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The purpose of this paper is to investigate prevailing capital budgeting practices in Sri Lankan listed companies.

A comprehensive primary survey was conducted of 32 out of 46 chief financial officers (CFOs) of manufacturing and trading companies listed on the Colombo Stock Exchange in Sri Lanka. Garnered data were then analyzed using appropriate statistical techniques.

The results revealed that net present value (NPV) was the most preferred capital budgeting method, followed closely by payback (PB) and internal rate of return (IRR). Similarly, sensitivity analysis was regarded as the dominant capital budgeting tool for incorporating risk and the widely used method for calculating cost of capital was the weighted average cost of capital. Moreover, results revealed that size of the capital budget affects the use of the capital budgeting methods (NPV, IRR and PB) and incorporating risk tool (sensitivity analysis and simulation). Further, results revealed that CFOs had higher educational qualification were preferred to use sophisticated capital budgeting practices dominantly NPV, IRR and incorporating risk tool of sensitivity analysis although they were found to be reluctant in use of accounting rate of return. In a similar vein CFOs with higher experience were preferred using IRR and sensitivity analysis.

This study contributed to academics, practitioners, policy makers and stakeholders of the company. Moreover, this research has proffered a more reliable and comprehensive analysis of capital budgeting practices in Sri Lankan listed manufacturing and trading firms. Since Sri Lanka is an unexplored country on capital budgeting practices, this research was originally contributed to the extant literature per se.

The introduction of a three-quarter-view database in the PRO-fit facial-composite system has enabled an investigation into the effects of image view in face construction. The purpose of this paper is to examine the impact of constructing full-face and three-quarter-view composites under different encoding conditions. It also examines the potential value of three-quarter-view composites that can be generated automatically from a front-view composite. The authors also investigate whether there is an identification benefit for presenting full-face and three-quarter composites together.

Three experiments examine the impact of encoding conditions on composite construction and presentation of composites at the evaluation stage.

The work revealed that while standard full-face composites perform well when all views of the face have been encoded, care should be taken when a person has only seen one view. When a witness has seen a side view of a suspect, a three-quarter-view composite should be constructed. Also, it would be beneficial for a witness to construct two composites of a suspect, one in full-face view and one in a three-quarter-view, particularly when the witness has only encoded one view. No benefit emerged for use of three-quarter-view composites generated automatically.

This is the first study to examine viewpoint in facial composite construction. While a great deal of research has examined viewpoint dependency in face recognition tasks, composite construction is a reconstruction task involving both recall and recognition. The results indicate that there is a viewpoint effect that is similar to that described in the recognition literature. However, more research is needed in this area.

The practical implications of this research are that it is extremely important for facial composite operators in the field (police operators) to know who will make a good likeness of the target. Research such as this which examines real-life issues is incredibly important. This research shows that if a witness has seen all views of a perpetrator’s face then standard composite construction using a full-face view will work well. However, if they have only seen a single view then it will not.

There are obvious wider societal implications for any research which deals with eyewitness memory and the potential identification of perpetrators.

No research to date has formally examined the impact of viewpoint in facial-composite construction.

The old year has gone, leaving its trail of never‐to‐be‐forgotten memories of strife and turbulence, calamity, disaster, and a huge burden of worries for us to face in the New Year. Few if any will not be deeply grateful to see the passing of 1985. Except for the periods of calm there cannot be a year within living memory to equal it in terms of violence, unparalleled in times of “peace”, collosal in terms of soaring social and public expenditure and financial loss, and in disasters in the world beyond the shores of these islands. It would not be an exaggeration to state that the enormous indebtedness which the year has heaped upon the people will never be wiped off, and it has got to be done mainly by those innocent of any misconduct, and their descendants. The unprecedented scale of street and community violence, the looting, thieving and general crime committed behind the screen of it.

By juxtaposing fatal colliery explosions in early twentieth-century Britain and in 2010 at Pike River, New Zealand, this paper aims to investigate the generalizability of the mock bureaucracy concept to underground coal mining disasters.

The main source is published official accident inquiries; a methodological reflection justifies the use of these materials.

Mock bureaucracies existed in the British underground coal mining milieu from the time when safety rules were first formulated in that industry context. As for Pike River, it is an exemplary case. The development in 1970s Britain of a new approach to safety management (the Robens system), and its subsequent export to New Zealand, means that a contemporary coal mine under financial duress, such as Pike River, is a prime site for mock bureaucracy to flourish.

Although the concept of mock bureaucracy has been applied to an explosion in an underground coal mine before, this is the first paper to explore the concept’s historical usage and generalizability in explaining the environing context of such explosions.

The purpose of this paper is to examine the current trends of capital budgeting practices (analysis techniques, discount rate estimations and risk assessment methods) among Pakistani listed firms and analyze the responses conditional on firms’ demographics and executive characteristics.

An online questionnaire was sent via e-mail to top 200 non-financial firms (in terms of market capitalization) listed on Pakistan Stock Exchange.

With a response rate of 35 percent, it is concluded that the theory–practice gap is low as Pakistani listed firms are using discounted cash flow methods of capital budgeting and preferring net present value over internal rate of return. Similarly, weighted average cost of capital is estimated using target value weights, and capital asset pricing model (with extra risk factors) is used to determine the cost of equity capital. For risk assessment, sensitivity analysis and scenario analysis are the dominant approaches; however despite the theoretical superiority, the use of real options is very low. Overall, investment decision responses significantly differ across firm’s demographics and executive characteristics.

