A-REIT bidder returns : an evaluation of public and private targets and method of payment

This study examines the wealth effects of fifty-six Australian Real Estate Investment Trusts (A-REITS) acquirers around the announcement date of a merger and acquisition over the period of 1996 to 2010. This study extends Ratcliffe et al (2009) by examining mergers and acquisitions of private entity targets as well as public targets and confirms recent US REIT work in this field. Utilising event study methodology we find that bidding A-REITs earn positive and significant cumulative abnormal returns (CARs) of +0.966% around the three-day announcement period [-1, +1]. Analysis also indicates bidding firms earn higher CARs when the acquisition is financed by scrip and/or a combination of scrip and cash. Consistent with prior REIT research, event study results show that A-REIT acquirers earn higher excess returns when the target is private as compared to a public target, +2.834% and +0.457% respectively. Further investigation, employing regression analysis, shows book-to-market ratio has a negative impact on bidding firms CARs, suggesting that investors penalise high book-to-market A-REITs in an M&A due to their higher risk characteristics. We also find that both specialisation by property type and relative size of the bidder compared to the target has a positive and significant influence on bidder excess returns. Finally, our results show support for the method of payment findings in the event study, with method of payment returning a negative and significant impact on the bidder CARs.

Issues in the implementation of cross-cultural management in Australia-evidence from a study of selected public and private sector organisations

This study examines the current status of cross-cultural management (CCM) in Australia.

The study is based on Reyes' (2004) Ph.D research of a qualitative nature in five organisations in the public and private sectors selected from a sample of organisations which appear to lead the field in Australia in respect of CCM. Literature is also surveyed to present a picture of the current legal and institutional setting of CCM in Australia and provide a context for the study.

Analysis of the findings highlights the gap between cross-cultural rhetoric and action in workplace situations. Problems are identified leading to incomplete and inadequate implementation of CCM in the respondent organisations. The study argues for the need for management to take a systems approach to the formulation and implementation of CCM. Some suggestions are made for improvements in the future.

An econometric model of the determinants of private investment and a CGE model of the impact of democracy on investment and economic growth in Fiji

Purpose – The purpose of this paper is to construct an econometric model of the determinants of private investment with a particular focus on the impact of democracy on investment.

Design/methodology/approach – The first step was to econometrically derive the long-run elasticities; then to modify the Fiji computable general equilibrium (CGE) model to incorporate the investment function. Also the econometrically derived long run elasticities in the CGE model were used.

Findings – It was found that democracy has a positive and statistically significant impact on private investment in Fiji. The paper's simulation of Fiji becoming a fully democratic country on investment and other macroeconomic fundamentals, based on a CGE model, reveals that real gross domestic product and real national welfare increase by around 0.01 and 0.05 per cent, respectively; government savings and revenue performance improves; there is a trade balance surplus; and both private consumption and disposable income increase by around 0.05 and 0.12 per cent, respectively.

Originality/value – This is the first study that uses a CGE model to examine the impact of democracy, via investment, on other macroeconomic fundaments. No other study is known to have modelled democracy in a CGE framework.

Sport/cultural events : public and private perceptions of the hybrid event

This paper explores the public and private perceptions of events that amalgamate two different themes into one unified event. In this paper, we refer to this as a hybrid event. The paper is set within the context of Melbourne, Australia, where two hybrid events (specifically a sport/culture event) were delivered in 2006 and 2007. Media reports about the 2007 event were analyzed to capture the public perception of the sport/cultural event, and focus group data, collected from attendees of the events, were analyzed to explore the private perceptions of the hybrid event. The results indicate that there are a range of views about the sport/cultural event, which are not always consistent. The findings of this study indicate that the hybrid event has the capacity to wade through a cluttered marketplace, but that it does require strong branding to position itself in the marketplace for competitive advantage.

Public and private psychiatry : can they work together and is it worth the effort?

OBJECTIVE: Partnerships in mental health care, particularly between public and private psychiatric services, are being increasingly recognized as important for optimizing patient management and the efficient organization of services. However, public sector mental health services and private psychiatrists do not always work well together and there seem to be a number of barriers to effective collaboration. This study set out to investigate the extent of collaborative 'shared care' arrangements between a public mental health service and private psychiatrists practising nearby. It also examined possible barriers to collaboration and some possible solutions to the identified problems.

METHOD: A questionnaire examining the above factors was sent to all public sector mental health clinicians and all private psychiatrists in the area.

