bluuebunny/crossref_metadata_2025 huggingface dataset:
Discrimination among host plants (Leucaena species and accessions) by the psyllid pest Heteropsylla cubana and implications for understanding resistance
Authors: Finlay‐Doney M. , Walter G. H.
Published: August 2010

Abstract  1 The herbivorous bug Heteropsylla cubana Crawford (Homoptera: Psyllidae) is a pest of the cattle fodder crop Leucaena (Leguminosae: Mimosoideae). The interaction between the psyllid and three varieties of its Leucaena host plant was investigated in relation to the apparent resistance of some Leucaena varieties (Leucaena leucocephala, Leucaena pallida and their hybrids) to attack.

2 Field trials demonstrated that adult psyllids distinguished among the different varieties of Leucaena over a distance, and were attracted to L. leucocephala in significantly higher numbers than to L. pallida or to the hybrid. Pesticide treatment increased the attractiveness of Leucaena plants, even of those deemed to be psyllid resistant. Numbers of psyllid eggs and nymphs, sampled in the field, reflect the arrival rates of adults at the three plant varieties.

3 Wavelength reflectance data of the three Leucaena varieties were not significantly different from one another, suggesting that psyllids cannot discriminate among the three plants using brightness or wavelength cues. There was a differential release of caryophyllene among the three varieties. Release of caryophyllene in L. leucocephala and the hybrid appeared to be influenced by environmental conditions.

4 Experiments demonstrated that caryophyllene (at least on its own) did not influence the behaviour of leucaena psyllids in relation to leucaena plants.

5 The results suggest that host plant volatiles cannot be dismissed as significant in the interaction between the leucaena psyllid and its Leucaena host plants. Further avenues for investigation are recommended and these are related to novel ways of understanding resistance in insect plant inter‐relationships.
Geographic variation in winter freezing susceptibility in the eggs of the European pine sawfly (Neodiprion sertifer)
Authors: Veteli T. O. , Lahtinen A. , Repo T. , Niemelä P. , Varama M.
Published: August 2010

Abstract  1 The European pine sawfly, Neodiprion sertifer (Geoffroy) (Hymenoptera, Diprionidae), frequently defoliates Scots pine (Pinus sylvestris L.) forests in northern Europe. It overwinters as an egg. It has been proposed that the high egg mortality caused by low winter temperatures limits the occurrence of outbreaks to the southern part of Fennoscandia.

2 In this study, variation in freezing avoidance by egg supercooling between four Finnish populations (originating between latitudes 60°N and 69°N) of N. sertifer was tested by differential thermal analysis. Offspring of 20 females within each population were selected for the study. The freezing avoidance of parasitized eggs was also examined.

3 The northernmost Inari population was found to be the cold hardiest, and the southernmost (Hanko) was the least hardy population. The within‐population variation between females was greatest in the population from Inari, and the next greatest in the one from Hanko. The inland populations in Eastern Finland had the smallest within‐population variation in freezing avoidance.

4 The high variation in freezing avoidance of eggs will enable N. sertifer to adapt to the predicted climate change and to spread its distribution northwards. This may also change the risk for outbreaks in this area. Parasitized eggs froze at higher temperature than healthy eggs. This observation indicates that N. sertifer may experience reduced egg parasitism in certain winter climate conditions.
Phoretic mites and nematode associates of Scolytus multistriatus and Scolytus pygmaeus (Coleoptera: Scolytidae) in Austria
Authors: Moser John C. , Konrad Heino , Kirisits Thomas , Carta Lynn K.
Published: August 2010

Abstract  1 The species assemblages and abundance of phoretic mites and nematodes associated with the elm bark beetles, Scolytus multistriatus and Scolytus pygmaeus, were studied in Austria.

2 A total of 3922 individual mites were recorded from 144 adults of S. multistriatus and 178 adults of S. pygmaeus. The species spectrum was identical and the relative abundance of mites was very similar for both species of scolytids. Nine mite species, Pyemotes scolyti, Pseudotarsonemoides eccoptogasteri, Trichouropoda bipilis, Tarsonemus crassus, Proctolaelaps eccoptogasteris, Proctolaelaps scolyti, Chelacheles michalskii, nr. Eueremaeus sp. and Elattoma sp. were detected. Two of the nine species, nr. Eueremaeus sp. and Elattoma sp., are documented here as new associates of Scolytus spp.

3 Pyemotes scolyti was the most frequent mite species, and Ps. eccoptogasteri and T. bipilis were relatively common, whereas the other mites occurred occasionally or were rare.

4 The trophic roles of most of the mites associated with S. multistriatus and S. pygmaeus are poorly known, but they may include fungivores, parasitoids of bark beetle broods, predators of bark beetle broods and/or mites and/or nematodes.

