The effect of organisational culture perceptions on the relationship between budgetary participation and managerial job-related outcomes

The impact of managers' perceptions of their organizational culture (OC) on the relationship between budgetary participation (BP) and managerial job-related outcomes, operationalized as managerial performance and job-related tension (JRT) is examined. Data supported predictions that increasing BP would lower JRT for managers perceiving a high emphasis on innovation within their OC, regardless of their perceptions of an emphasis on attention to detail. When managers perceived low innovation, however, their perception of level of attention to detail had a significant effect on the relationship between BP and JRT.

Short-term autocorrelation in Australian equities

This paper examines the statistical and economic significance of short-term autocorrelation in Australian equities. We document large negative first-order autocorrelation in individual stock returns. Preliminary results suggest this autocorrelation is economically significant, as two simple trading strategies based on the autocorrelation structure appear to yield large risk-adjusted returns. Further analysis, however, shows that these results are driven by the inclusion of small-capitalisation and low-priced stocks which are vulnerable to a number of market-microstructure-related problems. After revising the dataset to mitigate these problems, little evidence of economic significance remains.

Susceptibility of head lice (Pediculus humanus capitis) to pediculicides in Australia

Infestation with head lice, Pediculus humanus capitis, is a worldwide problem, especially among primary (elementary) school children. Although studies in many different countries indicate lower levels of susceptibility to certain insecticides than expected ('resistance'), there is no empirical data from Australia. Data on the susceptibility of head lice to malathion, pyrethrums and permethrin were collected from four schools in Brisbane and one school in northern Queensland. Since no completely susceptible strain of head lice was available and head lice are difficult to keep in culture, a completely susceptible strain of body lice, Pediculus humanus humanus, was used for reference. All five groups of head lice were less susceptible to malathion, pyrethrums and permethrin than were lice from the reference strain. Moreover, the degree of susceptibility to these insecticides varied substantially among schools. Thus, a pediculicide that controlled lice at one school in Brisbane would not necessarily control head lice at another school in the same city. These preliminary data indicate that detailed information on the susceptibility of the different populations of head lice in Queensland to the different insecticides available is needed to maximize the chance of effective control of these increasingly common parasites.

Voluntary disclosure of forward-looking earnings forecasts in Australia

This study examines the voluntary disclosure of future earnings information in annual reports for Australian listed companies. We find that most Australian companies in our sample do not provide quantitative earnings, forecasts in their annual reports, although more than half of the sample do disclose forward-looking information relating to earnings, without specifically disclosing point estimates for the future. These companies mostly supply qualitative information with a positive bias, while the remainder of the sample discloses no forward-looking information relating to earnings. Our findings also suggest that larger companies with less volatile earnings tend to provide more future earnings information than smaller companies with relatively volatile earnings.

Australian divestiture activity: An examination of gains to sell-off announcements

This study examines the source of gains associated with Australian divestiture activity, defined as a voluntary modification of the firm's productive assets by a sell-off of a complete operating division or wholly-owned subsidiary of the divesting firm The sell-off announcement produces positive average abnormal returns of 1.15% over the two-day announcement period. We conclude that the gains arise predominantly from divestitures that have a strategic focus as demonstrated by, first, the divested unit is unrelated to the firm's core activities (a strategic divestiture), second, the significance of the strategic variable in explaining the positive market reaction in regression analysis, and third, the finding of more significant results where the intended use of proceeds of the sell-off is for strategic purposes.