Investment opportunities and leverage: some Australian evidence on the role of board monitoring and director equity ownership

This paper tests the hypothesis that the negative relationship between investment opportunity set (IOS) and debt is moderated by board monitoring and director equity ownership. According to contracting theory, firms with high growth opportunities (high IOS) are associated with lower levels of debt as a result of the asset substitution and the under-investment problem. However, our hypotheses test the conjecture that the negative debt / IOS relationship will be moderated by the proportion of non-executive directors (NEDs) on the board and director equity ownership. NEDs provide higher monitoring which reduces management discretion while director equity ownership provides incentives for managers to maximize the value of the firm. More specifically, we expect that high growth firms with a higher proportion of non-executive directors and director equity ownership are less likely to be associated with asset substitution and under investment. Thus, the negative investment opportunity set / debt relationship will be weaker for firms with higher levels of non-executive directors and high director equity ownership. Data collected from Australian companies support both these two hypotheses. Results have significant implications for corporate finance theory.

Perceptions of athletic competence and fear of negative evaluation during physical education

Background. Physical education (PE) aims to enhance self-esteem, develop sporting interests and to encourage a physically active life-style. However, little is known about how a fear of negative evaluation (FNE), the socially evaluative aspect of social anxiety, affects children's attitudes to PE.

Aim. The aim of the study was to investigate the relationships between perceived athletic competence and FNE within PE lessons, specifically looking at differences between boys and girls and primary and secondary schools.

Sample. The participants were 192 children in three primary schools (N=85, mean age=9.5±1.1 years) and two secondary schools (N=107, mean age=14.5±0.8 years) from rural areas of North Wales and the Midlands region of England.

Methods. The participants completed the Brief-FNE Scale and the Self-Perception Profile for Children immediately post-lesson on one occasion.

Results. Girls had higher FNE but lower perceptions of athletic competence than did boys. Older girls had higher FNE and lower perceived competence than the remaining three groups. Additionally, a significant and reverse but weak correlation was observed between girls' perceived athletic competence and FNE.

Conclusions. The findings suggest that girls with a high FNE report lower perceptions of their athletic competence. Individuals who are high in FNE behave in ways to avoid the prospect of being evaluated negatively. However, they may seek feedback from significant others as a signal that unfavourable evaluations have been avoided. Therefore, positive, encouraging feedback used in child-centred learning strategies may foster feelings of competence in boys and girls and could reduce the girls' social anxiety.

Elite athletes' perceptions of the effects of illicit drugs use on athletic performance

Objective: To investigate the perceived risks and benefits that elite athletes associate with illicit drugs and their beliefs concerning the effects of recreational drug use on athletic performance.

Design: Self-administered survey.

Participants: Nine hundred seventy-four elite athletes (mean age, 23 years; range, 18-30 years) were recruited from 8 national sporting organizations in Australia and the Australian Institute of Sport.

Interventions: Participants completed a self-administered survey that included questions exploring participants’ perceptions regarding the effects of illicit drug use on physical performance.

Setting: National sporting organization meetings or competitions.

Main Outcome Measures: The main outcome measure was risk perception on athletic performance associated with illicit drug use.

Results: The majority of athletes believed that illicit drug use would impact negatively on athletic performance. The main perceived effects of illicit drugs on athletic performance were physical and mental functioning. A minority of athletes indicated that drug use would not impact on physical performance when taken during the offseason or in moderation.

Conclusions: The main risks perceived in association with illicit drug use were short-term consequences, such as physical and mental functioning, rather than long-term health consequences. The current findings may contribute to the development of harm reduction strategies that communicate drug-related consequences to elite athletes in an appropriate and effective manner.

Director in your pocket : holistic help for the hapless home videographer

We present a new aspect of our ongoing research aimed at providing technology for the amateur home videographer. We aim to enable the production of quality video presentations that are well structured and use the expressive properties of the medium to full effect, regardless of the technical or artistic abilities of the user. This task requires that help be given to the user at or before capture time. We use a PDA platform to deliver 3d visualizations of shot directives, instructions to the user about the type of footage to capture, and discuss issues connected with realizing high-level representations in concrete first person animations. Additionally, we discuss the mechanism for mating that metadata with captured footage and implementation issues.

