Subjective quality of life, perceived control and dispositional optimism among older people

Objectives: To examine whether the subjective quality of life (QOL) of elderly people is held under homeostatic control, and to investigate the role of perceived control and dispositional optimism in the maintenance of subjective QOL.
Method: 100 older people (M=75.6 years) and a control group of 107 younger people (M=20.1 years) completed a self-report survey.
Results: Both groups had a level of subjective QOL within the normal range. The older group reported higher levels of secondary control and optimism, but similar levels of primary control, as the younger group. Primary control and optimism predicted subjective QOL for both groups. Secondary control was a significant predictor (or the younger group, however it was only marginally significant for the older group. Optimism accounted for the most subjective QOL variance for both groups.
Conclusions: The finding that the subjective QOL of the older group lay within the normative range supports the proposal that their subjective QOL is being successfully maintained under bomeostatic control. However, they appear to have an increased reliance on secondary control. The fact that dispositional optimism captures the predictive variance of perceived control, is an important finding adding to the understanding of subjective QOL maintenance.

Leadership for socially just schooling: more substance and less style in high-risk, low-trust times?

This article argues that radical shifts in school governance arising from wider social, political, and economic relations toward what are described as high-risk and low-trust societies challenge past notions of leadership. I explore the tensions between the pluralism of postmodernist thinking and modernist notions of social justice that produce "predicaments" for school leaders through a series of paradoxes of educational management around centralized decentralization, markets and management, new educational professionalism, parental choice and community participation, and between the substance and style of leadership. The values underpinning the corporatization of public and private life most evident in education do not provide a satisfactory grounding for effective school leadership.

On the perceived location of global motion

We measured the effects of coherent motion of one set of dots on the perceived location of Gaussian envelopes formed by luminance modulation of a second set of dots. Perceived shifts in envelope location in the direction of coherent motion were obtained even when the dots forming the envelopes did not physically move in the direction of coherent motion. In such cases, perceived shifts coincided with stimulus configurations that permitted motion integration of the envelope dots with the coherently moving dots, for example, when envelope dots moved in random directions as opposed to being static. In subsequent experiments we explored the type of motion integration underlying the positional shifts obtained. We discounted the possibility that the visual system incorrectly attributes motion signals associated with coherently moving dots to envelope dots by demonstrating that positional shifts could be obtained even when the coherent dots were laterally displaced to either side of the envelope dots such that the regions occupied by the dots did not overlap. We also discounted spatio-temporal summation within the receptive fields of low-spatial-frequency motion-sensitive mechanisms by demonstrating that positional shifts persisted even when the dot displays were high-pass filtered. These results, coupled with the observation that the proportion of coherently moving dots required to produce positional shifts correlated well with global motion thresholds measured for the same dot configurations, suggests that visual processes which underlie motion-dependent positional shifts are based at least in part on cooperative interactions of the type implicated in global motion.

The influence of object-image velocity change on perceived heading in minimal environments

When human observers move forward and rotate their eyes, a complex pattern of light flows across the retina. This pattern is referred to as retinal flow. A model has been proposed to explain how humans perceive their direction of self-movement (or heading) from (1) static depth, (2) direction of image motion, and (3) whether image velocity undergoes acceleration or deceleration (Wang & Cutting, 1999). However, findings from past research in which sparse or minimalist stimuli were used have suggested that not all of the information to which participants are sensitive is captured within the scope of this model. In particular it has been suggested that the magnitude or size of image velocity change may be of significance beyond simply whether image velocity could be categorized as speeding up (i.e., accelerating) or slowing down (i.e., decelerating). In two experiments, the influence of this factor on heading judgments under minimal conditions was investigated. Evidence was found in support of the idea that the rate of image velocity change can influence judgments of the direction of self-movement in minimalist conditions.

