'It ain't over till it's over' : Yogi Berra bias on prediction markets

The recent expansion of prediction markets provides a great opportunity to test the market efficiency hypothesis and the calibration of trader judgements. Using a large database of observed prices, this article studies the calibration of prediction markets prices on sporting events using both nonparametric and parametric methods. While only minor bias can be observed during most of the lifetime of the contracts, the calibration of prices deteriorates very significantly in the last moments of the contracts’ lives. Traders tend to overestimate the probability of the losing team to reverse the situation in the last minutes of the game.

Using a design led approach to emotional business modelling

Prototyping is an established and accepted practice used by the design community. Prototypes play a valuable role during the design process and can greatly affect the designed outcome. The concept of a business model prototype, however, is not well understood by the design and business communities. Design industry trends indicate a move away from product and service innovation towards business model innovation. Therefore, it stands to reason that the role of prototypes and prototyping in this context should also be considered. This paper is conceptual and presents a process for creating and enabling business model prototypes. Specifically, the focus is on building emotional connections across the value chain to enable internal growth within firms. To do this, the authors‟ have relied on personal observations and critical reflection from multiple industry engagements. The outcomes of this critical reflective practice are presented and the opportunities and challenges for this approach are discussed. Future research opportunities are also detailed and presented within the context of the emotional business model.

What is the role of design-led innovation and design-led prototyping in developing novel business models?

Recently, ‘business model’ and ‘business model innovation’ have gained substantial attention in management literature and practice. However, many firms lack the capability to develop a novel business model to capture the value from new technologies. Existing literature on business model innovation highlights the central role of ‘customer value’. Further, it suggests that firms need to experiment with different business models and engage in ‘trail-and-error’ learning when participating in business model innovation. Trial-and error processes and prototyping with tangible artifacts are a fundamental characteristic of design. This conceptual paper explores the role of design-led innovation in facilitating firms to conceive and prototype novel and meaningful business models. It provides a brief review of the conceptual discussion on business model innovation and highlights the opportunities for linking it with the research stream of design-led innovation. We propose design-led business model innovation as a future research area and highlight the role of design-led prototyping and new types of artifacts and prototypes play within it. We present six propositions in order to outline future research avenues.

On governing collaborative Information Technology (IT) : a relational perspective

Organizations today invest in collaborative IT to engage in collaborative alliances to sustain or improve their competitive positions. Effective use of this collaborative IT in an alliance requires a deeper understanding of their governance structures. This effort is to ensure the sustainability of these alliances. Through the relational view of the firm, we suggest relational lateral IT-steering committees, relational IT operational committees, and relational IT performance management systems as IT governance structures for collaborative alliances. We then incorporate these structures, develop a model for approaches to governing collaborative IT, and evaluate the effectiveness for such governance structures in the IT-dependent alliances. We suggest that IT governance efforts of an alliance should contribute to their collaborative rent. We also suggest that the collaborative rent of an alliance would relate to the business value of its alliance partners. Field survey data containing 192 responses indicates a positive influence of the suggested IT governance efforts of the alliance on the collaborative rent of the alliance. The results also suggest a positive impact of the collaborative rent of the alliance on the business value of the alliance partners.

A snapshot of capstone courses in Australian business schools

Capstone courses are compulsory units usually offered in the last year, and often in the last semester, of a degree program. Ideally, they incorporate, consolidate and apply previously acquired knowledge, skills and experiential learning, rather than providing new information and skills. This presentation reports on findings of an Australian Teaching and Learning Council (ALTC) Projecti that explores the teaching of capstone courses in university Business Schools. In particular, it analyses comprehensive data collected via a national audit of all business capstone courses conducted in 2010-2011, based on information on university websites. Using this data, we reconsider the capstone ‘model’, classifying capstones in a way that goes beyond simple typologies in the literature, and reviewing approaches to teaching them. Although there is a common understanding amongst lecturers about the aims of capstone courses and the need to make students ‘workplace ready’, this presentation will provide more detailed analysis demonstrating the diversity of actual practices with respect to assessment, format and new content. These are important concerns related to student success in the workplace.

