Is there timing ability in currency markets? Evidence from ADR issuances

Is there timing ability in the exchange rate markets? We address this question by examining foreign firms' decisions to issue American Depositary Receipts (ADRs). Specifically, we test whether foreign firms consider currency market conditions in their ADR issuance decisions and, in doing so, display some ability to time their local exchange rate market. We study ADR issuances in the U.S. stock market between 1976 and 2003. We find that foreign firms tend to issue ADRs after their local currency has been abnormally strong against the U.S. dollar and before their local currency becomes abnormally weak. This evidence is statistically significant even after controlling for local and U.S. past and future stock market performance and predicable exchange rate movements. Currency market timing is especially significant i) for value companies, relatively small (yet absolutely large) companies issuing relatively large amounts of ADRs, companies with higher currency exposure, manufacturing companies, and emerging market companies, ii) during currency crises (when mispricings are rife) and after the integration of the issuer's local financial market with the world capital markets, iii) when the ADR issue raises capital for the issuing firm (Level III ADR), and iv) regardless of the identity of the underwriting investment bank. Currency market timing is also economically significant since it translates into total savings for the issuing firms of about $646 million (or 1.86% of the total capital-raising ADR issue volume). In contrast, we find no evidence of currency timing ability in a control sample made of non-capital raising ADRs (Level II ADRs). These findings suggest that some companies may have, at least occasionally, private information about foreign exchange.

Measuring performance of municipal real estate : softening the impact of financial crisis to local governments

Asset management in local government is an emerging discipline and over a decade has become a crucial aspect towards a more efficient and effective organisation. One crucial feature in the public asset management is performance measurement toward the public real estates. This measurement critically at the important component of public wealth and seeks to apply a standard of economic efficiency and effective organisational management especially in such global financial crisis condition. This paper aims to identify global economic crisis effect and proposes alternative solution for local governments to softening the impact of the crisis to the local governments organisation. This study found that the most suitable solution for local government to solve the global economic crisis in Indonesia is application of performance measurement in its asset management. Thus, it is important to develop performance measurement system in local government asset management process. This study provides suggestions from published documents and literatures. The paper also discusses the elements of public real estate performance measurement. The measurement of performance has become an essential component of the strategic thinking of assets owners and managers. Without having a formal measurement system for performance, it is difficult to plan, control and improve local government real estate management system. A close look at best practices in public sectors reveals that in most cases these practices were transferred from private sector reals estate management under the direction of real estate experts retained by government. One of the most significant advances in government property performance measurement resulted from recognition that the methodology used by private sector, non real estate corporations for managing their real property offered a valuable prototype for local governments. In general, there are two approaches most frequently used to measure performance of public organisations. Those are subjective and objective measures. Finally, findings from this study provides useful input for the local government policy makers, scholars and asset management practitioners to establish a public real estate performance measurement system toward more efficient and effective local governments in managing their assets as well as increasing public services quality in order to soften the impact of global financial crisis.

Sex on premises venue (SOPV) health promotion project in response to sustained increases in HIV notifications

Background: Due to increases in HIV notifications in Queensland, a health promotion outreach project was developed with sex on premises venues (SOPV) in Brisbane. Methods: A health promotion officer (HPO) promoted safer sex behaviours among SOPV patrons over 14 months, including providing information, counselling and skills to enhance safer sexual behaviours and providing referrals. Surveys were introduced to facilitate discussions regarding HIV/sexually transmissible infections, testing and safer sex practices. Results: The project demonstrated feasibility within this highly sexualised environment, and was enhanced by careful monitoring and revising the procedure to improve patron/staff responses to the project. The introduction of a survey instrument was a significant contributor to the project’s effectiveness, providing opportunities for patrons to discuss a variety of key sexual health issues. Conclusions: This initiative reflected effective partnering between the Health Department, a community HIV/lesbian, gay, bisexual and transgender organisation and private industry. Despite initial difficulties, the presence of a health worker within an SOPV was acceptable to patrons and allowed for brief interventions to be conducted. This project was deemed effective for a limited time period and within certain constraints.

