Chris Bates, Carlos Conceicao, Mark Poulton and David Pudge
The purpose of this paper is to explain changes to Chapter 5 of the UK Disclosure and Transparency Rules (DTR 5), introducing new disclosure requirements relating to holdings of…
Abstract
Purpose
The purpose of this paper is to explain changes to Chapter 5 of the UK Disclosure and Transparency Rules (DTR 5), introducing new disclosure requirements relating to holdings of financial instruments that have a similar economic effect to shares, such as CfDs, that took effect on June 1, 2009.
Design/methodology/approach
The paper explains the principles behind the extended disclosure regime and summarizes questions and answers from the FSA to assist market participants' understanding of that regime, covering issues such as domicile of the issuer, instruments covered, how a disclosable holding is calculated, the inclusion of financial instruments relating to unissued shares, treatment of holdings acquired before June 1, 2009, potential double counting, how the regime applies to intra‐group movements of holdings and delta‐adjusted reporting, and exemptions for client‐serving intermediaries, market timing, trading books, and investment management.
Findings
Qualifiying financial instruments give a legal right to acquire (on the holder's own initiative) shares already in issue and with voting rights attached. The policy behind the new regime is to require the disclosure of financial instruments with similar economic effect to qualifying financial instruments which are used to build stakes in companies.
Originality/value
The paper presents practical guidance from experienced financial institution and securities lawyers.
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Brigitte Wecker and Matthias Brauer
Misconduct allegations have been found to not only affect the alleged firm but also other, unalleged firms in form of reputational and financial spillover effects. It has remained…
Abstract
Misconduct allegations have been found to not only affect the alleged firm but also other, unalleged firms in form of reputational and financial spillover effects. It has remained unexplored, however, how the number of prior allegations against other firms matters for an individual firm currently facing an allegation. Building on behavioral decision theory, we argue that the relationship between allegation prevalence among other firms and investor reaction to a focal allegation is inverted U-shaped. The inverted U-shaped effect is theorized to emerge from the combination of two effects: In the absence of prior allegations against other firms, investors fail to anticipate the focal allegation, and hence react particularly negatively (“anticipation effect”). In the case of many prior allegations against other firms, investors also react particularly negatively because investors perceive the focal allegation as more warranted (“evaluation effect”). The multi-industry, empirical analysis of 8,802 misconduct allegations against US firms between 2007 and 2017 provides support for our predicted, inverted U-shaped effect. Our study complements recent misconduct research on spillover effects by highlighting that not only a current allegation against an individual firm can “contaminate” other, unalleged firms but that also prior allegations against other firms can “contaminate” investor reaction to a focal allegation against an individual firm.
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Heat treatment, in view of later knowledge, is seen to have other effects than to destroy or lower the vitality of micro‐organisms initially present; there are the more obvious…
Abstract
Heat treatment, in view of later knowledge, is seen to have other effects than to destroy or lower the vitality of micro‐organisms initially present; there are the more obvious changes of flavour and of consistency brought about by the partial cooking, but there are also the possible lowering of the vitamin potency and the still more subtle changes in the salts which may, after heat treatment, be rendered less available than in the raw product. The importance of these considerations cannot be too much stressed when it is remembered that heat treatment is, generally speaking, an inherent stage in the process of canning. It is the heat treatment which preserves the goods, the sealing of the can being merely a means of prevent re‐contamination. The chemist, no less than the physiologist, has been much concerned with the changes in foods caused by heat treatment as a method of preservation, and, as a result of his investigation, there is now a better understanding of the changes which take place, with a consequent improvement in the methods of processing. For a number of years, however, this country, in common with many others, has relied, in so far as its supplies of meat are concerned, on products preserved by “cold,” and the freezing of beef, the chilling of mutton, have made available to us the cattle of the Argentine and the sheep of New Zealand. Initially the processes employed were crude, the post‐mortem changes were imperfectly understood, conditions of storage, before, during and after shipment, were haphazard, and the methods of defrosting far from scientific. How far the methods have advanced, and to what extent the scientist has been concerned in the elucidation of the many problems, will be realised from the reports of the Food Investigation Board. It is not suggested that all the advance is due to the work of the Low Temperature Station a Cambridge—much has been