5 Besides phoretic mites, two nematode associates were seen on the investigated insects. A species of Cryptaphelenchus occurred under the elytra of both scolytid species, whereas the adults of a Neoparasitylenchus sp. were present inside abdomens of S. multistriatus, but absent from S. pygmaeus.
Trichomes of Lycopersicon species and their hybrids: effects on pests and natural enemies
Authors: Simmons Aaron T. , Gurr Geoff M.
Published: August 2010

1 The cultivated tomato, Lycopersicon esculentum, is an economically important worldwide crop. Current pest management techniques rely heavily on pesticides but trichome‐based host‐plant resistance may reduce pesticide use.

2 A review of the literature is provided on trichomes of wild Lycopersicon species and the effects of trichome‐based host‐plant resistance on arthropods. Solvents have been used to remove glandular trichome exudates and the resulting dimminution of their effects quantified. Correlational approaches to assess the relationship between the different trichome types and effects on pests have also been used.

3 Most studies have focused on Lepidoptera and Hemiptera, although some work has included Coleoptera, Diptera and Acarina, and both antibiotic and antixenotic effects have been demonstrated.

4 Natural enemies are a cornerstone of international pest management and this review discusses how the compatibility of this approach with trichome‐based host‐plant resistance is uncertain because of the reported negative effects of trichomes on one dipteran, one hemipteran and several Hymenoptera.

5 For trichome‐based host‐plant resistance to be utilized as a pest management tool, trichomes of wild species need to be introgressed into the cultivated tomato. Hybrids between the cultivated tomato and the wild species Lycopersicon hirsutum f. glabratum, Lycopersicon pennellii and Lycopersicon cheesmanii f. minor have been produced and useful levels of resistance to Acarina, Diptera and Hemiptera pests have been exhibited, although these effects may be tempered by effects on natural enemies.

6 This review proposes that studies on genetic links between fruit quality and resistance, field studies to determine the compatibility of natural enemies and trichome‐based host‐plant resistance, and a strong focus on L. cheesmanii f. minor, are all priorities for further research that will help realize the potential of this natural defence mechanism in pest management.
Inference of adult female dispersal from the distribution of gypsy moth egg masses in a Japanese city
Authors: Liebhold A. M. , Turcáni Marek , Kamata Naoto
Published: August 2010

1 The native range of the gypsy moth Lymantria dispar (L.) spans the temperate forests of Eurasia. Across this region, a clinal female flight polymorphism exists; gypsy moth females in eastern Asia are mostly capable of directed flight, those in western and southern Europe are largely incapable of flight and populations distributed across the centre of the distribution exhibit a range of intermediate flight behaviours.

2 Although information exists about the timing and duration of female flight from laboratory and wind tunnel studies, little or no quantitative data are available on average distances flown by Asian gypsy moth females prior to oviposition in the field. This information is critical for estimating risk of contamination at specific ports and transit terminals, as well as for predicting the spread of populations that might someday invade currently uninfested regions of the world.

3 In the present study, an extensive visual survey of gypsy moth egg masses was conducted during a walk through streets and paths in a 3.92 × 5.76 km area in Kanazawa, Japan. This area consisted of a matrix of urban, agricultural and forest land uses. The distribution of egg masses relative to distances from host forests was used to infer the magnitude of pre‐ovipositional female flight.

4 A total of 3172 egg masses was recorded from surveys conducted during the search of a path totalling 384 km. Within urban areas, egg masses were most abundant in the area <1 km from the edge of forest land.

5 These results suggest that most female gypsy moth flight is limited to the area within 1 km of host forests. They also suggest that shipping containers and other parcels located >1 km from forests are at a much lower risk of contamination with Asian gypsy moth egg masses.
Winter feeding leads to a shifted phenology in the browntail moth Euproctis chrysorrhoea on the evergreen strawberry tree Arbutus unedo
Authors: Frago Enric , Guara Miguel , Pujade‐Villar Juli , Selfa Jesús
Published: August 2010

The browntail moth Euproctis chrysorrhoea is a highly polyphagous univoltine forest pest. Although its young larvae usually overwinter in diapause from early autumn to the beginning of spring, winter larval feeding has been reported when this species feeds on the evergreen woody shrub strawberry tree Arbutus unedo.

The present study investigated life‐history traits of four populations of E. chrysorrhoea feeding on A. unedo, including phenology of the different life stages, larval feeding activity and diapause incidence. By modelling the relationship between larval size and host plant leaf persistence, elevation and mean annual temperature, we also studied larval development in ten populations of this species sampled from a range of geographical locations in Spain, from both A. unedo and deciduous hosts.

The results obtained revealed that on A. unedo, E. chrysorrhoea phenology has shifted: from October to March, A. unedo larvae doubled their size, whereas, on deciduous Ulmus minor and Quercus faginea, larval size did not change. General linear models demonstrated that such differences were not related to environmental variables. We also found that on A. unedo larval feeding was arrested for 2 months, with this period representing a true diapause.

