Bringing Darkness to Light: The Influence of Auditor Quality and Audit Committee Expertise on the Timeliness of Financial Statement Restatement Disclosures

This study investigates whether auditor quality and audit committee expertise are associated with improved financial reporting timeliness as measured by the duration of a financial statement restatement’s ‘‘dark period.’’ The restatement dark period represents the length of time between a company’s discovery that it will need to restate financial data and the subsequent disclosure of the restatement’s effect on earnings. For a sample of dark restatements disclosed between 2004 and 2009, we find that companies that engage Big 4 auditors have shorter dark periods than companies that do not engage Big 4 auditors. We also find that companies with more financial experts on the audit committee have shorter dark periods, but only when such financial expertise relates specifically to accounting. Finally, companies with audit committee chairs that have accounting financial expertise provide the most timely disclosures, as the dark periods for these firms are reduced by approximately 38 percent. Our results suggest that both auditor and audit committee expertise are associated with the timely disclosure of restatement details

Comparative scoping study report for the extraction of microalgae oils from two subspecies of Chlorella vulgaris

The production of microalgae as a fatty acid oil resource for use in biofuels production is a widespread research topic at the lab scale. Microalgae contain a higher lipid content on a dry-weight basis compared to oilseeds such as soybeans. Additionally, the growth and cultivation cycle of microalgae is 15 days, in comparison to soybeans, for which the cycle occurs once or twice annually. However, to date, it has been uneconomical to produce microalgae oils in a world-scale facility due to limitations in cultivating microalgae at commercial scales. Recent developments suggest that the use of heterotrophic microalgae may be economically feasible for large-scale oil production. To assess this feasibility, a comparative scoping study was performed analysing the feasibility of an industrial-scale process plant for the growth and extraction of oil from microalgae. Processes were developed at the preliminary design level using heterotrophic subspecies and autotrophic subspecies of Chlorella vulgaris. AACE Class 4 cost estimates and economic analyses were performed. This study concludes that processes based on heterotrophic microalgae are more likely to reach economic feasibility than processes using autotrophic microalgae. However, a few barriers still remain to achieving free-market economic viability

Linking meters and markets: Roles and incentives to support a flexible demand side

Present trends in the development of electricity systems are expected to generate a growing need for flexibility in decentralised resources, including demand response. In order to enable decentralised actors to create value, the organisation of markets and incentives should incorporate these new participants. The roll-out of smart metering to electricity consumers is an important precondition to establishing a flexible demand side and will provide essential information flows. On the basis of current incentive structures and related risks, however, the pass-through of information and value from wholesale market participants to the demand side is mostly infeasible, resulting in flexibility tasks being aggregated and delegated to balancing responsible wholesale traders. This analysis focuses on whether current incentives and roles are appropriate and where the design could be improved to establish a flexible demand side with a particular focus on the Danish case. Design-related barriers are identified that affect expected value, associated risks, and the distribution of responsibilities. This serves as a basis to define policy options in the context of Nordic electricity markets. © 2014 Elsevier Ltd. All rights reserved

Data integration for offshore decommissioning waste management

Offshore decommissioning represents significant business opportunities for oil and gas service companies. However, for owners of offshore assets and regulators, it is a liability because of the associated costs. One way of mitigating decommissioning costs is through the sales and reuse of decommissioned items. To achieve this effectively, reliability assessment of decommissioned items is required. Such an assessment relies on data collected on the various items over the lifecycle of an engineering asset. Considering that offshore platforms have a design life of about 25 years and data management techniques and tools are constantly evolving, data captured about items to be decommissioned will be in varying forms. In addition, considering the many stakeholders involved with a facility over its lifecycle, information representation of the items will have variations. These challenges make data integration difficult. As a result, this research developed a data integration framework that makes use of Semantic Web technologies and ISO 15926 - a standard for process plant data integration - for rapid assessment of decommissioned items. The proposed solution helps in determining the reuse potential of decommissioned items, which can save on cost and benefit the environment

Compressed via SoupBinTCP

indicative clearing price and net order imbalance in the NASDAQ execution system. Because the calculation includes non-displayable as well as displayable order types, the net order imbalance indicator (NOII) is the best predictor of the NASDAQ opening and closing prices available to the public. Administrative messages, such trading actions and symbol directory for NASDAQ-listed issues: o o Stock trading action messages are used to inform market participants when a security is halted / paused, released for quotation and released for trading. Stock symbol Directory messages provide basic security data such as the market tier and Financial Status Indicator. NASDAQ NOIView 3.0 will be released in the 1 st Quarter 2014 and will feature the data fee