Analysis of risk management disclosures by Australian publicly listed companies

In the aftermath of the global financial crisis, effective risk management (RM) and its communication to stakeholders are now considered essential components in corporate governance. However, despite the importance of RM communication, it is still unclear how and to what extent disclosures in financial reports can achieve effective communication of RM activities. The situation is hampered by the paucity of international RM Research that captures institution differences in corporate governance standards. The Australian setting provides an ideal environment in which to examine RM communication because the Australian Securities Exchange (ASX) has since 2007 recommended RM disclosures under its principle-based governance rules. The recommendations are contained in Principle 7 of the Corporate Governance Principles and recommendations (ASX CGPR). Accordingly, to assess the effectiveness of the AXS's RM governance principle, this study examines the nature and extent of RM disclosures reported by major ASX-listed firms. Using a mixed method approach (thematic content analysis and a series of regression analysis) we find widespread divergence in disclosure practices and low conformance with the Principle 7 recommendations. Certain corporate governance mechanisms appear to influence some categories of RM dislcosure but equity risk has surprisingly little explanatory power. These results suggest that the RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders.

Meta-analysis of prevalence

Meta-analysis is a method to obtain a weighted average of results from various studies. In addition to pooling effect sizes, meta-analysis can also be used to estimate disease frequencies, such as incidence and prevalence. In this article we present methods for the meta-analysis of prevalence. We discuss the logit and double arcsine transformations to stabilise the variance. We note the special situation of multiple category prevalence, and propose solutions to the problems that arise. We describe the implementation of these methods in the MetaXL software, and present a simulation study and the example of multiple sclerosis from the Global Burden of Disease 2010 project. We conclude that the double arcsine transformation is preferred over the logit, and that the MetaXL implementation of multiple category prevalence is an improvement in the methodology of the meta-analysis of prevalence.

Mechanical analysis of foot plantar fascia during normal walking condition

Foot plantar fascia is an important foot tissue in stabilizing the longitudinal arch of human foot. Direct measurement to monitor the mechanical situation of plantar fascia at human locomotion is difficult. The purpose of this study was to construct a three-dimensional finite element model of the foot to calculate the internal stress/strain value of plantar fascia during different stage of gait. The simulated stress distribution of plantar fascia was the lowest at heel-strike, which concentrated on the medial side of calcaneal tubercle. The peak stress of plantar fascia was appeared at push-off, and the value is more than 5 times of the heel-strike position. Current FE model was able to explore the plantar fascia tension trend at the main sub-phases of foot. More detailed fascia model and intrinsic muscle forces could be developed in the further study.

Efficient regression analysis with ranked-set sampling

This article is motivated by a lung cancer study where a regression model is involved and the response variable is too expensive to measure but the predictor variable can be measured easily with relatively negligible cost. This situation occurs quite often in medical studies, quantitative genetics, and ecological and environmental studies. In this article, by using the idea of ranked-set sampling (RSS), we develop sampling strategies that can reduce cost and increase efficiency of the regression analysis for the above-mentioned situation. The developed method is applied retrospectively to a lung cancer study. In the lung cancer study, the interest is to investigate the association between smoking status and three biomarkers: polyphenol DNA adducts, micronuclei, and sister chromatic exchanges. Optimal sampling schemes with different optimality criteria such as A-, D-, and integrated mean square error (IMSE)-optimality are considered in the application. With set size 10 in RSS, the improvement of the optimal schemes over simple random sampling (SRS) is great. For instance, by using the optimal scheme with IMSE-optimality, the IMSEs of the estimated regression functions for the three biomarkers are reduced to about half of those incurred by using SRS.

Elastic analysis of pin joints in plates under some combined pin and plate loads

Joints are primary sources of weakness in structures. Pin joints are very common and are used where periodic disassembly of components is needed. A circular pin in a circular hole in an infinitely large plate is an abstraction of such a pin joint. A two-dimensional plane-stress analysis of such a configuration is carried out, here, subjected to pin-bearing and/or biaxial-plate loading. The pin is assumed to be rigid compared to the plate material. For pin load the reactive stresses at the edges of the infinite plate tend to zero though their integral over the external boundary equals to the pin load. The pin-hole interface is unbonded and so beyond some load levels the plate separates from the pin and the extent of separation is a non-linear function of load level. The problem is solved by inverse technique where the extent of contact is specified and the causative loads are evaluated directly. In the situations where combined load is acting the separation-contact zone specification generally needs two parameters (angles) to be specified. The present report deals with analysing such a situation in metallic (or isotropic) plates. Numerical results are provided for parametric representation and the methodology is demonstrated.

