Exploring critical factors for achieving successful risk allocation in public-private partnership projects

Public Private Partnerships (PPP) as a procurement mechanism for infrastructure projects is becoming increasingly common. This is principally due to the value for money opportunities it offers the public sector sponsors. This value for money is primarily achieved through the optimisation of the allocation of risk inherent in the project being transferred from the public sector sponsors onto private sector bidders. This paper analyses the influence that these factors have on successful risk allocation with the aim of providing clearer parameters for optimal risk allocation in PPP projects. Through an extensive review of existing literature, the critical success factors for optimal risk allocation in PPP projects are identified. It is found that the optimisation of risk allocation in PPP projects is critically influenced by the identified factors, which will undoubtedly aid in the successful outcome for future PPP projects.

Combination antidepressants : use by GPs and psychiatrists

Background : Current treatment of depression fails to achieve remission in 50% of patients. Combinations of two antidepressants are used by some Australian psychiatrists.

Objective : This article investigates the pros and cons of combination antidepressant therapy and provides suggestions for when to consider their use, which combinations to choose, and how to introduce combination antidepressant therapies.

Discussion : Combining two antidepressants is a controversial strategy, with supporters and critics arguing its efficacy and safety from opposing perspectives. The use of combination antidepressant therapies may facilitate remission from depression. However, there is limited evidence supporting these treatments, and safety concerns are often cited. There is some support for combination therapies in selected cases from international bodies. After considering risks and benefits on a case-by-case basis, careful use of selected combination antidepressant therapy may be one of a range of effective treatments for some individuals suffering from depression.

The establishment of large private nature reserves by conservation NGOs : key factors for successful implementation

Private nature reserves created by nongovernmental organizations (NGOs) are increasing, and their growing number and extent means that they can potentially contribute to biodiversity goals at a global scale. However, the success of these reserves depends on the legal, economic and institutional conditions framing their creation and management. We explored these conditions, and the opportunities and challenges facing conservation organizations in managing private nature reserves, across several countries, with an emphasis on Australia. Results from 17 semi-structured interviews with representatives of private conservation organizations indicated that while private reserves may enhance the conservation estate, challenges remain. Legal frameworks, especially tenure and economic laws, vary across and within countries, presenting conservation organizations with significant opportunities or constraints to owning and/or managing private nature reserves. Many acquired land without strategic acquisition procedures and secured funding for property acquisition but not management, affecting the long-term maintenance of properties. Other typical problems were tied to the institutional capacity of the organizations. Greater planning within organizations, especially financial planning, is required and NGOs must understand opportunities and constraints present in legislative frameworks at the outset. Organizations must establish their expertise gaps and address them. To this end, partnerships between organizations and/or with government can prove critical.

Fire management on private conservation lands : knowledge, perceptions and actions of landholders in eastern Australia

Fire is an important natural disturbance process within the Australian landscape, but the complex and hazardous nature of fire creates a conservation management dilemma. For landholders of private conservation lands, management for conservation of biodiversity and risk reduction is complicated. Private conservation landholders in eastern Australia directed far less effort towards fire management than other conservation management actions, despite clearly acknowledging the risk and associated responsibilities of fire management on their lands. Nonetheless, landholders did undertake actions to reduce fuel hazards and prepare for wildfire events on their land. Despite the established role and benefits of fire to many ecosystems in the region, landholder understanding of the ecological role of fire was generally poor. Few landholders were aware of ecologically appropriate fire regimes for the vegetation types on their property, and few undertook fire management actions to achieve ecological outcomes. Site-specific obstacles, lack of fire management knowledge and experience, and legal and containment concerns contributed to the low level of fire management observed. There is a need for property-specific fire management planning across all private conservation lands, to further integrate ecological fire requirements into biodiversity management, and prioritise actions that aim to improve conservation outcomes while safeguarding life and property.

Factor analysis of partners' commitment to risk management in public-private partnership projects

Purpose – The purpose of this paper is to investigate and uncover key determinants that could explain partners' commitment to risk management in public-private partnership projects so that partners' risk management commitment is taken into the consideration of optimal risk allocation strategies.

