Market reactions to Australian boutique resource investor presentations

This paper examines the market reactions to 817 investor presentations by 326 Australian resource firms and finds evidence suggesting these events are informative. Furthermore, the positive returns do not reverse over the following 15 days, which contrasts with previous investor presentation research. However, consistent with the prior literature, extended long run cumulative abnormal returns are not significantly different from zero. This paper also documents stronger reactions to first time presenting firms, presentations that are announced to the market and firms exhibiting at the Africa Downunder and Excellence in Oil & Gas conferences. There are also stronger reactions for firms with lower ownership concentration. Examining boutique resource firm investor presentations adds to the existing disclosure and dissemination literature due to the presence of relatively high information asymmetry in the extractive industries, a unique setting, which contrasts with previous studies. © 2011 Elsevier Ltd

The Behavior of Soluble Salt in Sharkey Clay

Soluble salt problems do exist and are significant in Arkansas. Studies have been conducted on Crowley silt loam (Typic Albaqualfs) which have established the behavior of soluble salt in that soil. The major objective of this study was to quantify the behavior of soluble salt in a second important Mississippi River Delta soil - the Sharkey (Vertic Haplaquepts). To this end, estimation of the downward redistribution of salt and the estimation of various components of the water balance for this soil served as specific objectives. Field studies were designed to monitor the movement of salt in the Sharkey soil and to characterize selected components of the water balance. In total, three tentative conclusions may be drawn from the data. First, the infiltration for the Sharkey soil was approximately three times that of the Crowley silt loam. The average value was 29 cm for the rice season. Second, levee seepage, while significant for small plots, was shown to be small for production-sized fields. Levee seepage remained relatively constant throughout the season and averaged 0.025 nvfym/d. And third, downward redistribution of salt was large and appeared to follow a pattern where a peak occurred at the surface and, possibly, at the lower soil depths

Your Governance or Mine?

In response to criticism directed at the resource sector's corporate governance, this paper examines the corporate governance and underlying firm characteristics of resource development stage entities (DSEs) relative to a size-matched sample of non-resource firms. We find that resource DSEs have different governance characteristics in the measures of board independence, chair/CEO duality and CEO cash bonuses. Furthermore, there are differences in the information environment measures of analyst following, debt levels, stock market return and stock turnover. Considering we document substantial differences in underlying firm characteristics, corporate governance differences are likely appropriate to the mining industry and should not be uniformly labelled as 'bad'. Our results suggest that media rankings based on corporate governance scores may not accurately portray the resource sector. Overall, our results are of interest to Australian investors and regulators and contribute to a broader understanding of contextually contingent corporate governance. © 2011 CPA Australia

The Behavior of Soluble Salt in Sharkey Clay- II

Soluble salts have been shown to accumulate in Arkansas soils in sufficient quantities to impair crop plant growth. The major objective of this study was to describe the behavior of soluble chloride salt over long time periods in Sharkey clay - a major Mississippi Delta soil. Prior to flooding rice, leaching of chloride in response to rainfall was observed. The inclusion of a sandy subsoil layer reduced this effect presumably by limiting downward movement of water under unsaturated conditions. No lateral movement of the chloride salt was found during the period prior to flooding. Removal of soluble chloride salts from the top 100 cm of Sharkey soil was complete in a 1-2 year period depending on weather conditions. In a year where the rice cropping season was followed by a wet winter, losses were smaller than in a year where the rice cropping season was followed by a drier winter. These results suggested that removal of soluble salts via leaching in this soil was more efficient under less saturated soil conditions

Agricultural Water Management in the Missippi Delta Region of Arkansas

Agriculture is the largest use of soil and water resources in eastern Arkansas. This bulletin summarized the recent historical use of soil and water by agriculture and the impact of irrigation on yields of rice, soybeans and cotton. The experiments conducted in the field to quantitatively schedule irrigations of crops are summarized. The results show the close relationship between the irrigation of crops and the extraction of water from the Alluvial Aquifer. The implications of this relationaship for the future are discussed

PAndAS' cubs: discovery of two new dwarf galaxies in the surroundings of the Andromeda and Triangulum galaxies

We present the discovery of two new dwarf galaxies, Andromeda XXI and Andromeda XXII, located in the surroundings of the Andromeda and Triangulum galaxies (M31 and M33). These discoveries stem from the first year data of the Pan-Andromeda Archaeological Survey (PAndAS), a photometric survey of the M31/M33 group conducted with the Megaprime/MegaCam wide-field camera mounted on the Canada-France-Hawaii Telescope. Both satellites appear as spatial overdensities of stars which, when plotted in a color-magnitude diagram, follow metal-poor, [Fe/H]=-1.8, red giant branches at the distance of M31/M33. Andromeda XXI is a moderately bright dwarf galaxy (M_V=-9.9+/-0.6), albeit with low surface brightness, emphasizing again that many relatively luminous M31 satellites still remain to be discovered. It is also a large satellite, with a half-light radius close to 1 kpc, making it the fourth largest Local Group dwarf spheroidal galaxy after the recently discovered Andromeda XIX, Andromeda II and Sagittarius around the Milky Way, and supports the trend that M31 satellites are larger than their Milky Way counterparts. Andromeda XXII is much fainter (M_V=-6.5+/-0.8) and lies a lot closer in projection to M33 than it does to M31 (42 vs. 224 kpc), suggesting that it could be the first Triangulum satellite to be discovered. Although this is a very exciting possibility in the context of a past interaction of M33 with M31 and the fate of its satellite system, a confirmation will have to await a good distance estimate to confirm its physical proximity to M33. Along with the dwarf galaxies found in previous surveys of the M31 surroundings, these two new satellites bring the number of dwarf spheroidal galaxies in this region to 20.Comment: 10 pages, 6 figures, accepted for publication in ApJ; v2: minor typographical correction

Density Variations in the NW Star Stream of M31

The Pan Andromeda Archeological Survey (PAndAS) CFHT Megaprime survey of the M31-M33 system has found a star stream which extends about 120 kpc NW from the center of M31. The great length of the stream, and the likelihood that it does not significantly intersect the disk of M31, means that it is unusually well suited for a measurement of stream gaps and clumps along its length as a test for the predicted thousands of dark matter sub-halos. The main result of this paper is that the density of the stream varies between zero and about three times the mean along its length on scales of 2 to 20 kpc. The probability that the variations are random fluctuations in the star density is less than 10^-5. As a control sample we search for density variations at precisely the same location in stars with metallicity higher than the stream, [Fe/H]=[0, -0.5] and find no variations above the expected shot noise. The lumpiness of the stream is not compatible with a low mass star stream in a smooth galactic potential, nor is it readily compatible with the disturbance caused by the visible M31 satellite galaxies. The stream's density variations appear to be consistent with the effects of a large population of steep mass function dark matter sub-halos, such as found in LCDM simulations, acting on an approximately 10Gyr old star stream. The effects of a single set of halo substructure realizations are shown for illustration, reserving a statistical comparison for another study.Comment: ApJ revised version submitte