The equity and efficiency of the Australian share market with respect to director trading

Purpose – The purpose of this paper is to investigate the extent of directors breaching the reporting requirements of the Australian Stock Exchange (ASX) and the Corporations Act in Australia. Further, it seeks to assess whether directors in Australia achieve abnormal returns from trades in their own companies. Design/methodology/approach – Using an event study approach on an Australian sample, abnormal returns for a range of situations were estimated. Findings – A total of 13 (seven) per cent of own‐company directors trades do not meet the ASX (Corporations Act) requirement of reporting within five (14) business days. Directors do achieve abnormal returns through trading in shares of their own companies. Ignoring transaction costs, outsiders can achieve abnormal returns by imitating directors' trades. Analysis of returns to directors after they trade but before they announce the trade to the market shows that directors are making small but statistically significant returns that are not available to the market. Analysis of returns to directors subsequent to the ASX reporting requirement up to the day the trade is reported shows that directors are making small but statistically significant returns that should be available to the market. Research limitations/implications – Future research should investigate the linkages between late reporting by directors and disadvantages to outside shareholders and the implementation of internal policies implemented to mitigate insider trading. Practical implications – Market participants should remain vigilant regarding the potential for late/non‐reporting of directors' trades. Originality/value – Uncovering breaches of reporting regulations are particularly important given that directors tend to purchase (sell) shares when the price is low (high), thereby achieving abnormal returns.

Fusion transcript loci share many genomic features with non-fusion loci

Background Fusion transcripts are found in many tissues and have the potential to create novel functional products. Here, we investigate the genomic sequences around fusion junctions to better understand the transcriptional mechanisms mediating fusion transcription/splicing. We analyzed data from prostate (cancer) cells as previous studies have shown extensively that these cells readily undergo fusion transcription. Results We used the FusionMap program to identify high-confidence fusion transcripts from RNAseq data. The RNAseq datasets were from our (N = 8) and other (N = 14) clinical prostate tumors with adjacent non-cancer cells, and from the LNCaP prostate cancer cell line that were mock-, androgen- (DHT), and anti-androgen- (bicalutamide, enzalutamide) treated. In total, 185 fusion transcripts were identified from all RNAseq datasets. The majority (76 %) of these fusion transcripts were ‘read-through chimeras’ derived from adjacent genes in the genome. Characterization of sequences at fusion loci were carried out using a combination of the FusionMap program, custom Perl scripts, and the RNAfold program. Our computational analysis indicated that most fusion junctions (76 %) use the consensus GT-AG intron donor-acceptor splice site, and most fusion transcripts (85 %) maintained the open reading frame. We assessed whether parental genes of fusion transcripts have the potential to form complementary base pairing between parental genes which might bring them into physical proximity. Our computational analysis of sequences flanking fusion junctions at parental loci indicate that these loci have a similar propensity as non-fusion loci to hybridize. The abundance of repetitive sequences at fusion and non-fusion loci was also investigated given that SINE repeats are involved in aberrant gene transcription. We found few instances of repetitive sequences at both fusion and non-fusion junctions. Finally, RT-qPCR was performed on RNA from both clinical prostate tumors and adjacent non-cancer cells (N = 7), and LNCaP cells treated as above to validate the expression of seven fusion transcripts and their respective parental genes. We reveal that fusion transcript expression is similar to the expression of parental genes. Conclusions Fusion transcripts maintain the open reading frame, and likely use the same transcriptional machinery as non-fusion transcripts as they share many genomic features at splice/fusion junctions.

Head motion and Inattention/Hyperactivity share common genetic influences: Implications for fMRI studies of ADHD

Head motion (HM) is a well known confound in analyses of functional MRI (fMRI) data. Neuroimaging researchers therefore typically treat HM as a nuisance covariate in their analyses. Even so, it is possible that HM shares a common genetic influence with the trait of interest. Here we investigate the extent to which this relationship is due to shared genetic factors, using HM extracted from resting-state fMRI and maternal and self report measures of Inattention and Hyperactivity-Impulsivity from the Strengths and Weaknesses of ADHD Symptoms and Normal Behaviour (SWAN) scales. Our sample consisted of healthy young adult twins (N = 627 (63% females) including 95 MZ and 144 DZ twin pairs, mean age 22, who had mother-reported SWAN; N = 725 (58% females) including 101 MZ and 156 DZ pairs, mean age 25, with self reported SWAN). This design enabled us to distinguish genetic from environmental factors in the association between head movement and ADHD scales. HM was moderately correlated with maternal reports of Inattention (r = 0.17, p-value = 7.4E-5) and Hyperactivity-Impulsivity (r = 0.16, p-value = 2.9E-4), and these associations were mainly due to pleiotropic genetic factors with genetic correlations [95% CIs] of rg = 0.24 [0.02, 0.43] and rg = 0.23 [0.07, 0.39]. Correlations between self-reports and HM were not significant, due largely to increased measurement error. These results indicate that treating HM as a nuisance covariate in neuroimaging studies of ADHD will likely reduce power to detect between-group effects, as the implicit assumption of independence between HM and Inattention or Hyperactivity-Impulsivity is not warranted. The implications of this finding are problematic for fMRI studies of ADHD, as failing to apply HM correction is known to increase the likelihood of false positives. We discuss two ways to circumvent this problem: censoring the motion contaminated frames of the RS-fMRI scan or explicitly modeling the relationship between HM and Inattention or Hyperactivity-Impulsivity

