Discretionary use of open briefings in the Australian continuous reporting environment

The Australian Securities Exchange (ASX) listing rule 3.1 requires listed companies to immediately disclose price sensitive information to the market via the ASX’s Company Announcements Platform (CAP) prior to release through other disclosure channels. Since 1999, to improve the communication process, the ASX has permitted third-party mediation in the disclosure process that leads to the release of an Open Briefing (OB) through CAP. An OB is an interview between senior executives of the firm and an Open Briefing analyst employed by Orient Capital Pty Ltd (broaching topics such as current profit and outlook). Motivated by an absence of research on factors that influence firms to use OBs as a discretionary disclosure channel, this study examines (1) Why do firms choose to release information to the market via OBs?, (2) What are the firm characteristics that explain the discretionary use of OBs as a disclosure channel?, and (3) What are the disclosure attributes that influence firms’ decisions to regularly use OBs as a disclosure channel? Based on agency and information economics theories, a theoretical framework is developed to address research questions. This theoretical framework comprises disclosure environments such as firm characteristics and external factors, disclosure attributes and disclosure consequences. In order to address the first research question, the study investigates (i) the purpose of using OBs, (2) whether firms use OBs to provide information relating to previous public announcements, and (3) whether firms use OBs to provide routine or non-routine disclosures. In relation to the second and third research questions, hypotheses are developed to test factors expected to explain the discretionary use of OBs and firms’ decisions to regularly use OBs, and to explore the factors influencing the nature of OB disclosure. Content analysis and logistic regression models are used to investigate the research questions and test the hypotheses. Data are drawn from a hand-collected population of 1863 OB announcements issued by 239 listed firms between 2000 and 2010. The results show that types of information disclosed via an OB announcement are principally on matters relating to corporate strategies and performance and outlook. Most OB announcements are linked with a previous related announcement, with the lag between announcements significantly longer for loss-making firms than profitmaking firms. The main results show that firms which tend to be larger, have an analyst following, and have higher growth opportunities, are more likely to release OBs. Further, older firms and firms that release OB announcements containing good news, historical information and less complex information tend to be regular OB users. Lastly, firms more likely to disclose strategic information via OBs tend to operate in industries facing greater uncertainty, do not have analysts following, and have higher growth opportunities are less likely to disclose good news, historical information and complex information via OBs. This study is expected to contribute to disclosure literature in terms of disclosure attributes and firm characteristics that influence behaviour in this unique (OB) disclosure channel. With regard to practical significance, regulators can gain an understanding of how OBs are disclosed which can assist them in monitoring the use of OBs and improving the effectiveness of communications with stakeholders. In addition, investors can have a better comprehension of information contained in OB announcements, which may in turn better facilitate their investment decisions.

Reconstructing the history of maize streak virus strain a dispersal to reveal diversification hot spots and its origin in southern Africa

Maize streak virus strain A (MSV-A), the causal agent of maize streak disease, is today one of the most serious biotic threats to African food security. Determining where MSV-A originated and how it spread transcontinentally could yield valuable insights into its historical emergence as a crop pathogen. Similarly, determining where the major extant MSV-A lineages arose could identify geographical hot spots of MSV evolution. Here, we use model-based phylogeographic analyses of 353 fully sequenced MSV-A isolates to reconstruct a plausible history of MSV-A movements over the past 150 years. We show that since the probable emergence of MSV-A in southern Africa around 1863, the virus spread transcontinentally at an average rate of 32.5 km/year (95% highest probability density interval, 15.6 to 51.6 km/year). Using distinctive patterns of nucleotide variation caused by 20 unique intra-MSV-A recombination events, we tentatively classified the MSV-A isolates into 24 easily discernible lineages. Despite many of these lineages displaying distinct geographical distributions, it is apparent that almost all have emerged within the past 4 decades from either southern or east-central Africa. Collectively, our results suggest that regular analysis of MSV-A genomes within these diversification hot spots could be used to monitor the emergence of future MSV-A lineages that could affect maize cultivation in Africa. © 2011, American Society for Microbiology.

