Photographic disasters

The word neither diffident nor ostentatious ... The common word exact without vulgarity, The formal word precise but not pedantic. (Eliot 221

Natural disasters: blessings in disguise?

This study examines the impact of natural disasters on market returns and on several industries that are likely to be affected by the disasters. We find that different natural disasters have different impacts on the returns of the market and on those of industries. Our evidence suggests that while earthquake, hurricane and tornado could negatively affect market returns several weeks after the events, other disasters such as flood, tsunami and volcanic eruption may have limited impact on market returns. We also find that construction and materials industry is positively affected by natural disasters but nonlife and travel industries are likely to suffer when a natural disaster strikes

Investigating the status of disaster management within a world-wide context: a case study analysis

Disasters can be described as feats of spontaneous occurrences, in that they can happen at any minute at any time. There are two classifications of disasters, which are, natural disasters that cannot be predicted and continuously occur throughout society. While the other classification of disaster is that of man-made disasters, where disasters are caused not by natural phenomena, but by man's or society's actions, involuntary or voluntary, sudden or slow, with grave consequences to the population and the environment (Hays, 2008). Both these types of disasters can be controlled to a certain extent through appropriate disaster management plans and if managed efficiently have the potential to reduce the likelihood of overwhelming loss of lives and property. The Disaster Management cycle is split into four elements of response, recovery, mitigation and preparedness which contribute to emergency protocols of a nation when disaster strikes. Therefore, nations should incorporate them in their development plans and ensure efficient follow-up measures at community, national and international levels. This paper investigates worldwide disasters in order to examine how these disasters were managed and to identify the lessons learned. It provides an analysis of five worldwide case studies of recent disasters (Tsunami in Sri Lanka, Hurricane Katrina in New Orleans, Earthquake in Pakistan, Summer floods in the UK and Flooding of the West-Link in Northern Ireland) mapping those to the four staged disaster management cycle. The paper analyses in detail the strategies adopted at each stage of the cycle comparing strengths and weaknesses of each case. It concludes that there had been satisfactory progress in both response and recovery phases but more attention is needed for disaster mitigation and preparedness

Disasters and Disclosures

Many securities fraud lawsuits follow corporate disasters of some sort or another, claiming that known risks were concealed prior to the crisis. Yet for a host of doctrinal, pragmatic and political reasons, there is no clear-cut duty to disclose these risks. The SEC has imposed a set of requirements that sometimes forces risk disclosure, but does so neither consistently nor adequately. Courts in 10b-5 fraud-on-the-market cases, in turn, have made duty mainly a matter of active rather than passive concealment and thus, literally, wordplay: there is no fraud-based duty to disclose risks unless and until the issuer has said enough to put the particular kind of risk “in play.” But when that is, and why, flummoxes them. This incoherence could be rationalized by a more thoughtful assessment of how words matter to investors and better appreciation of the variable role that managerial credibility plays in the process of disclosure and interpretation, which is the main focus of this article. Disasters are an ideal, if disturbing, setting for thinking through the micro-structure of corporate discourse—the implicit rules of interpretation for how marketplace actors interpret what issuers say and don’t say, whether in formal SEC disclosures, conference calls, press conferences and even executive tweets. But even if there is more thoughtfulness to the endeavor, it is fair to ask why wordplay should make so much of a difference as to duty in the first place, or whether instead our impoverished conception of duty and its links to scienter, reliance and causation deserve a more thorough makeover. The study of disasters and disclosures also offers a distinctive reference point for thinking about contemporary controversies associated with bringing matters of social responsibility (e.g., law abidingness) and sustainability (environmental compliance, cybersecurity, product safety, etc.) into the realm of securities law

Investigating the status of disaster management within a world-wide context: a case study analysis

