Women directors on boards of Australian Real Estate Investment Trusts

Purpose – This is the first paper which aims to investigate factors that might influence the gender composition of boards of directors of Australian Real Estate Investment Trusts (A-REITs).

Design/methodology/approach – This study follows Mateos de Cabo, Gimeno and Nieto and the gender diversity literature and investigates the existence and number of women directors on the boards of directors of 37 A-REITs from 2006 to 2011.

Findings – There is evidence that larger (by market capitalization) A-REITs are more likely to employ a woman director and that A-REITs with larger boards are more likely to employ a woman director and indeed more women directors. It also appears that A-REITs whose head office is in Sydney are more likely to employ a woman director and also more women directors.

Practical implications – Women seeking to be engaged as directors of A-REITs are more likely to be employed by larger A-REITs (by market capitalization), those with larger boards and those located in Sydney.

Originality/value – This paper adds to the existing literature on gender diversity by examining the factors that appear to influence the employment of women on A-REIT Boards.

The effect of financial constraints, investment policy, product market competition and corporate governance on the value of cash holdings

This study empirically investigates the value shareholders place on excess cash holdings and how shareholders’ valuation of cash holdings is associated with financial constraints, firm growth, cash-flow uncertainty and product market competition for Australian firms from 1990 to 2007. Our results indicate that the marginal value of cash holdings to shareholders declines with larger cash holdings and higher leverage. However, firms that are more financially constrained, that have higher growth rates and that face greater uncertainty exhibit a higher marginal value of cash holdings. These findings are consistent with the explanation that excess cash holdings are not necessarily detrimental to firm value. Firms with costly external financing and that also save more cash for current operating and future investing needs find that the market values these cash hoarding policies favourably. Finally, there is limited evidence of an association between various corporate governance measures and the value of cash holdings for a shorter sample period.

Foreign direct investment and the stages of sector diversification

Foreign direct investment (FDI), when considered homogenous, has case-specific result on sector diversification. However, FDI when disaggregated by its type, market-seeking FDI diversifies developed countries, while efficiency-seeking FDI diversifies developing countries, particularly in the manufacturing sector. Flexible labour markets and well-established financial markets also play important role in this context.

Reproductive investment and optimum clutch size of Loggerhead Sea Turtles (Caretta caretta)

(1) Data for loggerhead turtles (Caretta caretta L.) nesting on the Greek island of Cephalonia were used to develop a model which predicted the optimum clutch size. (2) There was a positive linear relationship between the number of clutches into which eggs could be divided and the total time spent by a nesting turtle on the beach, and hence a negative relationship between the time invested on the beach per egg and clutch size. (3) A previous study indicated that energy expenditure for nesting turtles on land is very high, so there may be a selective pressure to maximize clutch size in order to minimize the energy expended per egg laid. As there appeared to be no counterselective pressures favouring small clutches, clutch size should be constrained by a female's egg-carryingc apacity,w hich in turn could be expected to be related to her body size. Hence, a positive relationship between clutch size and body size was predicted, and was found in the population under study.

Optimal effort investment for overcoming the weakest point: new insights from a computational model of neuromuscular adaptation

The occurrence of so-called sticking points in a lift is pervasive in weight training practice. Biomechanically complex exercises often exhibit multi modal variation of effective force exerted against the load as a function of the elevation and velocity of the load. This results in a variety of possible loci for the occurrence of sticking points and makes the problem of designing the optimal training strategy to overcome them challenging. In this article a case founded on theoretical grounds is made against a purely empirical method. It is argued that the nature of the problem considered and the wide range of variables involved limit the generality of conclusions which can be drawn from experimental studies alone. Instead an alternative is described, whereby a recently proposed mathematical model of neuromuscular adaptation is employed in a series of computer simulations. These are used to examine quantitatively the effects of differently targeted partial range of motion (ROM) training approaches. Counter-intuitively and in contrast to common training practices, the key novel insight inferred from the obtained results is that in some cases the most effective approach for improving performance in an exercise with a sticking point at a particular point in the ROM is to improve force production capability at a different and possibly remote position in the lift. In the context of the employed model, this result is explained by changes in the neuromuscular and biomechanical environment for force production.