Case-control study of early childhood caries in Australia

The aim of this case-control study of 617 children was to investigate early childhood caries (ECC) risk indicators in a non-fluoridated region in Australia. ECC cases were recruited from childcare facilities, public hospitals and private specialist clinics to source children from different socioeconomic backgrounds. Non-ECC controls were recruited from the same childcare facilities. A multinomial logistic modelling approach was used for statistical analysis. The results showed that a large percentage of children tested positive for Streptococcus mutans if their mothers also tested positive. A common risk indicator found in ECC children from childcare facilities and public hospitals was visible plaque (OR 4.1, 95% CI 1.0-15.9, and OR 8.7, 95% CI 2.3-32.9, respectively). Compared to ECC-free controls, the risk indicators specific to childcare cases were enamel hypoplasia (OR 4.2, 95% CI 1.0-18.3), difficulty in cleaning child's teeth (OR 6.6, 95% CI 2.2-19.8), presence of S. mutans (OR 4.8, 95% CI 0.7-32.6), sweetened drinks (OR 4.0, 95% CI 1.2-13.6) and maternal anxiety (OR 5.1, 95% CI 1.1-25.0). Risk indicators specific to public hospital cases were S. mutans presence in child (OR 7.7, 95% CI 1.3-44.6) or mother (OR 8.1, 95% CI 0.9-72.4), ethnicity (OR 5.6, 95% CI 1.4-22.1), and access of mother to pension or health care card (OR 20.5, 95% CI 3.5-119.9). By contrast, a history of chronic ear infections was found to be protective for ECC in childcare children (OR 0.28, 95% CI 0.09-0.82). The biological, socioeconomic and maternal risk indicators demonstrated in the present study can be employed in models of ECC that can be usefully applied for future longitudinal studies.

The public sector’s perspective on procuring public works projects : comparing the views of practitioners in Hong Kong and Australia

Hong Kong has been one of the early jurisdictions to adopt Public Private Partnership (PPP) model for delivering large public infrastructure projects. The development of this procurement approach in Hong Kong has followed an intricate path. As such, it is believed that there are a number of areas which are interesting to unveil. As part of a comprehensive research study looking at implementing PPPs, interviews with experienced local industrial practitioners from the public sector were conducted to realize their perspective on the topic of procuring public works projects. Amongst these interviews, fourteen were launched government officials and advisers. The interview findings show that the majority of the Hong Kong and Australian interviewees had previously conducted some kind of research in the field of PPP. Both groups of interviewees agreed that “PPPs gain private sector’s added efficiency/expertise/management skills” when compared to projects procured traditionally. Also, both groups of interviewees felt that projects best suited to use PPP are those that have an “Economic business case”. The interviewees believed that “Contractor’s performance” could be used as key performance indicators for PPP projects. A large number of critical success factors were identified by the interviewees for PPP projects; two of these were similar for both groups of interviewees. These included “Project objectives well defined” and “Partnership spirit/commitment/trust”. Finally it was found that in-house guidance materials were more common in the organizations of the Australian interviewees compared to the Hong Kong ones. This paper studies the views of the public sector towards the topic of PPPs in Hong Kong and Australia, which helps to answer some of the queries that both academics and the private sector in these jurisdictions are keen to know. As a result the private sector can be more prepared when negotiating with the public sector and realise their needs better, academics on the other hand are provided a wider perspective of this topic benefiting the research industry at large.

The researcher’s perspective on procuring public works projects

Purpose: As part of a comprehensive research study looking at implementing PPPs, interviews with experienced researchers were conducted to realize their views on private sector involvement in public works projects. Design / methodology / approach: Amongst these interviews, five were launched with academics from Hong Kong and Australia, and two were conducted with Legislative Councillors of the Hong Kong Special Administration Region (HKSAR) government. Findings: The interview findings show that both Hong Kong and Australian interviewees had previously conducted some kind of research in the field of PPP. The interviewees highlighted that “Different risk profiles” and “Private sector more innovative / efficient” were the main differences between projects that were procured by PPP and traditionally. Other differences include risk transfer. In a PPP arrangement the public sector passes on a substantial amount of the project risks to the private sector, whereas in a traditional case the public sector would take the largest responsibility in bearing these risks. Another common feature of the private sector is that they tend to be more efficient and innovative when compared to the public sector hence their expertise is often reflected in PPP projects. The interviewees agreed that the key performance indicators for PPP projects were unique depending on the individual project. The critical success factors mentioned by both groups of interviewees included “Transparent process”, “Project dependent” and “Market need”. Due to the fact that PPP projects tend to be large scaled costly projects, adequate transparency in the process is necessary in order to demonstrate that a fair selection and tendering process is conducted. A market need for the project is also important to ensure that the project will be financially secure and that the private sector can make a reasonable profit to cover their project expenditure. Originality / value: The findings from this study have enabled a comparative analysis between the views of researchers in two completely different jurisdictions. With the growing popularity to implement PPP projects, it is believed that the results presented in this paper would be of interest to the industry at large.

