Public regulatory reform and management earnings forecasts in a low private litigation environment

We examine the impact of continuous disclosure regulatory reform on the likelihood, frequency and qualitative characteristics of management earnings forecasts issued in New Zealand’s low private litigation environment. Using a sample of 720 earnings forecasts issued by 94 firms listed on the New Zealand Exchange before and after the reform (1999–2005), we provide strong evidence of significant changes in forecasting behaviour in the post-reform period. Specifically, firms were more likely to issue earnings forecasts to pre-empt earnings announcements and, in contrast to findings in other legal settings, those earnings forecasts exhibited higher frequency and improved qualitative characteristics (better precision and accuracy). An important implication of our findings is that public regulatory reforms may have a greater benefit in a low private litigation environment and thus add to the global debate about the effectiveness of alternative public regulatory reforms of corporate requirements.

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.

Corporate fraud and misconduct : investigative and regulatory priorities

This article investigates the profile of the companies that have been investigated for corporate fraud and misconduct. Our definition of fraud includes financial statement fraud, market misconduct fraud such as insider trading or false disclosures, and managerial fraud. The particular evidence presented relates to those instances of corporate fraud and misconduct investigated by the Australian corporate regulatory, Australian Securities and Investments Commission (ASIC), and relates to sanctions for fraud, misconduct or compliance breaches. Using data compiled from the public announcements in the ASIC reports over the period 2004-2008, we categorise the type of fraud and misconduct breaches ASIC chooses to report and investigate.

Architecture et révolution : Le Corbusier and the fascist revolution

In a letter to a close friend dated April 1922 Le Corbusier announced that he was to publish his first major book, Architecture et révolution, which would collect “a set ofarticles from L’EN.”1—L’Esprit nouveau, the revue jointly edited by him and painter Amédée Ozenfant, which ran from 1920 to 1925.2 A year later, Le Corbusier sketched a book cover design featuring “LE CORBUSIER - SAUGNIER,” the pseudonymic compound of Pierre Jeanneret and Ozenfant, above a square-framed single-point perspective of a square tunnel vanishing toward the horizon. Occupying the lower half of the frame was the book’s provisional title in large handwritten capital letters, ARCHITECTURE OU RÉVOLUTION, each word on a separate line, the “ou” a laconic inflection of Paul Laffitte’s proposed title, effected by Le Corbusier.3 Laffitte was one of two publishers Le Corbusier was courting between 1921 and 1922.4 An advertisement for the book, with the title finally settled upon, Vers une architecture, 5 was solicited for L’Esprit nouveau number 18. This was the original title conceived with Ozenfant, and had in fact already appeared in two earlier announcements.6 “Architecture ou révolution” was retained as the name of the book’s crucial and final chapter—the culmination of six chapters extracted from essays in L’Esprit nouveau. This chapter contained the most quoted passage in Vers une architecture, used by numerous scholars to adduce Le Corbusier’s political sentiment in 1923 to the extent of becoming axiomatic of his early political thought.7 Interestingly, it is the only chapter that was not published in L’Esprit nouveau, owing to a hiatus in the journal’s production from June 1922 to November 1923.8 An agitprop pamphlet was produced in 1922, after L’Esprit nouveau 11-12, advertising an imminent issue “Architecture ou révolution” with the famous warning: “the housing crisis will lead to the revolution. Worry about housing.”9

Securities market regulators’ use of the ‘please explain’ queries sanction and its power of compliance

The aim of this study is to investigate the compliance impact of price queries issued by a securities market operator to its participating firms. Market operators in Australia and New Zealand, such as the Australian Securities Exchange and the New Zealand Securities Exchange, have the regulatory power in their rules to issue queries to its market participants to explain unusual fluctuations in trading price 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 has informed much of the regulatory debate in securities laws in our region. We posit that price queries are one strategy that a market operator can use in communicating its enforcement expectations to its stakeholder. However, whilst responsive regulation informs regulatory choices, an alternate view seeks to explain why participants respond to these regulatory strategies, and we use disclosure behaviour after price queries to test compliance behaviour

Statutory-backed continuous disclosure regime and corporate disclosure behaviour : does corporate governance matter?

