A tale of action, suspense and drama : Village Roadshow’s buy-back scheme

The experience of Village Roadshow, in its two failed attempts to have a share buy-back scheme approved by the Supreme Court, sounds a warning to companies and their legal advisers about the pitfalls in presentation of such schemes to shareholders.

Promoting transportation cycling for women : the role of bicycle infrastructure

Objective.
Females are substantially less likely than males to cycle for transport in countries with low bicycle transport mode share. We investigated whether female commuter cyclists were more likely to use bicycle routes that provide separation from motor vehicle traffic.
Methods.
Census of cyclists observed at 15 locations (including off-road bicycle paths, on-road lanes and roads with no bicycle facilities) within a 7.4 km radius of the central business district (CBD) of Melbourne, Australia, during peak commuting times in February 2004.
Results.
6589 cyclists were observed, comprising 5229 males (79.4%) and 1360 females (20.6%). After adjustment for distance of the bicycle facility from the CBD, females showed a preference for using off-road paths rather than roads with no bicycle facilities (odds ratio [OR] = 1.43, 95% confidence interval [CI]: 1.12, 1.83), or roads with on-road bicycle lanes (OR = 1.34, 95% CI: 1.03, 1.75).
Conclusions.
Consistent with gender differences in risk aversion, female commuter cyclists preferred to use routes with maximum separation from motorized traffic. Improved cycling infrastructure in the form of bicycle paths and lanes that provide a high degree of separation from motor traffic is likely to be important for increasing transportation cycling amongst under-represented population groups such as women.

Anonymous credential-based access control scheme for clouds

In the cloud, data is usually stored in ciphertext for security. Attribute-based encryption (ABE) is a popular solution for allowing legal data users to access encrypted data, but it has high overhead and is vulnerable to data leakage. The authors propose an anonymous authorization credential and Lagrange interpolation polynomial-based access control scheme in which an access privilege and one secret share are applied for reconstructing the user's decryption key. Because the credential is anonymously bounded with its owner, only the legal authorized user can access and decrypt the encrypted data without leaking any private information.

Creating an elite? the diplomatic cadet scheme, 1943-56

This volume explores key aspects of the development of the Australian Department of External Affairs in the three decades from 1941 to 1969 as it evolved from a small amateur department to a highly professional global operation.

An Analysis of the Association Between Firm Risk, Executive Share Options and Accounting Performance: Some Australian Evidence

This paper examines whether the financial performance of the firm is associated with the risk-taking propensity of executives, which is inferred from the structure of their share option portfolio. The objective of this paper is to determine if executives have greater risk bearing preferences when they have more share options than shares in their firm. In turn, executives' risk-taking preferences suggest that these decision-makers adopt value-increasing strategies. The results of this study support this notion. The results of the study of 182 Australian firms demonstrate that the negative relationship between firm risk and firm performance is weaker when executives hold a higher proportion of share options than shares in their investment in the firm. These results hold implications for executives' compensation contracts. That is, executives who share in their firms' risk via share options are more likely to undertake risky activities with high-expected performance outcome.

An almost universal scheme of national service in Australia in the 1950s

While the Australian Government partly justified the introduction of a universal National Service Training Scheme for eighteen-year old males in 1951 by highlighting the threat of imminent war and the consequent need for military preparedness, advocates also believed that national service encouraged the development of a sense of civil responsibility. Its confidence in the potential of national service to promote citizenship explains why the government was so strongly committed to the scheme's universality. Nonetheless, although the government went to great lengths to enforce compliance, Aborigines and those from other "non-white" backgrounds were actively discouraged from participation and women were only reluctantly admitted to the professional army. As would be expected in this period, they were never considered for national service. An examination of the rationale for national service and the associated discourse for inclusion and exclusion not only indicates the social assumptions shaping policy-making by government and bureaucratic elites in 1950s Australia, but also reveals their wider social aspirations.