The results obtained in the present study suggest that E. chrysorrhoea populations are phenologically adapted to their local host plants, and that the presence of foliage is a key element in the phenological shift reported on A. unedo. These results may have implications with respect to the formation of E. chrysorrhoea host races.
Maximum economic yield in crisis?
Authors: Sumaila U R , Hannesson Rögnvaldur
Published: August 2010

We examine the claim in Christensen that Maximum Economic Yield (MEY) is equal to Maximum Sustainable Yield (MSY). The basis for this claim is that MEY considers only the ‘catching’ of fish and that when the full value‐chain is considered; it is the MSY level that maximizes economic value. We argue that to maximize society’s benefit from a given sector of an economy, resources need to be allocated across all sectors such that additional net benefits from employing one more unit of society’s resources are equalized across all sectors of the economy. In this way, the opportunity cost of employing society’s resources across all economic sectors is minimized. In an economy where all resources are fully utilized, further value added in the value chain for fish is an additional cost and has the effect of reducing fishing effort and optimum yield rather than the opposite. In a less developed economy or a developed one in recession where all resources are not fully used, the multiplier effect could be important, and if it is high for fisheries it would be an argument to maximize sustainable yield and effort. We show, using current input‐output data, that this is not the case. Furthermore, from a simple principle of optimization, we know that to optimize a sector that consists of many segments through time, one has to optimize every portion of the chain through time.
THE EFFECT OF UNDERSTANDING ON ATTITUDES TO ACCOUNTING VARIABLES
Authors: Zimmer Ian R.
Published: August 2010

Several researchers have attempted to discern attitudes of financial statement users to accounting variables. The surveys have usually involved requesting users to describe their attitude as to the importance of the defined variables to assigned decision making tasks by ranking the variables on an ordinal scale. This note examines whether the understanding of accounting information by respondents affects their description of attitudes; i.e. whether there exists an association between users' understanding of accounting information and the ranks assigned to particular accounting variables. The results indicate a weak association, implying that it may be necessary to control for the level of understanding in future studies of this nature.
DETERMINING COST OF SALES IN THE CCA SYSTEM
Authors: Das Nikhil R. , Fraser David J.
Published: August 2010

The profit concept in the Current Cost Accounting system is based on the objective of maintaining “capital” in the sense of “operating capability”. This paper seeks to demonstrate that the recommended capital maintenance adjustment of the Australian Provisional Accounting Standard on “Current Cost Accounting”, as it relates to cost of sales, is inappropriate for the stated capital maintenance objective. This appears to be because operating capability is a dated concept, since it is the operating capability existing at the beginning of an accounting period which is to be maintained. An alternative adjustment for cost of sales is proposed which is consistent with the stated capital maintenance objective.
TAKEOVER DEFENCES BY AUSTRALIAN COMPANIES
Authors: Trotman Ken
Published: August 2010

This paper examines the takeover defences used by Australian companies during contested takeover bids for the period 1970 to 1979 inclusive.
AUSTRALIAN SOCIAL RESPONSIBILITY DISCLOSURE: SOME INSIGHTS INTO CONTEMPORARY MEASUREMENT
Authors: Kelly Gary J.
Published: August 2010

Measurement of selected social responsibility disclosure items contained in the annual reports of 50 selected Australian corporations over the period 1969 to 1978 is undertaken. The results presented in this paper indicate that disclosure of selected social responsibility items has increased over the period 1969 to 1978. Larger corporations tend to disclose more environmental, energy and products information than their smaller counterparts. Corporations classified in the primary and secondary industries tend to disclose more environmental and energy information than corporations engaged in tertiary industries whilst the latter were found to disclose more community involvement information than the former.
THE IMPLICATIONS OF DISTRESS PREDICTION MODELS FOR CORPORATE LENDING
Authors: Whittred Greg , Zimmer Ian
Published: August 2010

Three literatures on financial distress prediction are reviewed and evaluated in terms of their usefulness in credit analysis. These are (1) bankruptcy prediction models initiated by Altman, (2) behavioural studies of the ability of loan officers and others to make accurate predictions of bankruptcy and (3) attempts to simulate loan officers' judgements. It is concluded that techniques based on judgement simulation are likely to be the most effective decision aids.
ESTIMATION OF THE CURRENT COST OF GOODS SOLD*
Authors: Pcirson Graham , Tippett Mark
Published: August 2010

In recent years current cost accounting (CCA) has received considerable attention and has resulted in the Financial Accounting Standards Board (FASB) in the USA issuing FAS33 and the Accounting Standards Committee in the UK issuing SSAP16. Similar Statements have been issued in Australia, Canada and New Zealand. The requirement to provide current cost information introduces new measurement problems. Amongst the most intractable of these is the estimation of the current cost of goods sold. The paper considers the problems associated with the techniques for estimating the current cost of goods sold which have been suggested in FAS33 and SSAP16. Alternative methods of estimating current cost of goods sold using the discipline of numerical mathematics are then reviewed. It is shown that for individual inventory lines polynomial interpolating methods provide more reliable results than those recommended in the Statements. Where a firm possesses a large numbei of inventory lines it is likely to be impracticable to apply the interpolating methods to every item of inventory. In such cases a technique referred to as STAPOL is recommended.
THE USE OF PROTOCOL ANALYSIS IN ACCOUNTING
Authors: Bouwman Marinus J.
Published: August 2010