Disasters can be described as feats of spontaneous occurrences, in that they can happen at any minute at any time. There are two classifications of disasters, which are, natural disasters that cannot be predicted and continuously occur throughout society. While the other classification of disaster is that of man-made disasters, where disasters are caused not by natural phenomena, but by man's or society's actions, involuntary or voluntary, sudden or slow, with grave consequences to the population and the environment (Hays, 2008). Both these types of disasters can be controlled to a certain extent through appropriate disaster management plans and if managed efficiently have the potential to reduce the likelihood of overwhelming loss of lives and property. The Disaster Management cycle is split into four elements of response, recovery, mitigation and preparedness which contribute to emergency protocols of a nation when disaster strikes. Therefore, nations should incorporate them in their development plans and ensure efficient follow-up measures at community, national and international levels. This paper investigates worldwide disasters in order to examine how these disasters were managed and to identify the lessons learned. It provides an analysis of five worldwide case studies of recent disasters (Tsunami in Sri Lanka, Hurricane Katrina in New Orleans, Earthquake in Pakistan, Summer floods in the UK and Flooding of the West-Link in Northern Ireland) mapping those to the four staged disaster management cycle. The paper analyses in detail the strategies adopted at each stage of the cycle comparing strengths and weaknesses of each case. It concludes that there had been satisfactory progress in both response and recovery phases but more attention is needed for disaster mitigation and preparedness

Impact of culture towards disaster risk reduction

Number of natural disasters has risen sharply worldwide making the risk of disasters a global concern. These disasters have created significant losses and damages to humans, economy and society. Despite the losses and damages created by disasters, some individuals and communities do not attached much significance to natural disasters. Risk perception towards a disaster not only depends on the danger it could create but also the behaviour of the communities and individuals that is governed by their culture. Within this context, this study examines the relationship between culture and disaster risk reduction (DRR). A comprehensive literature review is used for the study to evaluate culture, its components and to analyse a series of case studies related to disaster risk. It was evident from the study that in some situations, culture has become a factor for the survival of the communities from disasters where as in some situations culture has acted as a barrier for effective DRR activities. The study suggests community based DRR activities as a mechanism to integrate with culture to effectively manage disaster risk

Identification of disaster knowledge factors: preliminary findings

Disasters bring about the loss of lives, property, employment and damage to the physical infrastructure and the environment. The number of reported disasters has increased steadily over the past century and risen very sharply during the past decade. While knowledge management can enhance the process of disaster management, there is a perceived gap in information coordination and sharing within the context of disaster management. Identification of key disaster knowledge factors will be an enabler to manage disasters successfully. The study aims to identify and map key disaster knowledge success factors for managing disasters successfully through capturing the good practices and lessons learned. The objective of this paper is to present the interview findings on influence level of disaster knowledge factors in managing disasters successfully and the means they influence throughout the disaster management cycle. While all the respondents agreed that the influence level of social factors in managing disasters is very high, a number of respondents agreed that the influence level of technological factors is significant. Operational/managerial, economic and technological factors seem to influence the whole disaster management cycle including mitigation/preparedness, immediate relief and reconstruction/recover

Book review: The economic impacts of natural disasters

"The Economic Impacts of Natural Disasters." Edited by Debarati Guha-Sapir and Indhira Santos. Oxford Univesity Press. May 2013. --- Since the turn of the millennium, more than one million people have been killed and 2.3 billion others have been directly affected by natural disasters around the world. Economic Impacts presents six national case studies (Bangladesh, Vietnam, India, Nicaragua, Japan and the Netherlands) and seeks to show how household surveys and country-level macroeconomic data can analyse and quantify the economic impact of disasters. Tom McDermott finds that this book provides a useful set of starting points both for policy debates and further research on the economics of natural disasters

Contradictions inherent in the management of natural and industrial disasters

These days people keep wondering whether the world is more dangerous now than it was before. Do natural disasters really happen more frequently or is it just that the damage they cause that has become greater? The situation is not quite clear. As a result of the globalizing world and advanced communication infrastructure, the number of known / reported catastrophes is relatively high, but that does not necessarily mean there has been an actual increase in frequency. The red mud spill in Hungary was a special combination of industrial and natural disasters. This is one of the reasons why it is very hard to pinpoint who is responsible for the event. Natural disasters tend to raise questions about responsibility that are different from those concerning industrial catastrophes. Interestingly enough, however, nature often plays an important role in industrial disasters. The present article is concerned with how the issues of responsibility are handled in the case of industrial disasters