bluuebunny/crossref_metadata_2025_split huggingface dataset:
AN EMPIRICAL INVESTIGATION OF THE AUDIT EXPECTATION GAP: AUSTRALIAN EVIDENCE
Authors: Monroe Gary S. , Woodliff David R. 
Published: February 2009

Abstract:This paper examines the existence and nature of the expectation gap in Australia and whether recent changes to the wording of audit reports have affected that gap. A mail questionnaire was completed by auditors, accountants, directors, creditors, shareholders and undergraduate students. There was a gap between auditors and the various user groups under the old report wording prior to the issuance of the revised AUP 3. The modified wording in the revised AUP 3 had a significant impact on beliefs about the nature of an audit and the relative responsibilities of auditors and management. The modified wording eliminated some of the differences, but also created some new differences in beliefs about the messages communicated through audit reports. The auditing profession's fears about an expectation gap appear to be justified.
BALANCE SHEET STRUCTURE AND THE MANAGERIAL‐DISCRETION HYPOTHESIS: AN EXPLORATORY EMPIRICAL STUDY OF NEW ZEALAND LIFE INSURANCE COMPANIES
Authors: Adams Mike 
Published: February 2009

AbstractThe managerial‐discretion hypothesis states that in mutual insurance companies policyholders will seek to protect their interests by limiting managerial discretion in investment and financing decisions. Therefore, mutuals are predicted to introduce restrictive mechanisms (e.g., company by‐laws) that promote precautionary investment, such as government securities. In stock companies, shareholders are expected to increase their wealth at the expense of policyholders' interests by investing in more speculative assets, such as equities. Differences in investment activity also affect policy valuation and reserving decisions reflected in the liability side of the insurance company balance sheet. The managerial‐discretion hypothesis implies that systematic differences in the structure of balance sheets between mutual and stock insurance companies are likely to exist. To carry out an exploratory test of this aspect of the managerial‐discretion hypothesis, the present study employs canonical correlation analysis on New Zealand life insurance company data for 1991. However, the empirical evidence does not appear to support the proposition that balance sheet structure varies systematically between mutual and stock companies.
THE EFFECTS OF PRESENTATION FORMAT ON THE EFFECTIVENESS AND EFFICIENCY OF AUDITORS‘ ANALYTICAL REVIEW JUDGMENTS
Authors: Schulz Axel K‐D. , Booth Peter 
Published: February 2009

AbstractModern audit practice has focused increasing attention on the use of analytical review procedures to improve the effectiveness and efficiency of audits. To assist in this endeavour, one branch of analytical review research has investigated the judgment processes that auditors' use in analytical review and the development of decision aids to improve these processes. Several recent papers have considered how alternative presentations of financial and operating data, specifically graphs versus tables, may affect the effectiveness of auditors' analytical review judgments. However, the results have been mixed. This study investigated the expectation that there would be effectiveness and efficiency performance advantages for auditors receiving graphically presented data over those receiving tabular presented data in an analytical review setting. This paper reports on the results of an experiment that examined the impact of graphs versus tables on the effectiveness of sales account balance prediction, confidence in this prediction and the setting of a noninvestigation region, and the relative time efficiency with which these tasks were completed, for an analytical review of sales for a retailing client. The study found mixed results for the accuracy of the sales account balance predictions of the graphical and tabular treatment groups, with no difference found when a regression model estimate of the ‘correct’ prediction was used and greater accuracy for the graphical group when the actual audited sales account balance was used as the accuracy benchmark. No significant differences between treatment groups was found for their confidence in their sales account balance predictions and the width of the noninvestigation regions set. However, a significant time advantage was found for the graphical group. These findings suggest that there may a useful role for the use of graphs as decision aids in income statement related analytical review procedures in improving audit efficiency without sacrificing audit effectiveness.
AN EMPIRICAL ANALYSIS OF SOME DETERMINANTS OF THE TARGET SHAREHOLDER PREMIUM IN TAKEOVERS
Authors: Bugeja Martin , Walter Terry 
Published: February 2009

