Differences in underpricing of A-REIT IPOs and Australian property company IPOs

Purpose – A variety of papers have analyzed the underpricing of REIT IPOs or property company IPOs. The purpose of this paper is to compare the two sectors and examines differences in the underpricing of the two types of IPOs. Design/methodology/approach – An OLS regression is used to identify factors influencing the underpricing of A-REIT and property company IPOs from 1994 until 2014. Findings – This study finds that A-REIT IPOs have a significantly lower underpricing on average than Australian property company IPOs. The time taken to list appears to influence the underpricing of both A-REIT IPOs and property company IPOs, in that issues that are filled more quickly have higher underpricing but with the magnitude of the impact being less for A-REITs. The sentiment toward the stock market also appears to impact on the underpricing of A-REIT and property company IPOs again with the magnitude of the impact being less for A-REITs. Practical implications – The paper provides information to new A-REIT and property company issuers, underwriters and investors. Originality/value – The study is the first to compare and examine the differences in the underpricing of both REITs and property companies in the one country over the same time period.

Why all directors should be shareholders in the company: the case against "independence"

It is argued that the shift towards more 'independent' directors, in the wake of corporate collapses, is a fundamentally bad move, undermining the rights and powers of minority shareholders - entrenches a second-rate corporate governance model, separation of ownership and control, in company law - rather than suggest cosmetic reform in an attempt to address the problem, it is proposed that all directors must have significant interest in the company they serve - directors' self-interests and the best interests of the company become intertwined - this is a more effective way of tackling the problem of separation of ownership and control

Australian quantity surveyors utilize ICT and ERP system improving efficiency

Despite Information Communication Technology (ICT) can help to improve efficiency and Enterprise Resource Planning (ERP) system has been widely perceives as an efficient mean, diffusion rate is slow in construction industry and amongst quantity surveying profession. Today, quantity surveyor must frequently communicate with other stakeholder throughout the design and construct process and using information technology is a must. The more technologies evolve, the more quantity surveying with change and evolve to utilize these technologies. This paper, through literature review, firstly identifies perceived benefits of using ICT/ERP system, secondly concludes the critical success factors that may affect decision of adopting ICT/ERP tool in practice, and thirdly to suggest three effective evaluation tools before/after implementing ICT/ERP strategy. The ultimate goal is to advise how Australian quantity surveyors (QS) can utilize ICT and ERP system to improve efficiency.

Seduction and demise in East Berlin: Digital prototype for an immersive opera

‘Seduction and Demise in East Berlin – a digital prototype for an immersive opera’ is a reflective case study of how digital technologies can be successfully applied to facilitate dynamic mediated partnerships and collaborations resulting in cutting-edge industry standard outcomes in the fields of design, performance and digital media. The ongoing use of online interaction throughout the development of the prototype facilitated a grammar of participation, collaboration and output between third year tertiary design students from Deakin University and independent Opera Company the Beggars Opera Co-Operative (BegOpCoOp), resulting in the achievement of positive professional outcomes for both project partners. Through this process, students at Deakin University Visual Communication Design department developed a normative working model that enabled a swift engagement with and response to the creative and strategic challenges that come with applying contemporary design practice in a current industry context. BegOpCop, as the industry partner, were able to use the digital collaborative process as a springboard to interrogate and innovate their own practice as producers of contemporary operatic repertoire and to develop exciting new digital and design-savvy creative collateral with which to seek further production partners, taking them to the next professional level as a growing arts organisation.

Extending light-weighting and mass-production of ultra high strength steels via condition-based maintenance

The use of ultra high strength steels (UHSS) in the automotive industry presents a significant opportunity for continued vehicle light-weighting, due to possible strength-to-weight improvements of three to four times that of conventional sheet steel grades. This performance benefit is achievable whist maintaining most of the advantages of low-cost mass-production associated with the cold stamping of sheet steel for automotive body components. However, the introduction of UHSS can result in significantly increased wear of the stamping tools, which is difficult to predict at the design stage and can lead to unexpected process failure during mass-production. Therefore, there is a need to be able to monitor and predict the onset of severe wear, such that the best course of condition-based maintenance can be scheduled and unscheduled stoppages due to tool wear eradicated. This paper describes a novel active monitoring system that is being developed by researchers at Deakin University, The Australian National University and Ford Motor Company, Asia Pacific and Africa. The aim of the active monitoring system is to detect the initial onset of a change of state, such as wear, through the measurement of variables such as punch force and audio signals. A semi-industrial stamping process, using a progressive die setup and high strength steel sheet with hardened tool steel tooling, is the experimental basis for the initial model and system development.

