Role of corporate governance in mitigating the selective disclosure of executive stock option information

We examine the nature and extent of statutory executive stock option (ESO) disclosures by Australian listed companies over the 2001 to 2004 period, and the influence of corporate governance mechanisms on these disclosures. Our results show a progressive increase in overall compliance from 2001 to 2004. However, despite the improved compliance, the results reveal managements’ continued reluctance to disclose more sensitive ESO information. Factors associated with good internal governance, including board independence, audit committee independence and effectiveness, and compensation committee independence and effectiveness are found to contribute to improved compliance. Similarly, certain external governance factors are associated with improved disclosure, including external auditor quality, shareholder activism (as proxied by companies identified as poor performers by the Australian Shareholders’ Association), and regulatory intervention.

Behavioural biases and information disclosure laws relating to residential property sales : narrowing the gap between existing laws and calls for future reforms

Market failures involving the sale of complex merchandise, such as residential property, financial products and credit, have principally been attributed to information asymmetries. Existing legislative and regulatory responses were developed having regard to consumer protection policies based on traditional economic theories that focus on the notion of the ‘rational consumer’. Governmental responses therefore seek to impose disclosure obligations on sellers of complex goods or products to ensure that consumers have sufficient information upon which to make a decision. Emergent research, based on behavioural economics, challenges traditional ideas and instead focuses on the actual behaviour of consumers. This approach suggests that consumers as a whole do not necessarily benefit from mandatory disclosure because some, if not most, consumers do not pay attention to the disclosed information before they make a decision to purchase. The need for consumer policies to take consumer characteristics and behaviour into account is being increasingly recognised by governments, and most recently in the policy framework suggested by the Australian Productivity Commission

Beyond the fashionable : strategic planning for critical information literacy education

The challenge for all educators is to fuse the learning of information literacy to an academic education in such a way that the outcome is systematic and sustainable learning for students. This challenge can be answered through long-term commitment to information literacy education bound to organisation-wide, renewable strategic planning and driven through systemic reform. This chapter seeks to explore the two sides of reforming information literacy education in an academic environment. Specifically, it will examine how one Australian university has undertaken the implementation of a rigorous strategic, systemic approach to information literacy learning and teaching.

Willingness to buy GM food products : the role of uncertainty orientation, consumer risk perceptions and information search in consumers from Australia

Genetically modified (GM) food products are the source of much controversy and in the context of consumer behaviour, the way in which consumers perceive such food products is of paramount importance both theoretically and practically. Despite this, relatively little research has focused on GM food products from a consumer perspective, and as such, this study seeks to better understand what effects consumer willingness to buy GM food products in Australian consumers.

Evidence-based practice : information professionals' experience of information literacy in the workplace

Evidence-based practice is increasingly being recognised as an important issue in a range of professional contexts including education, nursing, occupational therapy and librarianship. Many of these professions have observed a relationship or interface between evidence-based practice and information literacy. Using a phenomenographic approach this research explores variation in the how library and information professionals are experiencing evidence-based practice as part of their professional work. The findings of the research provide a basis for arguing that evidence-based practice represents the professional's enactment of information literacy in the workplace.

Robust outdoor visual localization using a three-dimensional-edge map

Visual localization systems that are practical for autonomous vehicles in outdoor industrial applications must perform reliably in a wide range of conditions. Changing outdoor conditions cause difficulty by drastically altering the information available in the camera images. To confront the problem, we have developed a visual localization system that uses a surveyed three-dimensional (3D)-edge map of permanent structures in the environment. The map has the invariant properties necessary to achieve long-term robust operation. Previous 3D-edge map localization systems usually maintain a single pose hypothesis, making it difficult to initialize without an accurate prior pose estimate and also making them susceptible to misalignment with unmapped edges detected in the camera image. A multihypothesis particle filter is employed here to perform the initialization procedure with significant uncertainty in the vehicle's initial pose. A novel observation function for the particle filter is developed and evaluated against two existing functions. The new function is shown to further improve the abilities of the particle filter to converge given a very coarse estimate of the vehicle's initial pose. An intelligent exposure control algorithm is also developed that improves the quality of the pertinent information in the image. Results gathered over an entire sunny day and also during rainy weather illustrate that the localization system can operate in a wide range of outdoor conditions. The conclusion is that an invariant map, a robust multihypothesis localization algorithm, and an intelligent exposure control algorithm all combine to enable reliable visual localization through challenging outdoor conditions.

Mapping a suburb with a single camera using a biologically inspired SLAM system

This paper describes a biologically inspired approach to vision-only simultaneous localization and mapping (SLAM) on ground-based platforms. The core SLAM system, dubbed RatSLAM, is based on computational models of the rodent hippocampus, and is coupled with a lightweight vision system that provides odometry and appearance information. RatSLAM builds a map in an online manner, driving loop closure and relocalization through sequences of familiar visual scenes. Visual ambiguity is managed by maintaining multiple competing vehicle pose estimates, while cumulative errors in odometry are corrected after loop closure by a map correction algorithm. We demonstrate the mapping performance of the system on a 66 km car journey through a complex suburban road network. Using only a web camera operating at 10 Hz, RatSLAM generates a coherent map of the entire environment at real-time speed, correctly closing more than 51 loops of up to 5 km in length.

