Approaches towards a generic methodology for storage of hazardous energy carriers and waste products

Energy carriers – either conventional or ‘new’ ones – have to be provided in large amounts to meet the requirements of permanent availability and reliable supply of electricity. Depending on their state of aggregation, energy carriers are either stored in large masses (if solid or liquid) or at elevated pressures (if gaseous). Both impose the hazard of large-scale fire, in the latter case additionally the danger of explosion or unintended release. Very similar hazards occur for wastes. Solid wastes are present in large masses and only a small part is recycled. Most of the solid wastes are used in energy conversion. The main gaseous waste is CO₂. During capturing also the hazard of unintended release exists. In this article, existing approaches for safe storage and fire prevention are discussed and a generic methodology is outlined. This methodology consists of the following steps:

? gaining knowledge about the behaviour of the material stored (reactivity, thermal stability, etc.),

? assessing the environmental conditions for the storage site (neighbourhood, safety distances, etc.),

? assessment of prospective consequences of an incident and

? development of individual loss prevention conceptions.

All steps require both experimental testing and theoretical considerations about accident scenarios as integral parts of the methodology.     

The civil justice system and going concern audit reports: Comments on “Auditors’ decision-making under going concern uncertainties in low litigation risk environments: Evidence from Hong Kong”

Lam and Mensah [Lam, K., Mensah, Y.M., 2006. Auditors’ decision-making under going concern uncertainties in low litigation risk environments: Evidence from Hong Kong. J. Account. Public Pol. 25 (6), this issue] provide some valuable insight on auditors’ choice of going concern audit reports in an environment where the civil justice system affords, from the standpoint of the plaintiff, fewer remedies and is more difficult to file a complaint than it is in the US. Hence, from the auditor’s standpoint, this environment can appropriately be described as a “low litigation risk environment”. In this comment, I first question whether a disclaimer of an opinion is any indication of either a quality audit or professionalism. Secondly, three alternative explanations for the empirical regularities are discussed. The Gatekeeper Story suggests auditors are simply not willing to risk reducing their reputational capital by acquiescing to clients that are not likely to survive their own financial distress. The Herding Story suggests that, when auditors are faced with uncertainties or a gap in the authoritative literature, auditors will herd together to form a common response that mimic one-another. The Value of Incumbency Story holds that as the value of incumbency declines with the client’s inability to survive, auditors will have fewer incentives to incur the incremental costs to gather sufficient competent evidential matter necessary to support an unqualified opinion.     

景气指数分析显示：专来一段时期内货币信贷增速将放缓

货币政策目标体系由最终目标、中间目标和操作目标三个层次构成,中央银行对它们的可控性由弱至强。为能够及时而有效地观测与控制货币政策的实施效果与力度,需要对便于观测与控制的货币政策中间目标进行有效的监测、预测与预警．文章应用基于先行指标体系的景气指数分析方法,分析货币政策中间目标的周期波动,揭示中间目标的运行趋向。测算结果显示,未来一段时期内货币信贷增速将放缓。     

Fairness,risk and risk tolerance in the siting of a nuclear waste repository

In this paper, risk tolerance with regard to nuclear waste is investigated. It is shown that Swedish respondents did not readily accept a local high-level nuclear waste repository, contrary to claims based on polling data. The important role played in Sweden by misleading survey questions is pointed out and demonstrated on empirical data where formulations and procedures are varied. The acceptance of a local repository (measured as intention to vote in its favour in a local referendum) could not be explained well by a cost-benefit approach, neither by an individual risk perception model. Concern about the local community was an important determinant, however, and so were moral aspects. When these aspects were included in a model, about 60% of the variance of risk perception and risk acceptance was accounted for. Cultural Theory scale items, however, added virtually nothing to the explanatory power of the models. In further analyses, NIMBY respondents were identified, defined here as people who rejected a local repository in spite of having acknowledged substantial utility of nuclear power. NlMBYs constituted, however, only a small minority of all opposition to a local repository. Few respondents stated that they would accept a local repository if they were to be given financial compensation. This fact may be related to nuclear power issues being conceived as general, rather than personal, matters. Those who saw it as a politically important issue also conceived of it in general rather than personal terms.     

