Loan loss reporting,early disclosure,and investor reactions

Several prior studies present evidence that bank loan-loss announcements have a significant impact on shareholder wealth. There is no satisfactory explanation, however, as to why these announcements should change share prices. This paper examines loan-loss announcements in the context of the early disclosure literature. We find banks that publicly announce losses before releasing their quarterly earnings report have a significant increase in shareholder wealth following the loan-loss announcement. Banks that choose to publicly announce loan-loss increases with the release of quarterly-earnings report experience a significant decrease in shareholder wealth prior to the loan-loss announcement. Our results support the notion that the timing of the loan-loss announcement provides information to investors.     

Current Trends and Demands in Visualization in the Geosciences

Geosciences, along with many other disciplines in science and engineering, faces an exponential increase in the amount of data generated from observation, experiment and large-scale, high-resolution 3-D numerical simulations. In this communication we describe the fundamentals of visualization necessary to meet these challenges. We present several alternative methodologies such as 2D/3D feature extraction, segmentation methods, and flow topology, to help better understand the physical structure of the data. We use AMIRA from TGS to demonstrate our concepts. Examples are drawn from fields in computational fluid dynamics, 3-D mantle convection and seismic tomography. Finally, we present our perspective on the future of visualization.     

Consuming heritage: Perceived historical authenticity

This paper examines tourists' perceptions of the historical authenticity of The Rocks, Australia, a heritage precinct fashioned by the Sydney Cove Redevelopment Authority. It argues that overall tourists perceive this representation of history as authentic. Gender, income, education level, position in lifecycle, place of residence, and previous visitations to The Rocks were also explored to identify how these variables might shape tourism experiences and subsequent negotiations of authenticity. The overall uncritical “consumption” of the commodified version of history as heritage is regarded as a matter for concern. The commodified environment based upon the rhetoric of Australian nationalism has silenced alternative versions of the past which highlight oppression, racism, and conflict.     

The Deterrent Effect of UK Competition Enforcement

Summary  The paper briefly reviews previous studies of the deterrent effect of competition enforcement. It then describes the key findings of a recent report commissioned by the Office of Fair Trading on the scale of the deterrent effect of merger control and competition law enforcement in the UK. The research, which was based on in-depth interviews and phone surveys with senior competition lawyers and large UK companies also indicated which sanctions may be more effective at deterring anti-competitive behaviour and provided suggestions for improving deterrence. The paper discusses a number of policy issues raised by the research’s findings. The views expressed herein do not necessarily represent those of the OFT or Deloitte. This paper was prepared for the October 2007 workshop on Measuring the Effects of Competition Law Enforcement, organized by the Netherlands Competition Authority.     

Technology transfer and the process of technological innovation: new concepts,new models1

Many so-called ‘technology transfer’ programs are based on the belief that the process is essentially one of communication rather than of innovation. As such, the designers and managers of such programs concern themselves with questions of how to transfer technology after it is already developed, rather than how to develop or adapt technology so that it is transferable. The net result, we believe, has been a very poor showing and a very low level of effectiveness. To design a successful transfer program one must develop a view of the flow of technology in an integrated innovation process, and this paper concludes with the presentation of a highly significant flow model in which the critical aspect is constant assessment of the non-technological factors during the entire course of the innovation cycle–including those related to marketing, regulations, capital and human resources.     

Preconceptions and reconceptions in the administration of science

Abstract . Despite the rise in the importance of science as a daily concern of modern man, until recently factors affecting the conduct of scientific research have not been objectively studied. We found that over 80% of the publications from 1950 to 1961 dealing with the administration of research were based on speculation rather than on objective evidence. These speculative publications, for the most part, tended to reinforce, rather than to critically examine, prevalent conceptions of science and its administration.
One of the most entrenched of these conceptions is the importance ascribed to the differences between basic and applied research. It is my contention that the dichotomy, basic and applied (and such related dichotomies as limited and fundamental, theoretical and action, etc.), hinders rather than advances our knowledge of the relationship between organizational structure and scientific accomplishment. The distinction between basic and applied research is not directly related to the research process and therefore can only be of limited value in research administration. Further, the mystique around the terms 'basic' and 'applied' appears to have led to patterns of research administration based on misconceptions rather than on knowledge. Two other distinctions, urgency and predictability of the research, are suggested as more viable distinctions than the basic-applied dichotomy. Using recent research findings from small group research and the sociology of science, we have attempted to show how these distinctions can serve as guidelines in the administration of science.