Incentives facing UK-listed companies to comply with the risk reporting provisions of the UK Corporate Governance Code

Recent changes made to the UK Corporate Governance Code require UK firms to report new or enhanced narrative information concerning their principal risks, their risk management processes and their future viability. This paper analyses whether the level and nature of voluntary compliance with these new requirements is consistent with alternative economic and political visibility incentives. We analyse relevant sections of financial reports produced by industry matched samples of large-, mid-and small-cap UK listed firms during the transitional 2013-14 financial reporting years. Both specific and generic readability attributes of the reports are measured. We find that virtually no firm in our sample has provided any viability statement. Empirical analysis of disclosures concerning principal risk assessment and review processes appear to be primarily motivated by political visibility reasons. Examples of particularly good and cases of poor corporate risk reporting practices are also discussed. Possible implications for the actuarial profession are discussed

An Ion Microprobe Study of CAIs from CO3 Meteorites

When attempting to interpret the history of Ca, Al-rich inclusions (CAIs) it is often difficult to distinguish between primary features inherited from the nebula and those produced during secondary processing on the parent body. We have undertaken a systematic study of CAIs from 10 CO chondrites, believed to represent a metamorphic sequence [e.g., 1], with the goal of distinguishing primary and secondary features. ALHA 77307 (3.0), Colony (3.0), Kainsaz (3.1), Felix (3.2), ALH 82101 (3.3), Omans (3.3), Lancé (3.4), ALHA 77003 (3.5), Warrenton (3.6), and Isna (3. 7) were examined by SEM and optical microscopy. We have identified 141 CAIs within these samples, and studied in detail the petrology of 34 inclusions

In-situ measurements of total reactive nitrogen, total water vapor, and aerosols in polar stratospheric clouds in the Antarctic stratosphere

Measurements of total reactive nitrogen, NOy, total water vapor, and aerosols were made as part of the Airborne Antarctic Ozone Experiment. The measurements were made using instruments located onboard the NASA ER-2 aircrafts which conducted twelve flights over the Antarctic continent reaching altitudes of 18 km at 72 S latitude. Each instrument utilized an ambient air sample and provided a measurement up to 1 Hz or every 200 m of flight path. The data presented focus on the flights of Aug. 17th and 18th during which Polar Stratospheric Clouds (PSCs) were encountered containing concentrations of 0.5 to 1.0 micron diameter aerosols greater than 1 cm/cu. The temperature pressure during these events ranged as low as 184 K near 75 mb pressure, with water values near 3.5 ppm by volume (ppmv). With the exception of two short periods, the PSC activity was observed at temperatures above the frost point of water over ice. The data gathered during these flights are analyzed and presented

Extinction and backscatter measurements of Antarctic PSC's, 1987: Implications for particle and vapor removal

The temperature dependence is examined of optical properties measured in the Antarctic during 1987 at the 70 mb level (near 18 km), a level chosen to correlate the results with in situ measurements made from the NASA-Ames ER-2 aircraft during the 1987 Airborne Antarctic Ozone Experiment (AAOE). The data set consists of extinction measurements by Sam 2 inside the Antarctic polar vortex from May to October 1987; and backscatter measurements by the UV-DIAL (Ultraviolet Differential Absorption Lidar) system aboard the Ames DC-8 aircraft during selected AAOE flights. Observed trends are compared with results from a revised version of Pole and McCormick's model to classify the PSC observations by Type (1 or 2) and infer the temporal behavior of the ambient aerosol and ambient vapor mixing ratios. The sample figures show monthly ensembles of the 70-mb Sam 2 extinction ratio (the ratio of aerosol or PSC extinction to molecule extinction) as a function of NMC temperature at the beginning (June) and (October) of the 1987 Antarctic winter. Both ensembles show two rather distinct clusters of points: one oriented in the near vertical direction which depicts the change with temperature of the ambient aerosol extinction ratio; and a second cluster oriented in the near horizontal direction whose position on the vertical scale marks a change in particle phase (i.e., PSC formation) and whose length (the extinction enhancement related to that of the ambient aerosol) is an indicator of PSC type

Validation of the Aura Microwave Limb Sounder HNOmeasurements

We assess the quality of the version 2.2 (v2.2) HNO3 measurements from the Microwave Limb Sounder (MLS) on the Earth Observing System Aura satellite. The MLS HNO3 product has been greatly improved over that in the previous version (v1.5), with smoother profiles, much more realistic behavior at the lowest retrieval levels, and correction of a high bias caused by an error in one of the spectroscopy files used in v1.5 processing. The v2.2 HNO3 data are scientifically useful over the range 215 to 3.2 hPa, with single-profile precision of ∼0.7 ppbv throughout. Vertical resolution is 3–4 km in the upper troposphere and lower stratosphere, degrading to ∼5 km in the middle and upper stratosphere. The impact of various sources of systematic uncertainty has been quantified through a comprehensive set of retrieval simulations. In aggregate, systematic uncertainties are estimated to induce in the v2.2 HNO3 measurements biases that vary with altitude between ±0.5 and ±2 ppbv and multiplicative errors of ±5–15% throughout the stratosphere, rising to ∼±30% at 215 hPa. Consistent with this uncertainty analysis, comparisons with correlative data sets show that relative to HNO3 measurements from ground-based, balloon-borne, and satellite instruments operating in both the infrared and microwave regions of the spectrum, MLS v2.2 HNO3 mixing ratios are uniformly low by 10–30% throughout most of the stratosphere. Comparisons with in situ measurements made from the DC-8 and WB-57 aircraft in the upper troposphere and lowermost stratosphere indicate that the MLS HNO3 values are low in this region as well, but are useful for scientific studies (with appropriate averaging)

