Does the GRI influence sustainability disclosures in Asia-Pacific banks?

This article examines sustainability disclosures by the major banks in the Asia-Pacific region (the six largest banks from each of four countries: Australia, Japan, China and India) during the period 2005 to 2012. The findings show sustainability disclosures by banks that participate in the global reporting initiative (GRI) are significantly higher than disclosures by those banks that have not participated in the GRI. Amongst those banks that have participated in the GRI there is is a higher rate of disclosure by externally assured banks than by non-externally assured banks. Among the GRI

The determinants of fair value measurements of banks: International evidence

The purpose of this study is to investigate the accounting choice decisions of banks to employ Level 3 inputs in estimating the value of their financial assets and liabilities. Using a sample of 146 bank-year observations from 18 countries over 2009-2012, this study finds banks’ incentives to use Level 3 valuation inputs are associated with both firm-level and country-level determinants. At the firm-level, leverage, profitability (in term of net income), Tier 1 capital ratio, size and audit committee independence are associated with the percentage of Level 3 valuation inputs. At the country-level, economy development, legal region, legal enforcement and investor rights are also associated with the Level 3 classification choice. Lastly, ‘secrecy’, the proxy for culture dimensions and values, is found to be positively associated with the use of Level 3 valuation inputs. Altogether, these findings suggest that banks use the discretion available under Level 3 inputs opportunistically to avoid violating debt covenants limits, to increase earnings and manage their capital ratios. Results of this study also highlight that corporate governance quality at the firm-level (e.g. audit committee independence) and institutional features can constrain banks’ opportunistic behaviors in using the discretion available under Level 3 inputs. The results of this study have important implications for standard setters and contribute to the debate on the use of fair value accounting in an international context.

The determinants of fair value measurements of banks: International evidence

The purpose of this study is to investigate the accounting choice decisions of banks to employ Level 3 inputs in estimating the value of their financial assets and liabilities. Using a sample of 146 bank-year observations from 18 countries over 2009-2012, this study finds banks’ incentives to use Level 3 valuation inputs are associated with both firm-level and country-level determinants. At the firm-level, leverage, profitability (in term of net income), Tier 1 capital ratio, size and audit committee independence are associated with the percentage of Level 3 valuation inputs. At the country-level, economy development, legal region, legal enforcement and investor rights are also associated with the Level 3 classification choice. Lastly, ‘secrecy’, the proxy for culture dimensions and values, is found to be positively associated with the use of Level 3 valuation inputs. Altogether, these findings suggest that banks use the discretion available under Level 3 inputs opportunistically to avoid violating debt covenants limits, to increase earnings and manage their capital ratios. Results of this study also highlight that corporate governance quality at the firm-level (e.g. audit committee independence) and institutional features can constrain banks’ opportunistic behaviors in using the discretion available under Level 3 inputs. The results of this study have important implications for standard setters and contribute to the debate on the use of fair value accounting in an international context.

The usefulness of fair values in improving the predictive ability of earnings: Evidence from international banks

One of the objectives of general-purpose financial reporting is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. The current focus on potentially increased relevance of fair value accounting weighed against issues of reliability has failed to consider the potential impact on the predictive ability of accounting. Based on a sample of international (non-U.S.) banks from 24 countries during 2009-2012, we test the usefulness of fair values in improving the predictive ability of earnings. First, we find that the increasing use of fair values on balance-sheet financial instruments enhances the ability of current earnings to predict future earnings and cash flows. Second, we provide evidence that the fair value hierarchy classification choices affect the ability of earnings to predict future cash flows and future earnings. More precisely, we find that the non-discretionary fair value component (Level 1 assets) improves the predictability of current earnings whereas the discretionary fair value components (Level 2 and Level 3 assets) weaken the predictive power of earnings. Third, we find a consistent and strong association between factors reflecting country-wide institutional structures and predictive power of fair values based on discretionary measurement inputs (Level 2 and Level 3 assets and liabilities). Our study is timely and relevant. The findings have important implications for standard setters and contribute to the debate on the use of fair value accounting.

Applying Genetic Algorithms to Optimize Power in Tiled SNUCA Chip Multicore Architectures

We propose a novel technique for reducing the power consumed by the on-chip cache in SNUCA chip multicore platform. This is achieved by what we call a "remap table", which maps accesses to the cache banks that are as close as possible to the cores, on which the processes are scheduled. With this technique, instead of using all the available cache, we use a portion of the cache and allocate lesser cache to the application. We formulate the problem as an energy-delay (ED) minimization problem and solve it offline using a scalable genetic algorithm approach. Our experiments show up to 40% of savings in the memory sub-system power consumption and 47% savings in energy-delay product (ED).