The primary objective of accounting is to provide information that helps decision makers make better decisions. Yet knowledge about how accountants and other professionals make decisions is limited. This article examines verbal protocol analysis, a methodology that uses detailed process information to model decision making behavior. There are many protocol analysis techniques, with different ways to collect data and different ways to analyze it. The selection of a particular technique depends on the specific research objectives. The article concludes with an illustration of a detailed protocol analysis study and a discussion of its results.
Inflation Accounting Disclosures and Stock Price Adjustments: Some Canadian Results
Authors: Cheung Joseph K.
Published: August 2010

This article tests for an association between security returns and anticipated and unanticipated inflation. Inflation accounting disclosures are used to group securities on the basis of their sensitivity to inflation. Nominal security returns and residual returns are independently regressed on the levels of anticipated and unanticipated inflation using a dummy variable model. Results support previous U.S. findings that investors do not seem to use these accounting disclosures in the selection of securities. The evidence indicates, however, that for firms “less affected” by inflation, there exists an association between residual returns and anticipated inflation.
The Investment Performance of Unit Trusts and Mutual Funds in Australia for the Period 1969 to 1978
Authors: Robson G.N.
Published: August 2010

The investment performance of Unit Trusts and Mutual Funds has been extensively researched in the United States and in Britain. However, in Australia relatively little published research is available. This paper analyses the investment performance of a sample of Australian Unit Trusts and Mutual Funds over the ten‐year period 1969 to 1978. The paper uses risk‐adjusted measures of performance to compare performance between funds and with benchmark portfolios over different time periods. The results were similar to overseas research with the funds on average unable to earn positive abnormal returns.
A Note on the Predictability of Financial Distress in New Zealand Listed Companies
Authors: Ferner D.G. , Hamilton R.T.
Published: August 2010

Multiple discriminant analysis is applied to financial ratios of New Zealand listed companies and a model developed which exhibits better classification ability than other New Zealand‐based models. The predictive ability of the New Zealand model is tested on a hold‐out sample of listed companies and performs reasonably well for predictions close to the point of failure.
INVESTMENT DECISION CRITERIA USED BY LISTED NEW ZEALAND COMPANIES
Authors: Patterson Cleveland S.
Published: August 2010

This paper reports the results of a survey of listed New Zealand firms with regard to their investment objectives, their methods of evaluating investment projects and of estimating appropriate hurdle rates, and methods used to evaluate and adjust for project risk differences. Comparisons with similar studies of firms located in the U.S. and Australia indicate that New Zealand firms use accepted normative financial analysis techniques to a much lesser degree than firms in these other countries. The relatively greater usage of accounting‐based rather than market‐based measures by New Zealand firms is particularly marked.
THE COST OF CAPITAL OF A COMPANY UNDER AN IMPUTATION TAX SYSTEM
Authors: Officer R. R.
Published: August 2010

One of the issues arising out of the introduction of an imputation tax for companies in Australia is the effect it is likely to have on the definition and measurement of a company's cost of capital. Insofar as there is a difference between the value of a dollar of franked relative to unfranked dividends, conventional definitions for the cost of capital are inappropriate and new definitions are required. This has implications for the measurement of a company's cost of capital and for the definition of net cash flows that are used in conjunction with the cost of capital. This paper sets out these definitions and an approach for measuring the cost of capital.

The new definition of the cost of capital replaces the effective company tax rate T with T(l ‐ γ) where γ is the value of personal tax credits. Further, the definition of the risk premium in the capital asset pricing model requires an adjustment for the capitalized value of personal tax credits to maintain consistency between the cost of capital and cash flows which are defined on an after‐company tax but before‐personal tax basis.
AUDITOR INDEPENDENCE, AUDIT QUALIFICATIONS AND THE PROVISION OF NON‐AUDIT SERVICES: A NOTE
Authors: Wines Graeme
Published: August 2010

This paper presents the results of a study designed to investigate the question of whether there is the potential for an appearance of auditor independence impairment when higher levels of non‐audit services are provided to audit clients. This question was investigated by analysing the audit reports for a sample of publicly listed companies over the period 1980 to 1989.