done in other countries‐but the investigations carried out by the scientists a this station have been fundamental. Food producers in America were the first to realise the importance of the latest development in freezing, the advent of the “ Quick Freezing Processes ” marking a distinct advance in technique. When cellular tissue is normally frozen and subsequently defrosted, rupture of the cells may have occurred and the structure of the substance consequently partially broken down. When, however, the tissue is quickly brought down to a very low temperature, it is found that in many cases this breakdown in tissue does not take place. These principles have been applied to commercial installations, and fish, meat, fruit and vegetables so treated show on defrosting remarkably little change in character. Preservation by desiccation is a method employed for certain materials with great success. Sun‐drying of fruits (sultanas and dates, to quote but two) and the sun‐drying of cereal products such as macaroni is still practised. An important industry concerned with the drying of milk has developed in most milk‐producing countries, whilst dried eggs and dried egg‐albumin form important items of commerce. It is obvious that the object of concentrating such substances as fruit juices, milk and vegetables and animal liquid extracts is ideally to reduce the water content and obtain a product which, when the water is ultimately restored, gives a solution or material having the original taste, aroma and food value. The effect of heat is often, however, to change these characteristics, and although by the use of a vacuum the temperature to which the substance is submitted is lowered, changes still take place, and much of the aroma depending on volatile constituents is lost. To a very great extent this has been overcome by a method of desiccation which is essentially partial freezing, a method which has not yet received much publicity as it has only lately emerged from the experimental stage. The practical application of this principle is due to Dr. G. A. Krause, of Munich, who has invented and designed a dual process of concentration. In this process the liquid is first concentrated by freezing out water as ice, which is removed by mechanical separation in a centrifuge. By ingenious mechanical and regenerative devices this process has been made extremely efficient, the losses being only 1–2 per cent. of the original juice, although the efficiency is not maintained when the solids‐content of the product has been raised to 40–50 per cent. This liquid is then further concentrated by evaporation at a low temperature, about 10°–15° C. The differential evaporation of water as compared with the aromatic flavour constituents occurs because the removal of water as vapour at this temperature depends solely on the rate of diffusion of the molecules into the gas space. As water has a small molecule compared with the large molecules of the esters, ethers and alcohols of the flavouring substances, it escapes more readily ; the conditions of evaporation as given in the patent are all designed to aid this escape. A reduction in pressure may be used to speed up the process without interfering with the differential diffusion, and the provision of an atmosphere of small molecules (e.g., hydrogen) also has the same effect. A large surface for the evaporation is made by spreading the liquid as a thin continuously renewed film. The condenser is situated very near the evaporating liquid to remove the water molecules quickly (a distance of 3 cm. is the maximum diffusion path). The atmosphere may be circulated or disturbed to hasten the diffusion and, most ingenious of all, it may be blown towards the evaporating liquid when, if a velocity is used just greater than that of the heavy molecules leaving a liquid surface, the loss of flavour may be entirely eliminated while the rate of water evaporation is only reduced by 10 per cent. By these means a concentrate containing as much as 65 per cent. solids and capable of storage without deterioration at ordinary temperatures may be prepared, and 80 per cent. of the original vitamins retained. The use of refrigeration in the preservation of food has necessitated the use of refrigerated transport to complete the links between producer, manufacturer, retailer and customer. The variety of commodities and the different conditions they need create varying demands on the methods of insulating and refrigerating transport vehicles. The British railways have 4,000 refrigerated railway vans, and such vans, containing perishable produce, came regularly to England from Austria and Italy by way of the train ferries. These vans are designed for fairly high temperatures, 35–40° F., and long hauls, and use ice as a refrigerant. At the other end of the scale is the road vehicle, which may have a temperature as low as 0° F., but is only on its journey about 12 hours. It is in these road vehicles that the greatest advances have been made, for conditions in England do not justify the railways in expenditure on elaborate equipment. The early road vehicles were insulated boxes on a lorry chassis and were refrigerated by ice and salt, which was “messy” and caused bad corrosion of the chassis. The introduction of an eutectic solution, virtually a mixture of a freezing salt and water in a definite proportion, which was frozen as a whole in a sealed tank, was made some few years ago. This removed the “messiness,” conserved the salt and produced greater efficiency and a more stable temperature.