Evaluating health promotion in schools: a case study of design, implementation and results from the Hong Kong Healthy Schools Award Scheme

Health promoting schools (HPS) and Healthy Schools Award Schemes from a number of countries have demonstrated positive changes in children’s health behaviours and the culture and organisation of the school. The Hong Kong Healthy Schools Award Scheme (HKHSA) aims to promote staff development, parental education, involvement of the whole school community, and linkage with different stakeholders to improve the health and well-being of the pupils, parents and staff, and the broader community, supported by a system to monitor the achievement. This concept is very much in line with the research literature on school effectiveness and improvement. The indicators examined to evaluate the success of the HKHSA reflect outcomes related to both health and education and are not limited to changes in population health status. The early results demonstrated significant improvements in various aspects of student health and also improvement in school culture and organisation. The evaluation framework described in this paper and data collected to assess how schools perform in the HKHSA scheme, provides insight into how HPSs could lead to better outcomes for both education and health.

Short-run performance of recent Australian on-market share buy-back announcements

Share buy-backs (or share repurchases) have become increasingly popular among Australian companies during the recent times. One of the aims of share buy-back is to increase the shareholders' wealth by increasing the market price of company shares. While there are several ways of buying backs shares, on-market buy-backs is the most popular method of share repurchase in Australia. Australian listed companies have announced more than two hundred on-market share buy-backs over the past three years. The aim of this paper is to examine the short-run market performance of these recent on-market buy-back announcements.

Short-term effect of on-market buy-back announcements on the share price is an issue, which is theoretically interesting and practically important. Buy-back announcements are believed to convey a signal to the market (i.e., signalling effect). If the market considers this signal positively, the short-run price of the shares would increase. If the signal were considered negatively, the short-run price of shares would decrease. If there is no signalling content or the signal is neutral the price would remain the same. In this study, signalling effect of share buy-back announcements is empirically examined using most recent Australian data. The total population of on-market buy-back announcements that have been lodged with Australian Stock Exchange by Australian listed companies during the period from 1 January 2000 to 10 March 2003 are included in this study. The abnormal market return over the short-run (announcement day and 10 trading days centred on the announcement date) is examined using the All Ordinaries Accumulation Index as the reference portfolio. The daily abnormal returns (AR) and cumulative abnormal returns (CAR) during the event period are computed. The results indicate that the Australian market generally positively reacts to on-market buy-back announcements.

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.

The employee share ownership plan: what value has it for Australia?

The Australian government is currently committed to the goal of increasing organisational participation in employee share ownership plans (ESOP) from 4% of all companies to 11% by 2009. The Nelson Report into ESOPs commissioned by the Honourable Brendan Nelson highlighted the lack of comprehensive information on the nature and extent of ESO plans in Australia. ” (Nelson 2000). This paper places the program in context by reviewing overseas experiences and considers the viewpoints of both employers and employees. The preliminary investigation concludes by highlighting the need for further thorough research before success for all types of businesses can be confidently predicted. ”

Mentoring volunteer festival managers : evaluation of a pilot scheme in regional Australia

Festival managers in regional locations often have limited access to didactic experiences in their field. As such, developing strategies that enhance the skills of festival management in regional locations can be challenging. This paper, set within the context of the Australian regional arts festival sector, evaluates a pilot mentoring scheme developed by Regional Arts Victoria and Arts Victoria to assist volunteer festival managers to enhance the management, and focus the artistic direction, of their festivals. The results of the evaluation, based on six case studies, indicate that mentoring is highly suited to this scenario. Recommendations are made with regard to the future application of mentoring within this context, particularly in relation to communication and formalisation.

The design and implementation of an active replication scheme for distributing services in a cluster of workstations

Replication is the key to providing high availability, fault tolerance, and enhanced performance in a cluster of workstations (COWs). However, building such a system remains as a difficult and challenging task, mainly due to the difficulty of maintaining data consistency among replicas and the lack of easy and efficient tools supporting the development procedure. In this paper we propose an active replication scheme in which data consistency can be maintained. Based on the active replication scheme, we present an object-oriented design pattern and a constructing tool to simplify the design and implementation of service replications in COWs.

A scheme for content based retrieval of music data in MIDI format

With phenomenal increases in the generation and storage of digital audio data in several applications, there is growing need for organizing audio data in databases and providing users with fast access to desired data. This paper presents a scheme for the content-based query and retrieval of audio data stored in MIDI format. This is based on extraction of melody from the MIDI files and suitably comparing with the melody of the query. The results of retrieval using the proposed algorithm are presented.