Derivative actions as a mechanism for the protection of minority shareholders in China: a result of convergence or divergence

The protection of minority shareholders has become one of the key features of company law reform in many countries in recent years. Various mechanisms have been created to achieve this objective. Australia has introduced the statutory derivative action procedure mainly based on models drawn from Canada and New Zealand; this provision was inserted into the Corporations Act in March 2000. China has also adopted a similar mechanism – known as the shareholder representative action; this scheme was based upon China’s understanding of statutory derivative actions in Western countries. China’s derivative action mechanism is reflected in amendments to the 2005 PRC Company Law and 2005 Securities Law that both were passed on 27 October 2005 and came into effective on 1 January 2006. The development of statutory derivative actions in different countries demonstrates the interaction between forces of convergence and divergence in company law reforms. This article reviews different mechanisms adopted in the Chinese law for the protection of minority shareholders. It especially focuses on an analysis of the nature of the shareholder representative action and the procedures for its utilisation in China – the equivalent to Western countries’ derivative actions. In comparison with statutory derivative actions in Australia, this article argues that the concept of the shareholder representative action in China rests upon a misunderstanding of Western derivative actions; this has involved a compromise between the dire need to protect shareholders and the ambiguities of a weak court system. As a consequence, China’s reforms in this area are largely a tentative gesture and are therefore unlikely to be very effective.

Codes of ethics in corporate Sweden

Purpose – The purpose of the study is to examine and describe the use of codes of ethics in the top 100 companies operating in the Swedish corporate sector. This paper reports on the responses of those companies that possessed a code of ethics.

Design/methodology/approach – A three-stage research procedure was used. First, a questionnaire was sent to the public relations managers of the top 100 companies operating in the Swedish corporate sector (based on revenue). Companies were asked to answer up to 29 questions and to supply a copy of their code of ethics. The second stage involved content analysis of the codes of ethics supplied by survey respondents. The third stage involved a more detailed follow-up of a smaller group of firms that appeared to be close to best practice. Findings for Stage 1 of the research are reported in this paper. The areas of questioning were: how common are codes of ethics? Who was involved in the development of these codes? What are the reasons for the codes? How are they implemented? Do companies inform internal and external publics of the codes? What are the prescribed benefits of the codes?

Findings – It would appear that business ethics has only recently become a topic of interest in corporate Sweden and that many companies are in the early stages of code development and assimilation into company policies. The incidence of codes in the population (of 100) suggested by this survey (56 per cent) is lower than a US study finding (in 1995) that over 84 per cent of comparable US companies had codes of ethics. It would appear that Sweden today lags behind the US situation of 1995. When one investigates the special measures to support the inculcation of ethical values at the organizational level, there appears to be some shortfall. The supporting measures of ethics committees, ethics training committees, ethics training, ombudsman, an ethical audit and procedures to protect whistleblowers appear to be under-utilized in companies that possess codes. This lack of utilization tends to suggest that companies in Sweden, as yet, either have not developed a high commitment to supporting business ethics in their corporations, or they may have developed other methods to support their codes in their organizations that they view are as beneficial as the traditional methods practised in other western industrial democracies.

Research limitations/implications – This research was limited to internal ethical expectations. The commitment to business ethics is usually explored in terms of internal ethical expectations, but the simultaneous consideration of the external ethical expectations in the marketplace (e.g. among suppliers and customers or other publics) is desirable. A dyadic approach considering a company's internal ethical expectations and the external ethical expectations of a company's business activities may give a more balanced and in-depth approach.

Practical implications – Evidence is now available to show that codes of ethics are well developed in many of Sweden's largest corporations: organizations that, from their responses, appear to see a diverse range of benefits in developing the area of business ethics. Companies are beginning to implement not only a code of ethics, but other complementary initiatives that reinforce the need for the culture of the organization to be ethical. Codes of ethics are perceived by organizations to have assisted them in their dealings in the marketplace and many companies use their ethical values to underpin their strategic planning process. It appears that many companies now see the formalisation of business ethics as an integral part of their commercial practices.

