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Related‐party transactions (RPTs) and transfer pricing techniques are typically used by multinational enterprises to reduce their tax obligations by shifting the income to zero or to low‐tax countries. These techniques have thrived and have emerged as a significant concern for tax authorities. This study investigates the effect of tax haven utilisation on related‐party sales pricing in a sample of Australian listed firms. We find that tax haven use is positively and significantly associated with related‐party sales pricing. Moreover, we identify a positive and significant interaction between tax havens and earnings management with related‐party sales pricing. Ownership concentration and its interaction effect with tax havens are significant predictors of the increased use of related‐party sales pricing. Overall, the empirical findings demonstrate that earnings management, a high level of ownership concentration and the use of tax havens are substantial factors that enable firms to obtain tax benefits via the use of RPTs. [ABSTRACT FROM AUTHOR]

Subgrades of expansive nature are one of the main causes of damage to road network in Australia. Consequently, lime stabilization has been widely used to reduce the swell- shrink potential of these types of soils and thus reduce the associated damage. After stabilization and compaction, the subgrade will naturally be exposed to cycles of full swell and or partial shrinkage due to climatic cycles. This paper investigates this behaviour for lime stabilized compacted expansive soil from weathered Quaternary Volcanic geological deposits located in Western Victoria; Australia. These soils were stabilized with varying percentages of hydrated lime (2, 3, 4, 6 and 8 percent) and the swell-shrink paths of both untreated and treated soils were studied. Test specimens were compacted at optimum moisture content and maximum dry density. The samples were subjected to full swell-shrink cycles under a surcharge of 25 kPa to reach structural stabilization and to simulate the impact of climatic wetting and drying cycles. Vertical deformation and swell-shrink cycle relationships for untreated and treated samples were obtained and analyzed. The results of lime stabilization indicate that equilibrium is reached after three cycles for both untreated and treated samples. In addition, results suggest that maximum deformation occurs in the second swelling cycle. Vertical deformation of untreated sample was reduced to a third after adding 2 percent lime and reduced to a sixth after adding 3 percent lime. The gradient of swelling and shrinkage path reduced to about a sixth and third when it is treated with 2 and 3 percent, respectively. The treated samples reached maximum swelling at a higher degree of saturation than the untreated sample. [ABSTRACT FROM AUTHOR]

Provenance variation and genetic parameters for wood properties of mature radiata pine ( Pinus radiata D. Don) were studied by sampling three provenance/progeny trials in southeast Australia. Among the mainland provenances, Monterey and Año Nuevo had higher density and modulus of elasticity (at one site) than Cambria. Basic density and predicted modulus of elasticity (MoE) for the island provenances, Guadalupe and Cedros, were ∼20% higher at Billapaloola compared to mainland provenances grown at Green Hills and Salicki, differences that may or may not be linked to site differences. Heritability estimates of density, predicted MoE and microfibril angle were significant and $$ {\bar{h}^2} $$ > 0.45, suggesting moderate to strong genetic control. The estimated genetic correlations between diameter at breast height and wood properties in the current study were weaker (less negative) than the mean estimated from the current breeding population generation in radiata pine. Of the wood properties, density showed the strongest adverse genetic correlations with growth (mean r = −0.23 ± 0.09). Selection for MoE may produce greater gain than selection for density because MoE had almost twice the estimated additive genetic coefficient of variation ( $$ {\overline {\text{CV}}_A} $$) compared to density. Estimated type B genetic correlations ( r) for all wood quality traits were typically high, conforming to the trend that wood properties have low genotype-by-environment interaction (G × E). Significant differences in wood properties among provenances, families and/or individual trees provide an opportunity for breeding programmes to select superior trees for solid wood production that will combine superior growth with desirable wood traits. [ABSTRACT FROM AUTHOR]

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This Australian study utilises disclosure requirements in accordance with Australian Accounting Standards AASB 1017: Related Party Disclosures, to provide a richer description of non-executive director characteristics. Consistent with the findings of Baysinger and Butler (1985) we find a three scale classification system for directors (insider, grey area, outsider) to better reflect board composition. The results indicate that 35% of non-executive directors were involved in transactions with their companies which potentially threaten their independence (i.e. grey area directors). On average, our findings reveal that the combination of insider and ‘grey’ area directors would constitute a majority of the board. This could lead to companies appearing to comply with current Australian recommendations through possessing a non-executive majority on the board, whilst in fact being controlled by internal management. This finding similarly applied to the composition of the audit committee. [ABSTRACT FROM AUTHOR]

• The lack of extant lianescent vessel-less seed plants supports a hypothesis that liana evolution requires large-diameter xylem conduits. Here, we demonstrate an unusual example of a lianoid vessel-less angiosperm, Tasmannia cordata (Winteraceae), from New Guinea. • Wood mechanical, hydraulic and structural measurements were used to determine how T. cordata climbs and to test for ecophysiological shifts related to liana evolution vs 13 free-standing congeners. • The tracheid-based wood of T. cordata furnished low hydraulic capacity compared with that of vessel-bearing lianas. In comparison with most nonclimbing relatives, T. cordata possessed lower photosynthetic rates and leaf and stem hydraulic capacities. However, T. cordata exhibited a two- to five-fold greater wood elastic modulus than its relatives. • Tasmannia cordata provides an unusual example of angiosperm liana evolution uncoupled from xylem conduit gigantism, as well as high plasticity and cell type diversity in vascular development. Because T. cordata lacks vessels, our results suggest that a key limitation for a vessel-less liana is that strong and low hydraulically conductive wood is required to meet the mechanical demands of lianescence., (© 2011 The Authors. New Phytologist © 2011 New Phytologist Trust.)

In Europe and the United States paediatrics was well entrenched by the end of the nineteenth century; whereas in Australia the specialty only attained legitimacy) by the end of the twentieth. Here paediatricians experienced difficulties in convincing the medical profession and society that children were different to adults and therefore required special care. In seeking a clear identity as specialists for children they were reluctant to distance themselves from their origins in general, predominantly adult, medicine, which, until the 1970s, followed British ideologies in opposing specialisation. There were also local socio-economic factors, adverse market forces, and competition in the field of child health. Even when the problems were largely overcome and new scientific knowledge gave paediatricians authority and status, they were slow to establish an effective professional association. Eventually, however, they achieved their aims with the creation, in 1998, of the Paediatric Division of the Royal Australasian College of Physicians.