Lasting impacts and perceived inequities: community reappraisal of the siting of a regional biosolids processing facility in rural Ontario

This paper presents a comparative study of the shift in community perceptions pre- and post-siting of a biosolids processing facility – the Organic Material Recovery Centre – in the rural Township of Southgate, Ontario. The study responds to the need for comparative studies examining residents’ perceptions of contested noxious facilities during acrimonious siting processes and later during facility operations. Interviews were conducted before and after the techno-industrial facility was sited to compare community perceptions of the proposed and operational facility, and further examine residents’ experiences with residual impacts and reflections on the siting process. Results reveal that once the facility began operations and residents had the opportunity to understand its operational mandate and directions, many residents seem to accept the facility as less threatening to well-being, quality of life and core values. Nonetheless, sustained community concerns shifted to invisible impacts and long-term uncertainty. Findings highlight lingering intra-community conflict between those supporting and those who remained concerned about negative impacts. As a result of the hostile community conflict, the local politics seems to have morphed into a ‘one-issue’ political scene, whereby all issues are divided along the lines of municipal councillors opinions of the facility These findings make methodological contributions with pre- and post-siting comparative qualitative research and contribute theoretically to our understanding of residents’ reappraisal of contested noxious techno-industrial facilities, show sustained divisive social impacts within the community, and call for meaningful consultation and increased participatory siting processes that accounts for the diversity of values and expectations during facility siting.     

Public regulatory reform and management earnings forecasts in a low private litigation environment

We examine the impact of continuous disclosure regulatory reform on the likelihood, frequency and qualitative characteristics of management earnings forecasts issued in New Zealand’s low private litigation environment. Using a sample of 720 earnings forecasts issued by 94 firms listed on the New Zealand Exchange before and after the reform (1999–2005), we provide strong evidence of significant changes in forecasting behaviour in the post‐reform period. Specifically, firms were more likely to issue earnings forecasts to pre‐empt earnings announcements and, in contrast to findings in other legal settings, those earnings forecasts exhibited higher frequency and improved qualitative characteristics (better precision and accuracy). An important implication of our findings is that public regulatory reforms may have a greater benefit in a low private litigation environment and thus add to the global debate about the effectiveness of alternative public regulatory reforms of corporate requirements.     

The global audit profession and the international financial architecture: Understanding regulatory relationships at a time of financial crisis

This paper explores how regulatory relationships in the global audit arena are being affected by the current financial crisis. Key policy initiatives and debates are analyzed, along with institutional interactions, in particular between the International Federation of Accountants (IFAC), international regulators and the large audit firms. The events are placed in the context of the new international financial architecture which has developed over the last decade. Using the illustrative lens of bank auditing, questions are asked of the nature and status of audit practice and the regulatory arrangements governing such practice. The paper shows the active nature of the regulatory responses to the crisis and the shifting and competing influences among key regulatory and professional participants in the global audit arena. Emphasis is placed on the need for audit researchers to be sensitive to the developing global financial architecture, and its potential implications for the study of audit practice in different national and international contexts.     

世界银行充分肯定我国会计审计准则改革成就——解读世界银行《中国会计审计评估报告》

世界银行经过为期一年的问卷调查和实地调研等系列评估工作,于2009年10月29日完成并正式发布了《中国会计审计评估报告》(以下简称《评估报告》),充分肯定了我国会计审计准则改革的成就,并称为"可供其他国家仿效的良好典范"。这是第一次由权威国际组织对我国会计审计准则建设、国际趋同以及有效实施情况独立进行的全面系统评估并得出的结论。财政部会计司司长刘玉廷就《评估报告》进行了全面深度解读,现予编发,以飨读者。     

解读元杂剧中的鬼魂托梦情节

元杂剧中鬼魂托梦情节出现频率较多,这种独特的艺术现象不仅使戏曲情节妙趣横生,还使作品的思想意义得到深化。总的来说,元杂剧中的鬼魂托梦情节大都是因为生前的种种情感纠葛,主要包括冤情、亲情、友情、爱情和君臣之情。     

Understanding issue salience,social inequality and the (non) appointment of UK public inquiries: a new research agenda

ABSTRACT

Why are public inquiries appointed and what factors are influential? Research shows that inquiry appointment is driven by issue salience, but how this occurs is unclear. The authors suggest that issue salience is driven by: (1) victim relatability, (2) visibility of failings and (3) perceived blameworthiness. This has three significant implications. First, highly salient issues may lead to the appointment of statutory-type inquiries, which might not be the most appropriate form to effectively address the causes of inequality. Second, if wrongdoing against minorities is not sufficiently relatable (as is often the case), there may be insufficient public salience to drive demands for an inquiry. Finally, inquiries may privilege the investigation of blameworthy behaviour and thereby overlook complex systemic flaws.     

