Dividend forecasts and dividend payments of initial public offerings-when zero means zero and no comment most likely also means zero

Managers often try to forecast dividends because as Brown et al. (2002)  suggest, dividends have cash flow implications for investors and are important signalling devices. This study analyses the dividend forecasts in the prospectuses of initial public offerings (IPOs) in Australia over the period 1994 to 1999. While many companies forecast dividends, many make no dividend forecast at all and some forecast no (or zero) dividends for the forthcoming year. This paper seeks to determine if no forecast at all should present a different signal to investors than a zero dividend forecast. It is found that those that do not forecast a dividend, by and large, do not pay a dividend. It is also found that those that forecast a zero dividend, true to their forecast, pay no dividend.

The importance of intangible assets in initial public offerings

This paper follows Beatty and Ritter (1986), who argue that lower uncertainty about the value of an initial public offering (IPO) reduces the 'need' for the underpricing of an IPo. Australian IPOs often identify the existence of intangible assets such as goodwill, licenses, brand names, trademarks, patents and capitalized research and development costs in the prospectus. This paper analyses if IPOs identifying the existence of such intangible assets in the prospectus might reduce uncertainty about their valuation and hence allow a lower underpricing return. While the reporting of intangible assets such as goodwill and license costs in the prospectus are not significant ingredients in the level of underpricing, the identification and valuation of intangible assets such as brand names, trademarks, patents and capitalized research and development costs is significant in reducing the level of underpricing return. Our findings are also consistent with previous studies concluding that both the size of the new issue and the use of an underwriter are important in the level of underpricing return.

Intangible assets and the underpricing of industrial company initial public offerings

This study analyses 262 industrial company initial public offerings (IPOs) in Australia from 1994 to 1999. It finds that the identification and valuation of brand name, trademark, patent and capitalized research and development cost intangible assets in the prospectus significantly reduces underpricing. The identification of goodwill and license cost intangibles does not appear to be significant to underpricing. This paper supports the Beatty and Ritter (1986) argument that IPOs may display financial and nonfinancial characteristics that lower the uncertainty about the value of the lPO and hence lower the underpricing of that IPO. Our findings suggest implications for the issuer who wants to maximize the value of the firm at the time of the lPO, the underwriter who is required to guarantee the success of the capital raising and for the initial investors who are looking to reduce their uncertainty about the valuation of the lPO.

The gender composition of boards of property trust initial public offerings

This paper follows Dimovski and Brooks (2004) which identified a relatively low proportion of female directors on the boards of Australian mining and industrial company initial public offerings (IPOs). This study investigates the gender composition of the boards of directors of Australian property trust IPOs from 1994 to 1999. We find that property trust IPOs in Australia generally do not require female directors for the capital raising. We also find that larger IPOs tend to engage more women directors but that retail property trust IPOs tend to engage fewer women directors.

Career progression, human capital and pay equity in Australian public sector labour markets

This study uses data from the Victorian Public Sector Census 2004 to identify the extent of equity in pay and career progression (promotion). A system of three equations is developed to capture the endogeneity between human capital and promotion and the interdependence between promotion, pay and human capital. The results indicate that there are substantial differences in the average wages earned by public sector employees in different Equal Employment Opportunity (EEO) groups. While some of these differences arise from factors beyond the control of the public sector employers, others arise from bias in the public sector employment system and procedures. The earnings of individual employees in the public sector are determined in a systematic way by the wage structures in the different sub-sectors, the skill base of the employee on recruitment, sub-sector specific promotion rates, acquisition of formal and informal training and the apparent bias within recruitment and promotion systems in dealing with particular groups. The apparent bias of recruitment and promotion systems is complex in makeup and varies within EEO groups as well as between EEO groups. Most of the difference in pay across employees can be explained as an outcome of individual choice and labour market conditions external to the public sector. After adjusting for sectoral wage differences, skill base when recruited, sectoral promotion rate differences, experience in the public sector, whether individuals are employed on a full-time or part-time basis and individual training decisions, the statistical evidence is consistent with the finding that public sector recruitment and promotion systems tends to be biased, on average, against females and those from culturally diverse backgrounds. Achievements in formal education are important for salary progression. This is particularly the case for women. The main drivers of participation in formal education were employer support in both financial and non-financial terms. Promotion rates were important factors in explaining wage differences. Women tended to receive slightly fewer promotions than men, but women received, on average, greater rewards for each promotion.

Transforming frameworks: new approaches to CCTs and the pursuit of educational equity

Teacher educators throughout the world are increasingly under pressure to develop educational programs and school-based relationships which respond simultaneously to the multiple consequences of changed and changing technologies, new understandings of identity (what it means to be a teacher and a student) and persistently uneven pattems of educational (and social) success. Responses to these challenges regularly draw upon computer and communication technologies (CCTs) in the sometimes optimistic belief that this will improve the chance of any educational reform having a positive impact on students at risk of educational alienation and failure. Unfortunately, the gap between the hopeful embrace of technology and the actual outcomes delivered by technologically mediated educational innovations is often quite considerable. This paper investigates the kinds of educational conversations that are necessary to allow us to move beyond these optimistic adoptions of technology to address long standing patterns of educational success and failure and outlines a framework for transformative work in this area.