AbstractWhile a considerable amount of research in Australia, the United States and elsewhere shows that takeovers create value for target shareholders, there is relatively little research investigating the explanations for cross‐sectional differences in the size of the premium paid to target shareholders. This paper tests various arguments proposed to explain some of the sources of this premium. One such explanation is the removal of inefficient target management. Takeovers have been recognised as a mechanism that allows management teams to compete for the right to manage corporate assets. We test the associations between bidder and target managerial ownership (proxied by director's holdings), the prior performance of the bidder and target and the size of the premium paid to target shareholders. Other potential influences on the premium include a reduction in the agency costs of free cash flow and the provision of financial slack or reserve borrowing capacity to the target firm by the bidder. Using a sample of seventy‐eight Australian takeovers occurring between 1981 and 1989 our tests indicate that the provision of financial slack to the target is associated with a significantly higher premium, while high bidder ownership results in a significantly lower premium. The premium is found to be positively related to the performance of the bidder in the period prior to the bid. The tests disclose an association between the agency costs of free cash flow and the target premium which is inconsistent with the theory, and reveal only weak evidence that the takeover premium is higher when inefficient target management is removed.
AN ANALYSIS OF SUBMISSIONS TO THE ASRB ON RELEASE 411 ‘FOREIGN CURRENCY TRANSLATION—QUESTIONNAIRE’
Authors: Pacecca Tania 
Published: February 2009

AbstractThis study examines the accounting method preferences of the managers of firms who made submissions to the ASRB on Release 411 ‘Foreign Currency Translation— Questionnaire’. Content analysis of the actual submissions is used to obtain a measure of the strength of accounting method preferences indicated therein. This aspect of the study combats criticism of previous studies in relation to the oversimplification associated with the dichotomous categorisation of accounting method preferences. The results of the study also provide some support for this criticism of earlier research. Overall, the study provides some evidence that accounting method preferences for foreign currency transactions are made in an attempt to maximise the value of the firm.
AUDITOR PREFERENCES FOR LIABILITY LIMITATION
Authors: Johnson Ronald B. , Stokes Donald J. , Watts David G. 
Published: February 2009

AbstractDebate over statutorily limiting auditor civil liability has implicitly assumed auditors are homogeneous in their preferences for capping liability. This study examines the preferences of auditors for limiting auditor liability and investigates reasons for the preferences. The study uses an Australian setting in which there has been a persistent debate for a decade or more over regulatory intervention in this area. The study provides a background to the debate over this issue and addresses the effects of two factors suggested by the extant literature, namely auditor size and the business risk of an auditor's client portfolio. These factors are argued to affect the expected costs of litigation facing auditors and therefore their preferences on capping liability. Using the submissions by audit firms on an Australian Companies and Securities Law Review Committee Discussion Paper on limiting auditor liability, the study finds larger audit firms that have greater capacities to lobby and greater expected costs of litigation from unlimited liability than smaller firms, dominate the respondents on the Paper and tend to be more supportive of liability limitation than smaller audit firms. Within the array of possible methods of capping liability canvassed by the Discussion Paper, the study documents evidence of diversity in preferences among audit firms. Larger audit firm size is associated with a preference for a group of methods that provides such firms with opportunities to benefit from the capping at the expense of the smaller audit firms. The method most preferred by the larger audit firms is the multiple of fee with a prescribed minimum. Perhaps not surprisingly, this is also the preferred method of the professional accounting bodies in Australia. As to the effect of the riskiness of the client portfolio on preferences for methods of limiting liability, the study finds that higher business risk in an auditor's portfolio is associated with a preference for methods that give greater control over their liability exposure. The study has implications for the impact of regulation of capping liability on competition in the audit services market.
DO AUSTRALIAN SPOT FOREIGN EXCHANGE RATES STILL SHOW EVIDENCE OF COINTEGRATION?
Authors: Bhar Ramaprasad 
Published: February 2009

