Can an effective audit committee help to mitigate earnings management in Chinese firms listed in Hong Kong?

This paper attempts to determine whether the adoption of recommended corporate governance practices by Chinese firms is associated with less earnings management proxied by abnormal accruals. We examine the role of the audit committee and ownership concentration in preventing earnings management using Chinese firms listed in Hong Kong. The results of this preliminary analysis show that the frequency of audit committee meetings is associated with reduced levels of abnormal accruals, our measure of earnings management. We conclude that audit committee activity is an important factor in constraining the propensity of managers to engage in earnings management. In contrast, we find that the size of the audit committee is associated with increased levels of abnormal accruals and suggest that increasing the size of the audit committee creates information asymmetry between the audit committee and management that reduces the monitoring capacity of the audit committee. We do not find any association between audit committee independence, financial and industry experience, or ownership concentration and abnormal accruals.

On the endogeneity of the pay-performance relationship in professional soccer

In this reply we show that the N��esch (2009) comment paper to our initial contribution (Torgler and Schmidt 2007) has several shortcomings. He suggests that professional soccer wages seem to buy talent rather than motivation. We therefore provide a larger set of talent proxies and estimations to check whether this assertion is correct. Our results indicate that his conclusion is problematic. We still observe a strong motivational effect, and in some cases the effect is even larger than the talent effect. A further key problem in N��esch���s contribution is the fact that he neglects to consider the relevance of the relative salary situation.

Dynamic visual features for audio-visual speaker verification

The cascading appearance-based (CAB) feature extraction technique has established itself as the state-of-the-art in extracting dynamic visual speech features for speech recognition. In this paper, we will focus on investigating the effectiveness of this technique for the related speaker verification application. By investigating the speaker verification ability of each stage of the cascade we will demonstrate that the same steps taken to reduce static speaker and environmental information for the visual speech recognition application also provide similar improvements for visual speaker recognition. A further study is conducted comparing synchronous HMM (SHMM) based fusion of CAB visual features and traditional perceptual linear predictive (PLP) acoustic features to show that higher complexity inherit in the SHMM approach does not appear to provide any improvement in the final audio-visual speaker verification system over simpler utterance level score fusion.

The QUT-NOISE-TIMIT corpus for the evaluation of voice activity detection algorithms

The QUT-NOISE-TIMIT corpus consists of 600 hours of noisy speech sequences designed to enable a thorough evaluation of voice activity detection (VAD) algorithms across a wide variety of common background noise scenarios. In order to construct the final mixed-speech database, a collection of over 10 hours of background noise was conducted across 10 unique locations covering 5 common noise scenarios, to create the QUT-NOISE corpus. This background noise corpus was then mixed with speech events chosen from the TIMIT clean speech corpus over a wide variety of noise lengths, signal-to-noise ratios (SNRs) and active speech proportions to form the mixed-speech QUT-NOISE-TIMIT corpus. The evaluation of five baseline VAD systems on the QUT-NOISE-TIMIT corpus is conducted to validate the data and show that the variety of noise available will allow for better evaluation of VAD systems than existing approaches in the literature.

The trouble with play

The Trouble with Play is a radical departure from some of the ideas about play that are held dear by many in early childhood education. For many, play is considered essential to children's development and learning, and is often promoted as a universal and almost magical 'fix'. Although play does have many proven benefits for children, the authors show that play in the early years is not always innocent, fun and natural. Play can also be political and involve morals, ethics, values and power.

Beyond discovery : a case study of teacher interaction, young children and computer tasks

The integration of computer technologies into everyday classroom life continues to provide pedagogical challenges for school systems, teachers and administrators. Data from an exploratory case study of one teacher and a multiage class of children in the first years of schooling in Australia show that when young children are using computers for set tasks in small groups, they require ongoing support from teachers, and to engage in peer interactions that are meaningful and productive. Classroom organization and the nature of teacher-child talk are key factors in engaging children in set tasks and producing desirable learning and teaching outcomes.