Sign and share: What influences our participation in online microvolunteering

Microvolunteering is bite-size volunteering with no commitment to repeat and minimum formality, involving short and specific actions. Online microvolunteering occurs through an internet-connected device. University students' online microvolunteering decisions were investigated using an extended theory of planned behavior (TPB) comprising attitudes and normative and control perceptions, with the additional variables of moral norm and group norm. Participants (N = 303) completed the main TPB questionnaire and 1-month follow-up survey (N = 171) assessing engagement in online microvolunteering. Results generally supported standard and additional TPB constructs predicting intention. Intention predicted behavior. The findings suggest an important role for attitudes and moral considerations in understanding what influences this increasingly popular form of online activity.

Knowledge Sharing within IT Projects

Even though today’s corporations recognize that they need to understand modern project management techniques (Schwalbe, 2002, p2), many researchers continue to provide evidence of poor IT project success. With Kotnour, (2000) finding that project performance is positively associated with project knowledge, a better understanding of how to effectively manage knowledge in IT projects should have considerable practical significance for increasing the chances of project success. Using a combined qualitative/quantitative method of data collection in multiple case studies spanning four continents, and comprising a variety of organizational types, the focus of this current research centered on the question of why individuals working within IT project teams might be motivated towards, or inhibited from, sharing their knowledge and experience in their activities, procedures, and processes. The research concluded with the development of a new theoretical model of knowledge sharing behavior, ‘The Alignment Model of Motivational Focus’. This model suggests that an individual’s propensity to share knowledge and experience is a function of perceived personal benefits and costs associated with the activity, balanced against the individual’s alignment to a group of ‘institutional’ factors. These factors are identified as alignments to the project team, to the organization, and dependent on the circumstances, to either the professional discipline or community of practice, to which the individual belongs.

An Efficient and Verifiable Solution to the Millionaire Problem

A new solution to the millionaire problem is designed on the base of two new techniques: zero test and batch equation. Zero test is a technique used to test whether one or more ciphertext contains a zero without revealing other information. Batch equation is a technique used to test equality of multiple integers. Combination of these two techniques produces the only known solution to the millionaire problem that is correct, private, publicly verifiable and efficient at the same time.

Developing a supportive culture for teaching and learning : a university, faculty and school perspective

In the early 1990's the University of Salford was typical of most pre-1992 Universities in that whilst students provided much of it's income, little attention was paid to pedagogy. As Warren Piper (1994) observed, University teachers were professional in their subject areas but generally did not seek to acquire a pedagogy of HE. This was the case in Alsford. Courses were efficiently run but only a minority of staff were engaged in actively considering learning and teaching issues. Instead staff time was spent on research and commercial activity.----- In the mid-1990's the teaching environment began to change significantly. As well as Dearing, the advent of QAA and teaching quality reviews, Salford was already experiencing changes in the characteristics of its student body. Wideing access was on our agenda before it was so predominant nationally. With increasing numbers and heterogeneity of students as well as these external factors, new challenges were facing the University and teaching domain.----- This paper describes how a culture which values teaching, learning and pedagogic inquiry is being created in the university. It then focuses on parts of this process specific to the Faculty of Business and Informatics, namely the Faculty's Learning and Teaching Research Network and the establishment of the Centre for Construction Education in the School of Construction and Property Management.----- The Faculty of Business and Informatics' Learning and Teaching Research Network aims to raise the profile, quality and volume of pedagogic research across the five schools in the faculty. The initiative is targeted at all academics regardless of previous research experience. We hope to grow and nurture research potential where it exists and to acknowledge and use the existing expertise of subject-based researchers in collaborative ventures. We work on the principle that people are deliged to share what they know but need appreciation and feedback for doing so. A further ain is to surface and celebrate the significant amount of tacit knowledge in the area of pedagogy evidenced by the strength of student and employer feedback in many areas of the faculty's teaching.----- The Faculty embraces generic and core management expertise but also includes applied management disciplines in information systems and construction and property management where internationally leading research activities and networked centres of excellence have been established. Drawing from this experience, and within the context of the Faculty network, a Centre for Construction Education is being established with key international external partners to develop a sustainable business model of an enterprising pedagogic centre that can undertake useful research to underpin teaching in the Faculty whilst offering sustainable business services to allow it to benefit from pump-priming grant funding.----- Internal and external networking are important elements in our plans and ongoing work. Key to this are our links with the LTSN subject centres (BEST and CEBE) and the LTSN generic centre. The paper discusses networking as a concept and gives examples of practices which have proved useful in this context.----- The academic influences on our approach are also examined. Dixon’s (2000) work examining how a range of companies succeed through internal knowledge sharing has provided a range of transferable practices. We also examine the notion of dialogue in this context, defined by Ballantyne (1999) as ‘The interactive human process of reasoning together which comes into being through interactions based on spontaneity or need and is enabled by trust’ Social constructionist principles of Practical Authorship (Shotter, 1993, Pavlica, Holman and Thorpe, 1998)) have also proved useful in developing our perspective on learning and knowledge creation within our community of practice.

