Shareholder values, not shareholder value : the role of 'ethical funds' and 'ethical entrepreneurs' in connecting shareholders' values with their investments

This article rebuts the still-common assumption that managers of capitalist entities have a duty, principally or even exclusively, to maximise the monetary return to investors on their investments. It argues that this view is based on a misleadingly simplistic conception of human values and motivation. Not only is acting solely to maximise long-term shareholder value difficult, it displays, at best, banal single-mindedness and, at worst, sociopathy. In fact, real investors and managers have rich constellations of values that should be taken account of in all their decisions, including their business decisions. Awareness of our values, and public expression of our commitment to exemplify them, make for healthier investment and, in the long term, a healthier corporate world. Individuals and funds investing on the basis of such values, in companies that express their own, display humanity rather than pathology. Preamble I always enjoyed the discussions that Michael Whincop and I had about the interaction of ethics and economics. Each of us could see an important role for these disciplines, as well as our common discipline of law. We also shared an appreciation of the institutional context within which much of the drama of life is played out. In understanding the behaviour of individuals and the choices they make, it seemed axiomatic to each of us that ethics and economics have a lot to say. This was also true of the institutions in which they operate. Michael ·had a strong interest in 'the new institutional economics' I and I had a strong interest in 'institutionalising ethics' right through the 1990s.' This formed the basis of some fascinating and fruitful discussions. Professor Charles Sampford is Director, Key Centre for Ethics, Law, Justice and Governance, Foundation Professor of Law at Griffith University and President, International Institute for Public Ethics.DrVirginia Berry is a Research Fellow at theKey Centre for Ethics, Law,Justice andGovernance, Griffith University. Oliver Williamson, one of the leading proponents of the 'new institutional economics', published a number of influential works - see Williamson (1975, 1995,1996). Sampford (1991),' pp 185-222. The primary focus of discussions on institutionalising ethics has been in public sectorethics: see, for example, Preston and Sampford (2002); Sampford (1994), pp 114-38. Some discussion has, however, moved beyond the public sector to include business - see Sampford 200408299

The use of high dynamic range luminance mapping in the assessment, understanding and defining of visual issues in post occupancy building assessment

The international focus on embracing daylighting for energy efficient lighting purposes and the corporate sector’s indulgence in the perception of workplace and work practice “transparency” has spurned an increase in highly glazed commercial buildings. This in turn has renewed issues of visual comfort and daylight-derived glare for occupants. In order to ascertain evidence, or predict risk, of these events; appraisals of these complex visual environments require detailed information on the luminances present in an occupant’s field of view. Conventional luminance meters are an expensive and time consuming method of achieving these results. To create a luminance map of an occupant’s visual field using such a meter requires too many individual measurements to be a practical measurement technique. The application of digital cameras as luminance measurement devices has solved this problem. With high dynamic range imaging, a single digital image can be created to provide luminances on a pixel-by-pixel level within the broad field of view afforded by a fish-eye lens: virtually replicating an occupant’s visual field and providing rapid yet detailed luminance information for the entire scene. With proper calibration, relatively inexpensive digital cameras can be successfully applied to the task of luminance measurements, placing them in the realm of tools that any lighting professional should own. This paper discusses how a digital camera can become a luminance measurement device and then presents an analysis of results obtained from post occupancy measurements from building assessments conducted by the Mobile Architecture Built Environment Laboratory (MABEL) project. This discussion leads to the important realisation that the placement of such tools in the hands of lighting professionals internationally will provide new opportunities for the lighting community in terms of research on critical issues in lighting such as daylight glare and visual quality and comfort.

Closing the cultural distance gap: managing value-based knowledge in MNC by using MEP

Today more than ever, generating and managing knowledge is an essential source of competitive advantage for every organization, and particularly for Multinational corporations (MNC). However, despite the undisputed agreement about the importance of creating and managing knowledge, there are still a large number of corporations that act unethically or illegally. Clearly, there is a lack of attention in gaining more knowledge about the management of ethical knowledge in organizations. This paper refers to value-based knowledge, as the process of recognise and manage those values that stand at the heart of decision-making and action in organizations. In order to support MNCs in implementing value-based knowledge process, the managerial ethical profile (MEP) has been presented as a valuable tool to facilitate knowledge management process at both the intra-organizational network level and at the inter-organizational network level.