The effects of technical and social conditions on workplace trust

This paper investigates the extent to which the technical and social contexts of organizations independently affect levels of workplace trust. We argue that, in an organizational context, trust is not just a relationship between an individual subject (the truster) and an object (the trustee) but is subject to effects from the conditions of the work relationship itself. We describe the organizational context as comprising both a technical system of production (where work gets done through the specification of tasks) and a social system of work (where problems of effort, compliance, conformity and motivation are managed). We analyse the relationship between trust and these two aspects of workplace context (technical and social systems). We also operationalize this in terms of differences between industries,  occupational composition and human resource management practices. The model is tested using data drawn from the 1995 Australian Workplace Industrial Relations Survey. The results confirm that differences in industry, occupational composition and HRM practices all impact on levels of workplace trust. We review these results in terms of their implications for future research into the problem of analysing variation in trust at both the workplace and individual levels.

Teachers' work hours, work-family conflict and health: the mediating effects of perceived control and organisational support

Teachers are among those working longer hours more than ever before. the implications of these long hours on teachers' health, through work-family conflict, control over hours worked and organisational support were investigated. 120 teachers, of whom 91 (59.3% female) reported
working in excess of 37 1/2 hours in the week prior, participated in the study. Long hours, work-family conflict, control and organisational support, explained 69% of the variance in health. There was no direct effect of long worked hours on health however long hours did have a direct impact on work-family conflict, organisational support, and control and, through
these, teachers' health. Work-family conflict exerted a direct negative impact on health. These findings are discussed in individual and organisational tenns.

The trouble with income trusts

This paper sketches broadly the efficiency and equity effects of income trusts that make their use as a substitute for the direct holding of shares of a corporation problematic for tax policy purposes. The paper also considers the potential effectiveness of an equity recharacterization rule applicable to the high-yield junk debt that is the common feature of the basic income trust structure. The author suggests that this type of narrowly focused rule would be more target-efficient than other possible responses to income trusts, such as fundamental reform of the corporate income tax or the restrictions on the holding of trust units proposed in the 2004 budget. However, a principal difficulty in designing an equity recharacterization rule is ensuring that it applies equally to structures that realize the same effect as the basic income trust structure but do not use high-yield junk debt.
The author argues that income trusts are examples of tax-driven financial innovation in the sense that they replicate an existing set of securities and therefore have no nontax rationale. These securities are essentially redundant, and the innovative process of which they are a product does not constitute “genuine” financial innovation. This essential characteristic of income trusts distinguishes them from real estate investment trusts, which arguably do not present a tax policy problem (or at least not the same one). More particularly, income trust transactions are redundant in the sense that they do not complete capital markets by providing investors with a risk and return payoff profile that is otherwise unavailable. In the absence of any efficiency gains or desirable distributional effects associated with income trusts, the available tax benefit is the subject of a defensible government response intended to eliminate it. But without any clear evidence that income trusts are substituted generally for the corporate form, any response can defensibly be limited to a narrowly targeted one that introduces a “taxlaw friction” by shifting the debt-equity boundary that is the focus of the basic income trust structure. Because the precise dividing points along this boundary lack any obvious normative content, the suggested policy focus should be the development of a legislative response that redraws the debt-equity boundary in a manner that minimizes perceived efficiency losses otherwise associated with the use of income trusts.

A reputation-based trust model for agent societies

Trust and security issues are prevalent in agent societies, where agents are autonomously owned and operated in a networked environment. Nowadays, trust and reputation management is a promising approach to manage them. However, many reputation models su.ered from a major drawback – there is no mechanism to discourage agents from lying information when making a recommendation. Although some works do take into account of this issue, they usually do not penalize an agent for making poor referrals. Worse, some systems actually judge an agents referral reputation based on its service reputation. In situations where this is unacceptable, we need to have a mechanism where agents are not only discouraged from making poor referrals, but are also penalized when doing so. Towards this, we propose a reputation-based trust model that considers an agents referral reputation as a separate entity within the broader sense of an agents reputation. Our objective is not to replace any existing reputation mechanisms, but rather to complement and extend them.