Suitability of procuring large public works by PPP in Hong Kong

Purpose : The Hong Kong Special Administrative Region (referred to as Hong Kong from here onwards) is an international leading commercial hub particularly in Asia. In order to keep up its reputation a number of large public works projects have been considered. Public Private Partnership (PPP) has increasingly been suggested for these projects, but the suitability of using this procurement method in Hong Kong is yet to be studied empirically. The findings presented in this paper will specifically consider whether PPPs should be used to procure public works projects in Hong Kong by studying the attractive and negative factors for adopting PPP. Design/methodology/approach : As part of this study a questionnaire survey was conducted with industrial practitioners. The respondents were requested to rank the importance of fifteen attractive factors and thirteen negative factors for adopting PPP. Findings : The results found that in general the top attractive factors ranked by respondents from Hong Kong were efficiency related, these included (1) ‘Provide an integrated solution (for public infrastructure / services)’; (2) ‘Facilitate creative and innovative approaches’; and (3) ‘Solve the problem of public sector budget restraint’. It was found that Australian respondents also shared similar findings to those in Hong Kong, but the United Kingdom respondents showed a higher priority to those economic driven attractive factors. Also, the ranking of the attractive and negative factors for adopting PPP showed that on average the attractive factors were scored higher than the negative factors. Originality/value : The results of this research have enabled a comparison of the attractive and negative factors for adopting PPP between three administrative systems. These findings have confirmed that PPP is a suitable means to procure large public projects which are believed to be useful and interesting to PPP researchers and practitioners.

The rediscovery of traditional urbanism at Melrose Arch

Contemporary urban form, particularly in the cities of South Africa, lacks distinction and quality. The majority of developments are conceived as private and dislocated initiatives, surveiled enclaves with gated access being the only conduit to the outside world. Any concern for a positive contribution to the matrix of public activity is seldom a consideration. The urban form responds to the perception that traffic systems are paramount to the successful flux of the city in satisfying the escalating demands of vehicular movement. In contrast many of the urban centres around the world, the great historical centres of Europe, Americas and the Sub-Continent are admired and considered the ultimate models in urban experience. The colonnades, bazaars and boulevards hosting an abundance of street activity are the characteristics of such centres and are symptomatic of a city growth based on pedestrian movement patterns, an urbanism supportative of human interaction and exchange, a form which has nurtured the existence of a public realm. Through the understanding of the principles of traditional urbanism we may learn that the modernist paradigm of a contemporary suburbia has resulted in disconnected and separate land uses with isolated districts where a reliance on the car is essential rather than optional.

Anxiety among high school students in India : comparisons across gender, school type, social strata, and perceptions of quality time with parents

The broad objective of the study was to better understand anxiety among adolescents in Kolkata city, India. Specifically, the study compared anxiety across gender, school type, socio-economic background and mothers’ employment status. The study also examined adolescents’ perceptions of quality time with their parents. A group of 460 adolescents (220 boys and 240 girls), aged 13-17 years were recruited to participate in the study via a multi-stage sampling technique. The data were collected using a self-report semi-structured questionnaire and a standardized psychological test, the State-Trait Anxiety Inventory. Results show that anxiety was prevalent in the sample with 20.1% of boys and 17.9% of girls found to be suffering from high anxiety. More boys were anxious than girls (p<0.01). Adolescents from Bengali medium schools were more anxious than adolescents from English medium schools (p<0.01). Adolescents belonging to the middle class (middle socio-economic group) suffered more anxiety than those from both high and low socio-economic groups (p<0.01). Adolescents with working mothers were found to be more anxious (p<0.01). Results also show that a substantial proportion of the adolescents perceived they did not receive quality time from fathers (32.1%) and mothers (21.3%). A large number of them also did not feel comfortable to share their personal issues with their parents (60.0% for fathers and 40.0% for mothers).

Curtains and carnality : processural seductions in eighteenth century text and space

Libertine erotic novellas included a number of seductive descriptions of unfolding spaces often seen through the eyes of a narrator. Instructional volumes such as Point de lendermain by Vivant Denon (1777) aimed at the sexual education of young women and the titillation of men also followed suit. Similarly architectural theory such as Le Camus de Mézières’, The Genius of Architecture (1780) also promoted the sensuous and seductive aspects of surfaces and spatial arrangements. In the erotic settings of the cabinet, descriptions of curtains generate as much arousal as the outline of a naked body, and for some players it is the space that is desired above their lover.

Teaching English as an additional language in senior high school : critical discourses in critical times

This paper presents a Critical Discourse Analysis (CDA) of four policy documents currently offering ‘sets of possibilities’ for the teaching of English as an additional or second language (hereafter EAL/ESL) in senior classrooms in Queensland, Australia. The aim is to identify the ways in which each document re-presents the notion of critical literacy. Leximancer software, and Fairclough’s textually-oriented discourse analysis method (2001, 2003) are used to interrogate the relevant sections of the documents for the ways in which they re-present (sic) and construct the discourses around critical language study. This paper presents the description, interpretation and explanation of the discourses in these documents which constitute part of a larger project in which teacher interviews and classroom teaching are also investigated for the ways in which ‘the critical’ is constructed and contested in knowledge and practice.