Regional performance : mapping "The North"

Paul Makeham’s work in AusStage Phase 3 has centred on regional mapping of live performance activity. A pilot mapping project was developed to identify regional clusters of performance as well as key regional organisations. In designing this pilot project, reference was made to two other ARC-funded projects. The first of these was Talking Theatre, an audience development research initiative for Queensland and the Northern Territory supported by an ARC Projects-Linkage grant. Talking Theatre was funded between 2004 and 2006 as a Linkage between the ARC, NARPACA (the Northern Australian Regional Performing Arts Centres Association), Arts Queensland, Arts Northern Territory, and QUT. The second project was the Creative Digital Industries National Mapping Project, operating through QUT’s Centre for Excellence in the Creative Industries (CCi). The NMP is designed to develop and publish a range of accurate and timely measures of the Creative Digital Industries in Australia.

Place value, multiplicativity, reunitizing and effective classroom teaching of decimal numeration

Student understanding of decimal number is poor (e.g., Baturo, 1998; Behr, Harel, Post & Lesh, 1992). This paper reports on a study which set out to determine the cognitive complexities inherent in decimal-number numeration and what teaching experiences need to be provided in order to facilitate an understanding of decimal-number numeration. The study gave rise to a theoretical model which incorporated three levels of knowledge. Interview tasks were developed from the model to probe 45 students’ understanding of these levels, and intervention episodes undertaken to help students construct the baseline knowledge of position and order (Level 1 knowledge) and an understanding of multiplicative structure (Level 3 knowledge). This paper describes the two interventions and reports on the results which suggest that helping students construct appropriate mental models is an efficient and effective teaching strategy.

FAB-MAP + RatSLAM : appearance-based SLAM for multiple times of day

Appearance-based mapping and localisation is especially challenging when separate processes of mapping and localisation occur at different times of day. The problem is exacerbated in the outdoors where continuous change in sun angle can drastically affect the appearance of a scene. We confront this challenge by fusing the probabilistic local feature based data association method of FAB-MAP with the pose cell filtering and experience mapping of RatSLAM. We evaluate the effectiveness of our amalgamation of methods using five datasets captured throughout the day from a single camera driven through a network of suburban streets. We show further results when the streets are re-visited three weeks later, and draw conclusions on the value of the system for lifelong mapping.

Mapping equity and diversity : from counting to culture change

This paper investigates the links between various approaches to managing equity and diversity and their effectiveness in changing the measures of inclusivity of women in organisations as a means of auditing and mapping managing diversity outcomes in Australia. The authors argue that managing diversity is more than changing systems and counting numbers it is also about managing the substantive culture change required in order to achieve inclusivity particularly intercultural inclusivity. Research in one sector of the education industry that investigated the competency skills required for culture change is offered as a model or guide for understanding and reflecting upon intercultural competency and its sequential development.

Using concept mapping to scaffold learning for students who experience learning difficulties in science classes

In order to develop scientific literacy students need the cognitive tools that enable them to read and evaluate science texts. One cognitive tool that has been widely used in science education to aid the development of conceptual understanding is concept mapping. However, it has been found some students experience difficulty with concept map construction. This study reports on the development and evaluation of an instructional sequence that was used to scaffold the concept-mapping process when middle school students who were experiencing difficulty with science learning used concept mapping to summarise a chapter of a science text. In this study individual differences in working memory functioning are suggested as one reason that students experience difficulty with concept map construction. The study was conducted using a design-based research methodology in the school’s learning support centre. The analysis of student work samples collected during the two-year study identified some of the difficulties and benefits associated with the use of scaffolded concept mapping with these students. The observations made during this study highlight the difficulty that some students experience with the use of concept mapping as a means of developing an understanding of science concepts and the amount of instructional support that is required for such understanding to develop. Specifically, the findings of the study support the use of multi-component, multi-modal instructional techniques to facilitate the development of conceptual understanding with students who experience difficulty with science learning. In addition, the important roles of interactive dialogue and metacognition in the development of conceptual understanding are identified.