Originality/value – This study is the first one of its kind on codes of ethics in corporate Sweden. It will enable all sectors of Swedish business to benchmark their efforts against the major companies in the Swedish corporate sector.

MRP-production planning in agile manufacturing

Over the years many researchers have been investigating the area of MRP production planning and still is an area of high interest today. This paper look at production planning where there is unpredictable demands due to the type of product and market a company produces for. Production planning becomes difficult when demand fluctuates unpredictably, and hence a historical sales forecast is used as the initial data for production planning. The sales from previous years, especially in a seasonal market, don't necessarily correlate well to the current and future sales for the next year. A planner working in such environment would have himself frustrating to create a feasible production plan that not only needs to meet customer's demands but also to built up the 'correct' amount of stock for that peak sell season. To overcome some of these problems, This work describes a production planning methodology that can be implemented robustly and quickly. This paper has studied two multi-item lot-sizing problems. We detailed the development of the planning problem mathematically and highlight some solutions to initial problems investigated.

When is property inherently defeasible for the purposes of s 51(xxxi)?

This article traces the development of the jurisprudence surrounding compulsory acquisition of property with a particular focus on the application of s 51(xxxi) of the Australian Constitution to statutory property. The examination reveals a clearly articulated methodology developed by the High Court that is principled, transparent and logically consistent with the purpose of the provision. This is contrasted with two recent decisions of the High Court, ICM Agriculture Pty Ltd v Commonwealth and Phonographic Performance Company of Australia Ltd v Commonwealth which indicate a concerning development to move away from such methodology and introduce new factors for consideration. It is argued that such development threatens to undermine the principled and transparent application of s 51(xxxi) and may reintroduce unnecessary methodological uncertainty.

Management perspective for TQM solution

Quality management is an important research topical in construction industry. The aim of this paper is to review and investigate, via extensive literature reviews, the management perspectives when construction organization implementing total quality management (TQM). If it is successfully operated, competitive advantage will be enhanced that may lead to eight beneficial areas [improve quality and environmental performance; broaden business opportunities; benefit the community; increase market share; improve finance situation; enhance organizational effectiveness; streamline response to legal issues and lessen insurance budget] which favour commercial viability. However, there are challenges in doing so which include inexperience, resources and administrative constraints, inadequate management skill, and cultural differences. Therefore, in order to foster quality culture, it needs four management directions, namely construction management (CM), knowledge management (KM), project management (PM) and human resources management (HRM). One can reasonably conclude that the quality improvements by TQM are going to create long term commercial advantages.

A conversation about choreographic thinking tools

This article aims to draw the reader into an interdisciplinary conversation between the co-authors about the use of imagery in dance creation placed under very different disciplinary lenses. The conversation has two points of departure. First, for nearly a decade the choreographer Wayne McGregor has engaged in an interdisciplinary collaborative research with cognitive scientists with the aim to develop new understandings of the choreographic process. A large percentage of this research has focused on imagery in creativity and has resulted in the development of the Choreographic Thinking Tools, currently in use by McGregor and his dance company. One third of this article is dedicated to a description of these developments combined with figures that illustrate the scientific theory lying behind them. The second point of departure and second third of this article brings these ideas into conjunction with somatic practices, as reflected in the writing of an expert practitioner invited to introduce somatics to McGregor's dance company in the framework of the Choreographic Thinking Tools. The final section that concludes the article reintroduces scientific theory with the goal to articulate some of the contrasts and overlaps between the different approaches represented in this conversation

Synchronous Objects for One Flat Thing, reproduced

Synchronous Objects is a website where a visitor/ reader can investigate the interlocking systems of organisation in the choreography of William Forsythe's dance One Flat Thing, reproduced (2000). These systems were quantified through the collection of data and transformed into a series of objects - synchronous objects - that work in harmony to explore these choreographic structures, reveal their patterns and re-imagine what they might look like. The goal of the project was to create a learning platform to engage a broad public in this exploration of choreography, to explore cross-disciplinary research and to stimulate creative discovery for specialists and non-specialists alike.