Market Reaction to the Adoption of IFRS in Europe

This study examines the European stock market reaction to sixteen events associated with the adoption of International Financial Reporting Standards (IFRS) in Europe. European IFRS adoption represented a major milestone towards financial reporting convergence yet spurred controversy reaching the highest levels of government. We find a more positive reaction for firms with lower quality pre-adoption information, which is more pronounced in banks, and with higher pre-adoption information asymmetry, consistent with investors expecting net information quality benefits from IFRS adoption. We also find that the reaction is less positive for firms domiciled in code law countries, consistent with investors' concerns over enforcement of IFRS in those countries. Finally, we find a positive reaction to IFRS adoption events for firms with high quality pre-adoption information, consistent with investors expecting net convergence benefits from IFRS adoption. Overall, the findings suggest that investors in European firms perceived net benefits associated with IFRS adoption.IFRS, IAS 39, Convergence, Europe, Event Study

The Third Way: Prevention and Compensation of Work Injury in Victoria, Australia

This study originated because the leadership of the VWA and the responsible Minister wanted an assessment of the performance of the Victorian scheme within a larger perspective. They commissioned the W. E. Upjohn Institute for Employment Research, an endowed, not-forprofit research foundation in the United States, to assemble an appropriate team of workers' compensation experts to conduct such a study. The assignment was to carry out a thorough, independent review of the Victorian system of prevention and compensation for work injuries and to provide a set of informed judgments about the system and its performance

Rosetta-Alice Observations of Exospheric Hydrogen and Oxygen on Mars

The European Space Agency's Rosetta spacecraft, en route to a 2014 encounter with comet 67P/Churyumov-Gerasimenko, made a gravity assist swing-by of Mars on 25 February 2007, closest approach being at 01:54UT. The Alice instrument on board Rosetta, a lightweight far-ultraviolet imaging spectrograph optimized for in situ cometary spectroscopy in the 750-2000 A spectral band, was used to study the daytime Mars upper atmosphere including emissions from exospheric hydrogen and oxygen. Offset pointing, obtained five hours before closest approach, enabled us to detect and map the HI Lyman-alpha and Lyman-beta emissions from exospheric hydrogen out beyond 30,000 km from the planet's center. These data are fit with a Chamberlain exospheric model from which we derive the hydrogen density at the 200 km exobase and the H escape flux. The results are comparable to those found from the the Ultraviolet Spectrometer experiment on the Mariner 6 and 7 fly-bys of Mars in 1969. Atomic oxygen emission at 1304 A is detected at altitudes of 400 to 1000 km above the limb during limb scans shortly after closest approach. However, the derived oxygen scale height is not consistent with recent models of oxygen escape based on the production of suprathermal oxygen atoms by the dissociative recombination of O2+.Comment: 17 pages, 8 figures, accepted for publication in Icaru

Wet scavenging of soluble gases in DC3 deep convective storms using WRF-Chem simulations and aircraft observations

We examine wet scavenging of soluble trace gases in storms observed during the Deep Convective Clouds and Chemistry (DC3) field campaign. We conduct high-resolution simulations with the Weather Research and Forecasting model with Chemistry (WRF-Chem) of a severe storm in Oklahoma. The model represents well the storm location, size, and structure as compared with Next Generation Weather Radar reflectivity, and simulated CO transport is consistent with aircraft observations. Scavenging efficiencies (SEs) between inflow and outflow of soluble species are calculated from aircraft measurements and model simulations. Using a simple wet scavenging scheme, we simulate the SE of each soluble species within the error bars of the observations. The simulated SEs of all species except nitric acid (HNO_3) are highly sensitive to the values specified for the fractions retained in ice when cloud water freezes. To reproduce the observations, we must assume zero ice retention for formaldehyde (CH_2O) and hydrogen peroxide (H_2O_2) and complete retention for methyl hydrogen peroxide (CH_3OOH) and sulfur dioxide (SO_2), likely to compensate for the lack of aqueous chemistry in the model. We then compare scavenging efficiencies among storms that formed in Alabama and northeast Colorado and the Oklahoma storm. Significant differences in SEs are seen among storms and species. More scavenging of HNO_3 and less removal of CH_3OOH are seen in storms with higher maximum flash rates, an indication of more graupel mass. Graupel is associated with mixed-phase scavenging and lightning production of nitrogen oxides (NO_x), processes that may explain the observed differences in HNO_3 and CH_3OOH scavenging