Vision-based topological mapping and localisation

Competent navigation in an environment is a major requirement for an autonomous mobile robot to accomplish its mission. Nowadays, many successful systems for navigating a mobile robot use an internal map which represents the environment in a detailed geometric manner. However, building, maintaining and using such environment maps for navigation is difficult because of perceptual aliasing and measurement noise. Moreover, geometric maps require the processing of huge amounts of data which is computationally expensive. This thesis addresses the problem of vision-based topological mapping and localisation for mobile robot navigation. Topological maps are concise and graphical representations of environments that are scalable and amenable to symbolic manipulation. Thus, they are well-suited for basic robot navigation applications, and also provide a representational basis for the procedural and semantic information needed for higher-level robotic tasks. In order to make vision-based topological navigation suitable for inexpensive mobile robots for the mass market we propose to characterise key places of the environment based on their visual appearance through colour histograms. The approach for representing places using visual appearance is based on the fact that colour histograms change slowly as the field of vision sweeps the scene when a robot moves through an environment. Hence, a place represents a region of the environment rather than a single position. We demonstrate in experiments using an indoor data set, that a topological map in which places are characterised using visual appearance augmented with metric clues provides sufficient information to perform continuous metric localisation which is robust to the kidnapped robot problem. Many topological mapping methods build a topological map by clustering visual observations to places. However, due to perceptual aliasing observations from different places may be mapped to the same place representative in the topological map. A main contribution of this thesis is a novel approach for dealing with the perceptual aliasing problem in topological mapping. We propose to incorporate neighbourhood relations for disambiguating places which otherwise are indistinguishable. We present a constraint based stochastic local search method which integrates the approach for place disambiguation in order to induce a topological map. Experiments show that the proposed method is capable of mapping environments with a high degree of perceptual aliasing, and that a small map is found quickly. Moreover, the method of using neighbourhood information for place disambiguation is integrated into a framework for topological off-line simultaneous localisation and mapping which does not require an initial categorisation of visual observations. Experiments on an indoor data set demonstrate the suitability of our method to reliably localise the robot while building a topological map.

Forecasting time-varying value-at-risk

In this thesis we are interested in financial risk and the instrument we want to use is Value-at-Risk (VaR). VaR is the maximum loss over a given period of time at a given confidence level. Many definitions of VaR exist and some will be introduced throughout this thesis. There two main ways to measure risk and VaR: through volatility and through percentiles. Large volatility in financial returns implies greater probability of large losses, but also larger probability of large profits. Percentiles describe tail behaviour. The estimation of VaR is a complex task. It is important to know the main characteristics of financial data to choose the best model. The existing literature is very wide, maybe controversial, but helpful in drawing a picture of the problem. It is commonly recognised that financial data are characterised by heavy tails, time-varying volatility, asymmetric response to bad and good news, and skewness. Ignoring any of these features can lead to underestimating VaR with a possible ultimate consequence being the default of the protagonist (firm, bank or investor). In recent years, skewness has attracted special attention. An open problem is the detection and modelling of time-varying skewness. Is skewness constant or there is some significant variability which in turn can affect the estimation of VaR? This thesis aims to answer this question and to open the way to a new approach to model simultaneously time-varying volatility (conditional variance) and skewness. The new tools are modifications of the Generalised Lambda Distributions (GLDs). They are four-parameter distributions, which allow the first four moments to be modelled nearly independently: in particular we are interested in what we will call para-moments, i.e., mean, variance, skewness and kurtosis. The GLDs will be used in two different ways. Firstly, semi-parametrically, we consider a moving window to estimate the parameters and calculate the percentiles of the GLDs. Secondly, parametrically, we attempt to extend the GLDs to include time-varying dependence in the parameters. We used the local linear regression to estimate semi-parametrically conditional mean and conditional variance. The method is not efficient enough to capture all the dependence structure in the three indices —ASX 200, S&P 500 and FT 30—, however it provides an idea of the DGP underlying the process and helps choosing a good technique to model the data. We find that GLDs suggest that moments up to the fourth order do not always exist, there existence appears to vary over time. This is a very important finding, considering that past papers (see for example Bali et al., 2008; Hashmi and Tay, 2007; Lanne and Pentti, 2007) modelled time-varying skewness, implicitly assuming the existence of the third moment. However, the GLDs suggest that mean, variance, skewness and in general the conditional distribution vary over time, as already suggested by the existing literature. The GLDs give good results in estimating VaR on three real indices, ASX 200, S&P 500 and FT 30, with results very similar to the results provided by historical simulation.