An investigation into the drivers of Australian REIT merger and acquisition announcements

Purpose – The purpose of this paper is to use Australian Real Estate Investment Trust (A-REIT) data to empirically examine potential influencing factors on A-REITs becoming a bidder or a target in the mergers and acquisitions (M&A) area.

Design/methodology/approach – This study uses logistic regression analysis to investigate the odds of publically traded A-REITs being either a bidder or a target as a function of a number of financial and corporate governance variables.

Findings – Prior research in the US REIT M&A area has shown that target size is inversely related to takeover likelihood; in contrast, the authors’ Australian results show that size has a positive impact. Prior research on share price and asset performance has shown that underperformance increases the odds of an entity becoming a target, but this paper’s results further support these findings and provide confirmation of the inefficient management hypothesis. For acquirers it was found that leverage, cash balances, management structure, the level of shares held by related parties and the global financial crisis have an important impact on bidder likelihood.

Practical implications – Given that the literature suggests that investors can earn significant positive abnormal returns by owning targets, but incur significant abnormal losses by owning bidders, at announcement, this study will be useful to fund managers and other investors in A-REITs by investigating the characteristics of those firms that become targets and bidders.

Originality/value – This paper adds to the recent US REIT M&A literature by examining the second biggest REIT market in the world and reporting a number of factors that might influence A-REITs to become targets or bidders.

Representative actions, proof of fact and author identification in copyright law: a history and a concern

Recent judgments in Australia have called for author identification in order that copyright subsistence may be established. There is a risk that such calls will be taken too literally, to the detriment of author privacy. This article considers the legal mechanisms by which author identity has historically been shielded from disclosure, without the operation of the copyright system being impaired. It expresses the hope that those who are responsible for developing copyright law will be mindful of the concern for author privacy which has long been part of copyright discourse.

Transforming history and myth: on the mutuality and separation of shared narratives in Eastern Tibet

Questioning the distinction between ‘cold’ and ‘hot’ societies, and an implied separation between myth and history, anthropologists have increasingly urged for an understanding of both myth and history as equally valid modes of shared social consciousness. This article takes up this point of view by referring to a written history of Lhagang, a town in Eastern Tibet; a history that appears to have the transformative content and oral circulation of myth. Using Lévi-Strauss’ structural analysis of myth and Santos-Granero's concept of topograms to demonstrate the mythemes that derive from the written history and circulate among Lhagang Tibetans, the article argues that, within the political and cultural context of Lhagang, myth and history shift in and out of indigenous categories even while being categorically distinct.

Demographic and socio-cultural correlates of medical mistrust in two Australian states:Victoria and South Australia

Studies on medical mistrust have mainly focused on depicting the association between medical mistrust and access/utilization of healthcare services. The effect of broader socio-demographic and psycho-social factors on medical mistrust remains poorly documented. The study examined the effect of broader socio-demographic factors, acculturation, and discrimination on medical mistrust among 425 African migrants living in Victoria and South Australia, Australia. After adjusting for socio-demographic factors, low medical mistrust scores (i.e., more trusting of the system) were associated with refugee (β=−4.27, p<0.01) and family reunion (β=−4.01, p<0.01) migration statuses, being Christian (β=−2.21, p<0.001), and living in rural or village areas prior to migration (β=−2.09, p<0.05). Medical mistrust did not vary by the type of acculturation, but was positively related to perceived personal (β=0.43, p<0.001) and societal (β=0.38, p<0.001) discrimination. In order to reduce inequalities in healthcare access and utilisation and health outcomes, programs to enhance trust in the medical system among African migrants and to address discrimination within the community are needed.

Profiling the Australian high performance and sports science workforce

Australia is viewed as leader in the field of sports science, with Australian sports scientists highly sought after and respected worldwide. However, despite the important contribution of sports scientists to the development of professional sport in Australia, we know little about these sport professionals who play an important role in the development and success of athletes, teams and sport organisations.
This report provides a more formal understanding of the high performance and sports science workforce with the purpose of informing the policy development of Australia’s sport governing bodies and education providers to inform sport management practices that will enhance the support and development of current and future high performance managers and sports scientists. The data presented in this report provides valuable insight about the scope of the profession to enable further development of strategic plans for the industry.