Gestão financeira de uma cooperativa agroindustrial: práticas de gerenciamento e análise financeira

The financial statements are meant to help managers and users of accounting information in the decisionmaking process. The cooperative has taken more prominence in the financial system. This article aims to analyze and demonstrate the economic and financial performance of an Agroindustrial Cooperative of Santa Catarina in the city of Chapecó. The analysis was based on the financial statements, balance sheet and statement of leftovers or cooperative losses, between the years 2012 and 2014. To achieve the goal and an exploratory qualitative research was carried out in the statements of the studied cooperative. Knowing this, it is suggested that aspects of monitoring, control, evaluation and improvement of the results are of great importance, because many cooperatives do not provide adequate care, which must be controlled in real time with strategic planning.As demonstrações contábeis têm a função de auxiliar os gestores e usuários da informação contábil no processo de tomada de decisão. O cooperativismo tem tomado cada vez mais destaque no Sistema Financeiro Nacional. Esse artigo tem como objetivo analisar e demonstrar o desempenho econômico e financeiro de uma Cooperativa Agroindustrial de Santa Catarina na cidade de Chapecó. A análise teve como base as demonstrações contábeis, balanço patrimonial e demonstração de sobras ou perdas da cooperativa, entre os anos de 2012 e 2014. Para alcançar o objetivo foi realizada uma pesquisa exploratória e qualitativa nas demonstrações da cooperativa estudada. Sabendo-se disso, é sugerido que os aspectos de acompanhamento, controle, avaliação e aprimoramento dos resultados são de elevada importância, pelo fato de várias cooperativas não proporcionarem adequada atenção, o qual deve ser controlado em tempo real com o planejamento estratégico

Estudo da Interação de Uma Cooperativa Habitacional com a Sociedade

The interaction between cooperative organizations and of solidarity economy and the society is the principal focus of this assignment, emphasizing the influence that this kind of cooperation gets, becoming a mechanism of transformation and social inclusion, in addiction, what these interactions are made of. For this, we chose a housing cooperative. This research is classified as qualitative case study, getting done through semi-structured interviews with the President, the Pedagogic Directory and a cooperating person. The results reveal that the cooperative principles are rooted in the activities of the cooperative, especially the principles of self-management, free membership and education. Although this organization had been in difficulties in its beginning, results demonstrated that society keeps opening space to the cooperativism ideals. Join the cooperative shows that it is possible to have personal and social development, which serves as the impetus and motivation to expand the activities of the cooperative, it is necessary to be a change in the mindset of society so that the cooperative thinking and the way of organize the cooperatives can gain space in people’s lives.Com o intuito de compreender como se dá a interação das organizações cooperativas e de economia com a sociedade, e quais são os elementos que constituem essa integração, o presente artigo foi desenvolvido. Para isso, escolheu-se uma cooperativa habitacional. A pesquisa classifica-se como um estudo de caso qualitativo. A principal técnica de coleta de dados foi a entrevista semiestruturada, realizada com o Presidente, o Diretor Pedagógico e uma cooperada. Os resultados revelam que os princípios do cooperativismo estão enraizados nas atividades da cooperativa, principalmente os princípios da autogestão, livre adesão e o da educação. Apesar das diversas situações que a cooperativa passou como problemas de sustentabilidade financeira, os resultados mostraram que se vem criando e dedicando cada vez mais espaço dentro da sociedade para os ideais cooperativistas. Aderir à cooperativa mostra que é possível ter desenvolvimento pessoal e social, o que serve como impulso e motivação para expandir as atividades da cooperativa, para isso é necessário haver uma mudança na forma de pensar da sociedade para que o pensamento cooperativista e a forma de se organizar do cooperativismo possam ganhar espaço na vida das pessoas