RESULTS: One hundred and five of the 154 (68.2%) public sector clinicians and 103 of the 194 (53.1%) private psychiatrists returned surveys. The main barriers to successful collaboration identified by members of both sectors were: 'Difficulty communicating' endorsed by 71.4% of public clinicians and 72% of private psychiatrists, 'Confusion of roles and responsibilities' endorsed by 62.9% and 66%, respectively, and 'Different treatment approach' by 47.6% and 45.6%, respectively. Over 60% of private psychiatrists identified problems with access to the public system as a barrier to successful shared care arrangements. It also emerged, as hypothesized, that the public and private systems tend to manage different patient populations and that public clinicians in particular are not fully aware of the private psychiatrists' range of expertise. This would result in fewer referrals for shared care across the sectors.

CONCLUSIONS: A number of barriers to public sector clinicians and private psychiatrists collaborating in shared care arrangements were identified. The two groups surveyed identified similar barriers. Some of these can potentially be addressed by changes to service systems. Others require cultural shifts in both sectors. Improved communications including more opportunities for formal and informal meetings between people working in the two sectors would be likely to improve the understanding of the complementary sector's perspective and practice. Further changes would be expected to require careful work between the sectors on training, employment and practice protocols and initiatives, to allow better use of the existing services and resources.

Barriers and enablers to clinical fieldwork education in rural public and private allied health practice

There is a need to maximise rural clinical fieldwork placement to build health workforce capacity. This study investigated allied health professionals' (AHPs) experience of supervising students as part of work-integrated learning in public and private rural health settings. An anonymous postal questionnaire with 30 questions was used to collect quantitative and qualitative data about the barriers and enablers that AHPs encounter when supervising students in their clinical setting. A total of 113 public and private AHPs from Southwest Victoria, Australia, returned the questionnaire. The AHPs were trained in the disciplines of occupational therapy, physiotherapy, speech pathology, dietetics, podiatry or psychology. The majority of respondents (75%) had previously supervised students. Most respondents had only provided fieldwork education in the public sector. Allied health professionals working in public and private sectors had positive experiences with clinical fieldwork education and often had increased job satisfaction while supervising students. They experienced similar enablers to involvement in clinical fieldwork education programs, however the barriers they encountered were different. The findings highlight the differing issues between rural public and private settings that need to be addressed for successful clinical fieldwork education and work-integrated learning. Strategies to address the identified barriers need to be specific to the work conditions of each setting.

Determinants of corporate capital structure: a comparison of public and private firms

 This thesis investigates how capital structure decisions of private and public firms in the UK differ in regards to their ownership structure, information asymmetry (proxied by audit quality) and access to debt capital.

Tracking the nomadic life of the eductional researcher: what future for feminist public intellecturals and the performative university?

Is the idea of the liberal university dead, has the postmodern university any chance of being emancipatory, has the theory–practice divide merely collapsed in an era of 'new knowledge work', or has the university just become one aspect of market states and global capitalism? Knowledge-based economies locate universities as central to the commodification and management of knowledge, while at the same time the legitimacy of the university and the academic as knowledge producers is challenged by postmodernist, feminist, post-colonial and indigenous claims within a wider trend towards the 'democratisation of knowledge' and a new educational instrumentalism and opportunism. What becomes of the educational researcher, and indeed their professional organisations, in this changing socio-political and economic scenario? Is our role one of policy service, policy critique, technical expert or public intellectual? In particular what place is there for feminist public intellectuals in a so-called era of post feminism and public–private convergence? The paper draws on feminist and critical perspectives to mount a case for the importance of the public intellectual in the performative postmodern university.

Communicating climate change: public responsiveness and matters of concern

Since climate change captured global attention in the 1990s, the private individual, addressed as a member of a concerned public, has occupied a focal position in the discourse of environmental amelioration. Recently, a range of prominent books, films and television programs — for example, Tim Flannery’s The Weather Makers (2005), Al Gore’s An Inconvenient Truth (2006) and ABC TV’s Carbon Cops (2007) — have promoted the role of the individual as the ‘starting point’ for effective environmental action. These texts assume that the provision and comprehension of sufficient information to the public about climate change will change individual habits and practices. This accords with the ‘information-deficit model’ in environmental communication research, a concept that asserts a direct connection between individual awareness and response, and collective action. This paper discusses the limitations of this model, pervasive in both popular and official approaches to climate change. It will interrogate the philosophical assumptions that underlie it, in which nature and culture are polarised and the human is positioned in a certain, and separate, relationship to the non-human world — an inheritance of the very logic that enables the continued exploitation of nature. Applying Bruno Latour’s notion of a ‘matter of concern’ to climate change, where the gathering of a range of irreducible forces and im/materialities continually produce these phenomena, this paper proposes that, in thinking about climate change as essentially unrepresentable, a different mode of public engagement with the issue is asserted.