Modeling crash types: New insights into the effects of covariates on crashes at rural intersections

Many studies focused on the development of crash prediction models have resulted in aggregate crash prediction models to quantify the safety effects of geometric, traffic, and environmental factors on the expected number of total, fatal, injury, and/or property damage crashes at specific locations. Crash prediction models focused on predicting different crash types, however, have rarely been developed. Crash type models are useful for at least three reasons. The first is motivated by the need to identify sites that are high risk with respect to specific crash types but that may not be revealed through crash totals. Second, countermeasures are likely to affect only a subset of all crashes���usually called target crashes���and so examination of crash types will lead to improved ability to identify effective countermeasures. Finally, there is a priori reason to believe that different crash types (e.g., rear-end, angle, etc.) are associated with road geometry, the environment, and traffic variables in different ways and as a result justify the estimation of individual predictive models. The objectives of this paper are to (1) demonstrate that different crash types are associated to predictor variables in different ways (as theorized) and (2) show that estimation of crash type models may lead to greater insights regarding crash occurrence and countermeasure effectiveness. This paper first describes the estimation results of crash prediction models for angle, head-on, rear-end, sideswipe (same direction and opposite direction), and pedestrian-involved crash types. Serving as a basis for comparison, a crash prediction model is estimated for total crashes. Based on 837 motor vehicle crashes collected on two-lane rural intersections in the state of Georgia, six prediction models are estimated resulting in two Poisson (P) models and four NB (NB) models. The analysis reveals that factors such as the annual average daily traffic, the presence of turning lanes, and the number of driveways have a positive association with each type of crash, whereas median widths and the presence of lighting are negatively associated. For the best fitting models covariates are related to crash types in different ways, suggesting that crash types are associated with different precrash conditions and that modeling total crash frequency may not be helpful for identifying specific countermeasures.

Conflict resolution through negotiation in a railway open access market : a multi-agent system approach

Open access reforms to railway regulations allow multiple train operators to provide rail services on a common infrastructure. As railway operations are now independently managed by different stakeholders, conflicts in operations may arise, and there have been attempts to derive an effective access charge regime so that these conflicts may be resolved. One approach is by direct negotiation between the infrastructure manager and the train service providers. Despite the substantial literature on the topic, few consider the benefits of employing computer simulation as an evaluation tool for railway operational activities such as access pricing. This article proposes a multi-agent system (MAS) framework for the railway open market and demonstrates its feasibility by modelling the negotiation between an infrastructure provider and a train service operator. Empirical results show that the model is capable of resolving operational conflicts according to market demand.

Distributing sensitive information in the MPEG-21 multimedia framework

The MPEG-21 Multimedia Framework provides for controlled distribution of multimedia works through its Intellectual Property Management and Protection ("IPMP") Components and Rights Expression Language ("MPEG REL"). The IPMP Components provide a framework by which the components of an MPEG-21 digital item can be protected from undesired access, while MPEG REL provides a mechanism for describing the conditions under which a component of a digital item may be used and distributed. This chapter describes how the IPMP Components and MPEG REL were used to implement a series of digital rights management applications at the Cooperative Research Centre for Smart Internet Technology in Australia. While the IPMP Components and MPEG REL were initially designed to facilitate the protection of copyright, the applications also show how the technology can be adapted to the protection of private personal information and sensitive corporate information.

Business Process Model Merging : An Approach to Business Process Consolidation

This paper addresses the problem of constructing consolidated business process models out of collections of process models that share common fragments. The paper considers the construction of unions of multiple models (called merged models) as well as intersections (called digests). Merged models are intended for analysts who wish to create a model that subsumes a collection of process models - typically representing variants of the same underlying process - with the aim of replacing the variants with the merged model. Digests, on the other hand, are intended for analysts who wish to identify the most recurring fragments across a collection of process models, so that they can focus their efforts on optimizing these fragments. The paper presents an algorithm for computing merged models and an algorithm for extracting digests from a merged model. The merging and digest extraction algorithms have been implemented and tested against collections of process models taken from multiple application domains. The tests show that the merging algorithm produces compact models and scales up to process models containing hundreds of nodes. Furthermore, a case study conducted in a large insurance company has demonstrated the usefulness of the merging and digest extraction operators in a practical setting.