The digital transformation of 21st century news journalism

This presentation will deal with the transformations that have occurred in news journalism worldwide in the early 21st century. I will argue that they have been the most significant changes to the profession for 100 years, and the challenges facing the news media industry in responding to them are substantial, as are those facing journalism education. It will develop this argument in relation to the crisis of the newspaper business model, and why social media, blogging and citizen journalism have not filled the gap left by the withdrawal of resources from traditional journalism. It will also draw upon Wikileaks as a case study in debates about computational and data-driven journalism, and whether large-scale "leaks" of electronic documents may be the future of investigative journalism.

Scenes, quarters and clusters: The formation and governance of creative places in urban China

This paper presents a PhD program examining the formation and governance patterns of the social and spatial concentration of creative people and creative businesses in cities. It develops a typology for creative places, adding the terms ‘scene’ and ‘quarter’ to ‘clusters’, to fill in the literature gap of partial emphasis on the ‘creative clusters’ model as an organising mechanism for regional and urban policy. The framework is then applied to China, specifically to Hangzhou, a second-tier city in central eastern China that is ambitious to become a ‘national cultural and creative industries centre’. Drawing on in-depth interviews with initiators, managers and creative professionals from three cases selected respectively for scene, quarter and cluster, together with extensive documentary analysis, the paper investigates the composition of actors, characteristics of the locality and the diversity of activities of the three places. The findings demonstrate a convergence of the three terms. Furthermore, in China, planning and government intervention is the key to the governance of creative places; spontaneous development processes exist, but these need a more tolerant environment, a greater diversity of cultural forms and more time to develop. Moreover, the main business development model is still real estate based: this model needs to incorporate more mature business models and an enhanced IP protection system. Finally, the business strategies need to be combined with a self-management model for the creative class, and a collaborative governance mechanism with other stakeholders such as government, real estate developers and education providers.

Dumbing it down : where do standards fit?

In Australia, Vocational Education and Training (VET) programs are delivered in a variety of settings. You can be enrolled within a course in a high school, at a technical institution, private training provider or at your place of employment. Recognition of prior learning, on the job training and industry partnerships are strong factors supporting the change of delivery. The curriculum content within these programs has also changed. For example within the Business Services programs, the prerequisite and corequisite skill of touch keyboarding to an Australian Standard has moved from a core requirement in the 1990’s to an elective requirement in the 2000’s. Where a base skill becomes an elective skill, how does this effect the performance and outcomes for the learner, educator, employer and society as a whole? This paper will explore these issues and investigate the current position of standards within the VET curriculum today.

Problem-based learning : does accounting education need it?

Problem-based learning (PBL) has been used successfully in disciplines such as medicine, nursing, law and engineering. However a review of the literature shows that there has been little use of this approach to learning in accounting. This paper extends the research in accounting education by reporting the findings of a case study of the development and implementation of PBL at the Queensland University of Technology (QUT) in a new Accountancy Capstone unit that began in 2006. The fundamentals of the PBL approach were adhered to. However, one of the essential elements of the approach adopted was to highlight the importance of questioning as a means of gathering the necessary information upon which decisions are made. This approach can be contrasted with the typical ‘give all the facts’ case studies that are commonly used. Another feature was that students worked together in the same group for an entire semester (similar to how teams in the workplace operate) so there was an intended focus on teamwork in solving unstructured, real-world accounting problems presented to students. Based on quantitative and qualitative data collected from student questionnaires over seven semesters, it was found that students perceived PBL to be effective, especially in terms of developing the skills of questioning, teamwork, and problem solving. The effectiveness of questioning is very important as this is a skill that is rarely the focus of development in accounting education. The successful implementation of PBL in accounting through ‘learning by doing’ could be the catalyst for change to bring about better learning outcomes for accounting graduates.

Rating the Audience : the Business of Media

Knowing, measuring and understanding media audiences have become a multi-billion dollar business. But the convention that underpins that business, audience ratings, is in crisis. Rating the Audience is the first book to show why and how audience ratings research became a convention, an agreement, and the first to interrogate the ways that agreement is now under threat. Taking a historical approach, the book looks at the evolution of audience ratings and the survey industry. It goes on to analyse today's media environment, looking at the role of the internet and the increased difficulties it presents for measuring audiences. The book covers all the major players and controversies, such as Facebook's privacy rulings and Google's alliance with Nielsen. Offering the first real comparative study, it will be critical for media students and professionals.

