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Accrual mispricing in the era of corporate governance reforms
No full textSun, L ORCiD: 0000-0001-8270-3321Purpose: This study is primarily motivated by the increasing concern of the academic, practitioners, regulators and standard setters regarding the quality of earnings and financial reporting. The purpose is to investigate whether the accrual anomaly exists in Australia; whether the occurrence of the accrual anomaly is attributed to the discretionary accruals component stemming from managerial discretion; and the impact of corporate governance reforms on accrual mispricing. Design/methodology/approach: This study employs the Mishkin (1983) rational expectations test to examine whether the earnings expectations embedded in stock prices accurately reflect the differential persistence of earnings components. It also employs the hedge portfolio trading strategy to examine whether taking a long position in firms with low accruals and a short position in firms with high accruals will yield positive abnormal stock returns. Findings: The results show that investors overestimate the persistence of accruals and underestimate the persistence of cash flows and subsequently, overprice the accruals and underprice the cash flows. The evidence of accrual mispricing is severe for the component of discretionary accruals. Nonetheless, the association between discretionary accruals and abnormal returns are weakened during the corporate governance reforms period. Research limitations/implications: It should be cautious to attribute the investors' ability to accurately price accruals and cash flows to the passage of corporate governance reform program. Despite there is control for firm size, book-to-market, PE multiple, growth and leverage, other macro-economic factors such as interest rates, inflation and GDP could potentially have an impact on stock returns. Practical implications: The passage of corporate governance reform program has increased the level of financial reporting disclosure and the monitoring of management, which subsequently improved accruals persistence and earnings quality. A direct practical implication is that investors should better understand the information in accruals for future earnings when the corporate disclosure environment is strengthened. Social implications: This study provides useful information to regulators, academics and investors interested in market efficiency and accrual mispricing. The results suggest that the reform of corporate governance is associated with more efficient prices. This may be of interest to the regulators who intend to improve earnings quality and financial reporting environment through the regulatory reform. Originality/value: To test the accrual anomaly in the period of corporate governance reforms is particularly useful to regulators and policy makers. It allows regulators and policy makers to gain insight as whether the change of regulation has been effective – more transparent and timely reporting of financial information are supposed to help the investors to better understand the accruals and thus mitigate the potential for accrual mispricing. © 2020, Emerald Publishing Limited
Criminal and noncriminal psychopathy: The devil is in the detail
No full textBrooks, NS ORCiD: 0000-0003-1784-099XPsychopathy is prevalent and problematic in criminal populations, but is also found to be present in noncriminal populations. In 1992, Robert Hare declared that psychopaths may also “be found in the boardroom”, which has since been followed by an interest in the issue of noncriminal, or even successful, psychopathy. In this chapter, the paradox of criminal and noncriminal psychopathy is discussed with specific attention given to the similarities and differences that account for psychopathic personality across contexts. That psychopathy is a condition typified by a constellation of traits and behaviours requires wider research across diverse populations, and thus the streams of research related to criminal and noncriminal psychopathy are presented and the implications of these contrasting streams are explored
Staying on task: a tool to help state and regional-level emergency management teams
No full textHayes, PA ORCiD: 0000-0003-3874-012XThe demands on teams coordinating emergency management at state and regional levels can be considerable. These teams may be supporting multiple incidents and are prioritising resources, liaising with other organisations and managing public interests. Also, during large-scale emergencies, teams will be working under conditions of stress and fatigue, which are known to impair cognitive processes such as memory and decision-making. This paper describes a checklist-based cognitive aid that can be used by teams to help retain their focus on tasks that need to be completed. This checklist is based on a hierarchical task analysis that was developed with emergency management agencies using observations, subject matter expert advice and prototype piloting. The checklist is a simple, straightforward set of prompts that help managers keep track of operational tasks and, thus, helps to reduce mental workload and improve cognition. The checklist can be used as a prompt to help emergency managers address the tasks they have oversight for, as a training and development resource, and as a diagnostic and monitoring tool to assess how well a control centre is operating. This can be assessed in real time and through the after-action review process. The checklist is a flexible tool that can help people better manage emergency response activities