Design/methodology/approach – Based on an extensive literature review and an examination of the purchasing power parity (PPP) market, an industry-wide questionnaire survey was conducted to collect the data for a confirmatory factor analysis. Necessary statistical tests are conducted to ensure the validity of the analysis results.

Findings – The factor analysis results show that the procedure of confirmatory factor analysis is statistically appropriate and satisfactory. As a result, partners' organizational commitment to risk management in public-private partnerships can now be determined by a set of components, namely general attitude to a risk, perceived one's own ability to manage a risk, and the perceived reward for bearing a risk.

Practical implications – It is recommended, based on the empirical results shown in this paper, that, in addition to partners' risk management capability, decision-makers, both from public and private sectors, should also seriously consider partners' risk management commitment. Both factors influence the formation of optimal risk allocation strategies, either by their individual or interacting effects. Future research may therefore explore how to form optimal risk allocation strategies by integrating organizational capability and commitment, the determinants and measurement of which have been established in this study.

Originality/value – This paper makes an original contribution to the general body of knowledge on risk allocation in large-scale infrastructure projects in Australia adopting the procurement method of public-private partnership. In particular, this paper has innovatively established a measurement model of organisational commitment to risk management, which is crucial to determining optimal risk allocation strategies and in turn achieving project success. The score coefficients of all obtained components can be used to construct components by linear combination so that commitment to risk management can be measured. Previous research has barely focused on this topic.

A-REIT bidder returns : an evaluation of public and private targets and method of payment

This study examines the wealth effects of fifty-six Australian Real Estate Investment Trusts (A-REITS) acquirers around the announcement date of a merger and acquisition over the period of 1996 to 2010. This study extends Ratcliffe et al (2009) by examining mergers and acquisitions of private entity targets as well as public targets and confirms recent US REIT work in this field. Utilising event study methodology we find that bidding A-REITs earn positive and significant cumulative abnormal returns (CARs) of +0.966% around the three-day announcement period [-1, +1]. Analysis also indicates bidding firms earn higher CARs when the acquisition is financed by scrip and/or a combination of scrip and cash. Consistent with prior REIT research, event study results show that A-REIT acquirers earn higher excess returns when the target is private as compared to a public target, +2.834% and +0.457% respectively. Further investigation, employing regression analysis, shows book-to-market ratio has a negative impact on bidding firms CARs, suggesting that investors penalise high book-to-market A-REITs in an M&A due to their higher risk characteristics. We also find that both specialisation by property type and relative size of the bidder compared to the target has a positive and significant influence on bidder excess returns. Finally, our results show support for the method of payment findings in the event study, with method of payment returning a negative and significant impact on the bidder CARs.

Providing quality mental health nursing in primary health care settings in Kenya : A discussion paper.

Kenya, a country of 38 million people in East Africa has about 75 Psychiatrists and 500 Psychiatric Nurses, the majority work in the private sector and mainly in urban areas. Mental illness is common in Kenya, however, specialist services are sparse and primary care struggles to cope, and this has been worsened by general health programs which have been slow to appreciate the significance of mental health. The World Health Organisation recommends that provision of good quality mental health care does not only involve increasing the number of health workers but changing the skill mix and developing new competencies among existing workers. Successful implementation of mental, neurological and substance abuse disorder services in Kenya will depend on nurses, who constitute majority of the workforce located in provinces, districts and community clinics.

This discussion paper will address s key workforce issues affecting the up-scaling of mental health services, and the delivery of quality mental health nursing care in primary health care settings in Kenya. Strategies to develop skills and competencies of new and existing personnel will be discussed.

Recovering private data : a comparison of three methods

We examine a recent proposal for data privatization by testing it agalnst three well-known attacks. We show that all three attacks successfully retrieve the original datta. We compare the strengths of the three attacks. Finally, we indicate how the data privatization method examined can be modified to assist it to withstand these attacks.