Since 1 December 2002, the New Zealand Exchange’s (NZX) continuous disclosure listing rules have operated with statutory backing. To test the effectiveness of the new corporate disclosure regime, we compare the change in quantity of market announcements (overall, non-routine, non-procedural and external) released to the NZX before and after the introduction of statutory backing. We also extend our study in investigating whether the effectiveness of the new corporate disclosure regime is diminished or augmented by corporate governance mechanisms including board size, providing separate roles for CEO and Chairman, board independence, board gender diversity and audit committee independence. Our findings provide a qualified support for the effectiveness of the new corporate disclosure regime regarding the quantity of market disclosures. There is strong evidence that the effectiveness of the new corporate disclosure regime was augmented by providing separate roles for CEO and Chairman, board gender diversity and audit committee independence, and diminished by board size. In addition, there is significant evidence that share price queries do impact corporate disclosure behaviour and this impact is significantly influenced by corporate governance mechanisms. Our findings provide important implications for corporate regulators in their quest for...

Statutory-backed continuous disclosure regime and corporate disclosure behaviour : does corporate governance matter?

Since 1 December 2002, the New Zealand Exchange’s (NZX) continuous disclosure listing rules have operated with statutory backing. To test the effectiveness of the new corporate disclosure regime, we compare the change in quantity of market announcements (overall, non-routine, non-procedural and external) released to the NZX before and after the introduction of statutory backing. We also extend our study in investigating whether the effectiveness of the new corporate disclosure regime is diminished or augmented by corporate governance mechanisms including board size, providing separate roles for CEO and Chairman, board independence, board gender diversity and audit committee independence. Our findings provide a qualified support for the effectiveness of the new corporate disclosure regime regarding the quantity of market disclosures. There is strong evidence that the effectiveness of the new corporate disclosure regime was augmented by providing separate roles for CEO and Chairman, board gender diversity and audit committee independence, and diminished by board size. In addition, there is significant evidence that share price queries do impact corporate disclosure behaviour and this impact is significantly influenced by corporate governance mechanisms. Our findings provide important implications for corporate regulators in their quest for a superior disclosure regime.

The emergence of Leptospira borgpetersenii serovar Arborea as the dominant infecting serovar following the summer of natural disasters in Queensland, Australia 2011

The following research reports the emergence of Leptospira borgpetersenii serovar Arborea as the dominant infecting serovar following the summer of disasters and the ensuing clean up in Queensland, Australia during 2011. For the 12 month period (1 January to 31 December) L. borgpetersenii serovar Arborea accounted for over 49% of infections. In response to a flooding event public health officials need to issue community wide announcements warning the population about the dangers of leptospirosis and other water borne diseases. Communication with physicians working in the affected community should also be increased to update physicians with information such as clinical presentation of leptospirosis and other waterborne diseases. These recommendations will furnish public health officials with considerations for disease management when dealing with future disaster management programs.