Economic and epidemiological impact of youth suicide in countries with the highest human development index
No full textDoran, CM ORCiD: 0000-0002-9009-4906; Kinchin, I ORCiD: 0000-0003-0133-2763This research estimates the economic and epidemiological impact of youth suicide in countries with the highest human development index. The study relied on secondary analysis of suicide mortality data for youth aged between 15-24 years in countries with the highest human development index-Norway, Australia, Switzerland, Germany, Denmark, Singapore, Netherlands, Ireland, Canada and the United States. The impact of youth suicide is measured using years of life lost, years of productive life lost and present economic value of lost productivity. Costs are expressed in 2014 International dollars. Future earning potential is estimated using adjusted gross domestic product per capita, employment potential and historical trends in productivity and real interest rates. In 2014, an estimated 6,912 young people living in the most developed countries in the world lost their lives to suicide. These preventable deaths resulted in a loss of 406,730 years of life at a cost of 802,939. The United States stands out as a country with the most significant youth suicide problem accounting for 77% of total costs. Reducing youth suicide requires a multifaceted approach and significant investment by governments. © 2020 Doran, Kinchin
Thorne v Kennedy: A reminder by the High Court of Australia the law of contract and equity underpin family law financial agreements
No full textRundle, LC ORCiD: 0000-0003-4910-0419A family law financial agreement made pursuant to pt VIIIA for parties to a marriage and pt VIIIAB for de facto relationships, of the Family Law Act 1975 (Cth), make it possible for parties to enter into an agreement with respect to the alteration of their property in the event of separation without a court scrutinising the terms. Where a party alleges their genuine consent or judgment has been compromised an application can be made to the Federal Circuit Court of Australia or Family Court of Australia pursuant to ss 90K and 90KA of the Family Law Act seeking the intervention of the common law or equity to overturn the financial agreement in circumstances where conduct is found to vitiate the agreement in the form of duress, undue influence or unconscionable conduct. This article explores the context in which equitable
intervention, namely duress, undue influence and unconscionable conduct, were considered and applied by the High Court of Australia in the 2017 decision of Thorne v Kennedy and analyses the impact of the decision for legal practitioners and parties when negotiating, drafting and signing a family law financial agreement
Correlates of physical activity in fifth-grade students in Ho Chi Minh City, Vietnam
No full textTo, GQ ORCiD: 0000-0002-3355-6326Studies investigating correlates of physical activity (PA) using objective PA measurements among primary school-aged children are limited in Asia, particularly Vietnam. This study examined psychosocial and environmental factors associated with PA among fifth-grade students in eight primary schools in Ho Chi Minh city, Vietnam. Bivariate analyses showed that for every month increase in students’ age, an increase of 66 steps/day (p<0.05) was found; boys had 1442 more steps/day than girls (p<0.001); and students from lower income households had 1169 steps/day less than those from higher income households (p<0.01). For every unit increase in self-efficacy, perceived social influences, intention to be physically active, and parental support for PA, an increase of 220, 200, 522, and 117 steps/day (p<0.01) was found respectively. In multivariable analysis, only intention and parental support for PA remained significant (p<0.01). About 21% of variation in daily steps was explained by demographic characteristics and an additional 13% by psychosocial influences. In conclusion, intention to be physically active and parental support are important factors and should be considered when designing PA interventions in school/community-based settings
Effects of synbiotic consumption on lipid profile: A systematic review and meta-analysis of randomized controlled clinical trials
No full textKhalesi, S ORCiD: 0000-0002-8208-2518Background and aims: Existing evidence on the possible effects of synbiotics on lipid profile is inconclusive. The aim of the present systematic review was to clarify the effects of synbiotics consumption on lipid profile.
Methods: A systematic literature search of online databases PubMed, Scopus, ISI Web of science, Cochrane's library and Google Scholar was conducted up to January 2019. Randomized controlled trials (RCTs) investigating the effects of synbiotics on lipid profile in adults were included. The overall effect was presented as weighted mean difference (WMD) and 95% confidence interval (CI) in a random-effects meta-analysis model.