Applying Genetic Algorithms to Optimize Power in Tiled SNUCA Chip Multicore Architectures

We propose a novel technique for reducing the power consumed by the on-chip cache in SNUCA chip multicore platform. This is achieved by what we call a "remap table", which maps accesses to the cache banks that are as close as possible to the cores, on which the processes are scheduled. With this technique, instead of using all the available cache, we use a portion of the cache and allocate lesser cache to the application. We formulate the problem as an energy-delay (ED) minimization problem and solve it offline using a scalable genetic algorithm approach. Our experiments show up to 40% of savings in the memory sub-system power consumption and 47% savings in energy-delay product (ED).

Adaptive power optimization of on-chip SNUCA cache on tiled chip multicore architecture using remap policy

Advances in technology have increased the number of cores and size of caches present on chip multicore platforms(CMPs). As a result, leakage power consumption of on-chip caches has already become a major power consuming component of the memory subsystem. We propose to reduce leakage power consumption in static nonuniform cache architecture(SNUCA) on a tiled CMP by dynamically varying the number of cache slices used and switching off unused cache slices. A cache slice in a tile includes all cache banks present in that tile. Switched-off cache slices are remapped considering the communication costs to reduce cache usage with minimal impact on execution time. This saves leakage power consumption in switched-off L2 cache slices. On an average, there map policy achieves 41% and 49% higher EDP savings compared to static and dynamic NUCA (DNUCA) cache policies on a scalable tiled CMP, respectively.

Corporate Governance as a School of Social Reform

In this paper, I present a vision of the corporation as a moral person. I point to “the separation of ownership and control” as a moment when the corporation broke away from the moral lives of ownermanagers. I then draw out the manner in which we can speak of the company as a moral person. Finally, through a discussion of social reporting in two British banks, I point to a shift in how this moral personhood is articulated, with the rise of corporate governance—or doing business well—as its own foundation of corporate responsibility. I propose a view of corporate responsibility as a “transmission mechanism” for the company’s role in moral life, situated in the broader social conception of “moral economy.” This viewpoint sets out landscapes of legitimation and justification through which the ties that underpin economic life are founded

Life-Cycle Energy Analysis of a Modular/Off-Site Building School

This paper is concerned with assessing the building’s the energy efficiency and qualities of a modular design for the education industry, in order assess the long economic benefits. The research includes a life-cycle energy and cost analysis of the school building design, predicting the impact on the operational cost of the building as a result of the addition of photovoltaic panels. The paper also includes a comparative study between the ECO Modular Solutions building, and a current standard prefabricated school building, quantifying the savings in CO2 emissions and savings in cost.

Using VEs to enhance chronological understanding of history in middle school children.

Studies with computer-experienced children in the UK and less experienced in Ukraine explored the potential for VEs in teaching historical chronology to middle-school children aged 10–12 years old. Active fly-through VEs had been previously used successfully with primary school children aged 8–9 years old (given specific training with the environment) when they were subsequently tested for their ability to order events chronologically. All VEs in the present studies included a training element and active challenge, both found previously to enhance learning in other age groups. Ukraine children were trained and tested. UK children here were trained and tested, then retrained and retested to examine savings. Unlike other age groups, no significant benefit was seen for VE training compared with PowerPoint and Text conditions in either study. Possible explanations for the ineffectiveness of VE training for children of middle school age will be discussed. Keywords: timeline, chronographics

Networked learning ten years on: the rise of the virtual graduate school

The aim of this paper is to reflect on how conceptions of networked learning have changed, particularly in relation to educational practices and uses of technology, that can nurture new ideas of networked learning to sustain multiple and diverse communities of practice in institutional settings. Our work is framed using two theoretical frameworks: Giddens's (1984) structuration theory and Callon & Latour's (1981) Actor Network Theory as critiqued by Fox (2005) in relation to networked learning. We use these frameworks to analyse and critique ideas of networked learning embodied in both cases. We investigate three questions: (a) the role of individual agency in the development of networked learning; (b) the impact of technological developments on approaches to supporting students within institutional infrastructures; and (c) designing networked learning to incorporate Web 2.0 practices that sustain multiple communities and foster engagement with knowledge in new ways. We use an interpretivist approach by drawing on experiential knowledge of the Masters programme in Networked Collaborative Learning and the decision making process of designing the virtual graduate schools. At this early stage, we have limited empirical data related to the student experience of networked learning in current and earlier projects. Our findings indicate that the use of two different theoretical frameworks provided an essential tool in illuminating, situating and informing the process of designing networked learning that involves supporting multiple and diverse communities of practice in institutional settings. These theoretical frameworks have also helped us to analyze our existing projects as case studies and to problematize and begin to understand the challenges we face in facilitating the participation of research students in networked learning communities of practice and the barriers to that participation. We have also found that this process of theorizing has given us a way of reconceptualizing communities of practice within research settings that have the potential to lead to new ideas of networked learning.

Effect of European Sovereign debt crisis on banks’ stock market performances: application to Portuguese data

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Testing for volatility persistence change: The effect of the credit crisis on the Portuguese banks

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics