Corporate stadium sponsorships, signaling theory, agency conflicts, and shareholder wealth

Contrary to the plethora of critical articles recently appearing in both the popular and business press, this carefully controlled investigation of 49 stadium- and arena-naming-rights agreement announcements provides striking evidence that such sponsorships can significantly enhance the stock prices of sponsoring companies. Indeed, the results of the study show that the average stadium sponsor's stock prices increased by 1.65 percent at the time of announcement of the programs-a result considerably in excess of the returns associated with other major marketing programs such as the signing of Olympic sponsorships and celebrity endorsers. A multiple regression analysis employing firm-specific changes in stock prices as the dependent variable and quantifiable corporate and sponsorship-related attributes as independent variables is also presented. Variables positively and significantly correlated with perceived sponsorship success include team-winning percentages, contract length, and high technology and locally based companies. Overall, the findings of the study are consistent with the novel hypothesis that, for some firms, the real value-added of a stadium sponsorship may lie in its ability to serve as an effective or honest signal of managerial confidence in the future of the company.

A GIS Based Assessment of Land Suitable for Growing Hoop Pine in the Atherton, Eacham and Herberton Shires of North Queensland

The area of private land suitable and available for growing hoop pine (Araucaria cunninghamii) on the Atherton Tablelands in North Queensland was modelled using a geographic information system (GIS). In Atherton, Eacham and Herberton shires, approximately 64,700 ha of privately owned land were identified as having a mean annual rainfall and soil type similar to Forestry Plantations Queensland (FPQ) hoop pine growth plots with an approximate growth rate of 20 m3 per annum. Land with slope of over 25° and land covered with native vegetation were excluded in the estimation. If land which is currently used for high-value agriculture is also excluded, the net area of land potentially suitable and available for expansion of hoop pine plantations is approximately 22,900 ha. Expert silvicultural advice emphasized the role of site preparation and weed control in affecting the long-term growth rate of hoop pine. Hence, sites with less than optimal fertility and rainfall may be considered as being potentially suitable for growing hoop pine at a lower growth rate. The datasets had been prepared at various scales and differing precision for their description of land attributes. Therefore, the results of this investigation have limited applicability for planning at the individual farm level but are useful at the regional level to target areas for plantation expansion.

The knowledge gap: A perspective on trade, industry, technology and policy from pre-war Australian music technology manufacturing (1903-30)

Australia struggles to achieve economic competitiveness, prevent expansion of the trade deficit and develop value-added production despite applications of policy strategies from protectionism to trade liberalisation. This article argues that these problems were emerging at the turn of the century, and that an investigation of music technology manufacturing in the first two decades of this century reveals fundamental problems in the conduct of relevant policy analysis. Analysis has focused on the trade or technology gap which is only symptomatic of an underlying knowledge gap. The article calls for a knowledge policy approach which can allow protection without the negative effects of isolation from global markets and without having to resort to unworkable utopian free-trade dogma. A shift of focus from a 'goods traded' view to a knowledge transaction (or diffusion) perspective is advocated.

Valuing of firm's prior knowledge: A measure of knowledge distance

Knowledge, especially scientific and technological knowledge, grows according to knowledge trajectories and guideposts that make up the prior knowledge of an organization. We argue that these knowledge structures and their specific components lead to successful innovation. A firm's prior knowledge facilitates the absorption of new knowledge, thereby renewing a firm's systematic search, transfer and acquisition of knowledge and capabilities. In particular, the exponential growth in biotechnology is characterized by the convergence of disparate scientific and technological knowledge resources. This paper examines the shift from protein-based to DNA-based diagnostic technologies as an example, to quantify the value of a firm's prior knowledge using relative values of knowledge distance. The distance between core prior knowledge and the rate of transition from one knowledge system to another has been identified as a proxy for the value a firm's prior knowledge. The overall difficulty of transition from one technology paradigm to another is discussed. We argue this transition is possible when the knowledge distance is minimal and the transition process has a correspondingly high value of absorptive capacities. Our findings show knowledge distance is a determinant of the feasibility, continuity and capture of scientific and technological knowledge. Copyright © 2003 John Wiley & Sons, Ltd.

Managing woodlands for income maximisation in western Queensland, Australia: clearing for grazing versus timber production

Queensland, Australia, has a proud pastoral history; however, the private and social benefits of continued woodland clearing for pasture development are unlikely to be as pronounced as they had been in the past. The environmental benefits of tree retention in and regions of the State are now better appreciated and market opportunities have arisen for the unique timbers of western Queensland. A financial model is developed to facilitate a comparison of the private profitability of small-scale timber production from remnant Acacia woodlands against clearing for pasture development in the Mulga Lands and Desert Uplands bioregions of western Queensland. Four small-scale timber production scenarios, which differ in target markets and the extent of processing (value-adding), are explored within the model. Each scenario is examined for the cases where property rights to the timber are vested with the timber processor, and where royalties are payable. For both cases of resource ownership, at least one scenario generates positive returns from timber production, and exceeds the net farm income per hectare for an average grazing property in the study regions over the period 1989-1990 to 2000-2001. The net present value per hectare of selectively harvesting and processing high-value clearwood from remnant western Queensland woodlands is found to be greater than clearing for grazing. (C) 2003 Elsevier B.V. All rights reserved.

ASD: the Alternative Splicing Database

Alternative splicing is widespread in mammalian gene expression, and variant splice patterns are often specific to different stages of development, particular tissues or a disease state. There is a need to systematically collect data on alternatively spliced exons, introns and splice isoforms, and to annotate this data. The Alternative Splicing Database consortium has been addressing this need, and is committed to maintaining and developing a value-added database of alternative splice events, and of experimentally verified regulatory mechanisms that mediate splice variants. In this paper we present two of the products from this project: namely, a database of computationally delineated alternative splice events as seen in alignments of EST/cDNA sequences with genome sequences, and a database of alternatively spliced exons collected from literature. The reported splice events are from nine different organisms and are annotated for various biological features including expression states and cross-species conservation. The data are presented on our ASD web pages (http://www.ebi.ac.uk/asd).

Suctions, fracture energy, and plastic cracking of cement mortar and concrete

Plastic cracking of cement mortar and concrete is primarily attributable to desiccation by evaporation from unprotected surfaces. This causes high suctions (negative pressures) to develop in the pore water adjacent to these surfaces. Dissolved salts in the pore water can also contribute significantly to suctions. Quantitative expressions are available for all of the components of the total suction. The development of suctions over time is illustrated by the results of desiccation tests conducted on cement mortars, supplemented by data from the literature. It is shown that ambient conditions conducive to plastic cracking can arise almost anywhere, but that the extremely high suctions that develop in mature cement mortar and concrete do not imply that compression failures should occur A high value of fracture energy is derived from data from the desiccation tests that implies that plastic cracking is characterized by a significant zone of plastic straining or microcracking.

Rehabilitating degraded forest land in central Vietnam with mixed native species plantings

This paper examines the use of Acacia as a nurse crop to overcome some of the ecological and economic impediments to reforestation of degraded areas dominated by grasses including Imperata cylindrica. The study site at Hai Van Pass in central Vietnam was initially reforested using Acacia auriculiformis. After 8 years these stands were thinned and under-planted with Hopea odorata, Dipterocarpus alatus, Parashorea chinensis, Tarrietia javanica, Parashorea stellata, Scaphium lychnophorum, Peltophorum dasyrhachis var. tonkinensis and other high-value native species. At the time of field assessment (early 2004), the Acacia trees were aged between 16 and 18 years and basal area ranged from 9 to 13 m(2) ha(-1) after several thinnings. Acacias facilitated the establishment of native species, but after 6-7 years of growth, further thinning is needed to maintain growth rates. In addition to assisting the establishment of native species, the Acacia nurse crop should provide a revenue stream (NPV about US$ 180, or IRR 19%) sufficient to cover the establishment costs of the underplanted native species (about US$ 100). (c) 2006 Published by Elsevier B.V.

Stand density management in rainforest plantations

Trees in plantations established for timber production are usually grown at a sufficiently high density that canopy closure occurs within a relatively short time after planting. The trees then shade and outcompete most herbs, shrubs or grasses growing at the site. The closer the spacing (i.e. the greater the density) the faster this will occur. Subsequently, as the trees grow larger, this between-species competition is replaced by within-species competition. If unmanaged, this competition can reduce the commercial productivity of the plantation. Thus, there are two management dilemmas. One is knowing the best initial planting density. The second is knowing how to management the subsequent between-tree competition in order to optimize overall plantation timber productivity. In this chapter we consider initial spacing and thinning for high value timber trees grown in single and mixed species plantations. From growth studies in stands of different ages recommendations are proposed for managing both types of plantations where the primary objective is timber production. It seems that many rainforest species will require more space to achieve optimal growth than most eucalypts and conifers. On the other hand many rainforest species do not have strong apical dominance. Care will be needed to balance these two attributes.

Soil carbon determination by high temperature combustion - A comparison with dichromate oxidation procedures and the influence of charcoal and carbonate carbon on the measured value

The measurement of organic carbon in soils has traditionally used dichromate oxidation procedures including the Wakley and Black and the Heanes methods. The measurement of carbon in soils by high temperature combustion is now widely used providing a rapid automated procedure without the use of toxic chemicals. This procedure however measures total carbon thus requiring some means of correction for soil samples containing carbonate and charcoal forms of carbon. This paper examines the effects of known additions of charcoal to a range of soil types on the results obtained by the Walkley and Black, Heanes and combustion methods. The results show, that while the charcoal carbon does not react under Walkley and Black conditions, some proportion does so with the Heanes method. A comparison of six Australian Soil and Plant Analysis Council reference soil samples by the three methods showed good agreement between the Heanes method, the combustion method and only slightly lower recoveries by the Walkley and Black procedure. Carbonate carbon will cause an overestimation of soil organic carbon by the combustion method thus requiring a separate determination of carbonate carbon to be applied as a correction. This work shows that a suitable acid pre-treatment of alkaline soils in the sample boats followed by a drying step eliminates the carbonate carbon prior to combustion and the need for an additional measurement. The measurement of carbon in soils by high temperature combustion in an oxygen atmosphere has been shown to be a rapid and reliable method capable of producing results in good agreement with one of the established dichromate oxidation procedures.