AbstractInformational efficiency in the Australian spot foreign exchange market has been examined by other authors, but most of these studies examine a time span that covers the immediate post‐float period. This article analyses a period that begins nearly three and a half years after the floating of the Australian dollar and applies Johansen's test to detect any cointegrating relationship in a system of five foreign currencies. It finds no evidence of cointegration and, therefore, supports the proposition of informational efficiency in the foreign exchange market. This result is in contrast to most other such studies of the Australian market and may be partly due to the increasing maturity and sophistication of the market participants in dealing with a floating currency.
THE DETERMINANTS OF MARKET BID ASK SPREADS ON THE AUSTRALIAN STOCK EXCHANGE: CROSS‐SECTIONAL ANALYSIS
Authors: Aitken Michael , Frino Alex 
Published: February 2009

AbstractPrior research into the cost of trading on the Australian Stock Exchange has identified brokerage fees and the bid‐ask spread as significant elements of total transaction costs. While an enormous volume of research has examined the determinants of spreads in US markets, no work has so far addressed the issue for the Australian market‐place. Given the importance of spreads as a transaction cost, this work redresses this imbalance and at the same time provides evidence on whether alternative market structures underlying different exchanges give rise to differences in the determinants of spreads. Using prior US research as our benchmark, our results suggest that notwithstanding microstructure differences between the Australian and US exchanges, there are three fundamental determinants of spreads that transcend differences in the market‐places. These are the level of trading activity, price volatility and stock price levels. Together these three factors account for up to 94% of the total cross‐sectional variation in percentage bid ask spreads on the ASX.
Adapting the APV valuation methodology and the beta gearing formula to the dividend imputation tax system
Authors: Monkhouse Peter H.L. 
Published: February 2009

AbstractThis paper adapts the APV valuation methodology and the formula for gearing beta to the Australian dividend imputation tax system. The APV formulation is shown to be able to be applied in the dividend imputation tax system by simply replacing the statutory tax rate with an effective tax rate in the calculation of the “cash flows”. The effect of the dividend imputation tax system on a company's value is shown to be easily bounded using the APV formulation by making the extreme assumption that imputation credits are either: fully distributed and fully valued by the market; or that they are worthless. This paper also quantifies the effect of changing the assumed value of imputation credits on: (i) the value of the interest tax shield of debt; and (ii) the levered, or equity, beta.
Earnings characteristics and analysts’ differential interpretation of earnings announcements: An empirical analysis
Authors: Ahmed Anwer S. , Song Minsup , Stevens Douglas E. 
Published: February 2009

AbstractThis study provides empirical evidence on factors that drive differential interpretation of earnings announcements. We document that Kandel and Pearson's forecast measures of differential interpretation are decreasing in proxies for earnings quality and pre‐announcement information quality. This evidence yields new and useful insights regarding which earnings announcements are less likely to generate newfound disagreement among analysts and investors. Recent research suggests that investor disagreement can increase investment risk, increase the cost of capital, and cause stock prices to deviate from fundamental value. Therefore, our results support prior intuition that increasing the quality of earnings and pre‐announcement information can improve the efficiency of capital markets.
Bibliotherapy for mental health service users Part 2: a survey of psychiatric libraries in the UK
Authors: Fanner Deborah , Urqhuart Christine 
Published: February 2009

AbstractAims and objectives:  UK health policy advocates a patient‐centred approach to patient care. Library services could serve the rehabilitation needs of mental health service users through bibliotherapy (the use of written, audio or e‐learning materials to provide therapeutic support). Part 2 of this two‐part paper assesses the views of psychiatric libraries in the UK on providing access to service users and possible services provided.Methods:  An e‐mail questionnaire survey of psychiatric library members of the psychiatric lending co‐operative scheme (n = 100) obtained a response rate of 55%, mostly from libraries based in hospitals.Results:  At present, libraries funded by the health service provide minimal facilities for service users. Librarians are uncertain about the benefits and practicalities of providing access to service users.Conclusions:  In order to implement change, information providers across the National Health Service (NHS) will need to work collaboratively to overcome attitudinal and institutional barriers, including the key issue of funding.
The role of demography and climatic events in shaping the phylogeography of Amazona aestiva (Psittaciformes, Aves) and definition of management units for conservation
Authors: Caparroz Renato , Seixas Gláucia Helena Fernandes , Berkunsky Igor , Collevatti Rosane Garcia 
Published: February 2009

