Conducting event studies with Asia-Pacific security market data

We investigate the effectiveness of several well-known parametric and non-parametric event study test statistics with security price data from the major Asia-Pacific security markets. Extensive Monte Carlo simulation experiments with actual daily security returns data reveal that the parametric test statistics are prone to misspecification with Asia-Pacific returns data. Two non-parametric tests, a rank test [Corrado and Zivney (Corrado, C.J., Zivney, T.L., 1992, The specification and power of the sign test in event study hypothesis tests using daily stock returns, Journal of Financial and Quantitative Analysis 27(3), 465-478)] and a sign test [Cowan (Cowan, A.R., 1992, Non-parametric event study tests, Review of Quantitative Finance and Accounting 1(4), 343–358)] were the best performers overall with market model excess returns computed using an equal weight index.

Internal audit - an Asia-Pacific profile and the level of compliance with internal auditing standards

Purpose – The purpose of this paper is to provide an overview of the profile of internal audit in five Asia-Pacific countries and investigate the usage and compliance with the Institute of Internal Auditors (IIA) International Standards for the Professional Practices of Internal Auditing (Standards) by organizations' internal audit activities (IAAs). This paper shows the differences between Australia, China, Japan, New Zealand and Taiwan. It also discusses part of the results of the Common Body of Knowledge 2006 global study conducted by the IIA.

Design/methodology/approach – The paper reports the results of a questionnaire survey sent to the global membership of the IIA in September 2006 on various aspects of internal audit practices.

Findings – The profile of internal audit differs amongst the countries with much older organizations exist in Australia, Japan and New Zealand. Respondents in New Zealand, Japan, Chinese Taiwan, China and Australia all report to have a reasonably high level of usage of Standards. However, Australia has the highest number of respondents who report that they are in full compliance of the Standards.

Originality/value – This is the first global study of internal auditors' compliance with the IIA Standards.

New ways to educate Asia-Pacific entrepreneurs

Asia-Pacific countries have huge numbers of young entrepreneurs. Yet the state of entrepreneurship education in this region has yet to come to grips with their needs. Elsewhere in the world, the growth and development in the curricula, textbooks, Websites and degree programs devoted to raising the level of enterprise and new venture creation has been remarkable.

The researcher undertook field study to examine best-practice models of enterprise education. He then carried out a content analysis of leading entrepreneurship textbooks to examine their applicability to the Asia-Pacific circumstance. Working with Thomson Learning Australia, he acquired the rights to re-write one leading textbook and entirely “asianised” it. He also produced a highly interactive Website to attract Internetnet savvy young entrepreneurs and students in the countries of the Asia-Pacific region.

The paper offers generalization that may prove helpful to educationalists and government policy planners about how to increase the supply of young people who launch their own businesses and social enterprises. The goal of this paper is to help universities in our region move toward launching entrepreneurship education in a relevant and interesting way.

Where do entrepreneurs have the best chances of success? The Asia-Pacific regulatory environment for entrepreneurial Micro And Medium Sized Enterprises (MMES)

Why do some entrepreneurs succeed while others fail in international competition? Perhaps it is better to turn the question around and ask, why is it that a particular country or economy becomes the home base for competitive globally-oriented entrepreneurs? What makes Australia a global leader in wine exports? How did New Zealand make it to global ranks in the creative industries? Why does Singapore have the most businessfriendly environment for entrepreneurs? Why is it “location, location, location”? One of the most powerful factors is the regulatory environment.

Asia-Pacific country-specific and region-specific regulations are diverse, and they seriously affect the climate for start-up entrepreneurs. They range from best-in-the world (e.g. Australia, New Zealand and Singapore) to the dreadful (Indonesia), according to the World Bank. Costs and profits can be affected as much by a government regulation as by a management decision. Fundamental entrepreneurial decisions--such as which lines of business to go into, which products and services to produce and introduce, which investments to finance, how and where to make goods and how to market them, and what prices to charge--are increasingly subject to governmental control.

In this short paper, we examine World Bank and Transparency International data on Asia-Pacific regulatory environments and make statements about how the economies compare to best practice. While I use data collected by other sources, I believe the added value comes through comparing and contrast the regulatory environments of our region in a justifiable and easily understood manner.

Blended learning in entrepreneurship education in the Asia-Pacific : a grounded theory approach to entrepreneurship pedagogy

Using a grounded theory approach, this pedagogical study explores “What are the key content areas and pedagogical interventions around which to build a blended learning method for Generation Y (also known as the Net Generation) entrepreneurship students (as opposed to other business students)?” The study uses a variety of “information-rich cases” and presents the argument that entrepreneurs learn
differently from other students. The author develops the Etappe Method of Training Entrepreneurs, a blended learning approach for the technology-savvy generation under the motto “Teaching is best done online and learning is best done in the classroom”. Drawing upon the theory of experiential learning as concretised by learning styles inventories, this learning method provides entrepreneurs, in their unique teachable moments, with active and concrete pedagogical interventions that can be enhanced through a blended learning environment of online and face-to-face modalities leading them step-by-step through deepening learning in the theory, process and practice of entrepreneurship. In conclusion, the author presents suggestions for further research that can verify this emerging theory in an empirical fashion.

