Information leakage and informed trading around unscheduled earnings announcements

While there has been much judicial discussion regarding the competency of Australia's continuous disclosure regime with reference to contemporaneous international standards, there has to date been limited empirical analysis of the Australian system's effectiveness in preventing selective disclosure and information leakage. This paper presents an empirical study of information content and trading behaviour around unscheduled earnings announcements - comprising of profit upgrades, profit warnings and neutral trading statements - made by ASX-listed companies during 2004. The contention is that informed trading impacts on the stock returns and trading volumes of listed entities, and hence abnormal returns or trading volumes observed prior to an announcement provide evidence of information leakage. The paper models a range of factors that potentially influence firm disclosure practices and contribute to the level information asymmetry in the market during the pre- announcement period. Previous research has investigated the influence of firm size and information content in contributing to information leakage. This study further considers the variables of firm growth, capital structure and industry group.

Parents' perceptions and concerns about their children's weight

Background: For parents to address overweight or obesity in their children, they first need to perceive their child to be overweight and to show some level of concern. We aimed to: (1) measure the level of misclassification between children’s actual and parent-perceived weight status, and (2) determine the level of parent concern about their child’s (actual) weight and whether concern varied according to the accuracy of parents’ perceptions.

Methods: Participants were 1711 primary school children aged 5–12 years from the Barwon-South West region of Victoria, Australia. Height and weight were measured and weight status determined using international standards. Parents completed a Computer Assisted Telephone Interview (CATI) that included questions relating to their child’s weight.

Results: 448 children (26.2% of sample) were overweight or obese. Of these, weight status for almost half (48%) was underestimated by parents. This ‘bias’ did not vary according to the child’s gender, parent’s education, or household socio-economic status but did for child’s age and parent-respondent gender. More than half (57%) of the parents of overweight-obese children expressed no concern about their child’s weight. Parents who underestimated the weight status of their overweight child were significantly less concerned (P < 0.001) about their child’s weight than those who correctly perceived their child as overweight.

Conclusions: Parents were relatively poor judges of overweight or obesity in their own child and consequently there was a lack of appropriately directed concern. Education to help parents correctly classify their child’s weight status should be part of efforts to prevent unhealthy weight gain.

Evaluation of heat stress indices using physiological comparisons in an alumina refinery in a sub-tropical climate

The production of alumina involves the use of a process known as the Bayer process. This method involves the digestion of raw bauxite in sodium hydroxide at temperatures around 250°C. The resultant pregnant liquor then goes through a number of filtering and precipitation processes to obtain the aluminium oxide crystals which are then calcined to obtain the final product. The plant is situated in a sub tropical climate in Northern Australia and this combined with the hot nature of the process results in a potential for heat related illnesses to develop. When assessing a work environment for heat stress a heat stress index is often employed as a guideline and to date the Wet Bulb Globe Temperature (WBGT) has been the recommended index. There have been concerns over the past that the WBGT is not suited to the Northern Australian climate and in fact studies in other countries have suggested this is the case. This study was undertaken in the alumina plant situated in Gladstone Queensland to assess if WBGT was in fact the most suitable index for use or if another was more applicable. To this end three indices, Wet Bulb Globe Temperature (WBGT), Heat Stress Index (HSI) and Required Sweat Rate (SWreq) were compared and assessed using physiological monitoring of heart rate and surrogate core temperature. A number of different jobs and locations around the plant were investigated utilising personal and environmental monitoring equipment. These results were then collated and analysed using a computer program written as part of the study for the manipulation of the environmental data . Physiological assessment was carried out using methods approved by international bodies such as National Institute for Occupational Safety & Health (NIOSH) and International Standards Organisation (ISO) and incorporated the use of a ‘Physiological Factor’ developed to enable the comparison of predicted allowable exposure times and strain on the individual. Results indicated that of the three indices tested, Required Sweat Rate was found to be the most suitable for the climate and in the environment of interest. The WBGT system was suitable in areas in the moderate temperature range (ie 28 to 32°C) but had some deficiencies above this temperature or where the relative humidity exceeded approximately 80%. It was however suitable as a first estimate or first line indicator. HSI over-estimated the physiological strain in situations of high temperatures, low air flows and exaggerated the benefit of artificial air flows on the worker in certain environments ie. fans.

Aid and growth in small island developing states

Aid flows to small island developing states (SIDS) are enormous by international standards when compared to the size of their economies. Yet these countries face many severe economic challenges and many have experienced declines in the living standards of their citizens. This paper looks at the impact of aid on what is treated as a necessary precondition for improvements in living standards, typically defined. Specifically, it examines the impact of foreign aid on real per capita income growth in SIDS by econometrically analysing cross-country data for the period 1980 to 2004. A variety of econometric techniques and measures of aid are used. Results suggest that foreign aid is effective at spurring economic growth but with diminishing returns.