The results of the analysis indicate that the auditors of companies not receiving an audit qualification of any type over the period derived a significantly higher proportion of their remuneration from non‐audit services fees than the auditors of companies receiving at least one audit qualification. This result is driven by the non‐Top 100 companies in the research sample. These findings could suggest that auditors are less likely to qualify a given company's financial statements when higher levels of non‐audit services fees are derived. This could convey the view that the independence of the auditors of these companies may have been compromised.
THE EFFECT OF THE PRODUCTION VOLUME VARIANCE ON ABSORPTION COSTING INCOME
Authors: Black Terry , Gray Philip K.
Published: August 2010

A review of the managerial accounting literature reveals a misconception that the Production Volume Variance (PVV) affects absorption costing (AC) income. This paper uses an innovative presentation of the AC income statement to demonstrate that the magnitude and direction (favourable or unfavourable) of the PVV has no effect on AC income—the PVV Irrelevance Proposition. This paper confirms the real cause of changes in AC income. The literature also implies that the PVV is relevant to the reconciliation of AC and variable costing (VC) income. This paper's unique presentation demonstrates that the PVV is irrelevant to the reconciliation, and in addition, clearly illustrates the real reason for the difference between AC and VC income.
Information trading by corporate insiders based on accounting accruals: forecasting economic performance
Authors: Hodgson Allan , Van Praag Bart
Published: August 2010

In this paper, we test whether directors’ (corporate insiders) trading in Australia, based on accounting accruals, provides incremental information in forecasting a firm's economic performance. We determine that directors’ trading on negative accruals in larger firms has greater forecasting content and is associated with 1‐year‐ahead bull market phases. Moreover, arbitrage portfolios set up to mimic insider trading can earn 1‐year‐ahead excess size‐adjusted arbitrage returns of up to 12.2 per cent. Results are consistent with directors hiding their trades in liquid well‐traded firms and in providing incremental information above that supplied by a continuous information regime.
Influence of cultural factors on price clustering and price resistance in China's stock markets
Authors: Cai Bill M. , Cai Charlie X. , Keasey Kevin
Published: August 2010

This paper builds on prior research by analysing the impact of cultural factors on both price clustering and price resistance in China's stock markets. The results support the presence of cultural factors impacting on price clustering with the digit 8 showing a higher propensity for clustering and the digits 4 and 7 showing a lower propensity in the A‐share market, where stock is denominated in renminbi and traded by mainland Chinese. These results are further supported by an analysis of the B‐share market, where cultural factors have no (or less) impact on the price of Chinese stocks traded by foreign investors in US dollars (or in Hong Kong dollars). A range of measures for price resistance show the digits 0 and 5 to be significant resistance points in the A‐share market. Although digit 8 cannot be considered as a resistance point, its resistance level is highest among the remaining numbers. In conclusion, cultural factors help to explain not only price clustering in the Chinese stock markets but price resistance levels as well, albeit at a weak level.
Market behaviour around bankruptcy announcements: evidence from the Australian Stock Exchange
Authors: Frino Alex , Jones Stewart , Wong Jin Boon
Published: August 2010

The corporate distress literature to date has largely focused on the predictive power of accounting variables (Altman, 2001). Following previous literature, this study examines the relevance of abnormal stock returns in discriminating between failed and non‐failed firms (e.g. Clark and Weinstein, 1983; Shumway, 2001). Our results confirm the findings of previous literature that investors in failed firms typically incur substantial negative stock returns leading up to failure announcements. However, in contrast to prior research we do not find evidence of an announcement effect (i.e. negative stock returns on the event day itself or the day preceding). We also document evidence that the bid‐ask spreads of failed firms widen substantially up to 7 months prior to failure, indicating the likelihood of significant information asymmetries across investors in failed firms.
Investor confusion and similarly identified securities
Authors: Davies J. R. , Hillier David , Thamm Juliane
Published: August 2010

This paper extends the analysis of Rashes (2001) to examine the co‐movement of prices for a sample of UK equity securities with similar ticker symbols and names. In contrast to Rashes (2001), we find only limited evidence of price changes that could be attributed to ticker symbol or name confusion. Our results suggest that any such confusion, if it exists at all, is most likely confined to very short time horizons and is not a systematic occurrence for similarly identified securities.
Impact of stakeholder characteristics on voluntary dissemination of interim information and communication of its level of assurance
Authors: Chen Lei , Carson Elizabeth , Simnett Roger
Published: August 2010

Equity of access to information for listed entities is a key principle in an efficient and effective market. Direct mailing is a mechanism for achieving this. This study examines equity of access by identifying the half‐yearly financial information, if any, voluntarily mailed out by Australian listed entities and associated stakeholder characteristics. We find that certain stakeholder characteristics (presence of audit committee and shareholder dispersion) are associated with voluntary mail‐out of half‐yearly financial information, along with certain control variables (size of entity, industry and audit opinion). This study further identifies that there are very few instances of the higher level of assurance (audit) being chosen, and where half‐year information is disseminated there are very few instances of the level of assurance on this information being communicated to shareholders.
Adoption of activity management practices in public sector organizations
Authors: Baird Kevin
Published: August 2010

This paper examines the extent to which activity management practices are adopted by Australian public sector organizations at each of Gosselin's (1997) levels of Activity Analysis, Activity Cost Analysis, and Activity‐based Costing. The present paper replicates Baird et al. (2004), thereby enabling a comparison of the extent of adoption of activity management in the public sector with that reported in the private sector in Baird et al. (2004). The results reveal that the adoption of higher level activity management practices (Activity Cost Analysis and Activity‐based Costing) is less prevalent in public sector organizations, whereas they adopt Activity Analysis to the same extent as the private sector.
Momentum investing and the asset allocation decision
Authors: Benson Karen L. , Gallagher David R. , Teodorowski Patrick
Published: August 2010