Banks' noninterest income and securities holdings in a low interest rate environment: The case of Italy

Using a sample of 440 Italian banks over the period 2007–2016, we find that low interest rates motivate banks to expand their fee and commission income and to restructure their securities portfolios. A granular breakdown suggests that banks grow noninterest income in various ways, including portfolio management, brokerage and consultancy services and increase fee income from current account and payment services. In addition, banks rebalance securities portfolios away from those “held for trading” to securities “available for sale” and “held to maturity.” Our findings allude to different behavior between large and small banks: while larger banks increase brokerage, consultancy and portfolio management services, smaller banks generate fees from customer current accounts.     

Complexity and coevolution : Methodology for a positive treatment of indeterminacy

Techniques such as bifurcation, mathematical chaos and catastrophe theories are characterized by an insistence on phenomena of change and on an inherent unpredictability in systems evolution. Yet, our culture is, on the whole, deeply preoccupied with certainty and foreknowledge. This article considers whether these techniques provide an improved basis for management control or whether their emergence should prompt us to reconsider the cultural assumptions that underlie our quest for control and determination.     

认清形势 正视问题 全面提高行业的社会公信力——财政部、证监会强化证券市场审计评估执业质量管理工作会议召开

本刊讯 2001年11月12日至13日,财政部、证监会强化证券市场审计评估执业质量管理工作会议在北京国家会计学院召开.来自财政部、中国证监会、审计署、最高人民法院的领导,中注协、各地方注协、评协主管监管工作的秘书长,全国有证券业相关资格的会计师事务所、评估机构的负责人出席了会议.     

A maximum likelihood approach to volatility estimation for a Brownian motion using high,low and close price data

Abstract

Volatility plays an important role in derivatives pricing, asset allocation, and risk management, to name but a few areas. It is therefore crucial to make the utmost use of the scant information typically available in short time windows when estimating the volatility. We propose a volatility estimator using the high and the low information in addition to the close price, all of which are typically available to investors. The proposed estimator is based on a maximum likelihood approach. We present explicit formulae for the likelihood of the drift and volatility parameters when the underlying asset is assumed to follow a Brownian motion with constant drift and volatility. Our approach is to then maximize this likelihood to obtain the estimator of the volatility. While we present the method in the context of a Brownian motion, the general methodology is applicable whenever one can obtain the likelihood of the volatility parameter given the high, low and close information. We present simulations which indicate that our estimator achieves consistently better performance than existing estimators (that use the same information and assumptions) for simulated data. In addition, our simulations using real price data demonstrate that our method produces more stable estimates. We also consider the effects of quantized prices and discretized time.     

Loss given default of residential mortgages in a low LTV regime: Role of foreclosure auction process and housing market cycles

Using loan-level foreclosure auction data we study the loss given default (LGD) of defaulted residential mortgages originated in Korea, a low LTV regime. We find that senior mortgages generate very low loss rates (5–10%) while losses of subordinated claims are in 30–50% range. We document the effects of housing market cycles on loss severity by showing that collateral characteristics that are overvalued during the boom increase loss severity during the market downturn. We also investigate how a broad set of time-of-origination and post-origination information on loan, collateral and borrower characteristics and foreclosure auction process influence the LGD of residential mortgages.     

Be a better boss. Employee treatment,trust level and family business innovation: Evidence from China

This study examines the impact of employee treatment on family business innovation. Our empirical research shows that beneficial employee treatment can increase family business innovation input and output. Moreover, the empirical conclusions pass the robustness and endogeneity tests. An additional analysis shows that non-salary aspects of employee treatment can significantly increase the quantity and quality of innovation output; however, they have little to no impact on innovation input. Further, we find that the higher the levels of trust in society, trust in organizational decisions, and trust in co-workers are, the stronger is the role of employee treatment in family business innovation.