Disciplinary unfairness in Queensland public service legislation

A just system of discipline within an organisation requires four characteristics: a clear set of offences, proportionate punishments clearly linked to the offences, oversight and appeals from disciplinary decisions and independence from political masters. This paper examines Queensland public sector legislation and policy from 1863 to the present to demonstrate how well these four criteria are addressed. An analysis of the presence of these four characteristics in the Queensland context finds that the public sector legislation in Queensland is in breach of the guidelines that define a just and fair system in which disciplinary action is dispensed. We argue that creation of arbitrary powers to punish or dismiss staff is unjust if the legislation does not fully inform staff of what constitutes a breach of discipline, does not guarantee proportionate punishments to offences, and/or it allows the disciplinary process to be used as a tool to coerce staff to perform in a politicised or otherwise unethical manner. We conclude by making recommendations as to how this situation may be rectified.

Mapping of multiple quantitative trait loci affecting bovine spongiform encephalopathy

A whole-genome scan was conducted to map quantitative trait loci (QTL) for BSE resistance or susceptibility. Cows from four half-sib families were included and 173 microsatellite markers were used to construct a 2835-cM (Kosambi) linkage map covering 29 autosomes and the pseudoautosomal region of the sex chromosome. Interval mapping by linear regression was applied and extended to a multiple-QTL analysis approach that used identified QTL on other chromosomes as cofactors to increase mapping power. In the multiple-QTL analysis, two genome-wide significant QTL (BTA17 and X/Y ps) and four genome-wide suggestive QTL (BTA1, 6, 13, and 19) were revealed. The QTL identified here using linkage analysis do not overlap with regions previously identified using TDT analysis. One factor that may explain the disparity between the results is that a more extensive data set was used in the present study. Furthermore, methodological differences between TDT and linkage analyses may affect the power of these approaches.

Prediction of age at menopause from assessment of ovarian reserve may be improved by using body mass index and smoking status

Objective: Menopause is the consequence of exhaustion of the ovarian follicular pool. AMH, an indirect hormonal marker of ovarian reserve, has been recently proposed as a predictor for age at menopause. Since BMI and smoking status are relevant independent factors associated with age at menopause we evaluated whether a model including all three of these variables could improve AMH-based prediction of age at menopause. Methods: In the present cohort study, participants were 375 eumenorrheic women aged 19–44 years and a sample of 2,635 Italian menopausal women. AMH values were obtained from the eumenorrheic women. Results: Regression analysis of the AMH data showed that a quadratic function of age provided a good description of these data plotted on a logarithmic scale, with a distribution of residual deviates that was not normal but showed significant leftskewness. Under the hypothesis that menopause can be predicted by AMH dropping below a critical threshold, a model predicting menopausal age was constructed from the AMH regression model and applied to the data on menopause. With the AMH threshold dependent on the covariates BMI and smoking status, the effects of these covariates were shown to be highly significant. Conclusions: In the present study we confirmed the good level of conformity between the distributions of observed and AMH-predicted ages at menopause, and showed that using BMI and smoking status as additional variables improves AMH-based prediction of age at menopause.

National survey of viruses in pastures of subterranean clover. II. Statistical methodology for large scale quantitative ELISA

Statistical methodology was applied to a survey of time-course incidence of four viruses (alfalfa mosaic virus, clover yellow vein virus, subterranean clover mottle virus and subterranean clover red leaf virus) in improved pastures in southern regions of Australia. -from Authors