This study examines the active asset allocation decisions of Australian multisector fund managers to determine whether active fund managers engage in momentum strategies. We find evidence supporting the existence of momentum investing in active asset allocation strategies. This evidence exists in the Australian Equities, Australian Fixed Interest and Listed Property asset classes. Interestingly, balanced funds adopt contrarian strategies in the International Equities asset class. We also examine whether there is any association between a fund's market timing skill and the execution of momentum strategies. Our results show that fund managers with no market timing skill are momentum investors.
On the intertemporal value relevance of conventional financial accounting in Australia
Authors: Brimble Mark , Hodgson Allan
Published: August 2010

This paper examines whether the relevance of conventional (earnings focused) accounting information for valuation has declined in Australia over a recent period of 28 years. Motivation is provided by the anecdotal concerns of financial analysts, accounting regulators, and a cluster of US centric academic research papers that conclude that the relevance of financial accounting (and earnings in particular) has declined over time. After controlling for nonlinearities and stock price inefficiencies, we find that the value relevance of core accounting earnings has not declined. A possible exception is found for small stocks. We also observe that net book values are relatively less important in Australia when compared to the USA. Our results are informative for investors who require feedback on valuation issues and the International Accounting Standards Board regulators in any further moves towards a balance sheet focus.
The value of Big 4 audits in Australia
Authors: Azizkhani Masoud , Monroe Gary S. , Shailer Greg
Published: August 2010

Research suggests that equity markets value Big N audits over non‐Big N audits. Explanations include the information quality hypothesis, whereby Big N auditors increase information quality, and the insurance hypothesis, whereby investors value the deeper pockets of Big N auditors. Using client firms’ex ante cost of capital as the dependent variable, we investigate whether capital market participants differentially value Big 4 versus non‐Big 4 audits in Australia and whether the value of Big 4 audits in Australia changed as a result of the audit failures of 2001–2002. We find that Big 4 audits reduce the ex ante cost of equity capital until 2001, but not after 2001. We cannot dismiss the insurance hypothesis for the persistence of the loss beyond 2003 because of the establishment of liability caps, but the demise of the Big 4 audit value for 2001–2003 is consistent with the information quality hypothesis and does not support the insurance hypothesis.
Accounting for the furniture, fittings & equipment reserve in hotels
Authors: Turner Michael J. , Guilding Chris
Published: August 2010

The somewhat idiosyncratic accounting procedure of maintaining reserves to fund furniture, fittings and equipment (FF&E) capital expenditure in hotels mediated by a management contract is examined. Five research objectives have been pursued: (i) ascertaining contrasting motives of owners and operators with respect to FF&E reserve accounting; (ii) determining FF&E reserve accounting approaches adopted in hotels; (iii) determining the amount assigned to FF&E reserves in hotels; (iv) determining the sufficiency of FF&E reserves in hotels; and (v) appraising the degree of ease with which hotel operators can draw on FF&E reserve funds. These objectives have been pursued through the analysis of qualitative field data as well as survey data collected in Australia and New Zealand. The study’s more significant findings include the determination that, consistent with the wishes of operators, maintaining cash funded FF&E reserves is the most popular approach (particularly in small hotels). It has also been found that FF&E reserves are 40 per cent underfunded. This deficiency beckons a question over whether hotel FF&E reserve accounting serves any meaningful role.
IS THE GENERAL PUBLIC LICENCE A RATIONAL CHOICE?*
Authors: POLANSKI ARNOLD
Published: August 2010

Open source projects are networks of developers, distributors and end‐users of non‐proprietary created knowledge goods. It has been argued that this form of organization has some advantages over the firm or market coordination. I show that for sufficiently convex and modular projects, proprietary licences are not able to sustain sequential knowledge production which, however, can be carried out if the project is run on the open source basis.
BESTSELLER LISTS AND PRODUCT VARIETY*
Authors: SORENSEN ALAN T.
Published: August 2010

This paper uses detailed weekly data on sales of hardcover fiction books to evaluate the impact of the New York Times bestseller list on sales and product variety. In order to circumvent the obvious problem of simultaneity of sales and bestseller status, the analysis exploits time lags and accidental omissions in the construction of the list. The empirical results indicate that appearing on the list leads to a modest increase in sales for the average book, and that the effect is more dramatic for bestsellers by debut authors. The paper discusses how the additional concentration of demand on top‐selling books could lead to a reduction in the privately optimal number of books to publish. However, the data suggest the opposite is true: the market expansion effect of bestseller lists appears to dominate any business stealing from non‐bestselling titles.
VERTICAL INTEGRATION AND SHARED FACILITIES IN UNREGULATED INDUSTRIES
Authors: BALMACEDA FELIPE , SAAVEDRA EDUARDO
Published: August 2010