Spatial cognition for robots

The paper discusses robot navigation from biological inspiration. The authors sought to build a model of the rodent brain that is suitable for practical robot navigation. The core model, dubbed RatSLAM, has been demonstrated to have exactly the same advantages described earlier: it can build, maintain, and use maps simultaneously over extended periods of time and can construct maps of large and complex areas from very weak geometric information. The work contrasts with other efforts to embody models of rat brains in robots. The article describes the key elements of the known biology of the rat brain in relation to navigation and how the RatSLAM model captures the ideas from biology in a fashion suitable for implementation on a robotic platform. The paper then outline RatSLAM's performance in two difficult robot navigation challenges, demonstrating how a cognitive robotics approach to navigation can produce results that rival other state of the art approaches in robotics.

Helicopter automation using a low-cost sensing system

This paper details the design of an autonomous helicopter control system using a low cost sensor suite. Control is maintained using simple nested PID loops. Aircraft attitude, velocity, and height is estimated using an in-house designed IMU and vision system. Information is combined using complimentary filtering. The aircraft is shown to be stabilised and responding to high level demands on all axes, including heading, height, lateral velocity and longitudinal velocity.

Helicopter automation using a low-cost sensing system

This paper details the design of an autonomous helicopter control system using a low cost sensor suite. Control is maintained using simple nested PID loops. Aircraft attitude, velocity, and height is estimated using an in-house designed IMU and vision system. Information is combined using complimentary filtering. The aircraft is shown to be stabilised and responding to high level demands on all axes, including heading, height, lateral velocity and longitudinal velocity.

Classifying an opponent’s behaviour in robot soccer

This paper illustrates the prediction of opponent behaviour in a competitive, highly dynamic, multi-agent and partially observable environment, namely RoboCup small size league robot soccer. The performance is illustrated in the context of the highly successful robot soccer team, the RoboRoos. The project is broken into three tasks; classification of behaviours, modelling and prediction of behaviours and integration of the predictions into the existing planning system. A probabilistic approach is taken to dealing with the uncertainty in the observations and with representing the uncertainty in the prediction of the behaviours. Results are shown for a classification system using a Naïve Bayesian Network that determines the opponent’s current behaviour. These results are compared to an expert designed fuzzy behaviour classification system. The paper illustrates how the modelling system will use the information from behaviour classification to produce probability distributions that model the manner with which the opponents perform their behaviours. These probability distributions are show to match well with the existing multi-agent planning system (MAPS) that forms the core of the RoboRoos system.

Achieving cooperation in a distributed multi-robot team

DMAPS (Distributed Multi-Agent Planning System) is a planning system developed for distributed multi-robot teams based on MAPS (Multi-Agent Planning System). MAPS assumes that each agent has the same global view of the environment in order to determine the most suitable actions. This assumption fails when perception is local to the agents: each agent has only a partial and unique view of the environment. DMAPS addresses this problem by creating a probabilistic global view on each agent by fusing the perceptual information from each robot. The experimental results on consuming tasks show that while the probabilistic global view is not identical on each robot, the shared view is still effective in increasing performance of the team.

Experiments in outdoor operation of RatSLAM

This paper shows initial results in deploying the biologically inspired Simultaneous Localisation and Mapping system, RatSLAM, in an outdoor environment. RatSLAM has been widely tested in indoor environments on the task of producing topologically coherent maps based on a fusion of odometric and visual information. This paper details the changes required to deploy RatSLAM on a small tractor equipped with odometry and an omnidirectional camera. The principal changes relate to the vision system, with others required for RatSLAM to use omnidirectional visual data. The initial results from mapping around a 500 m loop are promising, with many improvements still to be made.

Simultaneous localisation and mapping from natural landmarks using RatSLAM

This paper describes the current state of RatSLAM, a Simultaneous Localisation and Mapping (SLAM) system based on models of the rodent hippocampus. RatSLAM uses a competitive attractor network to fuse visual and odometry information. Energy packets in the network represent pose hypotheses, which are updated by odometry and can be enhanced or inhibited by visual input. This paper shows the effectiveness of the system in real robot tests in unmodified indoor environments using a learning vision system. Results are shown for two test environments; a large corridor loop and the complete floor of an office building.

Obstacle detection using optical flow

Motion has been examined in biology to be a critical component for obstacle avoidance and navigation. In particular, optical flow is a powerful motion cue that has been exploited in many biological systems for survival. In this paper, we investigate an obstacle detection system that uses optical flow to obtain range information to objects. Our experimental results demonstrate that optical flow is capable of providing good obstacle information but has obvious failure modes. We acknowledge that our optical flow system has certain disadvantages and cannot be solely used for navigation. Instead, we believe that optical flow is a critical visual subsystem used when moving at reason- able speeds. When combined with other visual subsystems, considerable synergy can result.