Stakeholder and gender characteristics of mining and energy IPO boards of directors

The mining and energy sectors are particularly publicly sensitive sectors and subject to a high degree of public scrutiny. Evan and Freeman (1993) suggest that such public scrutiny needs may be better met by having direct public stakeholder representation on the board of directors. Similarly, Bilimoria (2000) argues a strong commercial case for engaging women on boards. This paper investigates the number and proportion of non equity holding public stakeholder directors and the number and proportion of women directors on the boards of Australian mining and energy company initial public offerings (IPOs) and reports a paucity of public stakeholder directors and also a low proportional female representation on such IPO boards.

Gender and equity in elearning

This paper reports on a large scale survey of the perceptions of university students to their use of an online learning environment. The aim of the survey was to gather data to inform online learning practices at the university. The results were explored, amongst other factors, for gender differences. Findings include no significant differences between the female and male students with respect to being able to use the online learning environment confidently and effectively. In general the female students were more willing to participate in online discussions though there was no difference between the female and male students as to whether they were willing to voice their opinions online. An unexpected result was the greater value placed by female students on using this environment for working with students of diverse backgrounds.

An examination of the effect on debt/equity ratios with the adoption of IAS 19 : employee benefits

A number of countries have adopted the International Financial Reporting Standards (IFRS) as a means of harmonising financial statements. .This paper examines the effect of the adoption of IFRS, relating to post employment benefits and its effects on debt/equity ratios. The adoption of the IFRS resulted in most companies reporting a substantial increase in liabilities, a
decrease in shareholders’ equity and a corresponding increase
in debt/equity ratios.

Factors influencing the direct costs of property trust IPOs

Underwriting, legal, accounting and valuation costs average around 3.3%, 0.39%, 0.23% and 0.12% of proceeds raised and are substantial costs to property trust initial public offering (IPO) issuers. As such, identifYing factors that influence these costs is important. This paper investigates factors influencing these costs as well as the total direct costs of raising equity capital by property trust IPOs in Australia from 1994 to 2004. The results suggest clear economies of scale in direct costs. In addition, IPOs that employ more debt are likely to have higher capital raising costs while those that have proportionally higher net asset values and offer stapled securities (and likely to be engaged in property development activities) have lower capital raising costs.

Gender and equity in e-Learning

Literature to date suggests contrary indicators of acceptance of the use of technology to support learning by females. With the increasing adoption of information technology to support teaching and learning, it is imperative that factors which may impede student learning are identified. The research reported here is of a large-scale survey of the perceptions of university students about eLearning and their use of the online learning environment. The aim of the survey was to gather data to inform about online learning practices at the University. The results were explored, amongst other factors, by gender. Findings include no significant differences between the female and male students with respect to being able to use the online learning environment confidently and effectively. In general the female students were more willing to participate in online discussions. However, there was no difference between the female and male students regarding their willingness to voice their opinions online. An unexpected result was the greater value placed by female students on using the online environment for communicating and collaborating with students of diverse background.

The health equity dimensions of urban food systems

There is increasing recognition that the nutrition transition sweeping the world’s cities is multifaceted. Urban food and nutrition systems are beginning to share similar features, including an increase in dietary diversity, a convergence toward “Western-style” diets rich in fat and refined carbohydrate and within-country bifurcation of food supplies and dietary conventions. Unequal access to the available dietary diversity, calories, and gastronomically satisfying eating experience leads to nutritional inequalities and diet-related health inequities in rich and poor cities alike. Understanding the determinants of inequalities in food security and nutritional quality is a precondition for developing preventive policy responses. Finding common solutions to under- and overnutrition is required, the first step of which is poverty eradication through creating livelihood strategies. In many cities, thousands of positions of paid employment could be created through the establishment of sustainable and self-sufficient local food systems, including urban agriculture and food processing initiatives, food distribution centers, healthy food market services, and urban planning that provides for multiple modes of transport to food outlets. Greater engagement with the food supply may dispel many of the food anxieties affluent consumers are experiencing.

Equity and access in an e-enhanced, international, university environment: learning style implications

Globalisation and technological development have simultaneously pressured universities to provide students with flexible and innovative learning options. Among the ways universities address these issues are by internationalising their curriculum and investing in educational technology. These changes have affected pedagogical and andragogical approaches and outcomes. Learning styles potentially affect the strategic approach of academics when utilising innovative technological tools in their teaching, which converges with internationalisation of the curriculum and a diverse student body to accentuate the issues of equity and access. The literature in this field is explored in context with the authors’ diverse experiences to provide policy makers, academics and other education stakeholders with a new perspective.