An analysis of TLS handshake proxying

Content delivery networks (CDNs) are an essential component of modern website infrastructures: edge servers located closer to users cache content, increasing robustness and capacity while decreasing latency. However, this situation becomes complicated for HTTPS content that is to be delivered using the Transport Layer Security (TLS) protocol: the edge server must be able to carry out TLS handshakes for the cached domain. Most commercial CDNs require that the domain owner give their certificate's private key to the CDN's edge server or abandon caching of HTTPS content entirely. We examine the security and performance of a recently commercialized delegation technique in which the domain owner retains possession of their private key and splits the TLS state machine geographically with the edge server using a private key proxy service. This allows the domain owner to limit the amount of trust given to the edge server while maintaining the benefits of CDN caching. On the performance front, we find that latency is slightly worse compared to the insecure approach, but still significantly better than the domain owner serving the content directly. On the security front, we enumerate the security goals for TLS handshake proxying and identify a subtle difference between the security of RSA key transport and signed-Diffie--Hellman in TLS handshake proxying; we also discuss timing side channel resistance of the key server and the effect of TLS session resumption.

Combined Use of Solid of Revolution, Thin Shell, and Interphase Elements for Analysis of Cylindrical Shells

Near the boundaries of shells, thin shell theories cannot always provide a satisfactory description of the kinematic situation. This imposes severe limitations on simulating the boundary conditions in theoretical shell models. Here an attempt is made to overcome the above limitation. Three-dimensional theory of elasticity is used near boundaries, while thin shell theory covers the major part of the shell away from the boundaries. Both regions are connected by means of an “interphase element.” This method is used to study typical static stress and natural vibration problems

New SNPs for population genetic analysis reveal possible cryptic speciation of eastern Australian sea mullet (Mugil cephalus)

Sustainable management of sea mullet (Mugil cephalus) fisheries needs to account for recent observations of regional-scale differentiation. Population genetic analysis is sought to assess the situation of this ecologically and economically important fish species in eastern Australian waters. Here, we report (i) new population genetic markers [single nucleotide polymorphisms (SNPs) and potential microsatellites], (ii) first estimates of spatial genetic differentiation and (iii) prospective power tests for designing more comprehensive studies. Six DNA samples from three sampling regions (North Queensland, South Queensland and central New South Wales) on the eastern coast of Australia were used to prepare restriction site associated DNA (RAD) tag libraries from genomic DNA digested with EcoRI and MseI. A pooled sample of regional RAD tag libraries was sequenced using the Roche GS-FLX Titanium platform. A total of 172837 raw reads (17.4Mbp) were retrieved, 95500 of which were used to discover 1267 SNPs and 1417 microsatellites. A subset of 161 SNPs was validated based on 63 additional DNA samples genotyped using the Sequenom MassArray (iPLEX Gold chemistry). Altogether 92 SNPs (57%) were confirmed, with 40% of these marking fixed variants between northern and southern sampling regions. Our preliminary findings indicate a multispecies fishery stock of M. cephalus in eastern Australian waters, but suggest that strong genetic differentiation occurs north of major fishing grounds. Low potential differentiation within major fishing grounds (e.g. FST=0.0025) can be resolved with a likely power 67% by using standard sample sizes of 50 and validated subsets of available markers.

Review of continuum, finite element and hybrid techniques in the analysis of stress concentrations in structures

When a uniform flow of any nature is interrupted, the readjustment of the flow results in concentrations and rare-factions, so that the peak value of the flow parameter will be higher than that which an elementary computation would suggest. When stress flow in a structure is interrupted, there are stress concentrations. These are generally localized and often large, in relation to the values indicated by simple equilibrium calculations. With the advent of the industrial revolution, dynamic and repeated loading of materials had become commonplace in engine parts and fast moving vehicles of locomotion. This led to serious fatigue failures arising from stress concentrations. Also, many metal forming processes, fabrication techniques and weak-link type safety systems benefit substantially from the intelligent use or avoidance, as appropriate, of stress concentrations. As a result, in the last 80 years, the study and and evaluation of stress concentrations has been a primary objective in the study of solid mechanics. Exact mathematical analysis of stress concentrations in finite bodies presents considerable difficulty for all but a few problems of infinite fields, concentric annuli and the like, treated under the presumption of small deformation, linear elasticity. A whole series of techniques have been developed to deal with different classes of shapes and domains, causes and sources of concentration, material behaviour, phenomenological formulation, etc. These include real and complex functions, conformal mapping, transform techniques, integral equations, finite differences and relaxation, and, more recently, the finite element methods. With the advent of large high speed computers, development of finite element concepts and a good understanding of functional analysis, it is now, in principle, possible to obtain with economy satisfactory solutions to a whole range of concentration problems by intelligently combining theory and computer application. An example is the hybridization of continuum concepts with computer based finite element formulations. This new situation also makes possible a more direct approach to the problem of design which is the primary purpose of most engineering analyses. The trend would appear to be clear: the computer will shape the theory, analysis and design.

The Feminist Transformation of Bioethics : An Analysis of Theoretical Perspectives and Practical Applications in Feminist Bioethics

The purpose of this study is to examine how transformation is defining feminist bioethics and to determine the nature of this transformation. Behind the quest for transformation is core feminism and its political implications, namely, that women and other marginalized groups have been given unequal consideration in society and the sciences and that this situation is unacceptable and should be remedied. The goal of the dissertation is to determine how feminist bioethicists integrate the transformation into their respective fields and how they apply the potential of feminism to bioethical theories and practice. On a theoretical level, feminist bioethicists wish to reveal how current ways of knowing are based on inequality. Feminists pay special attention especially to communal and political contexts and to the power relations endorsed by each community. In addition, feminist bioethicists endorse relational ethics, a relational account of the self in which the interconnectedness of persons is important. On the conceptual level, feminist bioethicists work with beliefs, concepts, and practices that give us our world. As an example, I examine how feminist bioethicists have criticized and redefined the concept of autonomy. Feminist bioethicists emphasize relational autonomy, which is based on the conviction that social relationships shape moral identities and values. On the practical level, I discuss stem cell research as a test case for feminist bioethics and its ability to employ its methodologies. Analyzing these perspectives allowed me first, to compare non-feminist and feminist accounts of stem cell ethics and, second, to analyze feminist perspectives on the novel biotechnology. Along with offering a critical evaluation of the stem cell debate, the study shows that sustainable stem cell policies should be grounded on empirical knowledge about how donors perceive stem cell research and the donation process. The study indicates that feminist bioethics should develop the use of empirical bioethics, which takes the nature of ethics seriously: ethical decisions are provisional and open for further consideration. In addition, the study shows that there is another area of development in feminist bioethics: the understanding of (moral) agency. I argue that agency should be understood to mean that actions create desires.

Analysis of transients in a canal network

A generalised formulation of the mathematical model developed for the analysis of transients in a canal network, under subcritical flow, with any realistic combination of control structures and their multiple operations, has been presented. The model accounts for a large variety of control structures such as weirs, gates, notches etc. discharging under different conditions, namely submerged and unsubmerged. A numerical scheme to compute and approximate steady state flow condition as the initial condition has also been presented. The model can handle complex situations that may arise from multiple gate operations. This has been demonstrated with a problem wherein the boundary conditions change from a gate discharge equation to an energy equation and back to a gate discharge equation. In such a situation the wave strikes a fixed gate and leads to large and rapid fluctuations in both discharge and depth.

Elasto-Electrostatic Analysis of Circular Microplates Used in Capacitive Micromachined Ultrasonic Transducers

The active structural component of a capacitive micromachined ultrasonic transducer (CMUT) is the top plate which vibrates under the influence of a time-varying electrostatic force thereby producing ultrasound waves of the desired frequency in the surrounding medium. Analysis of MEMS devices which rely on electrostatic actuation is complicated due to the fact that the structural deformations alter the electrostatic forces, which redistribute and modify the applied loads. Hence, it becomes imperative to consider the electrostatics-structure coupling aspect in the design of these devices. This paper presents an approximate analytical solution for the static deflection of a thin, clamped circular plate caused by electrostatic forces which are inherently nonlinear. Traditionally, finite element simulations using some commercial software such as ANSYS are employed to determine the structural deflections caused by electrostatic forces. Since the structural deformation alters the electrostatic field, a coupled-field simulation is required wherein the electrostatic mesh is continuously updated to coincide with the deflection of the structure. Such simulations are extremely time consuming, in addition to being nontransparent and somewhat hard to implement. We employ the classical thin-plate theory which is adequate when the ratio of the diameter to thickness of the plate is very large, a situation commonly prevalent in many MEMS devices, especially the CMUTs. We solve the thin-plate electrostatic-elastic equation using the Galerkin-weighted residual technique, under the assumption that the deflections are small in comparison to the thickness of the plate. The evaluation of the electrostatic force between the two plates is simplified due to the fact that the electrostatic gap is much smaller than the lateral dimensions of the device. The results obtained are compared to those found from ANSYS simulations and an excellent agreement is observed between the two. The pull-in voltage predicted by our model is close to the value predicted by ANSYS simulations.

Analysis of continuum using boundary compatibility conditions of integrated force method

Static and vibration problems of an indeterminate continuum are traditionally analyzed by the stiffness method. The force method is more or less non-existent for such problems. This situation is primarily due to the incomplete state of development of the compatibility conditions which are essential for the analysis of indeterminate structures by the flexibility method. The understanding of the Compatibility Conditions (CC) has been substantially augmented. Based on the understanding of CC, a novel formulation termed the Integrated Force Method (IFM) has been established. In this paper IFM has been extended for the static and vibration analyses of a continuum. The IFM analysis is illustrated taking three examples: 1. (1) rectangular plate in flexure 2. (2) analysis of a cantilevered dam 3. (3) free vibration analysis of a beam. From the examples solved it is observed that the force response of an indeterminate continuum with mixed boundary conditions can be generated by IFM without any reference to displacements in the field or on the boundary. Displacements if required can be calculated by back substitution.

Saturation throughput analysis of an input queueing ATM switch with multiclass bursty traffic

In this paper we consider an N x N non-blocking, space division ATM switch with input cell queueing. At each input, the cell arrival process comprises geometrically distributed bursts of consecutive cells for the various outputs. Motivated by the fact that some input links may be connected to metropolitan area networks, and others directly to B-ISDN terminals, we study the situation where there are two classes of inputs with different values of mean burst length. We show that when inputs contend for an output, giving priority to an input with smaller expected burst length yields a saturation throughput larger than if the reverse priority is given. Further, giving priority to less bursty traffic can give better throughput than if all the inputs were occupied by this less bursty traffic. We derive the asymptotic (as N --> infinity) saturation throughputs for each priority class.

Roy equation analysis of ππ scattering

We analyse the Roy equations for the lowest partial waves of elastic ππ scattering. In the first part of the paper, we review the mathematical properties of these equations as well as their phenomenological applications. In particular, the experimental situation concerning the contributions from intermediate energies and the evaluation of the driving terms are discussed in detail. We then demonstrate that the two S-wave scattering lengths a00 and a02 are the essential parameters in the low energy region: Once these are known, the available experimental information determines the behaviour near threshold to within remarkably small uncertainties. An explicit numerical representation for the energy dependence of the S- and P-waves is given and it is shown that the threshold parameters of the D- and F-waves are also fixed very sharply in terms of a00 and a20. In agreement with earlier work, which is reviewed in some detail, we find that the Roy equations admit physically acceptable solutions only within a band of the (a00,a02) plane. We show that the data on the reactions e+e−→ππ and τ→ππν reduce the width of this band quite significantly. Furthermore, we discuss the relevance of the decay K→ππeν in restricting the allowed range of a00, preparing the grounds for an analysis of the forthcoming precision data on this decay and on pionic atoms. We expect these to reduce the uncertainties in the two basic low energy parameters very substantially, so that a meaningful test of the chiral perturbation theory predictions will become possible.