The Proposed Federal Securities Code: Time to Recognize That Financial Information Becomes Stale

This note addresses the Federal Securities Code ( Code ), developed by the American Law Institute ( ALI ). It specifically focuses on the underlying policy of continuous disclosure implemented by the Code, which requires companies to register once and then continuously disclose to the securities marketplace important developments on their financial position. This note poses a question: At what point does financial information become stale? It focuses on the nature of stale financial information by reviewing the treatment of staleness in common law fraud and bankruptcy cases. It then analyzes the approach taken with regard to stale financial information in existing securities law. Finally, it concludes by proposing that an objective definition of staleness should be incorporated into the Code, placing reasonable limits on the liability created under the Code\u27s continuous disclosure requirements

INSTABILITY IN U.S. FEED GRAINS SUPPLY AND UTILIZATION

Crop Production/Industries,

Transition to High-Speed Networks — SuperJANET Experience

For the time being, trials to establish the Information Superhighway are booming. In Britain, JANET has provided wide-area computer communication, and has recently been upgraded to SuperJANET, increasing the throughput by a factor of five to 10 Mb/s, with some sites having PDH access at n × 34 Mb/s. In this paper, the technological changes seen from a user perspective are addressed. A multimedia communication-based distance learning project on SuperJANET is introduced and the network performance measurements for this project are presented. These measurements suggest the employment of reservation protocol and packet scheduling. We also provide a mechanism for on-the-fly playback of continuous media

Leadership for innovation – why manufacturing has a future in Australia

In this paper, business leaders discuss the leadership styles they have used to ensure their companies are manufacturing success stories, and then these experiences are analysed to outline the leadership needs for innovation in Australia. Introduction With dire predictions about the future of manufacturing in Australia, we should remember that manufacturing has been an important contributor to national development. There was a thriving manufacturing industry up to 1945, sufficient to supply most domestic needs. Post-war, new industries flourished and a golden era of manufacturing followed. By the late 1950s manufacturing accounted for 29% of Australia’s GDP. By the 1960s, growth and productivity was faltering and manufacturing had begun to stagnate. Today, manufacturing accounts for less than 10% of Australia’s GDP, the lowest level since early colonial times. This is due, in large part, to global economic changes and the economic processes of comparative advantage. However, the innovative spirit that drove previous successes remains and a new generation of leaders and enterprises has emerged. Two of these innovative leaders presented case studies of their firms at a Swinburne Leadership Dialogue in June 2014. Richard Simpson of Furnace Engineering and Robert Wilson of the Wilson Transformer Company discussed the leadership styles and approaches they have used to ensure their companies are – and remain – national manufacturing success stories. Scott Thompson-Whiteside of Swinburne University of Technology then analyses their experiences to outline the leadership needs for innovation in Australia

Broadband delivered entertainment services: forecasting Australian subscription intentions

This study estimates a nested multinomial logit (NMNL) model of broadband delivered entertainment service subscription that allows for the impact of an installation fee and rental price, service attributes and household demographic variables on subscription. The model is estimated on stated-preference data obtained from an Australia-wide survey of capital cities and provincial centres. Nested multinomial logit model estimates are used to provide forecasts that suggest 65 per cent of separate residences passed are likely to subscribe at 2000. This percentage translates into 1237 744 subscriber.Broadband entertainment services; forecasting Australian subscription demand

Constituent Loads and Trends in the Upper Illinois River Watershed and Upper White River Basin

Water chemistry can greatly influence the quality of surface waters and affect the ability for streams and rivers to meet their designated use(s). In Arkansas, many streams and rivers were placed on the 2008 303(d) list of impaired water bodies due to excess levels of nutrients, chlorides, sulfates, and sediments (ADEQ, 2008). These constituents continue to be listed as the potential cause for water‐quality impairments through the most recent draft 303(d) list (ADEQ, 2014). The Arkansas Non‐Point Source (NPS) Management Program wants to reduce poll‐ utant loading from the landscape and improve water quality, where funding for projects is targeted to priority watersheds throughout the State

Constituent Load Estimation in the Lower Ouachita-Smackover Watershed

Water quality was monitored at 21 sites in the Lower Ouachita‐Smackover Watershed from 2013 November through 2014 September. The U.S. Geological Survey maintains discharge monitoring stations at two of these sites, Moro Creek (USGS 07362500) and Smackover Creek (USGS 07362100), which were sampled during base flow and storm event conditions, whereas the other sites were only sampled during baseflow. The Arkansas Water Resources Center (AWRC) estimated constituent loads for nitrate‐N (NO₃‐–N), total nitrogen (TN), soluble reactive phosphorus (SRP), total phosphorus (TP) and total suspended solids (TSS) using the U.S. Geological Survey LOADEST software. LOADEST creates regression models between constituent concentrations and discharge, as well as time. The resulting models were applied to daily discharge throughout calendar years 2013 and 2014 to estimate loads. Annual and monthly loads and flow volumes for each site are summarized in this report

A sharp-front moving boundary model for malignant invasion

We analyse a novel mathematical model of malignant invasion which takes the form of a two-phase moving boundary problem describing the invasion of a population of malignant cells into a population of background tissue, such as skin. Cells in both populations undergo diffusive migration and logistic proliferation. The interface between the two populations moves according to a two-phase Stefan condition. Unlike many reaction-diffusion models of malignant invasion, the moving boundary model explicitly describes the motion of the sharp front between the cancer and surrounding tissues without needing to introduce degenerate nonlinear diffusion. Numerical simulations suggest the model gives rise to very interesting travelling wave solutions that move with speed $c$, and the model supports both malignant invasion and malignant retreat, where the travelling wave can move in either the positive or negative $x$-directions. Unlike the well-studied Fisher-Kolmogorov and Porous-Fisher models where travelling waves move with a minimum wave speed $c \ge c^* > 0$, the moving boundary model leads to travelling wave solutions with $|c| < c^{**}$. We interpret these travelling wave solutions in the phase plane and show that they are associated with several features of the classical Fisher-Kolmogorov phase plane that are often disregarded as being nonphysical. We show, numerically, that the phase plane analysis compares well with long time solutions from the full partial differential equation model as well as providing accurate perturbation approximations for the shape of the travelling waves.Comment: 48 pages, 21 figure

Beaver Lake Numeric Chlorophyll-a and Secchi Transparency Standards, Phases II and III: Uncertainty and Trend Analysis

The objective of Phases II and III of this study were to 1) assess the variation in chl‐a and ST across multiple spatial and temporal scales in Beaver Lake in order to validate the assessment method, and 2) quantify trends in chl‐a, ST, and nutrient (total phosphorus and total nitrogen) concentrations in Beaver Lake and the major inflowing rivers to verify any potential water quality impairment