Beyond the separation of powers : judicial review and the regulatory proscription of terrorist organisations

Administrative law remains the key defence against an over-zealous executive arm of government, but administrative law needs to be understood in an international context. Perhaps nowhere is this more apparent than in relation to legislation designed to counter terrorist activities. The co-ordination of terrorist activities knows no borders, and state-centered executive action designed to address the threat of terrorism necessarily operates in a broader global environment. An important but controversial part of Australia's counter-terrorism legislation suite is the power to proscribe terrorist organisations. The authors contend that the scope of judicial review available in relation to decisions of the Commonwealth executive to proscribe terrorist organisations is inadequate and may jeapordise Australia's compliance with international standards, such as those provided in the International Covenant on Civil and Political Rights. Now is an opportune time to reassess the structure and operation of the power to proscribe organisations in Australia.

Shifting curves? Trends in thinness and obesity among Australian youth, 1985 to 2010

Objective To describe 25-year trends in the prevalence of ≤Grade 2 thinness and obesity among Australian children by sex, age and socioeconomic (SES) background.

Methods Cross-sectional surveys of New South Wales school-aged children aged 6.0–16.9 years conducted in 1985–1997–2004–2010 (n = 19 434). Height/weight were measured, and thinness and obesity were defined by international standards. SES was derived from children's residential postcode using the Australian Bureau of Statistics' Index of Relative Socioeconomic Disadvantage, most proximal to the survey year.

Results Since 1985, the prevalence of thinness has not varied by survey year. Age was not associated with thinness; however, thinness was lower among middle SES boys, compared with high SES (OR: 0.45, 95%CI: 0.21, 0.97). The prevalence of obesity trebled between 1985 and 1997 (1.7% vs. 5.1% P = 0.000); however, since 1997, obesity prevalence has not significantly changed. Since 1997, obesity was higher among younger compared with older girls (OR: 2.11, 95%CI: 1.48, 3.00) and SES was inversely associated with obesity in boys (OR: 2.05, 95%CI: 1.44, 2.92) and girls (OR: 1.86, 95%CI: 1.27, 2.74).

Conclusions The apparent plateau in child obesity is a welcome finding; however, the SES gradients are of concern. If the obesity stabilization is associated with the impact of multiple lifestyle behavioural interventions, the findings suggest obesity programmes have done ‘no harm’, but potentially the dose/delivery of interventions has not been sufficient or appropriate to reduce child obesity levels.

Strategies for improving the thermal performance and comfort levels of a kindergarten in the mountains of Nepal

Located on the Annapurna trekking trail in Nepal, Siurung is a remote mountain village where outside influences are almost non-existent. The thermal comfort levels of a recently-constructed kindergarten are well below international standards because of the climate and poor building envelope. A TRNSYS model of the kindergarten has been used to predict the current occupant comfort levels and subsequently determine the most effective way to alter the traditional construction methods to improve comfort levels. Improvements investigated were: reduced air infiltration, roof and wall insulation (separately and together), installation of a smokeless stove and a combination of all strategies.The model predicted that in the current building the PMV ranges from -1.94 in October to - 0.99 in July. It also predicted that the current PPD (%) ranges from 100 in January to 26 in July. With the combination of strategies, the predicted PMV values were all improved to between -1.08 and +0.34, and the PPD values of all months except January were reduced to below 10%. When improving the comfort levels of an existing school, reducing air infiltration, adding roof insulation and installing a smokeless stove are the most effective strategies. When constructing a new school, however, reducing air infiltration and adding insulation to the walls and roof are the most effective and feasible strategies. If a smokeless stove can be afforded and transported to the site, it is recommended that one be installed as it provides a more significant improvement than any other single strategy.

The acute effects of caffeine in a sugar-sweetened beverage on energy consumption

Background: It has been suggested that those who are habitually high caffeine consumers ingest greater quantities of snack foods both in and outside the laboratory. Sugar-sweetened beverages (SSBs) are a major contributor to caffeine consumption and evidence links SSB consumption with poor dietary intake.

Objective: To determine whether varying the concentration of caffeine in SSBs influences snack food consumption and energy intake.

Methods: Caffeine taste thresholds were assessed using the International Standards Organization method for assessing taste sensitivity. In a crossover study design, participants (n=23, 26±5 years old, 58% female) were provided with a standardized meal on 4 days and simultaneously consumed SSBs with varied levels of caffeine (0, 0.67, 1.16, and 1.65 mM). The intake of food and beverage was recorded following each meal session.