Warming up and stretching for athletes : A meta-analysis of the research literature from 2000 to 2006 in light of current athletic practice

This review presents the methods used to investigate the effects of various stretching protocols on muscular force and performance, in light of current individual and elite athlete stretching practices in their warm-up routines. A meta-analysis of peer-reviewed articles between the years of 2000 and 2007 revealed the majority of studies support the notion that static stretching is detrimental to muscular force and performance. However, the meta-analysis also revealed that the protocols used do not necessarily match current practice with many elite athletes. This article proposes, based on the mismatch between research and practice, that further studies must address this issue in further exploring the role of stretching in pre-training and competition warm-up routines.

The value of executive director share ownership and discretionary accruals

Purpose – The purpose of this paper is to investigate the relation between the value of executive director share ownership and discretionary accruals.

Design/methodology/approach – This study uses a dataset of 1,173 firm-year observations drawn from 188 Australian listed companies for the period 2000-2006. The analysis is based on multivariate regression analysis and ordinary least square models were used to investigate the relation between the value of managerial ownership and discretionary accruals. The issue of potential endogeneity is addressed by using a simultaneous equation system.

Findings – A negative relation is found between value of managerial share ownership and discretionary accruals at lower levels of value of ownership, which is consistent with the theorised incentive alignment that as the managers commit more resources to their firms, stakeholders impose less contractual constraints specified in terms of accounting numbers and managers make lower accrual adjustments. After a certain level of value of ownership is attained, a positive relations seen, consistent with increased discretionary accrual adjustments associated with stakeholders anticipating managerial entrenchment. Also, it is found that these results are driven by firms with income increasing, as opposed to income decreasing, discretionary accruals.

Practical implications – Shares and options are forming an increasing proportion of executive remuneration that continues to be the subject of much debate amongst regulators and in the media. Showing that the value of share ownership may be an effective internal governance mechanism to help align incentives adds to the debate and has policy implications.

Originality/value – The paper's primary contribution is finding that the value (as opposed to proportion) of share ownership, typically representing a sizeable proportion of managers' undiversified wealth, is a potentially direct driver of theorised incentive alignment and entrenchment effects associated with share ownership.

Self-report measures in athletic preparation

This thesis provides theoretical and applied support for the use of self-report measures for athlete monitoring. Athlete self-report measures were found to effectively reflect the training response, whilst also providing a means to improve communication, confidence, and regulation of athletic preparation. Context-specific guidelines for implementation were also identified.

Canadian Society for Exercise Physiology position stand : the use of instability to train the core in athletic and nonathletic conditioning

The use of instability devices and exercises to train the core musculature is an essential feature of many training centres and programs. It was the intent of this position stand to provide recommendations regarding the role of instability in resistance training programs designed to train the core musculature. The core is defined as the axial skeleton and all soft tissues with a proximal attachment originating on the axial skeleton, regardless of whether the soft tissue terminates on the axial or appendicular skeleton. Core stability can be achieved with a combination of muscle activation and intra-abdominal pressure. Abdominal bracing has been shown to be more effective than abdominal hollowing in optimizing spinal stability. When similar exercises are performed, core and limb muscle activation are reported to be higher under unstable conditions than under stable conditions. However, core muscle activation that is similar to or higher than that achieved in unstable conditions can also be achieved with ground-based free-weight exercises, such as Olympic lifts, squats, and dead lifts. Since the addition of unstable bases to resistance exercises can decrease force, power, velocity, and range of motion, they are not recommended as the primary training mode for athletic conditioning. However, the high muscle activation with the use of lower loads associated with instability resistance training suggests they can play an important role within a periodized training schedule, in rehabilitation programs, and for nonathletic individuals who prefer not to use ground-based free weights to achieve musculoskeletal health benefits.

Director remuneration and narrative disclosure of remuneration changes: remuneration committee effects

 This thesis investigates the impact of remuneration committees on CEO remuneration, the narrative voluntary disclosure of remuneration information and its attribution. Results show the existence and quality of a remuneration committee play an important roles in relation to CEO remuneration and in relation to remuneration narrative disclosures and attribution.