nano-particle reinforced polymer and aluminium foam as new types of retrofit material to prevent the breaching and collapse of unreinforced concrete masonry walls subjected to blast over a whole range of dynamic and impulsive regimes. Material models from the LSDYNA material library were used to model the behaviors of each of the materials and its interface for retrofitted and unretrofitted masonry walls. Available test data were used to validate the numerical models. Using the validated LS-DYNA numerical models, the pressure-impulse diagrams for retrofitted concrete masonry walls were constructed. The efficiency of using these retrofits to strengthen the unreinforced concrete masonry unit (CMU) walls under various pressures and impulses was investigated using pressure-impulse diagrams. Comparisons were made to find the most efficient retrofits for masonry walls against blasts.

Review of the fire performance of LSF walls

Load bearing LSF walls are commonly made of cold-formed steel frames, gypsum plasterboards and insulation, and their fire performance is an important aspect of design. Many experimental and numerical studies have been conducted on the fire performance of LSF walls at the Queensland University of Technology (QUT). These studies have shown that increasing the number or thickness or quality of gypsum plasterboards has improved the fire resistance ratings (FRR) of LSF walls while the use of cavity insulation has reduced their FRR. Therefore new LSF wall systems with external insulation sandwiched between two layers of plasterboards were proposed, which provided higher FRR than cavity insulated walls. There are also other parameters that can improve the fire performance of LSF walls such as the steel type, stud geometry and depth, type of screw fasteners used, joints in the plasterboard and the plasterboard fall off time. This paper presents a review of the fire performance of LSF walls as a function of these parameters based on our research at QUT. Their effects on both the thermal and structural performance of LSF walls are discussed in detail and suitable improvements are recommended, for example, improved plasterboard joint types.

Affective events theory as a framework for understanding third-party consumer complaints

Poor complaint management may result in organizations losing customers and revenue. Consumers exhibit negative emotional responses when dissatisfied and this may lead to a complaint to a third-party organization. Since little information is available on the role of emotion in the consumer complaint process or how to manage complaints effectively, we offer an emotions perspective by applying Affective Events Theory (AET) to complaint behavior. This study presents the first application of AET in a consumption context and advances a theoretical framework supported by qualitative research for emotional responses to complaints. In contrast to commonly held views on gender and emotion, men as well as women use emotion-focused coping to complain.

Multi-party computation with conversion of secret sharing

Classical results in unconditionally secure multi-party computation (MPC) protocols with a passive adversary indicate that every n-variate function can be computed by n participants, such that no set of size t < n/2 participants learns any additional information other than what they could derive from their private inputs and the output of the protocol. We study unconditionally secure MPC protocols in the presence of a passive adversary in the trusted setup (‘semi-ideal’) model, in which the participants are supplied with some auxiliary information (which is random and independent from the participant inputs) ahead of the protocol execution (such information can be purchased as a “commodity” well before a run of the protocol). We present a new MPC protocol in the trusted setup model, which allows the adversary to corrupt an arbitrary number t < n of participants. Our protocol makes use of a novel subprotocol for converting an additive secret sharing over a field to a multiplicative secret sharing, and can be used to securely evaluate any n-variate polynomial G over a field F, with inputs restricted to non-zero elements of F. The communication complexity of our protocol is O(ℓ · n 2) field elements, where ℓ is the number of non-linear monomials in G. Previous protocols in the trusted setup model require communication proportional to the number of multiplications in an arithmetic circuit for G; thus, our protocol may offer savings over previous protocols for functions with a small number of monomials but a large number of multiplications.

Multi-party computation with omnipresent adversary

Secure multi-party computation (MPC) protocols enable a set of n mutually distrusting participants P 1, ..., P n , each with their own private input x i , to compute a function Y = F(x 1, ..., x n ), such that at the end of the protocol, all participants learn the correct value of Y, while secrecy of the private inputs is maintained. Classical results in the unconditionally secure MPC indicate that in the presence of an active adversary, every function can be computed if and only if the number of corrupted participants, t a , is smaller than n/3. Relaxing the requirement of perfect secrecy and utilizing broadcast channels, one can improve this bound to t a  < n/2. All existing MPC protocols assume that uncorrupted participants are truly honest, i.e., they are not even curious in learning other participant secret inputs. Based on this assumption, some MPC protocols are designed in such a way that after elimination of all misbehaving participants, the remaining ones learn all information in the system. This is not consistent with maintaining privacy of the participant inputs. Furthermore, an improvement of the classical results given by Fitzi, Hirt, and Maurer indicates that in addition to t a actively corrupted participants, the adversary may simultaneously corrupt some participants passively. This is in contrast to the assumption that participants who are not corrupted by an active adversary are truly honest. This paper examines the privacy of MPC protocols, and introduces the notion of an omnipresent adversary, which cannot be eliminated from the protocol. The omnipresent adversary can be either a passive, an active or a mixed one. We assume that up to a minority of participants who are not corrupted by an active adversary can be corrupted passively, with the restriction that at any time, the number of corrupted participants does not exceed a predetermined threshold. We will also show that the existence of a t-resilient protocol for a group of n participants, implies the existence of a t’-private protocol for a group of n′ participants. That is, the elimination of misbehaving participants from a t-resilient protocol leads to the decomposition of the protocol. Our adversary model stipulates that a MPC protocol never operates with a set of truly honest participants (which is a more realistic scenario). Therefore, privacy of all participants who properly follow the protocol will be maintained. We present a novel disqualification protocol to avoid a loss of privacy of participants who properly follow the protocol.

