The impact of ownership structure on corporate debt policy : two stage least square simultaneous model approach for post crisis period : evidence from Kuala Lumpur Stock Exchange

Ownership concentration as a governance mechanism has received considerable attention among academician, practitioners as well as policy makers because large-block shareholders are increasingly active in their demands that corporations adopt effective governance mechanisms to control managerial decisions, which include corporate debt policy. Earlier study on the agency model of the firm widely recognizes that the managerial ownership and external debt play an important role in mitigating agency conflicts and enhancing firm value. They also found that increase in the external monitors, for example the institutional investors, can actually play a useful role in limiting agency problems in the firm. This paper, using 100 Composite Index companies from Brusa Malaysia between 1998 to 2002 explores the impact of institutional holdings on managerial ownership and debt policy in an integrated framework by using a simultaneous equations estimation procedure (2SLS). The findings show that there is a significant impact of institutional ownership which serves effective control mechanism on managerial ownership and corporate debt policy as hypothesized. Findings of such evidence suggest that institutional holding thus have played an important role in managers' strategic management decision and reduce agency conflict. In addition, corporate debt policy too is governed by managerial ownership and exhibited a negative relation.

Performance analysis of two advanced controllers for polystyrene polymerization in batch reactor

The performance of two advanced model based non-linear controllers is analyzed for the optimal setpoint tracking of free radical polymerization of styrene in batch reactors. Artificial neural network-based model predictive controller (NN-MPC) and generic model controller (GMC) are both applied for controlling the system. The recently developed hybrid model [1] as well as available literature models are utilized in the control study. The optimal minimum temperature profiles are determined based on Hamiltonian maximum principle. Different types of disturbances are artificially generated to examine the stability and robustness of the controllers. The experimental studies reveal that the performance of NN-MPC is superior over that of GMC.

Unhealthy landscapes: policy recommendations on land use change and infectious disease emergence

Anthropogenic land use changes drive a range of infectious disease outbreaks and emergence events and modify the transmission of endemic infections. These drivers include agricultural encroachment, deforestation, road construction, dam building, irrigation, wetland modification, mining, the concentration or expansion of urban environments, coastal zone degradation, and other activities. These changes in turn cause a cascade of factors that exacerbate infectious disease emergence, such as forest fragmentation, disease introduction, pollution, poverty, and human migration. The Working Group on Land Use Change and Disease Emergence grew out of a special colloquium that convened international experts in infectious diseases, ecology, and environmental health to assess the current state of knowledge and to develop recommendations for addressing these environmental health challenges. The group established a systems model approach and priority lists of infectious diseases affected by ecologic degradation. Policy-relevant levels of the model include specific health risk factors, landscape or habitat change, and institutional (economic and behavioral) levels. The group recommended creating Centers of Excellence in Ecology and Health Research and Training, based at regional universities and/or research institutes with close links to the surrounding communities. The centers' objectives would be 3-fold: a) to provide information to local communities about the links between environmental change and public health ; b) to facilitate fully interdisciplinary research from a variety of natural, social, and health sciences and train professionals who can conduct interdisciplinary research ; and c) to engage in science-based communication and assessment for policy making toward sustainable health and ecosystems.

Segmentation of intentional human gestures for sports video annotation

We present results on the recognition of intentional human gestures for video annotation and retrieval. We define a gesture as a particular, repeatable, human movement having a predefined meaning. An obvious application of the work is in sports video annotation where umpire gestures indicate specific events. Our approach is to augment video with data obtained from accelerometers worn as wrist bands by one or more officials. We present the recognition performance using a Hidden Markov Model approach for gesture modeling with both isolated gestures and gestures segmented from a stream.

Developing and rewarding advanced teaching expertise in higher education - a different approach

The Australian university sector is undergoing a major change, with a significant increase in the emphasis on quality teaching and learning. This change is being driven by the national government. The paper asks if the correct response to this change of emphasis should be a change in the attitude to the appropriate mix of research and teaching skills within an institution, and within individual staff of the institution. The same question could be asked of how to better develop teaching expertise in many higher education sectors globally. It is proposed that to create excellent teaching and learning within an institution may better be achieved by allowing staff to become experts in a narrow field of teaching rather than
generalists across the basics of teaching. The creation of a Community of Experts in teaching parallels the process of creating a Community of Experts in Research and can bring similar benefits in the teaching area to what it does in the research area.