Inflammation in lung carcinogenesis

It was Dvorak in 1986 that postulated 'tumours are wounds that do not heal' as they share common cellular and molecular mechanisms, which are active in both wounds and in cancer tissue. Inflammation is a crucial part of the innate immune system that protects against pathogens and initiates adaptive immunity. Acute inflammation is usually a rapid and self-limiting process, however it does not always resolve. This leads to the establishment of a chronic inflammatory state and provides the perfect environment for carcinogenesis. Inflammation and cancer have long had an association, going back as far as Virchow in 1863, when leucocytes were noted in neoplastic tissue. It has been estimated that approximately 25% of all malignancies are initiated or exacerbated by inflammation caused by infectious agents. Furthermore, inflammation is linked to all of the six hallmarks of cancer (evasion of apoptosis, insensitivity to anti-growth signals, unlimited replicative potential, angiogenesis, increase in survival factors and invasion and metastasis). It is thought that inflammation may play a critical role in lung carcinogenesis given that individuals with inflammatory lung conditions have an increased risk of lung cancer development. Cigarette smoking can also induce inflammation in the lung and smokers are at a higher risk of developing lung cancer than non-smokers. However, exposure to a number of environmental agents such as radon, have also been demonstrated as a causative factor in this disease. This chapter will focus on inflammation as a contributory factor in non small cell lung cancer (NSCLC), concentrating primarily on the pathological involvement of the pro-inflammatory cytokines, TNF-α, IL-1β, and the CXC (ELR+) chemokine family. Targeting of inflammatory mediators will also be discussed as a therapeutic strategy in this disease. © 2013 by Nova Science Publishers, Inc. All rights reserved.

Air navigation services in Australia and the United States : a comparative case study

The central document governing the global organization of Air Navigation Services (ANS) is the Convention on International Civil Aviation, commonly referred to as the “Chicago Convention,” whose original version was signed in that city in 1944. In the Convention, Contracting States agreed to ensure the minimum standards of ANS established by ICAO, a specialized United Nations agency created by the Convention. Emanating from obligations under the Chicago Convention, ANS has traditionally provided by departments of national governments. However, there is a widespread trend toward transferring delivery of ANS services outside of line departments of national governments to independent agencies or corporations. The Civil Air Navigation Services Organisation (CANSO), which is the trade association for independent ANS providers, currently counts approximately 60 members, and is steadily growing. However, whatever delivery mechanisms are chosen, national governments remain ultimately responsible for ensuring that adequate ANS services are available. The provision by governments of ANS reflects the responsibility of the state for safety, international relations, and indirectly, the macroeconomic benefits of ensuring a sound infrastructure for aviation. ANS is a “public good” and an “essential good” provided to all aircraft using a country’s airfields and airspace. However, ANS also represents a service that directly benefits only a limited number of users, notably aircraft owners and operators. The idea that the users of the system, rather than the taxpaying public, should incur the costs associated with ANS provision is inherent in the commercialization process. However, ICAO sets out broad principles for the establishment of user charges, which member states are expected to comply with. ICAO states that only distance flown and aircraft weights are acceptable parameters for use in a charging system. These two factors are considered to be easy to measure, bear a reasonable relationship to the value of service received, and do not discriminate due to factors such as where the flight originated or the nation of aircraft registration.

The rise and demise of the Inspector of Schools in Queensland

The colony of Queensland, established on 10 December 1859, passed its first Education Act in 1860. This enabled the government to provide for the education of all children from six to twelve years of age. The Board of General Education appointed its first Inspector of Schools in 1863, and he was followed by over 400 men — and later women — to inspect schools and teachers to guarantee conformity and efficiency. In 1875, education became a ministerial responsibility and the Department of Public Instruction was established. Teachers never seemed to enjoy a friendly working relationship with inspectors, and with the establishment of the Queensland Teachers Union, hostility increased. Eventually, in 1989, the Inspector of Schools position was abolished.