In this paper we analyze the equilibrium market structure, following liberalization, of an industry involving an essential facility. Two alternative modes of market entry are considered, in conjunction with vertical integration, namely: (i) full entry, which means building a new and more efficient facility at a positive fixed cost; and (ii) partial entry, which means purchasing existing capacity from the incumbent, at a fixed price per unit that is freely negotiated between the incumbent and the entrant. We show that vertical integration is a dominant strategy for each firm under either entry mode, and that upstream firms choose to share the incumbent's facility when the entrant's fixed cost exceeds a positive threshold. In addition, welfare analysis shows that in many situations the market can efficiently solve the trade‐off between fixed‐cost savings and softened downstream competition, thus providing a rationale for the liberalization of such industries. Several competition policy implications are discussed.
The Diffusion of Management Innovations: The Possibilities and Limitations of Memetics
Authors: O'Mahoney Joseph
Published: August 2010

abstract This paper applies a theory of memetics to help explain the diffusion of management innovations as a dynamic evolutionary process. Existing analyses of diffusion frequently note the variation, selection or replication of management innovations, yet few have linked these together with the common observation that some innovations seem to ‘evolve’. This paper draws on qualitative evidence from two case‐studies of BPR implementation to illustrate that the replication, selection and variation of management innovations can form evolutionary algorithms (‘memes’) which support diffusion processes, and, in doing so, clarifies the ways in which innovations contribute to their own replication and explains how the high ‘failure’ rates associated with BPR can sometimes improve its chances of reproduction.
Seasonality and Industrial Production in Uganda*
Authors: Mugambe Gloria Kempaka , Reilly Barry
Published: August 2010

Abstract:  This paper explores the seasonal dimension of industrial production activity in Uganda using monthly data covering the period 1987 to 2000. Unit root tests and structural time series modelling are used to ascertain the nature of the seasonal component. The evidence in support of stochastic seasonality is not found to be overwhelming. In treating the seasonal effects as deterministic we find, in contrast to the existing evidence from industrialized economies, only a small part of the total variation in output is explained by seasonal factors suggesting a greater role for cyclical and random factors. However, there is some casual empirical evidence suggesting that industrial activity is related to weather conditions.
MUSEUM STUDIES NOW
Authors: McCLELLAN ANDREW
Published: August 2010

The purpose of this short article is to summarize briefly the current state and direction of museum studies in relation to academic priorities and pressing issues facing museums today, including new buildings, access, revisionist art history, commercialism and repatriation. It ends by questioning the rapid expansion of museum studies programmes on both sides of the Atlantic.
THE LOGIC OF SPECTACLE c. 1970
Authors: LOCKYER ANGUS
Published: August 2010

This essay uses the Japan World Exposition of 1970 (Expo '70) to explore the logic of spectacle. It focuses on three discrete aspects of the event: a week‐long hunger strike and protest, staged in the Tower of the Sun, the architectural icon of the Expo; the exhibit within the Tower, created by a leading artist to shake his audience out of their contemporary anomie; and the design of the Expo site as a whole, intended by leading architects as a model for cities of the future. The essay argues that the significance of spectacle as communication, as proposed by protestor and artist, can only be understood in the context of spectacle as system, visible in the work of the architects. The success of the latter, moreover, was not premised on the logic of representation, providing a particular account of the world, but on a logic of accommodation, ensuring that the Expo could account for contingency. In Osaka at least, the spectacle worked well inasmuch as it could afford to be somewhat indifferent to what was put on display.
Swedish Corporate Governance and Value Creation: owners still in the driver's seat1
Authors: Carlsson Rolf H.
Published: August 2010

The purpose of the article is to outline some key characteristics of the Swedish corporate governance system and to highlight some of its important historical roots. The ambition is also to relate and compare Sweden in that respect to some other countries. Hopefully, this article will also help the international corporate governance community to better understand some of the Swedish particulars.

The Swedish corporate governance system deviates in several respects from its Anglo‐Saxon and continental counterparts. A large majority of Swedish households owns shares. Swedish industry, not least many of the large Swedish multinational corporations, is dominated by private owners, particularly by a number of large professional owners. The leading private owner, the so‐called Wallenberg Sphere will be presented to illustrate what such an ownership role is all about. Swedish corporate governance features a clear‐cut division of roles and responsibilities at three levels: owners/the AGM, the Board of Directors and the executive management. The AGM plays a key role in Swedish governance, e.g. by discharging and appointing the board. The nomination procedure is another characteristic. A nomination committee, made up of owner representatives reviews the performance of the board and nominates new candidates to the AGM. The board, which is non‐executive (the CEO is a member in some boards), plays an active and increasingly important role.

