When "where'' is more important than "when": Birthplace and birthdate effects on the achievement of sporting expertise

In this study, we assessed whether contextual factors related to where or when an athlete is born influence their likelihood of playing professional sport. The birthplace and birth month of all American players in the National Hockey League, National Basketball Association, Major League Baseball, and Professional Golfer's Association, and all Canadian players in the National Hockey League were collected from official websites. Monte Carlo simulations were used to verify if the birthplace of these professional athletes deviated in any systematic way from the official census population distribution, and chi-square analyses were conducted to determine whether the players' birth months were evenly distributed throughout the year. Results showed a birthplace bias towards smaller cities, with professional athletes being over-represented in cities of less than 500,000 and under-represented in cities of 500,000 and over. A birth month/relative age effect (in the form of a distinct bias towards elite athletes being relatively older than their peers) was found for hockey and baseball but not for basketball and golf. Comparative analyses suggested that contextual factors associated with place of birth contribute more influentially to the achievement of an elite level of sport performance than does relative age and that these factors are essentially independent in their influences on expertise development.

A modified particle filter for simultaneous robot localization and landmark tracking in an indoor environment

This paper presents the implementation of a modified particle filter for vision-based simultaneous localization and mapping of an autonomous robot in a structured indoor environment. Through this method, artificial landmarks such as multi-coloured cylinders can be tracked with a camera mounted on the robot, and the position of the robot can be estimated at the same time. Experimental results in simulation and in real environments show that this approach has advantages over the extended Kalman filter with ambiguous data association and various levels of odometric noise.

Takeovers: Acceptance facilities revisited in the Patrick case

Takeovers undertaken in Australia are highly regulated transactions. Once shareholders in the target accept an offer they have a limited opportunity, if any at all, to reconsider or revoke their acceptance in the light of new circumstances. Arguably, this explains target shareholders reluctance to accept an offer made for their shares under a takeover. The problem of shareholder inertia in takeovers has been identified by bidders, who have sought to induce bid acceptance through the use of innovative mechanisms. The efficacy of the Acceptance Facility mechanism was recently revisited in the Panel decision in Patrick Corporation Ltd’s takeover by Toll Holdings Ltd.

The impact of target board recommendations in Australian takeovers

This paper examines the impact of targe board recommendations on the probability of the bid being successful in the Australian takeovers context. Specifically, we model the success rate of the bid as a binary dependent variable and target board recommendations or the board hostility as our key independent variable by using logistic regression framework. Our model also includes bid structures and conditions variables (such as initial bid premium, bid conditions, toehold, and interlocking relationship) and bid events (such as panel and bid duration) as our control variables. Overall, we find board hostility has statistically significant negative effect on the success rate of the bid and almost all control variables (except for the initial bid premium) are statistically significant with the correct sign. That is, we find toehold, the percentage of share required to make the bid becomes successful, and the unconditional bid have positive impact on the success rate of the bid, at least as predictive determinants prior to the release of any hostile recommendation. Consistent with Craswell (2004), we also find the negative relation between interlocking relationship and the success rate of the bid. Our finding supports that from target investors’ point of view, interlock is consistent with the negative story of self interest by directors. Finally, like Walking (1985), we find that the initial bid premium does not have influence on the success rate of the bid. Hence our results reinstate Walking’s bid premium puzzle in Australian context.