Pakistani business schools need to address the low usage of advanced methods such as modified internal rate of return and real options among Pakistani listed firms.

This is the first comprehensive study on the topic in Pakistan and have highlighted the areas of capital budgeting where Pakistani firms’ practices deviates from finance theory.

This paper aims to understand how social finance and impact measurement experts include stakeholders' voices in valuations of social and environmental impact.

The paper used the content analysis of an online discussion forum where experts discussed impact valuation approaches.

Many experts seek impact valuations that take into account the experiences of those whose lives are most affected. Ideally, these accounts need to be emic to (in the language of) those stakeholders, and polyvocal (representing many different stakeholders' voices). However, these experts also seek to effect systemic change by encouraging mainstream financial markets to use social and environmental valuations in their decision-making. These experts consider full plurality too complex to be useable by financial markets, so the experts argue in favor of etic valuations (stated in the language of investors), to appeal to mainstream finance, while endeavoring nonetheless to represent multiple stakeholders' voices. The authors identify two discursive strategies used to resolve this tension: effacing of differences between diverse stakeholders, and overstating the universality of money as a common language.

The terms emic and polyvocal provide experts with nuanced ways to understand “stakeholder voice.” The authors hope these nuances inspire new insights and strategies and help the community with their goal of bridging to mainstream finance.

The paper presents a theoretical framework for describing plurality in impact valuations and examines the challenges of bridging from social finance, which seeks to give voice and representation to those whose lives are most affected, to mainstream finance.

The purpose of this article is to evaluate current techniques in capital budget decision making in Canada, including real options, and to integrate the results with similar previous studies.

A mail survey was conducted, which included 88 large firms in Canada.

Trends towards sophisticated techniques have continued; however, even in large firms, 17 percent did not use discounted cash flow (DCF). Of those which did, the majority favoured net present value (NPV) and internal rate of return (IRR). Overall between one in ten to one in three were not correctly applying certain aspects of DCF. Only 8 percent used real options.

One limitation is that the survey does not indicate why managers continue using less advanced capital budgeting decision techniques. A second is that choice of population may bias results to large firms in Canada.

The main area for management focus is real options. Other areas for improvement are administrative procedures, using the weighted average cost of capital (WACC), adjusting the WACC for different projects or divisions, employing target or market values for weights, and not including interest expenses in project cash flows. A small proportion of managers also need to start using DCF.

The evaluation shows there still remains a theory‐practice gap in the detailed elements of DCF capital budgeting decision techniques, and in real options. Further, it is valuable to take stock of a concept that has been developed over a number of years. What this paper offers is a fine‐grained analysis of investment decision making, a synthesis and integration of several studies on DCF where new comparisons are made, advice to managers and thus opportunities to improve investment decision making.

This paper aims to examine the capital budgeting practices used by firms in Barbados using contingency theory.

The study involves the use of a self-administered questionnaire sent to the individual responsible for capital budgeting decisions (either the accountant, financial controller or senior manager) in each of the firms selected. In total, 41 completed questionnaires are received; 12 follow-up interviews are conducted with respondents to indicate the reasons for use and non-use of capital budgeting practices.

Capital budgeting practices are not widely used by firms in Barbados. The payback method (PBM) is determined to be the preferred method of choice because of its simplicity, agility and cultural practices. Based on contingency theory, organisations in Barbados believe that the PBM is a better fit for them. Top management drives the capital budgeting process with crude and non-traditional methods for the acceptance of capital projects. While there are no statistically significant differences in the capital budgeting practices used in different sectors, professional accountants are more likely to use net present value and sensitivity analysis than non-professional accountants.

The sample is small, and consequently, findings may not be generalisable to the population.

This study makes a significant contribution to the body of literature in emerging countries such as Barbados on the usage of capital budgeting practices and factors that may influence their usage. It further contributes to policymakers, practitioners, organisations and stakeholders of organisations.

July 7, 1969 Negligence — Farmer — Rare disease — Contracted by farm employee in course of employment — Weil's disease — Existence not generally known to fanners — Whether risk foreseeable — Whether farmer liable in negligence.

There is much anecdotal evidence that birds and their droppings are a major problem for the heritage profession. The purpose of this paper is to examine how serious heritage practitioners consider the bird impact to be.

An online survey was conducted of 59 Australian heritage professionals of between one and >20 year’s experience in the field.

Bird impacts were not considered of major concern to buildings. The longer experience a practitioner had, the less likely the impacts were considered an issue. Feral pigeons were deemed the most problematic, followed by cockatoos, starlings, swallows, seagulls, mynas, sparrows, cormorants, ibis, ducks and birds of prey. The professionals ranked common deterrent methods. The highest-ranking deterrents were bird netting and bird spikes, but they were only considered moderately effective. The costs of installation and maintenance, as well the ease of installation, were all deemed significantly less important than the physical impact, the aesthetic sympathy and the effectiveness of a deterrent method.

This study indicates that the impact of birds on buildings in Australia may be of less concern than previously thought, and may be driven by other factors (i.e. aesthetics, commercial companies) rather than actual effects.

This is first study of its kind that surveyed the experiences of a wide range of heritage practitioners.