Celeste M. Black

Whip Use by Jockeys in a Sample of Australian Thoroughbred Races—An Observational Study

The use of whips by jockeys is an issue. The current study viewed opportunistic high-speed footage of 15 race finishes frame-by-frame to examine the outcomes of arm and wrist actions (n = 350) on 40 horses viewed from the left of the field. Any actions fully or partially obscured by infrastructure or other horses were removed from the database, leaving a total of 104 non-contact sweeps and 134 strikes. For all instances of arm actions that resulted in fully visible whip strikes behind the saddle (n = 109), the outcomes noted were area struck, percentage of unpadded section making contact, whether the seam made contact and whether a visible indentation was evident on impact. We also recorded use of clockwise or counter-clockwise arm action from each jockeys whip, whether the whip was held like a tennis racquet or a ski pole, whether the hind leg on the side of the impact was in stance or swing phase and whether the jockeys arm was seen traveling above shoulder height. The goal of the study was to characterize the area struck and the visual impact of whip use at the level of the horse. We measured the ways in which both padded and unpadded sections of the whip made impact. There was evidence of at least 28 examples, in 9 horses, of breaches of the whip rules (one seam contact, 13 contacts with the head, and 14 arm actions that rose above the height of the shoulder). The whip caused a visible indentation on 83% of impacts. The unpadded section of the whip made contact on 64% of impacts. The results call into question the ability of Stewards to effectively police the rules concerning whip use and, more importantly, challenge the notion that padding the distal section of whips completely safeguards horses from any possible whip-related pain.

Accounting for Carbon Emission Allowances in the European Union: In Search of Consistency

Abstract With the commencement of Phase III of the European Union Emissions Trading System (EU ETS) in 2013, it is projected that approximately one-half of emission allowances will be acquired through auctioning and the provision of free allocations to installations will be substantially tightened. As a result, it is likely that many companies will hold purchased (as opposed to freely allocated or gratis) allowances and will have more significant liabilities under the scheme. The accounting treatment of emission allowances has therefore become more relevant and the lack of uniformity in practice that resulted after the withdrawal of IFRIC 3 is now a more pressing concern. This study uses content analysis to examine disclosed accounting policies of companies with significant emission liabilities under the EU ETS and identifies three more common approaches adopted to date. These can be generally described as the following: (i) a net liability approach, based on the classification of allowances as intangibles but only showing an emission liability when it exceeds the free allocation; (ii) an approach broadly based on IFRIC 3 (recognising the free allocation at fair value and a corresponding gross liability under the EU ETS); and (iii) an approach based on inventory classification, with free allocations given at nil value. The diversity in these treatments highlights the need for guidance from the International Accounting Standards Board.

Taxation of Cross-Border Transfers of Carbon Emission Allowances under Linked Emissions Trading Schemes

Economic arguments in support of linking emissions trading schemes suggest that such linking could provide access to lower cost abatement options and increase market stability. The decisions of whether and how to link emissions trading schemes often focus on the design features of the relevant schemes, but an additional factor which has the potential to undermine the efficiency of linked schemes is taxation. This article systematically tests two alternative approaches to the direct (income) taxation of cross-border transfers of emission allowances for differential tax outcomes. Four hypothetical transactions are considered under three different linking mechanisms and on the assumption that a tax treaty based on the OECD Model Tax Convention on Income and on Capital is in force. This analysis evidences that, in some cases – and especially if the relevant jurisdictions adopt different approaches to the taxation of allowance transactions under domestic law – there is the potential for timing differences or double taxation that could impact on the efficiency of the linked trading schemes. It is therefore important for tax implications to be considered as part of any linking proposal.