In consequence of inadequate accommodation at our present address, the Editorial and Publishing Offices of the British Food Journal will be removed to more commodious offices at
Jane L. Ireland, Jackie Bates-Gaston, Kevin Markey, Leah Greenwood and Carol A. Ireland
The purpose of this paper is to provide an evaluation of a cognitive skills programme (Enhanced Thinking Skills) with adult prisoners.
Abstract
Purpose
The purpose of this paper is to provide an evaluation of a cognitive skills programme (Enhanced Thinking Skills) with adult prisoners.
Design/methodology/approach
A pre- and post-treatment design with 171 male prisoners, using self-report psychometric measures.
Findings
Significant differences were found in the direction expected. Clinical recovery using stringent methods was not indicated, although improvement/partial response was across a number of domains.
Practical implications
Expectations for treatment outcome for short-term interventions should be more realistic; cognitive skills programmes may be best considered as precursors to longer term therapies; treatment outcome should focus on improvement and not recovery.
Originality/value
This study represents the first prison study to distinguish between levels of positive change. It questions previous interpretations of treatment outcome.
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Teaching in Thailand for almost 10 years as a queer language teacher made me ask questions like How do queer language teachers manage their English language classrooms? Do they…
Abstract
Teaching in Thailand for almost 10 years as a queer language teacher made me ask questions like How do queer language teachers manage their English language classrooms? Do they have the agency to modify classroom activities to promote equal participation of all gender-diverse students? Do they bring with them their queer identity into their classroom teaching? If so, how? To satisfy my curiosity and to answer these questions, I conducted an ethnographic study by interviewing and observing the classes of some queer language teachers who volunteered to be my participants in some of the higher education institutions in Thailand. Although some of the queer language teachers were my friends, some of them were invited as part of the snowball participant recruitment through a referral from my friends in the academe. For this chapter, I focus on how queer language teachers define and perceive their agency in the language classroom. To do this, I posed the first research question, “What perceptions do queer language teachers have regarding their teacher agency in language pedagogy?” which aimed to explore how these teachers perceive their own agency within the context of their language classrooms. I then present the findings from semi-structured individual interviews among five self-identified queer teachers who are English language teachers in the country. The interview data revealed that the participants perceived teacher agency as a way to express their identity, make curriculum decisions, exercise flexibility in language teaching, prioritize inclusivity in the classroom, and implement gender-inclusive teaching practices.
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In the past, legibility research has been mainly concerned with the conventionally typeset and printed word. ‘Printed’ materials are now produced by a variety of other methods…
Abstract
In the past, legibility research has been mainly concerned with the conventionally typeset and printed word. ‘Printed’ materials are now produced by a variety of other methods, however, and other media such as microforms and cathode ray tubes (CRTs) are commonly used for information display. The effects of these new methods and media on legibility are often given scant consideration, but because of their visual limitations, it is all the more important that the legibility and ease of use of the information should be taken into account. The scope of legibility research must therefore be extended to cover the products of modern information technology. The aim of this paper is to summarize some of the research which has already been carried out and which is of relevance to present‐day problems, and to suggest where further research is most needed.
The annual report of the Board of Agriculture and Fisheries for 1905, which has just been issued, is a very interesting booklet, which the Board's elder brother, the Local…
Abstract
The annual report of the Board of Agriculture and Fisheries for 1905, which has just been issued, is a very interesting booklet, which the Board's elder brother, the Local Government Board, might in some respects imitate with advantage in its publications dealing with kindred topics—but in some respects only.