The Pacific OPIC Project (Obesity Prevention In Communities) : action plans and interventions

Background: The Pacific OPIC Project (Obesity Prevention In Communities) includes whole-of-community intervention programs in four countries (Fiji, Tonga, New Zealand, Australia) aimed at reducing the prevalence of overweight and  obesity in youth.

Development of Action Plans: At each intervention site, preliminary interviews  were conducted with youth to identify the potential socio-cultural barriers and  facilitators to healthy eating and regular physical activity in order to attain and sustain a healthy body size. This and other information was presented at a 2-day workshop with community stakeholders, including youth. The participants then prioritised the components for a draft action plan which was later consolidated through further community consultation.

Action Plan objectives: Each action plan had two overall aims: to build  community capacity and to promote healthy weight. The first three objectives in each action plan were on capacity building, social marketing messages, and evaluation. Next were a set of four to five behavioural objectives with associated strategies involving programs, events, social marketing and environmental  change. Lastly, each site had one or two innovative or developmental objectives.

Progress: Interventions began in all sites from 2005, with the action plans guiding implementation priorities. The initial behavioural objective for targeting in Fiji was eating regular breakfast and meals throughout the day, for Tonga it was physical activity, and for Australia and New Zealand it was increasing water consumption and decreasing consumption of sweet drinks.

Conclusions: The action plans have provided the basis for community engagement in the project, the guide to the implementation of activities and the template for the evaluation plan.

New educational service products : tertiary EC/EB education - the Asia-Pacific region

Electronic Commerce (EC) / Electronic Business (EB) has been (and is expected to continue to be) a dynamic, rapidly evolving area of technology, requiring skilled people with up-to-date knowledge and skills. The global community has required (and still requires) tertiary academic programs to prepare and train these people quickly. In the late nineties, following a tidal wave of tertiary EC program development in the United States, new tertiary programs began to appear in the Asia-Pacific (AP) region to satisfy this need, over a very short period of time. This research project aims to examine whether the development and effectiveness of tertiary EC/EB educational programs can be enhanced through employing a particular marketing paradigm. Four regions - Australia, New Zealand, Hong Kong SAR and the Republic of Singapore — were selected from the AP region, for this study. Based on a review of marketing literature, an inductive approach is adopted to build a model for new educational service product offerings. I also provide a description and comprehensive analysis of EC/EB education, and explore the model empirically, examining how it applies to the way EC education programs have been developed, to date. Essentially, this project consists of two major activities: theory building and theory testing – and is divided into three parts. Part 1: Preliminary study – literature review for theory building. This section of the thesis provides a literature review of the domains of curriculum development, EC/EB program development and management, EC/EB component models and new service product development. Part 2 : Understanding the marketplace – quantitative analysis. This section comprises five major surveys which provide an understanding of EC/EB education. Part 3 : In-depth analysis – qualitative research for theory testing. This section discusses the results of the multiple case studies of EC/EB degree programs undertaken over a five year period. The results of this project highlight both theoretical and practical aspects of the topic. In terms of the theoretical aspect, I provide a contribution to existing theory concerning the planning and development of new tertiary education programs. Research into academic course development in the past has tended to assume that all program development is pedagogically based and influenced. There is an assumption that people only develop academic programs and academic courses for pedagogic reasons. What this research project has done is to suggest that there are, in fact, many possible reasons for developing new programs and that, although these reasons might be pedagogic in nature, they can also be industry-focased, and market-oriented in the following ways: -the university is shaping the way it is perceived by the public – that is, the market; -the university is highlighting where its expertise lies. This led me to a form of new service product development consistent with the new image of the university. There is a clear need for diverse models for program development which accommodate the dynamic roles of modern universities. My research project develops such a model based on conditions in the Asia-Pacific region, and discusses findings arising from the overall project, which can be used to improve new educational program offerings in future, in both the Asia-Pacific and, I suggest, in other regions. This potential use of my findings highlights the practical contribution made by the research Project.

The millennium development goals and beyond : international assistance to the Asia-Pacific

The book examines how international aid donors and NGOs can assist countries in the Asia-Pacific region achieve the Millennium Development Goals. It examines the progress countries have made towards the MDGs and highlights the need to tailor the goals to individual country circumstances. The countries examined include Papua New Guinea, Cambodia, Solomon Islands, and Thailand.

Economic impact of 2003 South Pacific Games on Fiji

Analyzes the economic impact of the 2003 South Pacific Games (SPG) hosted by the Fiji Islands. Sources of income that can be generated from the SPG events; Overview of the economic impact studies; Theoretical structure of the Fiji computable general equilibrium model.