Ownership, corporate governance and IPO post-listing liquidity

This thesis investigates how ownership structure and corporate governance relate to the post-listing liquidity of IPO firms. Using a sample of 1,049 Chinese IPOs from 2001 to 2010, the results show firms with a broader shareholder base and higher ownership concentration have greater post-listing liquidity. So do firms with higher state ownership and lower institution ownership. Corporate governance is also important; post-listing liquidity is higher for firms with CEO duality, a larger and more independent board, and more frequent board meetings. The 2005 Split Share Structure Reform, which increased the proportion of tradable shares, has a positive impact on liquidity.

Corporate governance and securities class actions

This study investigates the governance attributes of firms that have been subject to securities class actions (SCAs). There has been a recent sizable increase in the number of firms subject to SCAs in Australia. We examine a sample of firms that have been subject to SCAs due to disclosure breaches and match the firms by industry and size to a control sample. First, we examine the compliance culture of the SCA firms via the frequency of Australian Securities Exchange (ASX)queries of the firm and find that the frequency of ASX queries is positively associated with the occurrence of a SCA. Secondly, we provide evidence that SCA firms exhibit weaker levels of corporate governance than the matched control sample. In addition, we contribute to the understanding of firms subject to SCAs and their corporate governance attributes. Our results suggest the presence of a nomination committee may be associated with higher agency costs and that the influence of CEO duality may reduce the effectiveness of a nomination committee.

Shari'ah supervision, corporate governance and performance: Conventional vs. Islamic banks

The performance and accountability of boards of directors and effectiveness of governance mechanisms continue to be a matter of concern. Focusing on differences between conventional banks and Islamic banks, we examine the effect of (i) Shari-ah supervision boards, (ii) board structure and (iii) CEO-power on performance during the period 2005-2011. We find Shari'ah supervision boards positively impact on Islamic banks' performance when they perform a supervisory role, but the impact is negligible when they have only an advisory role. The effect of board structure (Board size and board independence) and CEO power (CEO-chair duality and internally recruited CEO) on the performance of Islamic banks is overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards but also emphasize the need for enforcement and regulatory mechanism for them to be more effective.

Correcting trade distortions in a small open economy

This paper considers the second-best strategy of correcting a wide variety of trade distortions in a small open economy with perfect competition in all markets. Using the tools of duality, we obtain some general properties of the structure and the levels of the optimal taxlsubsidy rates. The paper also analyzes the welfare effects of unilateral piecemeal trade policy reforms when some of the quota distortions—imposed by the foreign countries—are unalterable. It is shown that the merits of unilateral trade policy reforms that are emphasized in the literature crucially depend on the absence of unalterable foreign imposed quotas.

Running Men

In this multi-screen installation, iconic male characters from Hollywood films are reconfigured to create infinitely looping scenes of running; trapping the characters in a kind of Nietchzen eternal recurrence. Stemming primarily from my investigation into anxiety as a shared social experience, the carefully edited, looped, and rotoscoped characters become avatars or surrogates for myself, and for the viewer. Through this editing, they are caught in a space of relentless confusion and paranoia – they run with, and from, anxiety. They are never caught by any unseen pursuers, but are equally unable to catch up to any unseen goal. These figures act as models of masculinity, they are objects of identification and emulation. Simultaneously, as celebrities, they are also fictions of the media sphere, both real and ethereal, they are impossible to grasp. In this duality, the work also references cinema’s tangled conflation of character and celebrity identity. It examines the subjective and intersubjective engagements we can have with popular culture, and the way that these engagements can as strategies to ‘make sense’ of social experiences. The work was exhibited in the Carriageworks space of ‘You Imagine What You Desire’, the 19th Biennale of Sydney.

Running men: The precarious, paranoid body in screen culture

This paper discusses my video installation Running Men as an example of how an artist’s appropriative engagements with screen images of the perilous body can reflect the technological zeitgeist of the last hundred years but also create a space of meditative and mediated reflection in Slavoj Žižek’s “endlessness” of the present-future. In this artwork, iconic male characters from Hollywood films are recontextualised to create infinitely looping scenes of running; trapping the characters in a kind of Nietchzen eternal recurrence that suspends them between impending violence and uncertain futures. Stemming primarily from my investigation into anxiety as a shared social experience, one perhaps primed by the increasing intensity of visual culture in the 21st century, these digitally reconfigured bodies become avatars or surrogates for myself, and for the viewer. Through selective editing, these emblematic figures are caught in a space of relentless confusion and paranoia – they run with, and from anxiety. They are never caught by any unseen pursuers, but are equally unable to catch up to any unseen goal. These figures map an historical trajectory of violence and masculinity as it has been projected through various iterations of screen culture Simultaneously, as celebrities, they are also fictions of the media sphere, both real and ethereal, they are impossible to grasp but paradoxically are objects of identification and emulation. In this duality, the work also references cinema’s tangled conflation of character and celebrity identity. This discussion will address the two distinct but connected sites and activities of body/image engagement. Firstly, the artistic process and conceptual ramifications of this activity, and secondly in the artwork’s potential as an installation to provide an opportunity for the viewer (like the artist) to reflect on the constructed-ness and complicated power structures at play in the representation of a gendered body.