Clipping noise compensation for OFDMA systems

This paper presents an efficient low-complexity clipping noise compensation scheme for PAR reduced orthogonal frequency division multiple access (OFDMA) systems. Conventional clipping noise compensation schemes proposed for OFDM systems are decision directed schemes which use demodulated data symbols. Thus these schemes fail to deliver expected performance in OFDMA systems where multiple users share a single OFDM symbol and a specific user may only know his/her own modulation scheme. The proposed clipping noise estimation and compensation scheme does not require the knowledge of the demodulated symbols of the other users, making it very promising for OFDMA systems. It uses the equalized output and the reserved tones to reconstruct the signal by compensating the clipping noise. Simulation results show that the proposed scheme can significantly improve the system performance.

Developing a vision for an nD modelling tool

The design of a building is a complicated process, having to formulate diverse components through unique tasks involving different personalities and organisations in order to satisfy multi-faceted client requirements. To do this successfully, the project team must encapsulate an integrated design that accommodates various social, economic and legislative factors. Therefore, in this era of increasing global competition integrated design has been increasingly recognised as a solution to deliver value to clients.----- The ‘From 3D to nD modelling’ project at the University of Salford aims to support integrated design; to enable and equip the design and construction industry with a tool that allows users to create, share, contemplate and apply knowledge from multiple perspectives of user requirements (accessibility, maintainability, sustainability, acoustics, crime, energy simulation, scheduling, costing etc.). Thus taking the concept of 3-dimensional computer modelling of the built environment to an almost infinite number of dimensions, to cope with whole-life construction and asset management issues in the design of modern buildings. This paper reports on the development of a vision for how integrated environments that will allow nD-enabled construction and asset management to be undertaken. The project is funded by a four-year platform grant from the Engineering and Physical Sciences Research Council (EPSRC) in the UK; thus awarded to a multi-disciplinary research team, to enable flexibility in the research strategy and to produce leading innovation. This paper reports on the development of a business process and IT vision for how integrated environments will allow nD-enabled construction and asset management to be undertaken. It further develops many of the key issues of a future vision arising from previous CIB W78 conferences.

Tensions, transisitions and triumphs : examining the transitional experience of fashion students between school and university

Joining any new community involves transition and adaptation. Just as we learn to adapt to different cultures when we choose to live abroad, so students learn the language and culture of an academic community in order to succeed within that environment. At the same time however, students bring with them individual learning styles and expectations, influenced by their prior experiences of learning and of life more generally. Some have excelled at school; others have come to fashion seeking something in which to excel for the first time. Commencing a degree in fashion design brings students into contact with peers and lecturers who share their passion, providing them with a community of practice which can be both supportive and at the same time intimidating.----- In Queensland where university level study in fashion is such a new phenomenon, few applicants have any depth of training in design when they apply to study fashion. Unlike disciplines such as Dance or Visual Art, where lecturers can expect a good level of skill upon entry to a degree program, we have to look for the potential evidenced in an applicant’s portfolio, much of which is untutored work that they have generated themselves in preparation for application. This means that many first year fashion students at QUT whilst very passionate about the idea of fashion design are often very naïve about the practice of fashion design, with limited knowledge of the history or cultural context of fashion and few of the technical skills needed to translate their ideas into three dimensional products.----- For teachers engaging with first year students in the design studios, it is critical to be cognizant of this mix of different experiences, expectations and emotions in order to design curricula and assessment that stretch and engage students without unduly increasing their sense of frustration and anxiety. This paper examines a first year project designed to provide an introduction to design process and to learning within a creative discipline. The lessons learnt provide a valuable and transferable resource for lecturers in a variety of art and design disciplines.