Perceived personal, social and environmental barriers to weight maintenance among young women: a community survey

Background: Young women are a group at high risk of weight gain. This study examined a range of perceived personal, social and environmental barriers to physical activity and healthy eating for weight maintenance among young women, and how these varied by socioeconomic status (SES), overweight status and domestic situation. Methods: In October-December 2001, a total of 445 women aged 18–32 years, selected randomly from the Australian electoral roll, completed a mailed self-report survey that included questions on 11 barriers to physical activity and 11 barriers to healthy eating (relating to personal, social and environmental factors). Height, weight and socio-demographic details were also obtained. Statistical analyses were conducted mid-2003. Results: The most common perceived barriers to physical activity and healthy eating encountered by young women were related to motivation, time and cost. Women with children were particularly likely to report a lack of social support as an important barrier to physical activity, and lack of social support and time as important barriers to healthy eating. Perceived barriers did not differ by SES or overweight status. Conclusions: Health promotion strategies aimed at preventing weight gain should take into account the specific perceived barriers to physical activity and healthy eating faced by women in this age group, particularly lack of motivation, lack of time, and cost. Strategies targeting perceived lack of time and lack of social support are particularly required for young women with children.

The gender composition of boards of property trust IPOs in Australia from 1994 to 2004

This study investigates the gender composition of the boards of directors of Australian property trust IPOs from 1994 to 2004. Like mining and industrial company IPOs, we find that property trust IPOs in Australia generally do not require female directors for the initial equity capital raising. We also find that larger IPOs during 1994 to 1999 tended to engage more women directors but that this relation was not significant in property trust IPOs from 2000 to 2004.

The pricing of property trust IPOs in Australia

Following Brounen and Eichholtz (2002) this paper adds to the international literature investigating the underpricing of REIT initial public offerings (IPOs), with a study into Australian property trusts. This study finds that initial day returns can in part be explained by forecast profit distributions (or dividends) and the market sentiment towards property trusts from the date of the prospectus to the date of listing. There is some support for the “winners curse” explanation of underpricing with evidence that large investor or institutional involvement at the outset of the IPO also has some explanatory power.

The costs of raising equity capital by Australian property trust initial public offerings

This paper reports some of the direct costs of raising equity capital by property trust initial public offerings (IPOs) in Australia from 1994 to 2004. It also documents the amount of underpricing by these IPOs. The results indicate the average fees paid to underwriters and/or stockbrokers in managing and marketing the issue was around 3.3% of the public equity capital raised. The average fees paid to legal firms, accounting firms and valuers for their professional involvement and expert reports were 0.4%, 0.2% and 0.1% respectively, totaling 0.7% of the equity raised. Other fees such as printing, listing fees, postage, distribution and advertising cost around 2.1%. The total average direct costs amounted to around 6.1% of the proceeds raised. The average underpricing by these property trust IPOs was 2.6%. This paper also investigates the hypotheses that the percentage direct capital raising costs are influenced by the size of the IPO and whether the IPO is underwritten. This study confirms that larger property trust equity capital raisings have lower percentage total direct cost;, however, it does not find that underwriting significantly influences the percentage of total direct costs for these property trust IPOs.

Factors influencing money left on the table by property trust IPO issuers

While previous listed property trust (LPT) initial public offering (IPO) studies have identified low under pricing returns, this study specifically examines the amount of money left on the table by the pre-IPO owners in this category of IPO. This study investigates 58 property trust IPOs in Australia from 1994 to 2004 and finds that the amount of money left by LPT IPOs is considerably less than industrial company IPOs, implying considerably less uncertainty about the valuation of such IPOs compared to industrials. We also find that more recent (post 2000) LPT IPOs in Australia appear to be significantly different to previous LPT IPOs in both money left and under pricing terms.

Integrating insurance services, trust and risk mechanisms into multi-agent systems

In multi-agent systems, there is often the need for an agent to cooperate with others so as to ensure that a given task is achieved timely and cost effectively. Currently multi-agent systems maximize this through mechanisms such as coalition formation, trust and risk assessments, etc. In this paper, we incorporate the concept of insurance with trust and risk mechanisms in multi-agent systems. The novelty of this proposal is that it ensures continuous sharing of resources while encouraging expected utility to be maximized in a dynamic environment. Our experimental results confirm the feasibility of our approach.