ICTs for creative practice in drama : creating cyberdrama with young people in school contexts

This study explores young people's creative practice through using Information and Communications Technologies (ICTs) - in one particular learning area - Drama. The study focuses on school-based contexts and the impact of ICT-based interventions within two drama education case studies. The first pilot study involved the use of online spaces to complement a co-curricula performance project. The second focus case was a curriculum-based project with online spaces and digital technologies being used to create a cyberdrama. Each case documents the activity systems, participant experiences and meaning making in specific institutional and technological contexts. The nature of creative practice and learning are analysed, using frameworks drawn from Vygotsky's socio-historical theory (including his work on creativity) and from activity theory. Case study analysis revealed the nature of contradictions encountered and these required an analysis of institutional constraints and the dynamics of power. Cyberdrama offers young people opportunities to explore drama through new modes and the use of ICTs can be seen as contributing different tools, spaces and communities for creative activity. To be able to engage in creative practice using ICTs requires a focus on a range of cultural tools and social practices beyond those of the purely technological. Cybernetic creative practice requires flexibility in the negotiation of tool use and subjects and a system that responds to feedback and can adapt. Classroom-based dramatic practice may allow for the negotiation of power and tool use in the development of collaborative works of the imagination. However, creative practice using ICTs in schools is typically restricted by authoritative power structures and access issues. The research identified participant engagement and meaning making emerging from different factors, with some students showing preferences for embodied creative practice in Drama that did not involve ICTs. The findings of the study suggest ICT-based interventions need to focus on different applications for the technology but also on embodied experience, the negotiation of power, identity and human interactions.

Evolution and change in industrial clusters : an analysis of Hsinchu and Sophia Antipolis

The aim of this paper is to advance understandings of the processes of cluster-building and evolution, or transformative and adaptive change, through the conscious design and reflective activities of private and public actors. A model of transformation is developed which illustrates the importance of actors becoming exposed to new ideas and visions for industrial change by political entrepreneurs and external networks. Further, actors must be guided in their decision-making and action by the new vision, and this requires that they are persuaded of its viability through the provision of test cases and supportive resources and institutions. In order for new ideas to become guiding models, actors must be convinced of their desirability through the portrayal of models as a means of confronting competitive challenges and serving the economic interests of the city/region. Subsequent adaptive change is iterative and reflexive, involving a process of strategic learning amongst key industrial and political actors.

An application of Keller’s Brand Equity Model in a B2B context

Powerful brands create meaningful images in the minds of customers (Keller, 1993). A strong brand image and reputation enhances differentiation and has a positive influence on buying behaviour (Gordon et al., 1993; McEnally and de Chernatony, 1999). While the power of branding is widely acknowledged in consumer markets, the nature and importance of branding in industrial markets remains under-researched. Many business-to-business (B2B) strategists have claimed brand-building belongs in the consumer realm. They argue that industrial products do not need branding as it is confusing and adds little value to functional products (Collins, 1977; Lorge, 1998; Saunders and Watt, 1979). Others argue that branding and the concept of brand equity however are increasingly important in industrial markets, because it has been shown that what a brand means to a buyer can be a determining factor in deciding between industrial purchase alternatives (Aaker, 1991). In this context, it is critical for suppliers to initiate and sustain relationships due to the small number of potential customers (Ambler, 1995; Webster and Keller, 2004). To date however, there is no model available to assist B2B marketers in identifying and measuring brand equity. In this paper, we take a step in that direction by operationalising and empirically testing a prominent brand equity model in a B2B context. This makes not only a theoretical contribution by advancing branding research, but also addresses a managerial need for information that will assist in the assessment of industrial branding efforts.

Health law in Australia

Health Law in Australia is the first book to deal with health law on a comprehensive national basis. In a field of law that is becoming increasingly important and where the demand for expertise is rapidly expanding, Health Law in Australia takes a logical, structured approach to an examination of the law in all Australian jurisdictions. By covering all the major areas in this diverse field of law, Health Law in Australia enhances the understanding of the discipline as a whole. Beginning with an exploration of the general principles of health law, including chapters on “Medical Negligence”, “Children and Consent”, and “Confidentiality, Privacy, and Access to Health Records”, the book goes on to consider beginning-of-life and end-of-life issues before concluding with chapters on emerging areas in health law, such as biotechnology and medical research. The contributing authors include national leaders in the field who are specialists in these areas of health law and who can therefore reveal to readers the results of their research. Health Law in Australia has been written for those with a legal background and is essential reading for undergraduate law students, postgraduate law students, researchers and scholars in the disciplines of law, health and medicine, as well as legal practitioners, government departments and bodies in the health area, and private health providers.