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Ebook The Impact of Earnings Performance on Price Sensitive Disclosures under the Australian Continuous Disclosure Regime

Submitted by puput on Sat, 03/27/2010 - 02:48

The relation between firm performance and discretionary disclosure is a basic but important question to financial market participants and regulators, but there is still only limited understanding of the association between earnings performance and discretionary disclosure (Miller, 2002). Research has shown that this relation is complex and dependent on many factors. Various theoretical models of discretionary disclosure produce different predictions of disclosure outcomes, and empirical research often finds conflicting evidence. Skinner (1995) suggests two reasons for the conflicting findings: the focus on management earnings forecasts as a measure of discretionary disclosure, and changing legal environment. This study addresses both factors by examining the association between earnings performance and a broader measure of disclosure: the price sensitive disclosures issued by publicly listed firms to the Australian Stock Exchange (ASX), under the Australian continuous disclosure regime (henceforth the CDR).

One of the most important factors affecting corporate disclosure is a country's legal environment. The litigation cost hypothesis is often used to explain the link between bad news and voluntary disclosure (Skinner, 1994). The Australian disclosure environment, with its unique combination of half-yearly reporting, low private litigation threats, and stringent statutory backed continuous disclosure requirements that are primarily enforced through a central stock exchange (ASX) and a regulatory body (the Australian Securities and Investments Commission), provides an unique opportunity for the study of corporate disclosure. Given the strong public concerns about corporate governance and the latest legal reforms in Australia and the United States after the latest spate of corporate failures, evidence from the Australian environment may help both Australian and overseas regulators and market participants evaluate the effectiveness of the Australian disclosure regime, the need for further legal reform, and/or the type of reforms required. For example, there has been continuing interest by the government and the public in the effectiveness of the CDR, and recent CLERP9 reforms introduced on-the-spot fines for breaches of the CDR to strengthen ASIC's enforcement powers. However, there has only been limited research on the disclosure practices under the CDR.

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Ebook The Health Effects of Air Pollution in Delhi India

Submitted by antoq on Sat, 01/17/2009 - 08:58

Screen shot Ebook The Health Effects of Air Pollution in Delhi India

An important reason for controlling air pollutants such as particulate matter or sulfur dioxide is the damaging effects they have on human health. These effects include premature death, as well as increases in the incidence of chronic heart and lung disease. Estimates of the health damages associated with air pollution are important because they can provide both an impetus for environmental controls and a means of evaluating the benefits of specific pollution control policies. To estimate the health damages associated with air pollution in developing countries, policy makers are often forced to extrapolate results from studies conducted in industrialized countries.

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Ebook Trade Adjustment and the Composition of Trade

Submitted by puput on Tue, 07/27/2010 - 06:52

A striking feature of U.S. trade is that both imports and exports are heavily concentrated in capital goods and consumer durables, with roughly three-quarters of U.S. non-fuel imports and exports appearing to fall into these categories. This contrasts with the relatively low production share of the capital goods and consumer durables sectors in the U.S. economy of under 20 percent. But despite the marked divergence between the composition of trade flows and the sectoral composition of U.S. production, most open economy models simply posit imports and exports as depending on an aggregate measure of activity such as real GDP or domestic absorption (as well as on relative prices).

In this paper, we show that a modeling framework that takes account of the expenditure composition of U.S. trade in an empirically-realistic way yields implications for the responses of trade to shocks that are markedly different from those of a “standard” framework that abstracts from such compositional differences. Our methodology consists in contrasting the implications of alternative versions of an open economy SDGE model (“SIGMA”) that embed different trade specifications. In the version adopting a commonly-used trade specification, the activity variable driving real imports is simply domestic absorption, while exports depend on foreign absorption. We refer to this version as the absorption-based trade (AT) specification. By contrast, our benchmark version of SIGMA posits separate behavioral equations for trade in nondurable consumer goods and for trade in investment goods, where the latter includes both consumer and producer durables (i.e., capital goods). These behavioral equations are derived from underlying technologies for producing final consumer and investment goods that differ by allowing the production of investment goods to be more import-intensive. We refer to this version as the disaggregated trade (DT) specification.

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