International and interdisciplinary approach to curriculum : the Melbourne model

‘The Melbourne Model’ is a new approach to university curriculum that has been adopted recently by the University of Melbourne, Australia. It incorporates elements of the 3+2+3 or three cycle structure identified in the Bologna Process, and of the objectives of ‘liberal education’ evident in undergraduate education in North America. The Melbourne curriculum model is internationally aligned, while simultaneously responsive to the particular context of Australian higher education policy. The new curriculum also incorporates interdisciplinarity of several variants in order that all students are exposed to and learn about alternative knowledge domains, methods of investigation and enquiry, and different ways of knowing. Interdisciplinary study in the Melbourne Model is ensured through a requirement that students study one quarter of their subjects outside their core curriculum, a requirement known as ‘breadth’. This paper examines two aspects of the Melbourne Model curriculum: its international nature and interdisciplinary character.

Use of in vitro critical inhibitory concentration, a novel approach to predict in vivo synergistic bactericidal effect of combined amikacin and piperacillin against pseudomonas aeruginosa in a systemic rat infection model

PURPOSE: This study was undertaken to explore the use of in vitro critical inhibitory concentration (CIC) as a surrogate marker relating the pharmacokinetic (PK) parameters to in vivo bactericidal synergistic effect [pharmacodynamic (PD)] of amikacin + piperacillin combination against Pseudomonas aeruginosa in a systemic rat infection model. METHODS: The in vitro antibacterial activities of amikacin and piperacillin, alone and in combinations at various ratios of the concentrations, were tested against a standard [5 x 10(5) colony-forming units (CFU)/ml] and a large (1.5 x 10(8) CFU/ml) inoculum of P. aeruginosa ATCC 9027 using a modified survival-time method. The CIC of each individual antibiotic for the different combinations was determined using a cup-plate method. In vivo studies were performed on Sprague-Dawley rats using a systemic model of infection with P. aeruginosa ATCC 9027. PK profiles and in vivo killing effects of the combination at different dosing ratios were studied. RESULTS: An inoculum effect was observed with the antibiotics studied. Synergy was seen against both the inocula at the following concentration ratios: 70% C(ami) + 30% C(pip) and 75% C(ami) + 25% C(pip), where C(ami) and C(pip) are the concentrations of amikacin and piperacillin to produce a 1000-fold decrease in bacterial population over 5 h, respectively. The CIC values determined corroborated with the order of in vitro bacterial killing observed for the antibiotic combinations. The dosing ratio of 12.6 mg/kg amikacin + 36 mg/kg piperacillin (a 70:30 ratio of the individual doses) exhibited the greatest killing in vivo when compared to the other ratios. The PK-PD relationships were described by simple, linear regression equations using the area under the in vivo killing curve as a PD marker and the AUCIC(ami)/CIC(ami) + AUCIC(pip)/CIC(pip), AUC(ami)/CIC(ami) + AUC(pip)/CIC(pip), C(max,ami)/CIC(ami) + C(max,pip)/CIC(pip), and AUCIC(ami)/MIC(ami) + AUCIC(pip)/MIC(pip) as PK markers for the amikacin + piperacillin combination. CONCLUSION: The combination of amikacin and piperacillin exhibited synergistic killing effect on P. aeruginosa that could be modeled using CIC as a surrogate marker relating the PK parameters to in vivo bactericidal effect.