Through the clock's workings

Through the Clock’s Workings is a world first: a remixed and remixable anthology of literature.----- Prominent Australian authors have written new short stories and released them under a Creative Commons Attribution Non-Commercial ShareAlike licence. What that means is you can remix the stories, but only if you acknowledge the author, the remix is not for commercial use, and your new work is available for others to remix. The authors’ stories were made available on our website and new and emerging writers were invited to create their own remixes to be posted on the website and considered for publication in the print anthology alongside the original stories.----- The result is a world first: a remixed and remixable anthology of literature. Buy your copy now from the Sydney University Press eStore or download the electronic version.----- So how do you use a remixable anthology? Simple.----- Step 1 - Read. Thumb your way through the pages at will. Find the stories you love, the ones you hate, the ones that could be better.----- Step 2 - Re/create. Each story is yours to share and to remix. Use only one paragraph or character or just make subtle changes. Change the genre, alter its formal or stylistic characteristics, or revise its message. Use as little or as much as you like - as long as it works.----- Step 3 - Share. Be part of a growing community of literature remixing. Email your remix to us and start sharing. The entire anthology can be remixed - the original stories, the remixes, and even the fonts.----- Through the Clock’s Workings is Read&Write!

Assessing the potential of inter-organisational shared services

Shared Services (SS) involves the convergence and streamlining of an organisation’s functions to ensure timely service delivery as effectively and efficiently as possible. As a management structure designed to promote value generation, cost savings and improved service delivery by leveraging on economies of scale, the idea of SS is driven by cost reduction and improvements in quality levels of service and efficiency. Current conventional wisdom is that the potential for SS is increasing due to the increasing costs of changing systems and business requirements for organisations and in implementing and running information systems. In addition, due to commoditisation of large information systems such as enterprise systems, many common, supporting functions across organisations are becoming more similar than not, leading to an increasing overlap in processes and fuelling the notion that it is possible for organisations to derive benefits from collaborating and sharing their common services through an inter-organisational shared services (IOSS) arrangement. While there is some research on traditional SS, very little research has been done on IOSS. In particular, it is unclear what are the potential drivers and inhibitors of IOSS. As the concepts of IOSS and SS are closely related to that of Outsourcing, and their distinction is sometimes blurred, this research has the first objective of seeking a clear conceptual understanding of the differences between SS and Outsourcing (in motivators, arrangements, benefits, disadvantages, etc) and based on this conceptual understanding, the second objective of this research is to develop a decision model (Shared Services Potential model) which would aid organisations in deciding which arrangement would be more appropriate for them to adopt in pursuit of process improvements for their operations. As the context of the study is on universities in higher education sharing administrative services common to or across them and with the assumption that such services were homogenous in nature, this thesis also reports on a case study. The case study involved face to face interviews from representatives of an Australian university to explore the potential for IOSS. Our key findings suggest that it is possible for universities to share services common across them as most of them were currently using the same systems although independently.

MiLK: Transforming everyday places into dynamic learning spaces with mobile and web technologies

This paper explores how game authoring tools can teach processes that transform everyday places into engaging learning spaces. It discusses the motivation inherent in playing games and creating games for others, and how this stimulates an iterative process of creation and reflection and evokes a natural desire to engage in learning. The use of MiLK at the Adelaide Botanic Gardens is offered as a case in point. MiLK is an authoring tool that allows students and teachers to create and share SMS games for mobile phones. A group of South Australian high school students used MiLK to play a game, create their own games and play each other’s games during a day at the gardens. This paper details the learning processes involved in these activities and how the students, without prompting, reflected on their learning, conducted peer assessment, and engaged in a two-way discussion with their teacher about new technologies and their implications for learning. The paper concludes with a discussion of the needs and requirements of 21st century learners and how MiLK can support constructivist and connectivist teaching methods that engage learners and will produce an appropriately skilled future workforce.