ABSTRACTAim  The blue‐fronted amazon (Amazona aestiva) is a widely distributed Neotropical parrot with two recognized sub‐species, which are mainly characterized by the colour of the shoulder. We explored mitochondrial DNA variability to determine how demographic processes and historical climatic fluctuations may have contributed to phylogeographical pattern and morphological variation of A. aestiva, and how this information could be useful to understand the evolutionary relationship of this species and the Amazona ochrocephala complex and to determine management units for conservation purposes.Location  Brazil and north‐eastern Argentina.Methods  We analysed a fragment of COI gene of 78 A. aestiva and 27 A. ochrocephala. We computed a median‐joining network, and the population structure of A. aestiva populations was assessed using a hierarchical analysis of nucleotide diversity. The mismatch distribution, Fu's Fs‐test of neutrality and R2 test were used to detect past population expansion.Results  All A. aestiva haplotypes and A. ochrocephala subspecies from north‐eastern and southern South America were recovered within the South American clade. Hierarchical analysis of nucleotide diversity of A. aestiva populations detected two geographical groups as obtained by median‐joining network. These two A. aestiva groups showed evidence of a recent population expansion. The time of populations splitting estimated corresponding to the Middle Pleistocene.Main conclusions  The two A. aestiva genetic groups identified in our analyses agree with the morphological variation, corresponding to named subspecies. These two A. aestiva groups have undergone a recent population expansion, with low gene flow between them. The expansion of savannah areas may have contributed to the population expansion of these two groups. We concluded that introgression after isolated diversification may better explain haplotype sharing between A. aestiva and A. ochrocephala subspecies. We suggest that management and conservation strategies should consider these two A. aestiva groups (or subspecies) as different management units and should maintain viable populations of these two management units.
Phylogenetic relatedness and plant invader success across two spatial scales
Authors: Cadotte Marc W. , Hamilton Mark A. , Murray Brad R. 
Published: February 2009

ABSTRACTAim  Successful invaders often possess similar ecological traits that contribute to success in new regions, and thus under niche conservatism, invader success should be phylogenetically clustered. We asked if the degree to which non‐native plant species are phylogenetically related is a predictor of invasion success at two spatial scales.Location  Australia – the whole continent and Royal National Park (south‐eastern Australia).Methods  We used non‐native plant species occupancy in Royal National Park, as well as estimated continental occupancy of these species from herbarium records. We then estimated phylogenetic relationships using molecular data from three gene sequences available on GenBank (matK, rbcL and ITS1). We tested for phylogenetic signals in occupancy using Blomberg's K.Results  Whereas most non‐native plants were relatively scarce, there was a strong phylogenetic signal for continental occupancy, driven by the clustering of successful species in Asteraceae, Caryophyllaceae, Poaceae and Solanaceae. However, we failed to detect a phylogenetic signal at the park scale.Main Conclusions  Our results reveal that at a large spatial scale, invader success is phylogenetically clustered where ecological traits promoting success appear to be shared among close relatives, indicating that phylogenetic relationships can be useful predictors of invasion success at large spatial scales. At a smaller, landscape scale, there was no evidence of phylogenetic clustering of invasion success, and thus, relatedness plays a much reduced role in determining the relative success of invaders.
Discrepancies in pharmacokinetic analysis results obtained by using two standard population pharmacokinetics software programs
Authors: Finkelstein Yaron , Nava‐Ocampo Alejandro A. , Schechter Tal , Grant M.D. Ronald , Pierre Edith St , Goldman Ran , Walker Scott , Koren Gideon 
Published: February 2009