Investigating knowledge management factors affecting Chinese ICT firms performance: An integrated KM framework

This is an Author's Accepted Manuscript of an article published in the Journal of Information Systems Management, 28(1), 19 - 29, 2011, copyright Taylor & Francis, available online at: http://www.tandfonline.com/10.1080/10580530.2011.536107.This article sets out to investigate the critical factors of Knowledge Management (KM) which are considered to have an impact on the performance of Chinese information and communication technology (ICT) firms. This study confirms that the cultural environment of an enterprise is central to its success in the context of China. It shows that a collaborated, trusted, and learning environment within ICT firms will have a positive impact on their KM performance

Feeding Concentrate Formulated With Native Irish Feed Ingredients and a Low Crude Protein Content to Grazing Dairy Cows Has No Effect on Milk Production or Milk Composition

Improving nitrogen use efficiency (NUE) and feeding native feed ingredients offers potential to improve the environmental sustainability of dairy production. However, improving NUE is a key challenge in grass-based systems due to high crude protein (CP) levels in grass and low nitrogen retention by dairy cows. In addition, concentrate feed typically contains imported feed ingredients which contribute to increased carbon footprint. Therefore, the objective of this study was to investigate the effect of concentrate CP level and ingredient source on milk production and composition. Forty-two mixed-parity Holstein-Friesian cows were blocked on parity and balanced on days in milk (DIM), milk production, BCS and Economic Breeding Index (EBI; n=14). Cows grazed full time and were offered a basal diet of perennial ryegrass pasture (average 17 kg DM/cow/day) and fed one of three concentrate supplements at varying levels according to DIM during the main grazing season (153 days). The concentrate treatments (T) were: T1) 14% CP concentrate formulated with non-native ingredients, T2) 12% CP concentrate formulated with non-native ingredients or T3) 12% CP concentrate formulated with native ingredients. Reducing the CP level or formulating with native feed ingredients did not alter milk or milk solids yield (T1: 25.7 kg/day, 2.11 kg/day; T2: 25.3 kg/day, 2.06 kg/day; T3: 24.9 kg/day, 2.01 kg/day respectively). Similarly, no effect of treatment was observed for milk fat or protein percentage (T1: 4.40 %, 3.66 %; T2: 4.44 %, 3.64 %; T3: 4.37 %, 3.66 %, respectively). The results of this study highlight that the sustainability of grass-based dairy may be improved by using a low concentrate CP content (12%) in addition to offering concentrate feed based on native feed ingredients which can result in similar performance to that of dairy cows offered a 14% CP concentrate or a concentrate based on imported ingredients respectively

Measurements of NO and total reactive odd-nitrogen, NOy, in the Antarctic stratosphere

Measurements of NO and total reactive N, NOy, were made as part of the Airborne Antarctic Ozone Experiment conducted in Punta Arenas, Chile during Aug. and Sept. 1987. The total reactive N reservoir includes the species NO, NO2, NO3, N2 O5, HNO3, and ClONO2. The instrument was located on board the NASA ER2 aircraft which conducted 12 flights over the Antarctic continent reaching altitudes of 18 km at 72 deg S latitude. The NOy technique utilized the conversion of component NOy species to NO on a gold catalyst and the subsequent detection of NO by the chemiluminescence reaction of NO with ozone. Since the inlet sample line is heated and the catalyst operates at 300 C, NOy incorporated in aerosols evaporates and is converted to NO. NO was measured on two separate flights by removing the catalyst from the sample inlet line

Who I Am: The Meaning of Early Adolescents’ Most Valued Activities and Relationships, and Implications for Self-Concept Research

Self-concept research in early adolescence typically measures young people’s self-perceptions of competence in specific, adult-defined domains. However, studies have rarely explored young people’s own views of valued self-concept factors and their meanings. For two major self domains, the active and the social self, this mixed-methods study identified factors valued most by 526 young people from socioeconomically diverse backgrounds in Ireland (10-12 years), and explored the meanings associated with these in a stratified subsample (n = 99). Findings indicate that self-concept scales for early adolescence omit active and social self factors and meanings valued by young people, raising questions about content validity of scales in these domains. Findings also suggest scales may under-represent girls’ active and social selves; focus too much on some school-based competencies; and, in omitting intrinsically salient self domains and meanings, may focus more on contingent (extrinsic) rather than true (intrinsic) self-esteem