Results: A one way between groups analysis of variance revealed no significant main effect of caffeine concentration on consumption of SSBs [F (3, 92)=0.154, p=0.927] or food [F (3, 92)=0.305, p=0.822]. Pearson correlation analysis identified no significant correlations between the amount of food and SSB consumed (R=−0.031–0.415, p=0.062–0.893), or the amount of food and SSB consumed with body mass index and waist circumference (R=0.000 to −0.380, p=0.073–0.999). An individual's oral sensitivity to caffeine was not associated with SSB consumption (R=0.045 to −0.309, p=0.152–0.839) or the consumption of food (R=−0.052 to −0.327, p=0.128–0.812).

Conclusions: The concentration of caffeine in SSBs did not influence the amount of food or SSB consumed.

Assessment of proximal outcomes of self-management programs : translation and psychometric evaluation of a German version of the Health Education Impact Questionnaire (heiQtm)

Purpose This paper describes the translation, cultural adaption, and psychometric evaluation of a German version of the Health Education Impact Questionnaire (heiQ™), a widely used generic instrument assessing a wide range of proximal outcomes of self-management programs.

Methods The translation was carried out according to international standards and included forward and backward translations. Comprehensibility and content validity were tested using cognitive interviews with 10 rehabilitation inpatients. Psychometric properties were examined in rehabilitation inpatients (n = 1,202) with a range of chronic conditions. Factorial validity was assessed using confirmatory factor analysis; concurrent validity was explored by correlations with comparator scales.

Results The items of the German heiQ™ were well understood by rehabilitation inpatients. The structure of the eight heiQ™ scales was replicated after minor adjustment. heiQ™ scales had higher correlations with comparator scales with similar constructs, particularly mental health concepts than with physical health. Moreover, all heiQ™ scales differentiated between individuals across different levels of depression.

Conclusion The German heiQ™ is comprehensible for German-speaking patients suffering from different types of chronic conditions; it assesses relevant outcomes of self-management programs in a reliable and valid manner. Further studies involving its practical application are warranted.

Developing Abu Dhabi's solid waste sustainability index (ADSWMI)

Fast urbanization and population and economic growth led to increased solid waste generation in Abu Dhabi in the last decades. Abu Dhabi generates 5.8 kg of municipal waste per day per person. This is well above the world average of 1.2 kg per day per person. Treatment and destination of the municipal solid waste is also problematic. Only 3.5% of the total municipal solid waste generation is recycled, and the remaining waste is disposed in landfills which are technically not adequate. In this context, sustainability indicators can play an important role in supporting decision makers in planning and managing the solid waste system. In this study, the waste management system in Abu Dhabi Emirate was analyzed through the implementation of a set of proposed sustainability indicators. The DSR Driving force-State-Response approach was used as the methodology to develop a framework for the context of Abu Dhabi. Twenty indicators, based on literature review and benchmarking, were divided into five categories: quantity & composition, environmental controls & resource management, construction & demolition waste, financial sustainability, and governances & policies. These indictors can be a baseline to assist decision makers to develop an integrated waste management system able to meet the high international standards and target in the field.

Energy performance of medium-sized healthcare buildings in Victoria, Australia- a case study

This paper investigates the energy performance of three medium-sized healthcare buildings in Victoria, Australia, that operate only during the daytime. The aim is to provide preliminary understanding of energy consumption in this particular typology in Australia in relation to the available benchmarks. This paper also identifies the differences of energy consumption between different functional areas within medium health facilities. Building features and operational characteristics contributing to the variations in healthcare energy performance are discussed. The total annual energy consumption data ranging from 167-306 kWh/m(2) or 42-72 kWh/m(3) were compared against international data from various climatic zones. Some of the drivers of energy consumption were determined and potentials for energy and water conservation were identified. Comparison with international standards shows a possibility to achieve lower energy consumption in Victorian healthcare buildings.

Risco sistêmico e regulação bancária no Brasil

Esta dissertação analisa as medidas adotadas no Brasil para reduzir o risco de ocorrência de crises financeiras sistêmicas. É feita uma comparação entre estas medidas e às sugeridas pelos Organismos Multilaterais, procurando avaliar o grau de aderência aos padrões internacionais de referência. São apresentados alguns modelos que procuram explicar a ocorrência de crises sistêmicas, examinando as razões que tornam este setor mais vulnerável a ocorrência destes eventos.