Food security

INTRODUCTION Globally, one-third of food production is lost annually due to negligent authorities. India alone loses some 21 million tonnes of wheat per year even while it has 200 million food-insecure people in the nation. Disturbingly provocative as it may sound, it is amazing how national and international institutions and governments make use of human hunger for their own survival (Raghib 2013). The global food system is increasingly insecure. Challenges to long-term global food security are encapsulated by resource scarcity, environmental degradation, biodiversity loss, climate change, reductions of farm labour and a growing world population. These issues are caused and aggravated by the spread of corporatised and monopolised food systems, dietary change, and urbanisation. These factors have rapidly brought food insecurity under the umbrella of unconventional security threats (Heukelom 2011). For some, humanitarian crises associated with food insecurity, or what has been dubbed ‘the silent tsunami’, is a pending peril, notably for the world’s poorest and most vulnerable people. For others, the food production industry is an emerging market with unprecedented profits. Despite this problem of food scarcity we are witnessing extraordinary ‘food wastage’, notably in North America and Europe, on a scale that would reportedly be capable of feeding the world’s hungry six times over (Stuart 2012). As the opening quotation to this chapter suggests, governments and corporations are deeply involved in the contexts, politics, and resources associated with food related issues. As many economically developed and advanced industrial nations are reporting a rise out of recession, announcements are made by the world’s richest countries that they are to cut $US2 billion per year from food aid. The head of the World Food Aid Programme, Rosette Sheeran, warns that such cuts could result in ‘the loss of a generation’ (Walters 2011). The global food crisis has also reinvigorated debates about agricultural development and genetically modified (GM) food; as well as fuelling debates about poverty, debt and security. This chapter provides a discussion of the political economy of global food debates and explores the threats and opportunities surrounding food production and future food security.

Cut here : reshaping the ABC

Monday’s announcement that the ABC will make 80 positions redundant is just the latest move in an enforced process of change to the public service broadcaster. It has a long way yet to run. The announcement finally put the lie to Tony Abbott’s election eve pledge, live on national television, that there would be “no cuts to the ABC or SBS”. In concert with other recent announcements, it seems clear that public broadcasting – and in particular the ABC – is squarely in the government’s sights.

Genome Sequence of Acinetobacter baumannii Strain A1, an Early Example of Antibiotic-Resistant Global Clone 1

Acinetobacter baumannii isolate A1 was recovered in the United Kingdom in 1982 and belongs to global clone 1 (GC1). Here, we present its complete 3.91-Mbp genome sequence, generated via a combination of short-read sequencing (Illumina), long-read sequencing (PacBio), and manual finishing.

Genome sequence of marine bacterium idiomarina sp. strain 28-8, isolated from Korean ark shells

Idiomarina sp. strain 28-8 is an aerobic, Gram-negative, flagellar bacterium isolated from the bodies of ark shells (Scapharca broughtonii) collected from underwater sediments in Gangjin Bay, South Korea. Here, we present the draft genome sequence of Idiomarina sp. 28-8 (2,971,606 bp, with a G+C content of 46.9%), containing 2,795 putative coding sequences.

Complete genome sequences of Helicoverpa armigera Single Nucleopolyhedrovirus Strains AC53 and H25EA1 from Australia

We report here the genome sequences of two alphabaculoviruses of Helicoverpa spp. from Australia: AC53, used in the biopesticides ViVUS and ViVUS Max, and H25EA1, used in in vitro production studies.

Draft genome and plasmid sequences of Chlamydia pneumoniae strain B21 from an Australian endangered marsupial, the western barred bandicoot

Chlamydia pneumoniae is a ubiquitous intracellular pathogen, first associated with human respiratory disease and subsequently detected in a range of mammals, amphibians, and reptiles. Here we report the draft genome sequence for strain B21 of C. pneumoniae, isolated from the endangered Australian marsupial the western barred bandicoot.

Agenda-Setting Revisited: Social Media and Sourcing in Mainstream Journalism

In political journalism, the battle over agenda-setting between journalists and their sources has been described using many metaphors and concepts. Herbert Gans saw it as a dance where the two parties competed for leadership, arguing that sources usually got the lead. We address the question of how social media, in particular Twitter, contribute to media agenda-building and agenda-setting by looking at how tweets are sourced in election campaign coverage in Australia, Norway and Sweden. Our findings show that the popularity of elite political sources is a common characteristic across all countries and media. Sourcing from Twitter reinforces the power of the political elites to set the agenda of the news media – they are indeed “still leading the dance”. Twitter content travels to the news media as opinions, comments, announcements, factual statements, and photos. Still, there are variations that must be explained both by reference to different political and cultural characteristics of the three countries, as well as by the available resources and journalistic profiles of each media outlet.