The dictionary

The Portia Geach Memorial Award is a celebration of female Australian artists. It’s Australia’s most prestigious portrait prize for female artists and has greatly contributed to the development of female artists in this country. It was established by Florence Kate Geach in 1961 in memory of her sister, Portia Geach and is awarded each year to the best portrait painted from life of some man or woman distinguished in Art, Letters or the Sciences. Our judges this year are Jane Watters, Director S.H. Ervin Gallery, Dr Lindy Lee, Senior Lecturer, Sydney College of the Arts and Ben Quilty, Artist. A media release with the full list of finalists will be distributed tomorrow morning with further details available at www.thetrustcompany.com.au/portiageach. The artwork The Dictionary will be hung in the S.H. Ervin Gallery from 3 October until 16 November, with the exhibition open from 4 October, 1st Prize money $30,000

The gender composition of boards of property trust IPOs in Australia from 1994 to 2004

This study investigates the gender composition of the boards of directors of Australian property trust IPOs from 1994 to 2004. Like mining and industrial company IPOs, we find that property trust IPOs in Australia generally do not require female directors for the initial equity capital raising. We also find that larger IPOs during 1994 to 1999 tended to engage more women directors but that this relation was not significant in property trust IPOs from 2000 to 2004.

Factors influencing money left on the table by property trust IPO issuers

While previous listed property trust (LPT) initial public offering (IPO) studies have identified low under pricing returns, this study specifically examines the amount of money left on the table by the pre-IPO owners in this category of IPO. This study investigates 58 property trust IPOs in Australia from 1994 to 2004 and finds that the amount of money left by LPT IPOs is considerably less than industrial company IPOs, implying considerably less uncertainty about the valuation of such IPOs compared to industrials. We also find that more recent (post 2000) LPT IPOs in Australia appear to be significantly different to previous LPT IPOs in both money left and under pricing terms.

The gender composition of boards of property trust initial public offerings

This paper follows Dimovski and Brooks (2004) which identified a relatively low proportion of female directors on the boards of Australian mining and industrial company initial public offerings (IPOs). This study investigates the gender composition of the boards of directors of Australian property trust IPOs from 1994 to 1999. We find that property trust IPOs in Australia generally do not require female directors for the capital raising. We also find that larger IPOs tend to engage more women directors but that retail property trust IPOs tend to engage fewer women directors.

Interpersonal trust and control behaviour of Chinese managers

Interpersonal trust is believed to influence the management and control of organisations in China. China's importance as a host country for foreign direct investments (FDIs) through multinational company subsidiaries (MNCs) and international joint ventures (IJVs) is growing rapidly. MNCs and INs located in China often employ local Chinese managers to control their subsidiaries or ventures. This makes it essential for designers of management control systems to have an understanding of the interpersonal trust-sensitive control behaviour of Chinese managers. One of the important aspects of control behaviour is how managers control their subordinates.

This paper examines the relationship between Chinese managers' trust in subordinates and their (Chinese managers') control behaviour towards the subordinates. On the basis of a questionnaire survey of a cohort of managers from Beijing, the study explores the effects of trust on the use of social controls, formal controls, and monitoring.

The findings of this study indicate that a manager's high (low) trust in a subordinate is associated with a low (high) level of monitoring, a high (high) level of social control and a high (low) level of perceived performance. The hypothesis that a superior's high (low) level of trust is associated with a low (high) level of reliance on formal controls was not supported. These findings, while indicative of control behaviour of Chinese managers in particular, also add to the growing academic literature on trust and control in general. In a practical sense, an
understanding of the trust-sensitive control behaviour of Chinese managers is particularly useful in designing and implementing effective control systems for international organisations operating in China.

Differences in underpricing returns between REIT IPOs and industrial company IPOs

This paper follows Chan, Stohs, andWang (2001), which argues that the underlying value of the real estate is not by itself the reason for the very substantial differences in underpricing returns between real estate investment trust (REIT) IPOs and industrial company IPOs.We use variables identified in previous studies that have helped explain the underpricing of industrial company IPOs to help explain the underpricing of property trust IPOs. We find that the prospectus forecast dividend yield is a critical variable in the valuation and hence underpricing of REIT IPOs compared to industrial company IPOs. The sentiment towards the market and whether or not the issue is underwritten also impact the underpricing of REITs but the impact is much less than on industrial company IPOs.

Understanding the conditions of trust in the ALT and AMT relationships in project alliancing

This research also aims to develop a robust trust framework which can improve the understanding of the theory to support trust in alliancing, in particular the ALT and AMT relationship to improve project success factors. Research in trust within the construction industry has not yet examined how the relational signals within the five situations in the normative framework identified by Siegwart Lindenberg affect the level of trustworthiness between partners. More research is necessary to explore potential frameworks that can be used as the basis for future research in trust. Data from previous research in the performance of alliance has been used to verify the proposed framework. The framework will be developed in the ALT and AMT relationship to improve project success factors within the alliance. The originality of this research is trying to understand trust in the context of project alliancing in Australia as there are an increasing number of construction projects using the alliancing procurement method. Additionally, this research is examining the conditions of trust from the ALT and AMT teams specifically formed for the collaboration of project alliancing.

Shared care for chronic eye diseases : perspectives of ophthalmologists, optometrists and patients

Objective: To report the perspectives of optometrists, ophthalmologists and patients on a model of shared care for patients with chronic eye diseases.

Design, setting and participants: Qualitative study of a model of shared care between optometrists and ophthalmologists for patients with stable age-related macular degeneration, diabetic retinopathy and glaucoma, trialled by the Royal Victorian Eye and Ear Hospital in Melbourne during 2007–2009. Semi-structured interviews were conducted with optometrists, ophthalmologists and patients at completion of the project to obtain their perspectives on this model.

Results: Seventeen optometrists submitted expressions of interest to participate, and 12 completed web-based training modules and clinical observerships and adhered to specified examination and reporting protocols. All five participating ophthalmologists and 11 of the optometrists were interviewed. Ninety-eight patients participated and 37 were interviewed. Optometrists not only met ophthalmologists’ expectations but exceeded them, appropriately detecting and referring patients with additional, previously undetected conditions. Patients reported savings in travel time and were satisfied with the quality of care they received. Optometrists, ophthalmologists and patients indicated a general acceptance of shared care arrangements, although there were some issues relating to interprofessional trust.

Conclusions: Shared care between local optometrists and hospital-based ophthalmologists can help to reduce patient waiting time for review and offers an opportunity for these two groups of eye care professionals to collaborate in providing localised care for the benefit of patients. However, trust and relationship building need to be further developed.

The soft systems approach to understanding trust in alliances in Australia

Alliances are complex projects with high levels of risk and uncertainty. Despite the pain share and gain share commercial arrangement in alliances, Trust is still an issue between the Alliancing Leadership Team (ALT) and Alliancing Management Team relationship (AMT). Although the concept and components of trust have been discussed by various researchers, the characteristic of trust under different situations has not been tested within the procurement research domain. Based on semi-structured interviews with the members of the ALT and AMT of an alliance project in Australia the underlying trust based relationships between the AMT and ALT were investigated using the Soft Systems Methodology (SSM). Results demonstrate that cognitive, affect, system and cognitive-affect based trust are mediated by common good, needs, sharing, breach temptation and mishap situations. This research demonstrates that the adversarial culture of the Australian construction industry cannot be changed by the implementation of trust principles alone. The culture of suspicion dominating the ideological view of the construction industry requires organizational learning between alliance parties to execute appropriate behaviours, aligned with the alliancing philosophy, to effectively achieve ideal collaboration.