AbstractMultiple standard software packages for population pharmacokinetics (PK) modeling are currently available. These programs may significantly vary in the algorithms used for modeling plasma concentrations as a function of time course. We compared the population PK parameters obtained by using two standard software packages, p‐pharm and saam ii, for analysis of a similar data set of serum samples of doxorubicin obtained from 11 infants and children with malignant diseases. Plasma drug concentrations were fitted to time by a two‐compartment intra‐vascular PK model by saam ii and p‐pharm programs. The population parameters obtained from the analysis by the two software programs were substantially different. For example, Vd was almost five times larger when using saam ii compared with p‐pharm (9.6 L/kg vs. 2.0 L/kg, respectively), whereas t½β was about 30 times larger in the latter (7.7 h vs. 206.9 h, respectively). When considering the results reported from a population PK analysis, validation of the results by different software should be considered, especially when extreme, unexpected values are obtained.
Comparison of repeated‐dose pharmacokinetics of prolonged‐release and immediate‐release torasemide formulations in healthy young volunteers
Authors: Barbanoj M.J. , Ballester M.R. , Antonijoan R.M. , Gich I. , Pelagio P. , Gropper S. , Santos B. , Guglietta A. 
Published: February 2009

AbstractThe major aim of the study was to compare the pharmacokinetic profile of repeated‐dose administration of a prolonged‐release (PR) formulation of torasemide with that of an immediate‐release (IR) dosage. Sixteen volunteers received one daily dose, on four consecutive days, of 10 mg of torasemide‐PR or torasemide‐IR in a single‐blind, two‐treatment, two‐period, repeated‐dose, cross‐over, sequence‐randomized clinical trial. Blood samples were collected at various time points on day 1 (single‐dose) and on day 4 (repeated‐dose) and torasemide concentrations were analysed by LC/MS/MS. Diuretic effect and urine electrolytes were measured. Urinary urgency was subjectively assessed by visual analogue scales. Safety and tolerability were also determined. Based on logged values, bioequivalence parameters, were: on day 1, ratio = 1.07 (90% CI 1.02–1.1), Cmax ratio = 0.69 (90% CI 0.67–0.73); and on day 4, ratio = 1.02 (90% CI 0.98–1.05), Cmax ratio = 0.62 (90% CI 0.55–0.70). PR had longer tmax than IR and showed significantly lower fluctuations of plasma concentrations. Urine evaluations were similar with both formulations, although PR showed a lower urine volume in the first hours post‐administration. Episodes of acute urinary urgency occurred later and were subjectively less intensive with PR. No significant adverse events were reported.
Are Zucker obese rats a useful model for cardiovascular complications in metabolic syndrome? Physical, biochemical and oxidative stress considerations
Authors: Debin Régine , Lauzier Benjamin , Sicard Pierre , Delemasure Stéphanie , Amoureux Sébastien , Duvillard Laurence , Vergely Catherine , Cottin Yves , Rochette Luc 
Published: February 2009

AbstractWe wondered if Zucker obese (ZO) rats would be a good experimental model to evaluate cardiovascular complications of metabolic syndrome (MS). ZO rats were compared with both their littermate controls, Zucker lean (ZL) rats and to Wistar rats (reference strain). We designed this work:(i) to measure certain physical and biochemical characteristics of MS; (ii) to evaluate coronary and cardiac function in isolated conditions and after ischemia; and (iii) to study plasma and heart tissue oxidative stress markers. In vivo, ZO rats had higher levels of plasma glucose, cholesterol and triglycerides than their ZL littermates, but there was no difference between the groups for systolic arterial blood pressure and heart rate. In vitro, coronary endothelial function was notably impaired in ZO and ZL rats. After global ischemia, the worse ventricular recovery in ZO and ZL rats was associated with arrhythmias during reperfusion. We detected similar levels of plasma ascorbyle free radical, oxygen radical absorbance capacity and vitamin C concentrations in the three groups. Dihydroethidium staining showed higher superoxide production in the coronary vessels of ZO rats than in ZL and Wistar rats. Our results show that ZO might only correspond to early‐stage cardiovascular complications associated with MS.