Assessment of costs : challenge to validity of client agreement between party entitled to costs and its solicitors

In ASIC v Atlantic 3 Financial (Aust) Pty Ltd [2006] QCA 540 the Queensland Court of Appeal dismissed an appeal from the decision of Mullins J at first instance in ASIC v Atlantic 3 Financial (Aust) Pty LTd [2006] QSC 152, the majority concluding that the client agreement in issue was not inconsistent with s48 of the Queensland Law Society Act 1952.

Studies on the in-plane shear response of confined masonry shear walls

The prime aim of this research project is to evaluate the performance of confined masonry walls under in-plane shear with a view to contributing to the national masonry design standard through a set of design clauses. This aim stems from the criticisms of the current provisions of the in-plane shear capacity equations in the Australian Masonry Standard AS3700 (2011) being highly non-conservative. This PhD thesis is an attempt to address this gap in the knowledge through systematic investigation of the key parameters that affects the in-plane shear strength of the masonry walls through laboratory experiments and extensive finite element analyses.

Unsteady natural convection within a porous enclosure of sinusoidal corrugated side walls

Numerically investigation of free convection within a porous cavity with differential heating has been performed using modified corrugated side walls. Sinusoidal hot left and cold right walls are assumed to receive sudden differentially heating where top and bottom walls are insulated. Air is considered as working fluid and is quiescent, initially. Numerical experiments reveal 3 distinct stages of developing pattern including initial stage, oscillatory intermediate and finally steady state condition. Implicit Finite Volume Method with TDMA solver is used to solve the governing equations. This study has been performed for the Rayleigh numbers ranging from 100 to 10,000. Outcomes have been reported in terms of isotherms, streamline, velocity and temperature plots and average Nusselt number for various Ra, corrugation frequency and corrugation amplitude. The effects of sudden differential heating and its resultant transient behavior on fluid flow and heat transfer characteristics have been shown for the range of governing parameters. The present results show that the transient phenomena are enormously influenced by the variation of the Rayleigh Number with corrugation amplitude and frequency.

Party to litigation insolvent company - costs order against non-party liquidator

In Kimtran Pty Ltd v Downie [2003] QDC 043 the court allowed in part an appeal from the refusal by the Queensland Building Tribunal to order the respondent liquidators pay the appellants' costs of proceedings in the Tribunal. The decision involved an examination of authorities which have considered the circumstances in which it is in the interests of justice to make an order for costs against a non-party.

Should the court direct that costs ordered to be recovered on the indemnity basis be assessed by reference to a costs agreement between the successful party and their solicitors?

The decision in Hook v Boreham & QBE Insurance (Australia) Limited [2006] QDC 304 considered whether the court should go further than order that costs be assessed on the indemnity basis, but should also specify the basis by which those indemnity costs should be determined. The decision makes it clear that under r704(3) of the Uniform Civil Procedure Rules, questions of that nature are ordinarily preserved to the discretion of the Registrar.

Fire resistance rating of light gauge steel frame walls exposed to realistic design fires : a review and development of time equivalent approach

This paper presents the details of research undertaken on the development of an energy based time equivalent approach for light gauge steel frame (LSF) walls. This research utilized an energy based time equivalent approach to obtain the fire resistance ratings (FRR) of LSF walls exposed to realistic design fires with respect to standard fire exposure [1]. It is based on the equal area concept of fire severity and relates to the amount of energy transferred to the member. The proposed method was used to predict the fire resistance of single and double plasterboard lined and externally insulated LSF walls. The predicted fire resistance ratings were compared with the results from finite element analyses and fire design rules for three different wall configurations. This paper presents the review of the available time equivalent approaches and the development of energy based time equivalent approach for the prediction of fire resistance ratings of LSF walls exposed to realistic design fires.

Effects of plasterboard joints on the fire performance of cold-formed steel walls

This paper presents the effect of plasterboard joints on the fire performance of cold-formed steel walls. Plasterboard joints are unavoidable. However, they can be arranged in a way that they do not significantly influence the fire performance of cold-formed steel walls. Hence a research study into the effects of plasterboard joints on the fire performance of plasterboard lined cold-formed steel walls was undertaken using both full-scale fire tests and numerical studies. In this study a back-blocking technique was used to eliminate the plasterboard joints being located over the studs. Instead plasterboard joints were used between studs with 150 mm wide plasterboards as back-blocks. Both experimental and numerical results from this study show that the fire resistance rating of single plasterboard lined cold-formed steel walls can be increased by 25% through the use of a back-blocking joint arrangement in comparison to the traditional plasterboard joint arrangement over the studs.

Electron/ion energy loss to discharge walls revised : a case study in low-temperature, thermally nonequilibrium plasmas

Reliable calculations of the electron/ion energy losses in low-pressure thermally nonequilibrium low-temperature plasmas are indispensable for predictive modeling related to numerous applications of such discharges. The commonly used simplified approaches to calculation of electron/ion energy losses to the chamber walls use a number of simplifying assumptions that often do not account for the details of the prevailing electron energy distribution function (EEDF) and overestimate the contributions of the electron losses to the walls. By direct measurements of the EEDF and careful calculation of contributions of the plasma electrons in low-pressure inductively coupled plasmas, it is shown that the actual losses of kinetic energy of the electrons and ions strongly depend on the EEDF. It is revealed that the overestimates of the total electron/ion energy losses to the walls caused by improper assumptions about the prevailing EEDF and about the ability of the electrons to pass through the repulsive potential of the wall may lead to significant overestimates that are typically in the range between 9 and 32%. These results are particularly important for the development of power-saving strategies for operation of low-temperature, low-pressure gas discharges in diverse applications that require reasonably low power densities. © 2008 American Institute of Physics.