Trust ticket deployment : a notion of a data owner's trust in cloud computing

While cloud computing (CC) is a scalable model of shared infrastructure and on-demand computing, it lacks a transparent trust and security mechanism. A data owner (DO) loses control over the data outsourced to a machine in the cloud controlled and operated by a cloud service provider (CSP). This machine is at a location unknown to a data owner. This loss of control over data is further intensified with the lack of managing users' access to the data from practical cloud computing perspectives. In this paper, we introduce a new mechanism of ensuring trust and security in Software as a Service (SaaS) CC. Trust Ticket, with the supporting protocols, is our mechanism that helps a data owner in establishing a link between a CSP and a registered user. In our mechanism, a user first gets registered with a DO before receiving a Trust Ticket and a secret key from that DO. Each Trust Ticket is unique and encrypted. On completing the registration of each user, the DO apprises the CSP of the Trust Ticket. Trust Ticket and secret key are respectively for the registered user's getting accepted to the CSP and having a view of the data owner's data upon a successful verification by the CSP. We have done our experiment in Java network programming by creating an emulated cloud computing framework under the VMware ESXi 4.1 hyper visor based platform. Using the framework, we have evaluated our algorithmic protocol for Trust Ticket. We have also compared our work with prior work. Overall performance of our work is better. We argue that our proposed algorithmic protocol for Trust Ticket deployment establishes a data owner's trust. This trust is established through a data owner's control over data and a registered user, because a registered user is linked with a CSP by a data owner through Trust Ticket.

New housing supply and residential construction costs in Australia : a panel ECM approach

The supply of new housing in Australia has been experiencing a low increase rate since the 1990s in conjunction with an increasingly strong housing demand. On the contrary, residential construction costs across Australia?s states maintained dramatic increases simultaneously. Economic theory suggests that new housing supply is correlated to the costs of residential constructions. However, few empirical studies have focused on examining this relationship for Australian housing markets. To comprehensively investigate the relationship between the supply of new housing and residential construction costs a function for new housing supply considering the effects of regional heterogeneities is introduced in this study. By estimating a panel error correction model (ECM) applicable for quantifying the correlation with regional heterogeneities, this research identifies that a causal link and a strong correlation exist in between new housing supply and residential construction costs in Australia.

The level of representative underwriting and the underwriting costs of REIT SEOs

Purpose – The purpose of this paper is to investigate factors influencing the underwriting discount for US Real Estate Investment Trust (REIT) Seasoned Equity Offerings (SEOs).

Design/methodology/approach – The study provides new evidence on determinants of underwriting discounts with a comprehensive dataset of 783 US REIT SEOs from 1996 until June 2010. Ordinary least squares regressions are performed to estimate the effect of the level of representative underwriting along with other potential factors on underwriting discounts.

Findings – The study complements the well-documented notion of the economies of scale in SEO underwriting discounts. The equally (value) weighted underwriting discounts averaged 4.21 per cent (4.10 per cent) with a declining trend over time. The findings of this study show the statistically and economically significant negative effect of the level of representative underwriting on the underwriting discounts, as well as the significance of the structure of underwriting syndicate in determining the underwriting discounts. The findings suggest that issuers can minimize the costs of raising secondary equity capital by optimally allocating the underwriting business among the underwriters.

Originality/value – This paper adds to the international REIT SEO literature by exploring new evidence behind underwriting discounts. The study includes data before and after the REIT Modernization Act 1999 and during the recent global financial crisis period.

Disease costing methodology used in the Disease Costs and Impact Study 1993–94

Describes in detail the methodology used by the Australian Institute of Health and Welfare to measure health services use and expenditure for specific diseases and disease groups in Australia in 1993-94. A companion report, Health System Costs of Diseases and Injury in Australia 1993-94, provides estimates of the health system costs for each disease and injury group and area of expenditure. Other reports will provide detailed estimates for specific National Health Priority Areas - cancer, cardiovascular disease, injury, mental health and diabetes.

Health system costs of diseases and injury in Australia 1993-94 : an analysis of costs, service use and mortality for major disease and injury groups

Provides a systematic analysis of the health system use and costs associated with specific disease and injury groups in Australia in 1993-94. The estimates are presented in a consistent format and are derived using a methodology that ensures the results add across disease, age and sex groups to total Australian health expenditures for 1993-94.

The impact of switching costs on the decision to retain or replace IT outsourcing vendors

While the IT outsourcing market is growing, outsourcing vendors are being replaced more frequently by firms. Since replacing vendors can affect the stability and quality of the IT services a firm receives, it is important to understand the drivers behind the decision to replace/retain vendors. This paper examines the impact of switching costs on this decision. We classify the various examples of switching costs into three categories (relational, financial and procedural) and develop a model to explain their role in the decision to replace or retain a vendor. The model also includes possible moderators of the relationship between switching costs and the vendor replacement decision. This model will be evaluated through a series of case studies of firms who have made this decision, and the refined model will be tested with a survey of IT outsourcing managers.

The direct costs of raising external equity capital for US REIT IPOs

Purpose – The purpose of this paper is to investigate the total direct costs of raising external equity capital for US real estate investment trust (REIT) initial public offerings (IPOs).

Design/methodology/approach – The study provides recent evidence on total direct costs for a comprehensive dataset of 125 US REIT IPOs from 1996 until June 2010. A multivariate OLS regression is performed to determine significant factors influencing the level of total direct costs and also underwriting fees and non-underwriting direct expenses.

Findings – The study finds economies of scale in total direct costs, underwriting fees and non-underwriting expenses. The equally (value) weighted average total direct costs are 8.33 percent (7.52 percent), consisting of 6.49 percent (6.30 percent) underwriting fees and 1.87 percent (1.22 percent) non-underwriting direct expenses. The study finds a declining trend of total direct costs for post 2000 IPOs which is attributed to the declining trend in both underwriting fees and non-underwriting direct expenses. Offer size is a critical determinant for both total direct costs and their individual components and inversely affects these costs. The total direct costs are found significantly higher for equity REITs than for mortgage REITs and are also significantly higher for offers listed in New York Stock Exchange (NYSE). Underwriting fees appear to be negatively influenced by the offer price, the number of representative underwriters involved in the issue, industry return volatility and the number of potential specific risk factors but positively influenced by prior quarter industry dividend yield and ownership limit identified in the prospectus. After controlling for time trend, the paper finds REIT IPOs incur higher non-underwriting direct expenses in response to higher industry return volatility prior to the offer.

Originality/value – This paper adds to the international REIT IPO literature by exploring a number of new influencing factors behind total direct costs, underwriting fees and non-underwriting direct expenses. The study includes data during the recent GFC period.