A duration analysis of the time from prospectus to listing for Australian initial public offerings

A finding of the Australian Initial Public Offerings (IPOs) literature is that the time from prospectus registration to listing is related to the level of informed demand. This makes the understanding of time to listing an important matter. This study analyses the time to listing for 834 IPOs in Australia over the period 1994 to 2004. The study finds that a shorter time to listing is associated with higher issue prices, and the use of an underwriter or Big 5 independent accountant. In contrast, IPOs offering share options take longer to list. The significant role of variables associated with the degree of certainty about a listing is consistent with informed demand hypotheses about the time to listing.

Your genre is black : indigenous performing arts and policy

In February 2008, Prime Minister Kevin Rudd apologised to the Stolen Generations on behalf of the Australian people. Now what? In this Platform Paper, mid-career Indigenous performing artists think about their post-apology future. Indigenous theatre blossomed in the 1990s when it was grasped as a means to expose social issues and advance the goals of Reconciliation. Now that generation of artists questions these motives. For some, history and community are central; others are impatient with 'your genre is black' and demand the professional respect they have earned. "Indigenous artists", says director Wesley Enoch, "have been asked for decades to work at their slowest, to bring everyone along with them. It's the equivalent of asking Cathy Freeman to run slowly, so that everyone can keep up with her." Glow and Johanson provide a forum for practitioners like Rachel Maza-Long, David Milroy, Stephen Page and Rhoda Roberts. Together they call for an end to second-best; and for measures that respond with post-apology confidence to the vision and inspiration that, in the opinion of the Australia Council, "remain at the heart of Australia's culture" .

The attraction, retention/transition and nurturing process of sport development : some Australian evidence

The purpose of this study was to explore and map the sport development processes in Australia. A grounded theory approach identified sport development processes by examining 74 annual reports from 35 national sporting organizations (NSOs) over a period of 4 years, before and after the Sydney Olympic Games. The 3 frameworks presented in this article representing the attraction, retention/ transition, and nurturing process illustrate the generic processes and strategies described by NSOs. The results show that each sport development process requires human and financial input from various stakeholders. These stakeholders initiate or implement sport development strategies for each process and each process has different sport development outputs. These results contribute to the extant literature of sport development by demonstrating that sport development is more complex and encompassing than previously described. It is proposed that the generic frameworks derived from this study be subject to more specific testing using other sport systems, as context and case studies could lead to tailoring the frameworks to represent specific sport development processes and systems.

Organisation change and its impact on Australian Building Societies' performance

The paper examines the relation between changing ownership structure and performance of Australian building societies. An analysis and discussion of the theories of organizational development and change is undertaken to explore the mutual building societies' motivation for change. The financial performance measures, provided by financial ratios of the major mutual building societies in Australia, are examined to assess the behaviour of building societies under different governance structures in the 1980s and 1990s. The theoretical and empirical literature has suggested that mutual deposit-taking institutions should have lov^^er profitability and higher operating expenses than their publicly listed counterparts. Accounting ratios are observed over time to investigate if governance change in mutual deposit-taking organizations accounted for any discernable differences in profitability and cost efficiency pre- and post- demutualization. The study finds support for the contention that demutualized building societies will have higher profitability and lower costs than their mutual counterparts. The study is confined to investigation of the six largest building societies that undertook the demutualization process. It could he extended to the entire building society sector. The results have implications for investors, managers and 'ovraers' of firms that retain their mutual structure, suggesting the demutualization vnû benefit these groups. There is no study that compares mutual deposit-taking institutions pre- and post-conversion in Australia.

Ownership structure and corporate performance : Australian evidence

This paper seeks to analyse the relationship between ownership structure and corporate performance for fifty firms listed on the Australian Stock Exchange during 2002-2003. The study initially tests a two equation model similar to that in the existing literature, but is distinguished from prior literature by subsequently reclassifying leverage. By categorising leverage as an endogenous variable, an examination of the relationship between ownership and performance is undertaken through ordinary least squares and two stage least squares analysis of a three equation econometric model. Interestingly, empirical results illustrate the fact that managerial ownership impacts negatively on firm performance which is consistent with the management entrenchment hypothesis.

Sociocultural factors relating to Tongans' and Indigenous Fijians' patterns of eating, physical activity and body size

This paper reviews literature between 1974 and 2007 that addresses the impact of sociocultural factors on reported patterns of eating, physical activity (activity) and body size of Tongans and indigenous Fijians (Fijians) in their countries of origin. There have been changes in diet (more imported and fewer traditional foods), activity (reduced, especially in urban settings), residence (rural-urban shift) and body size (increased obesity and at a younger age). The prevalence of overweight/obesity in Tongans and Fijians has increased rapidly over the last two decades and remains among the highest in the world (>80% in Tonga; >40% in Fiji), with more females reported to be obese than males. The few studies that investigated sociocultural influences on patterns of eating, activity and/or body size in this population have examined the impact of hierarchical organisation, rank and status (sex, seniority), values (respect, care, co-operation) and/or role expectations. It is important to examine how sociocultural factors influence eating, activity and body size in order to i) establish factors that promote or protect against obesity, ii) inform culturally-appropriate interventions to promote healthy lifestyles and body size, and iii) halt the obesity epidemic, especially in cultural groups with a high prevalence of obesity. There is an urgent need for more systematic investigations of key sociocultural factors, whilst taking into account the complex interplay between sociocultural factors, behaviours and other influences (historical; socioeconomic; policy; external global influences; physical environment).