Antibodies against human herpesvirus 8 in black South African patients with cancer

Background Infection with human herpesvirus 8 (HHV-8) has been consistently linked to Kaposi's sarcoma, but its mode of transmission, association with other cancers, and interaction with the human immunodeficiency virus type 1 (HIV-1) are largely unknown. Methods Between January 1992 and December 1997, we interviewed 3591 black patients with cancer in Johannesburg and Soweto, South Africa. Blood was tested for antibodies against HIV-1 and HHV-8 in 3344 of the patients. Antibodies against HHV-8 were detected with an indirect immunofluorescence assay. The intensity of the fluorescent signal correlated well with the titers of antibodies (P<0.001). The relations among the presence of anti–HHV-8 antibodies, sociodemographic and behavioral factors, type of cancer, and the presence or absence of coexistent HIV-1 infection were examined with the use of unconditional logistic-regression models. Results Among the 3293 subjects with cancers other than Kaposi's sarcoma, the standardized seroprevalence of antibodies against HHV-8 was 32 percent, which did not differ significantly from the standardized seroprevalence among black blood donors. Among these 3293 patients, the prevalence of antibodies against HHV-8 increased with increasing age (P<0.001) and an increasing number of sexual partners (P=0.05) and decreased with increasing years of education (P=0.007); it was not strongly associated with HIV-1 infection. Anti–HHV-8 antibodies were more frequent among black than white blood donors (P<0.001). Among the 51 patients with Kaposi's sarcoma, the standardized seroprevalence of antibodies against HHV-8 was 83 percent, significantly higher than the prevalence among those without Kaposi's sarcoma (P<0.001). For 16 other specific types of cancer, including multiple myeloma (108 cases) and prostate cancer (202 cases), the variation in the standardized seroprevalence of antibodies against HHV-8 was not remarkable. At a given intensity of fluorescence of anti–HHV-8 antibodies, Kaposi's sarcoma was more frequent among HIV-1–positive patients than among those who were HIV-1–negative (P<0.001). Conclusions Among black patients with cancer in South Africa, the seroprevalence of anti–HHV-8 antibodies is high and is specifically associated with Kaposi's sarcoma, particularly at high titers.

Parenting and the behavior problems of young children with an intellectual disability: Concurrent and longitudinal relationships in a population-based study

We examined parenting behaviors, and their association with concurrent and later child behavior problems. Children with an intellectual disability (ID) were identified from a UK birth cohort (N  =  516 at age 5). Compared to parents of children without an ID, parents of children with an ID used discipline less frequently, but reported a more negative relationship with their child. Among children with an ID, discipline, and home atmosphere had no long-term association with behavior problems, whereas relationship quality did: closer relationships were associated with fewer concurrent and later child behavior problems. Increased parent-child conflict was associated with greater concurrent and later behavior problems. Parenting programs in ID could target parent-child relationship quality as a potential mediator of behavioral improvements in children.

The iconic and the critical

Theodor Adorno was opposed to the cinema because he felt it was too close to reality, and ipso facto an extension of ideological Capital, as he wrote in 1944 in Dialectic of Enlightenment. What troubled Adorno was the iconic nature of cinema – the semiotic category invented by C. S. Peirce where the signifier (sign) does not merely signify, in the arbitrary capacity attested by Saussure, but mimics the formal-visual qualities of its referent. Iconicity finds its perfect example in the film’s ingenuous surface illusion of an unmediated reality – its genealogy (the iconic), since classical antiquity, lay in the Greek term eikōn which meant “image,” to refer to the ancient portrait statues of victorious athletes which were thought to bear a direct similitude with their parent divinities. For the postwar, Hollywood-film spectator, Adorno said, “the world outside is an extension of the film he has just left,” because realism is a precise instrument for the manipulation of the mass spectator by the culture industry, for which the filmic image is an advertisement for the world unedited. Mimesis, or the reproduction of reality, is a “mere reproduction of the economic base.” It is precisely film’s iconicity, then, its “realist aesthetic . . . [that] makes it inseparable from its commodity character.”...