A strategic approach to target marketing-choosing the preferred generic customer : a model of shareholder value performance

In recent years the contribution of the marketing function has changed and interest now centres on its contribution to a firm’s financial performance. The Marketing Science Institute in the USA has stated that it is the number one marketing issue facing corporate America. The Australian Marketing Institute is promoting a set of marketing metrics that will help Australian firms measure the function’s contribution to shareholder value creation. Much of the literature relates notions such as customer satisfaction and other marketing activities with a firm’s profit. A missing link appears to be the choice firms make in terms of which customer groups to target and the resultant impact on shareholder value performance. The generic customer groups comprise: existing customers, former customers and prospects. A review of the literature reveals that marketing costs and benefits vary across these groups. The challenge for management is to determine which group represents the best target and to allocate scarce marketing resources accordingly. The task is made even more challenging because the economic value of members within each group also varies and some product lines may be unprofitable and therefore, may not be worth pursuing. To generate superior shareholder value it may not simply be the case of acquiring the maximum number of new customers from any source but to find the appropriate mix of the generic customer groups and manage the individual customer relationships accordingly. This paper seeks to firstly summarise and review the recent literature on marketing and its relationship to shareholder value and secondly to propose a model for allocating marketing resources across generic customer groups in order to generate improved shareholder value performance. Importantly, the model not only covers increasing business with customers but also shedding customers or shedding the extent of business conducted with customers as means of generating shareholder value.

Towards the confirmation of the MOA model : an applied approach

The aim of this paper is to develop a grounded understanding of the role that the MOA constructs play in influencing environmentally responsible  behaviour. Data collected is used to qualitatively confirm the MOA Model (Rothschild, 1999) in an environmental management application and provide a basis to inform the development of a comprehensive quantitative causal investigation. This study will seek to determine the specific contributions of each MOA factor in the study context. The case study chosen for this investigation is representative of other social marketing applications for the MOA framework. The case study concerns the behaviour of agrarian land managers with respect to the rabbit pest problem affecting rural Australia. The paper concludes by confirming the appropriateness of the constructs within the MOA Model.

An evolutionary computing approach to minimize dynamic hedging error

The objective of our present paper is to derive a computationally efficient genetic pattern learning algorithm to evolutionarily derive the optimal rebalancing weights (i.e. dynamic hedge ratios) to engineer a structured financial product out of a multiasset, best-of option. The stochastic target function is formulated as an expected squared cost of hedging (tracking) error which is assumed to be partly dependent on the governing Markovian process underlying the individual asset returns and partly on
randomness i.e. pure white noise. A simple haploid genetic algorithm is advanced as an alternative numerical scheme, which is deemed to be
computationally more efficient than numerically deriving an explicit solution to the formulated optimization model. An extension to our proposed scheme is suggested by means of adapting the Genetic Algorithm parameters based on fuzzy logic controllers.

Linking attitudes and demographics in a tourist segmentation model : a two-stage approach

Segmentation has been widely studied in tourism research e.g. Dolnicar (2004). Dawley (2006) points that commonly used segmentation variables such as demographics lead to identifiable segments which are not actionable while other useful approaches e.g. psychographics, are actionable but not identifiable. The objective of this paper is to develop a two-stage linkage approach to segmentation whereby cluster analysis using psychographic variables is conducted within demographic group. Demographic groups are selected based on propensity to travel. This research utilizes data generated from a cross-sectional self-completed survey of 49,105 Australian respondents on travel and tourism. The managerial usefulness of this segmentation is assessed. Clearly segments can be directly linked both demographically and psychographically.

Risk allocation in public-private partnership projects : an innovative model with an intelligent approach

Both the increasing private participation in public projects and the critical importance of appropriate risk allocation to the success of Public-private partnership (PPP) projects justify specific research on how to establish effective risk allocation strategies in PPP projects. Partner’s risk management capability is currently the main concern to risk allocation in PPP projects. Following the transaction cost economics, it is argued that factors such as partner’s commitment and risk management structure should be considered simultaneously in order to develop effective risk allocation strategies. Based on the holistic capability-commitment governance-driven view, this paper proposed a model for generating an optimal risk allocation strategy in PPP projects. The model is demonstrated and described. An artificial intelligent technique integrated with fuzzy logic for model testing and validation is then introduced and justified. The innovative model is expected to provide a logical and complete understanding of the risk allocation strategy selection process, and to provide stakeholders with a richer framework than previously existing ones to guide their decision-making on risk allocation strategies.