Conflicts of interest and china's A-Share underpricing

The extremely high A- share underpricing in China's primary market provides us with a very interesting area of empirical research. Previous studies on China's IPO underpricing have been suggestive, but in-conclusive. We investigate the A- share underpricing by employing the most recent data available. A significant decline in A- share underpricing is found in 2003 relative to previous years (and much less than that recorded in the literature to date). We examine the validity of previous A- share underpricing models, reported in the literature, and find a statistically significant structural break in the data during 2003 when these models are specified. We further explore conflicts of interest in the Chinese IPO market and specify an alternative class of models to further examine this change in observed market behaviour. Our results suggest that a contract with high underwriter's fee leads to less A- share underpricing. Our results also suggest that the asymmetric information hypothesis does not apply in the Chinese !PO market in 2003. Overpricing by the secondary market and the trading activity on the first trading day are the main functions of the A- share underpricing. This study has important implications such as guiding the Chinese government policy regarding the regulations of Initial Public Offering.

Wrestling with `conflict of interest` in sport management

Purpose – The purpose of this paper is to discuss how the relationship between sport and business has increased the complexity of ethical issues affecting contemporary sport management. Specifically, this paper seeks to define conflict of interest and how it is manifested in both business and sport.
Design/methodology/approach – The paper provides a conceptual discussion of the issue of conflict of interest as it relates to the management and governance of sports organizations. Relationships between business ethics, governance and sport management are examined in the quest to understand conflict of interest and its prevalence in and relevance to sport management.
Findings – Conflicts of interest within the sport industry may have the same structural elements as those occurring in mainstream business, such as benefits, obligations and issues of trust, but it is the higher societal expectations and values placed on sport and sporting organizations that provide the key points of difference.
Practical implications – Through collaboration with sport management practitioners, via inductive in-depth research, a clearer definition of conflict of interest and the range of situations in which it may occur can be developed. It is through a continued research effort in this area that sport managers will be better able to both identify and manage conflicts of interest as they occur.
Originality/value – It is the lack of definitive examples or guidelines for recognition of an actual or a potential conflict of interest that appears to cause the greatest confusion within sport management. By drawing together the key concepts found within the extant literature, a clearer understanding of what constitutes a conflict of interest is provided by this paper.

Conflicts of interest and China's A-share underpricing

The extremely high A-share underpricing in China's primary market provides us with a very interesting area of empirical research. Previous studies on China's IPO underpricing have been suggestive, but inconclusive. A significant decline in A-share underpricing is found in 2003 relative to previous years (and much less than that recorded in the literature to date). We examine the validity of previous A-share underpricing models, reported in the literature, and find a statistically significant structural break in the data during 2003 when these models are specified. We further explore conflicts of interest in the Chinese IPO market and specify an alternative model to further examine this change in observed market behavior. Our results suggest that a contract with high underwriter's fee leads to less A-share underpricing. Our results also suggest that the asymmetric information hypothesis does not apply in the Chinese IPO market in 2003. Overpricing by the secondary market and the trading activity on the first trading day are the main functions of the A-share underpricing. This study has important implications such as guiding the Chinese government policy regarding the regulations of initial public offering.

Public land use planning using bioregions and other attributes : determining the study area of the VEAC river red gum forests investigation

In order to plan for the best use of public land at a regional scale the determination of an appropriate regional boundary is important for ecological, resource use and recreational reasons. The study area for the Victorian Environmental Assessment Council's (VEAC) River Red Gum Forests Investigation incorporated bioregional boundaries, modelled pre- I750 vegetation distribution, recent public land use investigations, and the distribution of public land. This paper outlines how ecological attributes and past land use studies were used to inform the boundary for this major study of public land along the Murray River in northern Victoria.