Reliability prediction using the non-parametric explicit hazard model : a case study

Survival probability prediction using covariate-based hazard approach is a known statistical methodology in engineering asset health management. We have previously reported the semi-parametric Explicit Hazard Model (EHM) which incorporates three types of information: population characteristics; condition indicators; and operating environment indicators for hazard prediction. This model assumes the baseline hazard has the form of the Weibull distribution. To avoid this assumption, this paper presents the non-parametric EHM which is a distribution-free covariate-based hazard model. In this paper, an application of the non-parametric EHM is demonstrated via a case study. In this case study, survival probabilities of a set of resistance elements using the non-parametric EHM are compared with the Weibull proportional hazard model and traditional Weibull model. The results show that the non-parametric EHM can effectively predict asset life using the condition indicator, operating environment indicator, and failure history.

Bottlenecks detection of track allocation schemes at rail stations by Petri nets

Robustness of the track allocation problem is rarely addressed in literatures and the obtained track allocation schemes (TAS) embody some bottlenecks. Therefore, an approach to detect bottlenecks is needed to support local optimization. First a TAS is transformed to an executable model by Petri nets. Then disturbances analysis is performed using the model and the indicators of the total trains' departure delays are collected to detect bottlenecks when each train suffers a disturbance. Finally, the results of the tests based on a rail hub linking six lines and a TAS about thirty minutes show that the minimum buffer time is 21 seconds and there are two bottlenecks where the buffer times are 57 and 44 seconds respectively, and it indicates that the bottlenecks do not certainly locate at the area where there is minimum buffer time. The proposed approach can further support selection of multi schemes and robustness optimization.

Renewable energy sources and frequency regulation : survey and new perspectives

As the use of renewable energy sources (RESs) increases worldwide, there is a rising interest on their impacts on power system operation and control. An overview of the key issues and new challenges on frequency regulation concerning the integration of renewable energy units into the power systems is presented. Following a brief survey on the existing challenges and recent developments, the impact of power fluctuation produced by variable renewable sources (such as wind and solar units) on sysstem frequency performance is also presented. An updated LFC model is introduced, and power system frequency response in the presence of RESs and associated issues is analysed. The need for the revising of frequency performance standards is emphasised. Finally, non-linear time-domain simulations on the standard 39-bus and 24-bus test systems show that the simulated results agree with those predicted analytically.

A practical implementation of a continuous isotropic spherical omnidirectional drive

This paper presents a continuous isotropic spherical omnidirectional drive mechanism that is efficient in its mechanical simplicity and use of volume. Spherical omnidirectional mechanisms allow isotropic motion, although many are limited from achieving true isotropic motion by practical mechanical design considerations. The mechanism presented in this paper uses a single motor to drive a point on the great circle of the sphere parallel to the ground plane, and does not require a gearbox. Three mechanisms located 120 degrees apart provide a stable drive platform for a mobile robot. Results show the omnidirectional ability of the robot and demonstrate the performance of the spherical mechanism compared to a popular commercial omnidirectional wheel over edges of varying heights and gaps of varying widths.

Comment on ���The spreading of disorder���

Keizer, Lindenberg and Steg (2008) conduct six interesting field experiments and report that their results provide evidence of the broken windows theory. Such an analysis is highly relevant as the (broken windows) theory is both controversial and lacking empirical support. Keizer et al.���s key aim was to conceptualize a disorderly setting in such a way that it is linked to a process of spreading norm violation. The strength of the study is the exploration of cross-norm inhibition effects in a controlled field experimental environment. Their results show that if norm violating behavior becomes more common, it negatively affects compliance in other areas. Nevertheless, this comment paper discusses several shortcomings or limitations and provides new empirical evidence that deals with these problems.