Towards integrated assessments for urban development

The role of sustainability in urban design is becoming increasingly important as Australia’s cities continue to grow, putting pressure on existing infrastructure such as water, energy and transport. To optimise an urban design many different aspects such as water, energy, transport, costs need to be taken into account integrally. Integrated software applications assessing urban designs on a large variety of aspects are hardly available. With the upcoming next generation of the Internet often referred to as the Semantic Web, data can become more machine-interpretable by developing ontologies that can support the development of integrated software systems. Software systems can use these ontologies to perform an intelligent task such as assessing an urban design on a particular aspect. When ontologies of different applications are aligned, they can share information resulting in interoperability. Inference such as compliancy checks and classifications can support aligning the ontologies. A proof of concept implementation has been made to demonstrate and validate the usefulness of machine interpretable ontologies for urban designs.

The exploration of consumer power in online brand communities : a comparison case study in Australia and China

Aided by the development of information technology, the balance of power in the market place is rapidly shifting from marketers towards consumers and nowhere is this more obvious than in the online environment (Denegri-Knott, Zwick, & Schroeder, 2006; Moynagh & Worsley, 2002; Newcomer, 2000; Samli, 2001). From the inception and continuous development of the Internet, consumers are becoming more empowered. They can choose what they want to click on the Internet, they can shop and transact payments, watch and download video, chat with others, be it friends or even total strangers. Especially in online communities, like-minded consumers share and exchange information, ideas and opinions. One form of online community is the online brand community, which gathers specific brand lovers. As with any social unit, people form different roles in the community and exert different effects on each other. Their interaction online can greatly influence the brand and marketers. A comprehensive understanding of the operation of this special group form is essential to advancing marketing thought and practice (Kozinets, 1999). While online communities have strongly shifted the balance of power from marketers to consumers, the current marketing literature is sparse on power theory (Merlo, Whitwell, & Lukas, 2004). Some studies have been conducted from an economic point of view (Smith, 1987), however their application to marketing has been limited. Denegri-Knott (2006) explored power based on the struggle between consumers and marketers online and identified consumer power formats such as control over the relationship, information, aggregation and participation. Her study has built a foundation for future power studies in the online environment. This research project bridges the limited marketing literature on power theory with the growing recognition of online communities among marketing academics and practitioners. Specifically, this study extends and redefines consumer power by exploring the concept of power in online brand communities, in order to better understand power structure and distribution in this context. This research investigates the applicability of the factors of consumer power identified by Denegri-Knott (2006) to the online brand community. In addition, by acknowledging the model proposed by McAlexander, Schouten, & Koenig (2002), which emphasized that community study should focus on the role of consumers and identifying multiple relationships among the community, this research further explores how member role changes will affect power relationships as well as consumer likings of the brand. As a further extension to the literature, this study also considers cultural differences and their effect on community member roles and power structure. Based on the study of Hofstede (1980), Australia and China were chosen as two distinct samples to represent differences in two cultural dimensions, namely individualism verses collectivism and high power distance verses low power distance. This contribution to the research also helps answer the research gap identified by Muñiz Jr & O'Guinn (2001), who pointed out the lack of cross cultural studies within the online brand community context. This research adopts a case study methodology to investigate the issues identified above. Case study is an appropriate research strategy to answer “how” and “why” questions of a contemporary phenomenon in real-life context (Yin, 2003). The online brand communities of “Haloforum.net” in Australia and “NGA.cn” in China were selected as two cases. In-depth interviews were used as the primary data collection method. As a result of the geographical dispersion and the preference of a certain number of participants, online synchronic interviews via MSN messenger were utilized along with the face-to-face interviews. As a supplementary approach, online observation was carried over two months, covering a two week period prior to the interviews and a six week period following the interviews. Triangulation techniques were used to strengthen the credibility and validity of the research findings (Yin, 2003). The findings of this research study suggest a new definition of power in an online brand community. This research also redefines the consumer power types and broadens the brand community model developed by McAlexander et al. (2002) in an online context by extending the various relationships between brand and members. This presents a more complete picture of how the perceived power relationships are structured in the online brand community. A new member role is discovered in the Australian online brand community in addition to the four member roles identified by Kozinets (1999), in contrast however, all four roles do not exist in the Chinese online brand community. The research proposes a model which links the defined power types and identified member roles. Furthermore, given the results of the cross-cultural comparison between Australia and China showed certain discrepancies, the research suggests that power studies in the online brand community should be country-specific. This research contributes to the body of knowledge on online consumer power, by applying it to the context of an online brand community, as well as considering factors such as cross cultural difference. Importantly, it provides insights for marketing practitioners on how to best leverage consumer power to serve brand objective in online brand communities. This, in turn, should lead to more cost effective and successful communication strategies. Finally, the study proposes future research directions. The research should be extended to communities of different sizes, to different extents of marketer control over the community, to the connection between online and offline activities within the brand community, and (given the cross-cultural findings) to different countries. In addition, a greater amount of research in this area is recommended to determine the generalizability of this study.