Sense of community in science fiction random, part 1: Understanding sense of community in an international community of interest

Within the discipline of community psychology there is debate as to the dimensions underlying the construct psychological sense of community (PSOC). One of the few theoretical discussions is that of McMillan and Chavis (1986), who hypothesized four dimensions: Belonging; Fulfillment of Needs; Influence; and Shared Connections. Discussion has also emerged in the literature regarding the role of identification within PSOC. It has been suggested that differences in PSOC may be understood in terms of the degree to which members identify with their community (Fisher & Sonn, 1999). However, few studies have explored the place of identification in PSOC. In addition, while PSOC has been applied to both communities of interest and geographical communities, little research has looked in depth at PSOC within communities of interest. The current study therefore explored PSOC in science fiction fandom, a community of interest with membership from all over the world, by means of a questionnaire distributed at an international science fiction convention (N = 359). In an endeavor to clarify the underlying dimensions of PSOC, the questionnaire included several measures of PSOC, and measures of identification with the community. Results showed that science fiction fandom reported high levels of PSOC. Support emerged for McMillan and Chavis' (1986) four dimensions of PSOC, with the addition of a fifth dimension, that of Conscious Identification. These results, and implications for PSOC research, are discussed.

Board directors and conflict of interest : a study of a sport league

Conflict of interest is one aspect of governance that has the potential to damage both an organisation and those who govern that organisation. Board directors of sport organisations are faced with a number of influences particular to sport business, which can impact on the process of managing conflict of interest. This research identified processes and attributes that influence directors: selection processes, outside roles, experience, regulation, education, motivation and qualifications. Directors and CEOs drawn from a sample of five Australian Football League (AFL) clubs and members of the AFL commission were interviewed. Data analysis was undertaken using a constructivist grounded theory method, and key processes (selection processes and director education) and attributes (outside roles, experience, regulation, motivation and qualifications) of non-executive directors were identified. By better understanding the influences on board directors in sport organisations, and the impact of these on managing conflict of interest, the potential for damage to the directors and the organisation may be decreased.

Categorisation of knowledge management processes in the development of sustainable enterprises

Sustainable development is a growing area of interest in organisations. Particularly those that have large energy demands for processing, use dwindling raw materials or produce a great deal of waste through production. Knowing those processes that can contribute to making an organisation more sustainable provides a great advantage both in terms of project implementation success and in measurable Triple Bottom Line returns.

In previous research we identified that many of the Information Technology processes used to assist organisations in developing sustainable practices were more clearly suited as Knowledge Management processes (Van Der Meer and Sinnappan, 2008), however less empirical study has been done to categorise them meaningfully.

In this study we have taken these Knowledge Management processes and categorised them according to the sustainable development practice where we identify they can be of service based on Waage et al (2003). Through this we are hoping to develop a framework for organisations to determine what Knowledge Management processes are needed to achieve the particular sustainable development. We may also be able to judge what steps an organisation needs to take to develop further sustainable practices in other areas.

Development of a framework for knowledge management tools in sustainable development would assist industries in determining the best processes for these sustainable projects. This framework also contributes to the body of knowledge on sustainable development and Information Technology.

Use of high resolution digital multi-spectral imagery to assess the distribution of disease caused by Phytophthora cinnamomi on heathland at Anglesea, Victoria

Disease caused by the soilborne plant pathogen Phytophthora cinnamomi causes long-term floristic and structural changes in native vegetation communities in Australia. Key components of the management of this disease are to know where it occurs and the rate at which it spreads. The distribution of P. cinnamomi has generally been assessed as locality points of infestation and mapping the extent of diseased vegetation in any area is difficult and costly. This study was undertaken in P. cinnamomi-infested heathland communities in southern Victoria, Australia, where the symptoms of P. cinnamomi arise as a mosaic within healthy vegetation. We investigated the potential to improve the efficiency and effectiveness of mapping and monitoring vegetation affected by P. cinnamomi using digital multi-spectral imaging. This technique was developed for the purposes of monitoring vegetation and provides a single, seamless ortho-rectified digital image over the total area of interest. It is used to spatially quantify small differences in the characteristics of vegetation. In this study, the symptoms of disease caused by P. cinnamomi infestation were related to differences in the imagery and were used to map areas of infestation. Comparison of the digital multi-spectral imaging indications with on-ground observations gave moderate accuracy between the datasets (κ = 0.49) for disease and healthy indications. This study demonstrates the ability of the technique to determine disease extent over broad areas in native vegetation and provides a non-invasive, cost effective tool for management.