37 research outputs found
Auditor reporting and earnings management: some additional evidence
No full textThis paper investigates the reasons that lead to modification of auditors' opinions. We revisit the conclusions of prior US-based research on whether a modification highlights likely earnings management activities. Extending this research, we consider an alternate explanation that managers adjust accruals to report earnings that better predict future firm performance, which has the side-effect of placing them in conflict with their auditors. Our study sample comprises all firms listed on the Australian Stock Exchange over the period 1999-2003. Consistent with prior research, there is no evidence of earnings management leading to an audit opinion modification. However, we do show that firms receiving inherent uncertainty modifications (other than going concern) have greater persistence of earnings (accruals) relative to other firms. This is consistent with the proposition that managers have made policy choices in reporting current earnings, with which their auditors disagree, that will likely result in a greater ability to forecast the firm's future earnings. Copyright (c) 2007 The Authors. Journal compilation (c) 2007 AFAANZ.
Price variability, trading volume and market depth: evidence from the Australian futures market
No full textThis study investigates the nature of the relationship between volume, price variability and market depth for four futures contracts traded on the Sydney Futures Exchange. This study is not limited to the determination of the relationship between volatility and volume but also considers the likely effect that open interest, a proxy for market depth, has on volatility. This is achieved by partitioning volume and open interest into expected and unexpected components based on one-step-ahead forecast errors. The results of this study confirm the empirical findings of other studies conducted on this area of futures markets.
Physiological roles and regulation of the cryptic prophage-encoded small protein DicB and small RNA DicF in Escherichia coli
No full textBacterial adaptation to stress conditions is vital for their survival in different environments. In the past decade, the important roles that small RNAs (sRNAs) and small proteins perform in regulating the stress response in bacteria has become evident. While the roles of numerous sRNAs and small proteins encoded on the bacterial core genome have been characterized, very few that are phage or prophage-encoded have been studied. This dissertation describes the roles and regulation of the sRNA DicF and small protein DicB encoded on the Qin cryptic prophage of Escherichia coli K12. Bacterial genomes harbor cryptic prophages that have lost genes required for induction, excision from host chromosomes, or production of phage progeny. DicB and DicF are encoded on the dicBF operon, which is located in the immunity region of the cryptic prophage Qin. DicB and DicF have previously been implicated in inhibiting cell division of the host bacterium. In this study, we show that the small protein DicB protects the host cells from phage infection. DicB specifically inhibits infection by λ and other phages that use ManYZ inner membrane proteins to inject their DNA into the host cell. DicB also inhibits the canonical function of ManYZ, which is mannose sugar transport. We demonstrated that the previously known interaction between DicB and MinC, a host protein involved in proper positioning of the Z ring during cell division, is necessary for the DicB-dependent phenotypes involving ManYZ identified in this study. The sRNA DicF is widely conserved is many E. coli strains and inhibits ftsZ mRNA translation in E. coli. In this study, we establish the mechanism of this regulation by characterizing the base pairing interaction between DicF and ftsZ, and delineate the roles of other host factors involved in this regulation. Additionally, we identify new mRNA targets of the sRNA DicF, that are primarily involved in host cell metabolism. The final part of this thesis work describes the genetic mechanisms defining the regulation of the dicBF operon. The dicBF operon is constantly repressed under laboratory conditions by the repressor DicA. In this work, we identified that the protein Rem impairs DicA repression of the dicBF operon and is the antirepressor of DicA. We show that Rem induces expression of dicB and dicF, which leads to the concomitant cell filamentation phenotype as DicB and DicF are cell division inhibitors. In the absence of the dicBF gene products, the promoter of the dicBF operon was found to undergo spontaneous induction in a subset of cells, reminiscent of the λ phage bistable genetic switch. Lastly, urea and high temperature were identified as strong inducers of the dicBF promoter in strains deleted for the dicBF operon. Our results suggest that expression of the dicBF operon is regulated in multiple ways in E. coli K12, indicative of the complex relationship that exists between the host cell and cryptic prophages.Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2023-05-01The student, Preethi Narayani Thattai Ragunathan, accepted the attached license on 2020-12-22 at 15:01.The student, Preethi Narayani Thattai Ragunathan, submitted this Dissertation for approval on 2020-12-22 at 16:38.This Dissertation was approved for publication on 2020-12-23 at 13:10.DSpace SAF Submission Ingestion Package generated from Vireo submission #16136 on 2021-09-16 at 17:01:29Made available in DSpace on 2021-09-17T02:34:10Z (GMT). No. of bitstreams: 2
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Previous issue date: 2020-12-23Embargo set by: Seth Robbins for item 118462
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Returns and volatility on the Chinese stock markets
No full textThe transfer of information is analysed within two distinct markets in the same country, specifically, the Chinese stock markets. The presence of autocorrelation and cross correlation in the four main stock indices is examined. The results for stock index data find spillovers in both directions from 'A' and 'B' shares. However, it is also documented that this feature of the market does not extend to volatility in that there is no spillover in volatility from 'B' share prices to 'A' share prices or vice-versa
Effect of credit rating changes on Australian stock returns
No full textWe study the impact credit rating revisions have on stock returns of Australian firms rated by Standard & Poor's and Moody's. Our evidence is consistent with that documented in the USA showing that only downgrades contain price-relevant information. The reaction is most significant when the downgrade: (i) is unanticipated; (ii) is for an unregulated firm; and (iii) reduces the firm's rating by more than one category. Copyright (c) The Authors Journal compilation (c) 2006 AFAANZ.
Australian industry beta risk, the choice of market index and business cycles
No full textThe paper presents an investigation of the equity beta risk of 23 Australian industry portfolios over the period 1974 to 1992. A comparison of domestic and international market model betas, favours the domestic risk measures, although the international counterparts are generally statistically significant relative to a world market index. Furthermore, the international betas seem to display greater instability than the domestic beta estimates. Tests are made to determine whether business cycles, both domestic and international, impact upon stock returns, via changes in the estimated domestic beta. Generally, it is found that business cycles are important and that the US business cycle has a much larger impact on the equity betas of industry portfolios, than does the Australian business cycle. Finally, it is found that interactions between the business cycles of Australia and the United States, have an impact on the beta risk for many industries.
Death by committee? An analysis of corporate board (sub-) committees
No full textTheoretical models of groups suggest that sub-group usage can affect communication among members and group decision-making. To examine the trade-offs from forming subgroups, we assemble a detailed dataset on corporate boards (groups) and committees (subgroups). Boards have increasingly used committees formally staffed entirely by outside directors. Twenty-five percent of all director meetings occurred in such committees in 1996; this increased to forty-five percent by 2010. We find evidence that granting formal authority to such committees can impair communication and decision-making. Sub-groups are relatively understudied, but our results suggest that they play an important role in group functioning and corporate governance