Inventário analítico e registro de autoridade do fundo Colégio Pedro II

O trabalho compõe-se do inventário analítico do fundo Colégio Pedro II, bem como do registro de autoridade do produtor desse conjunto arquivístico, com o levantamento da legislação sobre educação e o colégio entre 1838 a 2009. O fundo Colégio Pedro II, localizado no NUDOM – Núcleo de Documentação e Memória do Colégio Pedro II – é formado por um conjunto de documentos administrativos nos quais foram registrados os atos praticados pela instituição desde a sua fundação em 1837 até meados da década de 1990. Este arquivo é composto por 60 pastas e 600 livros encadernados com aproximadamente 300 páginas cada um. Neles, constam as atas da Congregação, livros de concursos para professores, o primeiro livro de avisos, de 1838, livros de matrículas, de exames preparatórios, ofícios enviados, ofícios recebidos, avisos do Ministério do Império, livros de ocorrências disciplinares, livros de colação de grau e bancos de honra, livros de contabilidade, livros de nomeações de professores e funcionários. Além de proceder à descrição do fundo e ao registro da autoridade arquivística, o trabalho descreve a metodologia usada na construção do inventário analítico a partir do estudo de textos das teorias arquivísticas e da classificação e utilização das normas ISAAR(CPF) E NOBRADE. O inventário é apresentado como um instrumento de pesquisa fundamental na busca, identificação e acesso aos documentos, ressaltando-se, igualmente, a importância do arquivo para subsidiar a compreensão da evolução do ensino secundário no país.

Contabilidade governamental brasileira no contexto da convergência aos padrões internacionais

With the globalization of the economy and the growing participation of several world investors in financial markets, combining the political, economical and social differences of each country, the varying Accounting Statements based on principles, standards, procedures or idiosyncratic accounting patterns become inadequate to provide comprehensible and useful financial information to the users at international level. Considering a country¿s conditions, peculiarities and the stage of development, the need to promote the convergence of the effective accounting practices in the public sector with the emerging international accounting standards is imperative as the public entities endeavor to provide transparent and comparable accounting information that can be understood by financial analysts, investors, auditors and other users, independent of their origin and location. Consequently, the objective of this research was described through the following questions: Which are the main differences between the international and local accounting norms applicable to the public sector in Brazil? Which are the main differences between the applicable international accounting norms and the practices adopted by the Brazilian public sector? And, which are the main differences between the practices adopted by the entities of the Brazilian public sector and the practices adopted by entities of the public sector of countries that formally follow the international accounting norms? The methodology adopted in this research was the one of comparative analysis between standards and practices. To provide a basis for the comparative analysis, the Brazilian standards were used for the public sector and the international standards were identified by consulting with the main international accounting committees. In the comparative analyses of norms adopted in national accounting statements the financial accounting statements of the Municipal districts of Rio de Janeiro and of São Paulo were used, and compared with the international accounting statements of New Zealand. The results of these comparative analyses provide important conclusions about the convergence and harmonization processes in accounting norms and practices for the public sector mainly as they demonstrate some of the conflicts among the recent efforts to base and harmonize accounting practices in the near future, but today significant differences remain between the norms and practices. It was also noticed that, in practice, the divergence in Brazilian accounting practices from the international standards are accentuated by the recognition of the registrations of the budgetary execution in the patrimonial accounting; and, the comparison with the practices adopted by New Zealand demonstrated that the foreign country¿s advances towards harmonizing its standards to the international norms and practices in such an important way that New Zealand independently overcomes the minimum exigencies of harmonization, which in practice, is more complete than the practices currently adopted in Brazil.

Análise da regulação contábil: um ensaio à luz da teoria tridimensional do direito, da teoria normativa da contabilidade e do gerenciamento da informação contábil, numa perspectiva interdisciplinar

The choice of accounting standards capable of defining the recognition, measurement and publicizing of financial and economic information to the general public constitutes one of the accounting community¿s greatest challenges. So, the analysis of the Fundamental Principles of Accounting and of the Conceptual Structure of Accounting becomes relevant because of its direct relation to the normative process and because it represents the essence of doctrines and theories relating to the Science of Accounting. Each country¿s set of rules diverges when it comes to creating and evidencing Accounting Statements, and that¿s why the harmonization of the International Accounting Rules is becoming more important among accountants: as an answer to the world qualitative and quantitative demand for information. When managers, answering a great variety of incentives, manipulate or manage the disclosure of accounting information, they show that the management of accounting information begins to represent a purposeful intervention in the process of elaboration of financial and economic statements with the intention of obtaining some private benefit. In this context, Accounting Regulation performs an important function in the technical procedure of professionals in the area and in the development of practices convergent with international standards, which, in their turn, are already in force. The present study, which is exploratory and non-experimental, aims at presenting and analyzing the process of accounting regulation under the perspective of rules and of the choice of accounting practices as an answer by regulated entities on a tridimensional perspective. The establishment of interaction among diverse fields, through interdisciplinarity, aims at bridging the gap between the fields of law and accounting by articulating concepts and cognitive schemes in a process of mutual enrichment. The research concludes that it is possible to apply concepts from Miguel Reale¿s Tridimensional Theory of Law in the study of accounting regulation.