Structure Of 5'-Deoxy-5',6-Epithio-5,6-Dihydro-2',3'-O-Isopropylideneuridine, C12h16n2o5s

Mr=300.33 , triclinic, P1, a=5.635 (2), b=11.077(2), c=11.582(2)A, a= 70.48 (1), fl= 88.16 (3), y=80.56(3) ° , V= 670.325 A3, Z=2, D x = 1.49 Mg m -3, Cu Ka, n= 1.54184 ,A, g = 2.308mm -1, F(000)=316, T=301K, R=0.054, R w = 0.093 for 1944 observed counter reflections. The sulphur position with respect to the dihydrouracil ring, which is of possible relevance to the action of thymidylate synthetase, is axial in molecule A and equatorial in B. Both molecules show the anti conformation about the glycosidic bond [torsion angle C(6)-N(1)-C(1')-O(4'), 2'CN = 21.6 (9) and 29.4 (10) °] and have the C(4')-endo, O(4')-exo (40T) sugar conformation. The dioxolane-ring conformation is O(2')-endo in A and C(7)-endo in B. The dihydrouracil rings show self base pairing with hydrogen bondsN(3A)...O(ZB) and N(3B)...O(ZA).

Ryssän koulussa : Suomalaiset Venäjän stipendiaatit autonomian aikana 1812-1917

Finnish scholarship students in Russia during the autonomy (1812-1917) During the autonomy in Finland (1809-1917), an attempt to improve the knowledge of the Russian language was made through special language university scholarships. With these scholarships the students could go and study the Russian language and acquire cultural knowledge in Russia. Other member countries on the edges of the Russian Empire, like Poland and the Baltic provinces, did not have similar programs. The first two scholars started their journey in 1812. A system of travel allowances was introduced in 1841. Between the years 1812- 1917 a total of almost 400 students studied in Russia. The studies mainly took place in Moscow. These scholarship students were called the Master s of Moscow ". In this paper, Finnish-Russian relations are studied based on the attitude towards the Russian language and the people who studied it in Finland. Although the attitude towards them was neutral in the beginning, in 1844 there was a strong change. Students of Russian, and especially the scholars, received the stigma of being unreliable and unpatriotic, a stigma they were never able to get rid of. The study of the Russian language was voluntary in Finnish schools between 1863 and 1872. Starting from 1890, however, the study of the Russian language was enforced. In doing so, the Russians attempted to unify the Empire, while the Finns had the illusion that they had their own state. Thus, Russia saw the language as a way to unify the Empire and Finns as an attempt to make them Russians. The purpose of studying in Russia was to improve the student s practical language skills and overall knowledge of the customs and culture of the country. Besides knowing the language, knowledge of Russian culture and customs is essential in understanding Russia and Russians; therefore, the studies of literature, geography and history have been noted in this research. Without knowledge it is difficult to develop understanding. After their studies, almost all of the scholars returned to Finland and did not continue their careers in Russia. They worked mainly as teachers and civil servants, and managed to improve the Finnish people s weak knowledge of Russian and Russia through teaching, translations of literature and newspaper articles. Through these scholars, it is possible to see how the attitudes towards the language have been closely related to the political history between Finland and Russia. The language became the subject of resistance and these attitudes were transferred to its students. In 1917, the study of Russia and the Russian language ended and it was no longer possible to use the acquired knowledge of language and country in independent Finland.

Role of Protozoa in the Aerobic Purification of Sewage

DURING recent years, there has been increasing amount of evidence regarding the importance of protozoa in the aerobic purification of sewage1–4 and, more recently, some quantitative observations on protozoa in determining the condition of sludge and quality of effluent have been recorded5–10. The evidence so far obtained has, however, been only indirect, chiefly owing to the difficulty in separating the protozoa from the associated bacteria. This has now been achieved and the object of this note is to show that the isolated protozoa can bring about practically all the changes associated with the purification. The part played by the bacteria is almost negligible.