Results: A total of 23 RCTs with 1338 participants were included. Synbiotic consumption resulted in a significant decrease in plasma concentrations of total cholesterol (WMD = − 10.17 mg/dL; 95% CI − 15.74 to − 4.60; p ' 0.001), triglyceride (WMD = − 14.30 mg/dL; 95% CI − 25.32 to − 3.28; p = 0.01), low-density lipoprotein cholesterol (WMD = − 8.32 mg/dL; 95% CI − 13.21 to − 3.43; p ' 0.001), and an increase in plasma high-density lipoprotein cholesterol (WMD = 1.3 mg/dL; 95% CI 0.03 to 2.56; p = 0.04) levels compared to control (placebo supplements/control foods/conventional products). The effects are more pronounced when synbiotics supplements are consumed for ' 8 weeks. Conclusion: Synbiotic supplements may be beneficial to improve lipid profile, especially when they are consumed for ' 8 weeks
Successes and challenges of an IT-based health behaviour change program to increase physical activity
No full textVandelanotte, CL ORCiD: 0000-0002-4445-8094Health behaviour change programs that utilise IT-based delivery have great potential to improve health. Whilst more static Web 1.0 technologies have been somewhat effective, they often failed to promote longer-term user engagement required for greater health promotion impact. With Web 2.0 technologies, however, there is potential for greater engagement and retention, through allowing individuals to determine how information is generated, modified, and shared collaboratively. The WALK 2.0 study utilised a Web 2.0-based platform to engage participants in health behaviour change aimed at increasing physical activity levels. The program included two trials: (1) a three-arm randomised controlled trial (RCT) that compared the effectiveness of Web 2.0, Web 1.0, and paper-based logbook interventions; and (2) a real-world randomised ecological trial (RET) that compared a Web 2.0 and Web 1.0 intervention. The aim of this paper is not to focus on the research trial results per se, but rather the success factors and challenges in both the RCT and RET. Both the RCT and RET demonstrated successful outcomes, with greater improvements in physical activity for the Web 2.0 groups. A range of challenges, however, were identified in designing, implementing, and evaluating such interventions. These include IT-based intervention development within a research context, the ability to establish a self-sustaining online community, the rapid pace of change in web-based technology and implications for trial design, the selection of best outcome measures for ecological trials, and managing engagement, non-usage and study attrition in real-world trials. Future research and developments in this area must look to broader research designs that allow for the ever-changing IT-user landscape and behaviour, and greater reliance on development and testing in real-world settings. © 2020 The authors and IOS Press. All rights reserved
Conceptualising and measuring psychological preparedness for disaster: The psychological preparedness for disaster threat scale
No full textMost research on household disaster preparedness has focussed on physical, or material, preparation. Recently, researchers have turned attention to investigating psychological, or mental, preparedness for disasters. Reviews suggest that psychological preparedness comprises two broad mental dimensions or domains: a mostly cognitive aspect directed at the threat, involving knowledge of the threat environment and adaptive responses; and a mostly affective aspect involving self-awareness and emotional self-control. We located eight self-report measures of psychological preparedness, of which only three evidenced good psychometric properties. Of these, only the Psychological Preparedness for Disaster Threat Scale (PPDTS) developed by Zulch et al. (Psychological preparedness for natural disasters, 2012) seemed suitable for investigating psychological preparedness for disaster events in general in English-speaking contexts. A confirmatory factor analysis of data from a survey of 1253 Australian residents replicated the findings reported by Zulch et al. that the measure comprised two sub-scales: a 10-item Knowledge and Management sub-scale, and an 8-item Anticipation, Awareness and Management sub-scale. Evidence of both concurrent convergent and discriminant validity of the measure was found. The PPDTS appears to be a psychometrically sound self-report measure of householder psychological preparedness for a disaster event
Brief parenting support for parents of teenagers dealing with family conflict: A pilot randomized controlled trial
No full textDittman, CK ORCiD: 0000-0003-0203-8785Background: There is a need for research to evaluate the feasibility and efficacy of alternative delivery methods to make evidence-based parenting programs more accessible to parents of teenagers. Objective: This study aimed to test the efficacy of a 2-h parenting discussion group for parents of adolescents experiencing family conflict. It was hypothesised that parents attending the discussion group would report reductions in family conflict and adolescent behavior problems and improvements in the parent–adolescent relationship and parenting in comparison to control parents. Method: This study was a randomized controlled trial. Ninety parents of teenagers (11–16 years; M = 13.23 years) were randomly allocated to intervention (n = 43) or waitlist conditions (n = 47) and completed questionnaires of parent–adolescent and family conflict, adolescent behavior, the parent–adolescent relationship and parenting at pre- and post-intervention and 6-month follow up. Results: At post-intervention, intervention parents reported greater declines in adolescent oppositional behavior problems in comparison to controls. No intervention effects were found for parent–adolescent or family conflict, or for the parent–adolescent relationship and parenting practices. Conclusions: Brief parenting interventions may offer an alternative strategy for supporting parents to deal with challenging adolescent behavior, but further research is required to determine if this type of brief and targeted intervention is effective for family conflict. Such research is important given the need for effective and easily deployable prevention and intervention approaches that address a problem that has significant impact on adolescent wellbeing and family functioning. © 2020, Springer Science+Business Media, LLC, part of Springer Nature