Pharmaceutical companies putting health of world's poor at risk

India makes cheap medicines for poor people around the world. The EU, pharmaceutical firms and now the US are pressuring the 'pharmacy of the developing world' to change tack

Initial public offerings of energy companies

This study analyses 158 energy company initial public offerings (IPOs) in Australia from January 1994 to December 2010, including the period of the global financial crisis (GFC). The study finds that energy company IPOs had an average 22.0 % underpricing and that those IPOs that sought to raise more equity capital and engaged underwriters had lower underpricing. There is also evidence that suggests energy company IPOs that offered options to their underwriters had higher underpricing returns, effectively cancelling the lower underpricing effect of the underwriting itself. The energy IPOs that raised equity capital after the 2007/8 global financial crisis do not appear to have offered on average, significantly different underpricing returns to their investors compared to those energy IPOs that raised capital prior to this GFC period. The findings of this study offer insights for issuers who seek to lower underpricing, for underwriters involved in the capital raising and for investors who are looking to invest in Australian energy company IPOs.

Do financial reforms improve the performance of financial holding companies? The case of Taiwan

We examine the performance of financial holding companies (FHCs) in Taiwan after the financial reform that removes the separation of banking, securities, insurance, and other financial services. Using data envelopment analysis, we find that FHCs fail to improve technical efficiencies in the post-reform era. They also do not outperform independent commercial banks after the financial reform. Lower technical efficiency caused by excess operating expenses appears to be the primary source of inefficiency. While scale efficiency may improve as FHCs grow larger, the benefits are marginal and insufficient to offset the potential costs of organizational diseconomies. Our findings suggest that increasing the size and scope of financial activities alone do not necessarily improve the performance of financial firms.

Sustainability evaluation, life cycle assessment and facilities management for Geelong Retail Development

Value management is a technique used during the design stage to justify cost and worth of a proposal. Designer must never center only to save capital expenditure but consider holistically the whole building life which will be sustainable. Therefore, sustainability evaluation must adopt a long term view and will properly include three crucial elements: economic, social and environmental. Lack of awareness of value management during the design stage of a building project will adversely impact on the life cycle assessment (LCA) and facilities management (FM). This paper provides a review of the sustainable elements that must be considered when designing and costing a new retail development in the Geelong region of Australia and how these factors influence the whole building life. The result of this research helps to create a greater understanding of the different attributes that will affect the LCA and FM decisions made on sustainable development in this and other regional Australian cities that are undergoing major population growth.

Retail brand orientation, positional advantage and organisational performance

This study adopts a resource-based view of branding referred to as brand orientation. Despite the importance of branding in retail, relatively little empirical research has been conducted to understand the degree to which retailers can be considered brand oriented. The purpose of the present research is to establish a conceptualisation of brand orientation that is applicable in a retail context across countries. Moreover, we seek to empirically validate a model of the retail brand orientation–positional advantage–organisational performance relationship and to contribute to a more comprehensive understanding of the factors driving retailer performance. A mail survey was used to collect data from retail firms in Australia, USA and UK. The unit of analysis is the retail firm. Confirmatory factor analysis was employed to assess the measurement properties of the study constructs and structural equation modelling was performed to test the research model. The findings suggest that four elements of retail brand orientation (functionality, distinctiveness, augmentation and symbolism) play different roles in relation to certain aspects of positional advantage, which highlights the importance of developing strength in all four areas. Similarly, a position of superiority in only one aspect of a retailer's offer is insufficient to assure both financial and strategic returns.

Costs and benefits of mandatory auditing of for-profit private and not-for-profit companies in Australia

This paper addresses the paucity of research surrounding the mandatory auditing of for-profit private and not-for-profit companies in Australia. We document the various mandatory auditing provisions under the Corporations Act and identify over 22 000 companies that lodge audited accounts with the regulator under federal law. In 2011, 6339 large proprietary companies, 186 small proprietary companies, 2797 foreign-owned companies, 3985 unlisted public companies and 8404 public companies limited by guarantee had an obligation under the Corporations Act to lodge audited accounts. While large proprietary and foreign-owned companies have an option to apply to the Australian Securities and Investment Commission for audit relief, we estimate that less than 10% are granted audit exemption. We document that since 1995 an additional 1500 large proprietary companies that should have lodged under the size provisions of the Corporations Act have been granted exemption from doing so (i.e., grandfathered), although these firms appear to be subject to an annual audit even though they do not lodge accounts. We estimate the costs and discuss the potential public interest and firm-level benefits associated with the mandatory auditing of for-profit private and not-for-profit companies in Australia.

Practical field use of eye-tracking devices for consumer research in the retail environment

Eye-tracking equipment is now affordable and portable, making it a practical instrument for consumer research. Engineered to best analyze gaze on a plane (e.g., a retail shelf), both portable eye-tracking glasses and computer monitor–mounted hardware can play key roles in analyzing merchandise displays to better understand what consumers view. Researchers and practitioners can use that information to improve the sales efficacy of displays. Eye-tracking hardware was nearly exclusively used to investigate the reading process but can now be used for a broader range of study, namely in retail settings. This article presents an approach to using glasses eye tracker (GET) and light eye tracker (LET) eye-tracking hardware for applied consumer research in the field. We outline equipment use, study construction, data extraction as well as benefits and limitations of the technology collected from several pilot studies.