A typology for business transformations (research in progress)

The term “business transformation” is a buzzword, often used to signify fundamental changes undergone by organisations. Despite numerous works in enterprise transformation, IT-enabled business transformation and organizational transformation, there appears to be a lack of consensus on what actually constitutes a business transformation as opposed to other types of redesign or organisational improvement projects. Consequently, knowledge about which elements of a business system that are impacted by such an endeavour is largely inconsistent, and partially conflicting. We present a business transformation typology that considers 18 attributes pertaining to the transforming organisation and the transformation initiative. To explore our typology, we analysed 10 published case studies and classified them along two dimensions – one ranging from marginal to fundamental changes, and another on internal and external visibility. Our literature review reveals how the terminology has been misused, and we provide some directions to provide more clarity around transformation phenomena in IS research.

Optimising COBIT 5 for IT governance : examples from the public sector

Control Objectives for Information and related Technology (COBIT) has grown to be one of the most significant IT Governance (ITG) frameworks available and also the best suited for audit, as it provides comprehensive guidance around IT processes and related business goals. However, given the constraints of both time and resources within which the Australian public sector is forced to operate, implementing an audit framework the size of COBIT in its entirety is often considered too large a task. As an alternative to full implementation it is not uncommon for the public sector to “cherry pick” controls from the framework in an effort to reduce its size. This paper reports on research undertaken to evaluate the potential to use an optimised sub-set of COBIT 5 for ITG audit in Australian public sector organisations. A survey methodology was employed to determine the control-objectives considered to be the most important to a selection of public sector organisations. Twelve control-objectives were identified as being most important to Queensland public sector organisations. As ten of these were also identified by previous studies, it appears possible to derive an optimised sub-set from COBIT 5 that would be both enduring and relevant across geographical and organisational contexts.

Destination branding performance measurement : a non-technical discussion for practitioners

While academic interest in destination branding has been gathering momentum since the field commenced in the late 1990s, one important gap in this literature that has received relatively little attention to date is the measurement of destination brand performance. This paper sets out one method for assessing the performance of a destination brand over time. The intent is to present an approach that will appeal to marketing practitioners, and which is also conceptually sound. The method is underpinned by Decision Set Theory and the concept of Consumer-Based Brand Equity (CBBE), while the key variables mirror the branding objectives used by many destination marketing organisations (DMO). The approach is demonstrated in this paper to measure brand performance for Australia in the New Zealand market. It is suggested the findings provide indicators of both i) the success of previous marketing communications, and ii) future performance, which can be easily communicated to a DMO’s stakeholders.

The legitimation and reproduction of discourse-practice gaps in work-life balance

Purpose - Critical scholarship on work-life balance (WLB) and its associated practices maintains that workplace flexibility is more than a quasi-functionalist response to contemporary problems faced by individuals, families or organisations. Beginning with Fleetwood’s contention that WLB discourses have become "detached" from their associated practices, this paper explores how workplace practices support or challenge dominant WLB discourses evident in socio-cultural, political and organisational sources. Design/methodology/approach - We analyse individual and group interview transcripts derived from 122 white-collar employees in two different organisational contexts (one public, one private) in the construction industry in Australia. Findings - Four major themes were identified in the data which illustrate discourse practice gaps. First, the demands facing this particular industry/ sector were framed as heightened and unique. Second, productivity was prioritised, dominating employees’ care-giving and lifestyle concerns. Third, employees’ caring responsibilities were communicated as personal and individual choices. Fourth, commitment and efficiency were judged on the basis of presence in the workplace. Research limitations/implications - Even in industries that have embraced WLB, workplace practices legitimate and reinforce the status quo, and maintain a gap between the promises of WLB and its potential to ameliorate conflict and assist workers to span the boundaries of paid work and other life domains. Originality/value - While the practices demonstrated in the research are focused on one industry, the study provides a critical analysis of how the contextually-influenced meaning of WLB is constructed, created and contested in these workplaces and the effects it produces.

International entrepreneurship for SME business growth : a resource and dynamic capability view of the firm : an internet context

This research explores the relationship between international business Internet capabilities and international entrepreneurial characteristics. It has been suggested, that the accumulation of a firms Internet capability can assist international operations, especially when operating in fast changing dynamic environments. However, the international entrepreneurial characteristics which are seen as a precursor to leveraging such capabilities are still vague. Given this finding a conceptual framework is constructed and research issues are then developed in order to focus attention on the relationship between the Internet and a firm’s resource base, dynamic capabilities and international market performance.