The article ends by outlining recent developments and outlook for Swedish corporate governance.
Analysing Network Governance of Public Assets
Authors: Turnbull Shann
Published: August 2010

This paper provides a framework for evaluating the strengths and weaknesses of Australian public assets when owned by: (i) a government department, (ii) a State owned corporate body, (iii) private investor's, or (iv) a network of constituents. The framework evaluates the generic characteristics of the four different types of governance architectures by considering their: (i) accountability, (ii) quality of service, (iii) operating costs, (iv) funding (v) cost of finance, and (vi) political outcomes. Network governance introduces distributed: communications, intelligence, decision making, and control which can be used to augment and/or replace the centralised architecture of the other three alternatives. Network governance is identified as a condition precedent for developing self‐governance and enriching democracy.
Financial and Social Performance of Socially Responsible Investments in the Netherlands
Authors: Scholtens Bert
Published: August 2010

We analyse the performance of socially responsible investments in the Netherlands. It appears that the financial performance of the various types of socially responsible investments differs considerably. We construct a proxy for mutual funds' CSR policies and use information about the environmental and social impact of activities financed by “green” financial institutions. We find preliminary evidence that financial and CSR performance substantially differs per category of financial instrument analysed. In the Netherlands, tax policy significantly affects financial results and the government can affect the CSR impact of some financial instruments too. More coherent and consistent information about CSR is required to establish whether financial and social performance interact.
Corporate Governance in the Netherlands: an overview of the application of the Tabaksblat Code in 2004
Authors: Akkermans Dirk , Van Ees Hans , Hermes Niels , Hooghiemstra Reggy , Van der Laan Gerwin , Postma Theo , Van Witteloostuijn Arjen
Published: August 2010

This article examines the overall acceptance of the best practice provisions contained in the Dutch corporate governance code and identifies those that receive comparably less agreement among 150 Dutch listed companies in 2004. The findings indicate a high level of compliance with the Code. Moreover, the extent of compliance is positively associated with company size. Provisions related to the remuneration of board members, independence of supervisory board members, and requirements with respect to internal control systems stand out when it comes to non‐compliance. In addition, the nature and content of the explanations provided for non‐compliance are remarkably similar across companies, which may indicate symbolic compliance with the Code's best practice provisions.
Investigating the Development of the Internal and External Service Tasks of Non‐executive Directors: the case of the Netherlands (1997–2005)
Authors: Bezemer Pieter‐Jan , Maassen Gregory F. , Van den Bosch Frans A. J. , Volberda Henk W.
Published: August 2010

During the last decade, globalisation and liberalisation of financial markets, changing societal expectations and corporate governance scandals have increased the attention for the fiduciary duties of non‐executive directors. In this context, recent corporate governance reform initiatives have emphasised the control task and independence of non‐executive directors. However, little attention has been paid to their impact on the external and internal service tasks of non‐executive directors. Therefore, this paper investigates how the service tasks of non‐executive directors have evolved in the Netherlands. Data on corporate governance at the top‐100 listed companies in the Netherlands between 1997 and 2005 show that the emphasis on non‐executive directors' external service task has shifted to their internal service task, i.e. from non‐executive directors acting as boundary spanners to non‐executive directors providing advice and counselling to executive directors. This shift in board responsibilities affects non‐executive directors' ability to generate network benefits through board relationships and has implications for non‐executive directors' functional requirements.
Ownership Structure, Sharing of Control and Legal Framework: international evidence
Authors: López‐de‐Foronda Óscar , López‐Iturriaga Félix J. , Santamaría‐Mariscal Marcos
Published: August 2010

We analyse the relation between capital structure, ownership structure, and corporate value for a sample of 1,216 firms from 15 European countries. Our results stress two different conflicts of interest and show the differential role played by the mechanisms of corporate control depending on the legal and institutional environment. In common law countries, as a consequence of the relationships between managers and shareholders, capital structure and managerial ownership are the most effective mechanisms of control. In civil law countries, however, as a consequence of the conflicts between majority and minority shareholders, the ownership concentration and the sharing of control within the firm become crucial. In this scenario, the second reference shareholder plays a critical role in contesting the control of the dominant largest shareholder in order to reduce the extraction of private benefits and improve the firm's performance.
The Impact of Audit Committee Characteristics on the Enhancement of the Quality of Financial Reporting: an empirical study in the Spanish context
Authors: Pucheta‐Martínez Maria Consuelo , De Fuentes Cristina
Published: August 2010

The purpose of this paper is to analyse the relationship between the likelihood that a company will receive a qualified audit report (as a measure of the quality of financial information) and the existence and characteristics of the audit committee (AC). For listed companies that voluntarily created an AC in the period following the publication in 1998 of the Spanish Code of Corporate Governance, known as the Olivencia Code, we find that ACs size, the percentage of independent members in ACs, company size, losses reported in either or both of the previous two years, receiving the same qualified audit opinion as in the previous year and ownership concentration affect the likelihood of receiving error or non‐compliance qualifications. However, the existence of an AC and its composition are not factors associated with the receipt of audit reports containing uncertainties or scope limitations, while losses reported in either or both of the previous two years and receiving the same qualified opinion as in the previous year are.