The information content of directors' trades: empirical analysis of the Australian market

We examine the trading activities of directors in shares of their own companies on the Australian Stock Exchange during the July-December 2005 period. We find that directors of small companies in particular earn abnormal return after both their 'Purchase' and as well as their 'Sale' trade. Directors of these companies have an uncanny ability to time the market by trading when mispricing is greatest, and are able to predict the future performance of their firms in short run. For directors of medium and large companies, we find evidence that 'Sale' trades are the ones which work as loss avoiders. Outsiders recognise to some extent that directors' trades are informative, however they are slow to incorporate the new information into prices, refuting much of the market efficiency literature.

New world orders and the dystopian turn : transforming visions of territoriality and belonging in recent Australian children's fiction

Through the 1990s and into the new millennium, Australian children's literature responded to a conservative turn epitomised by the Howard government and to new world order imperatives of democracy, the market economy, globalisation, and the IT revolution. These responses are evidenced in the ways that children's fiction speaks to the problematics of representation and cultural identity and to possible outcomes of devastating historical and recent catastrophes. Consequently, Australian children's fiction in recent years has been marked by a dystopian turn. Through an examination of a selection of Australian children's fiction published between 1995 and 2003, this paper interrogates the ways in which hope and warning are reworked in narratives that address notions of memory and forgetting, place and belonging. We argue that these tales serve cautionary purposes, opening the way for social critique, and that they incorporate utopian traces of a transformed vision for a future Australia. The focus texts for this discussion are: Secrets of Walden Rising (Allan Baillie, 1996), Red Heart (Victor Kelleher, 2001), Deucalian (Brian Caswell, 1995), and Boys of Blood and BOlle (David Metzenthen, 2003).

Mental illness and substance use : an Australian perspective

This paper presents a review of the literature of service trends and practice recommendations for management of those with the dual diagnosis of mental illness and substance abuse. The method for the review was to search bibliographical data bases and hand held literature published in English between 1990 and 2007. Using the search terms dual diagnosis, and co-morbidity and mental illness, 93 abstracts were selected and reviewed. The authors concluded that a collaborative approach to care with better integration of drug and alcohol services within mental health would benefit clients with a dual diagnosis. Improved education to enhance the assessment and diagnosis of this client group is also considered essential for clinicians in both mental health and alcohol and drugs services.

Managed fund attributes and performance : Australian evidence

This cross-sectional study goes beyond the traditional performance evaluation of managed funds and extends the literature to consider fund-specific attributes that influence performance. Using a sample of 168 Australian open-ended equity funds, the risk adjusted performance is measured using three alternative evaluation techniques. We find that funds with higher management fees and long fund history have contributed to the underperformance. Along with the traditional attributes identified by the literature, market capitalisation of the security held by the fund is included as a unique attribute with significant results, indicating that funds targeting small capitalisation companies display superior performance.

CSR orientation and organisational performance in the Australian retail industry

This paper aims to contribute to current business ethics literature by conceptualising the relationship between organisational culture, corporate strategy, and target stakeholders and the formation of a CSR orientation. The paper will further explore whether corporate social responsibility policies and practices will result in an overall improved positional advantage for the firm and, as a consequence, positively enhance organisational performance. These relationships will be examined within the context of the retail industry in Australia, focusing on the food, clothing and textiles, and footwear sectors.

Designing and delivering clinical risk management education for graduate nurses : an Australian study

In order to enhance their capabilities in clinical risk management (CRM) and to be integrated into safe and effective patient safety organisational processes and systems, neophyte graduate nurses need to be provided with pertinent information on CRM at the beginning of their employment. What and how such information should be given to new graduate nurses, however, remains open to question and curiously something that has not been the subject either of critique or systematic investigation in the nursing literature. This article reports the findings of the third and final cycle of a 12 month action research (AR) project that has sought to redress this oversight by developing, implementing and evaluating a CRM education program for neophyte graduate nurses. Conducted in the cultural context of regional Victoria, Australia, the design, implementation and evaluation of the package revealed that it was a useful resource, served the intended purpose of ensuring that neophyte graduate nurses were provided with pertinent information on CRM upon the commencement and during their graduate nurse year, and enabled graduate nurses to be facilitated to translate that information into their everyday practice.