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.

Policy implications of the transfer of ownership of Scotia Sanctuary for the National Reserve System in Australia

The recent purchase of Scotia Sanctuary, in western New South Wales, by the Australian Wildlife Conservancy (AWC), with significant funding from the Commonwealth government raises questions about the National Reserve System in Australia. The property had been placed on the market by the financially strapped Earth Sanctuaries Ltd (ESL). The Commonwealth's involvement represents an important landmark in private land conservation. This commentary investigates some of the possible policy implications this intervention may have for the National Reserve System as a whole and, in particular, about the role of private land within this System.

Environmental undertakings: Ownership and obligations

Enforceable undertakings have proven to be a useful mechanism for achieving regulatory compliance in the trade practices context. This paper argues that enforceable environmental undertakings could prove equally useful. An administrative measure of this kind has the potential, if used appropriately, to encourage organisations to take greater ownership of their problems and responsibility for finding solutions.

Characterising vehicle emissions from the burning of biodiesel made from vegetable oil

Biodiesel manufactured from canola oil was blended with diesel and used as fuel in two diesel vehicles. This study aimed to test the emissions of diesel engines using blends of 100%, 80%, 60%, 40% , 20% biodiesel and 100% petroleum diesel, and characterise the particulate matter and gaseous emissions, with particular attention to levels of polycyclic aromatic hydrocarbons (PAHs) which are harmful to humans. A real time dust monitor was also used to monitor the continuous dust emissions during the entire testing cycle. The ECE(Euro 2) drive cycle was used for all emission tests. It was found that the particle concentration was up to 33% less when the engine burnt 100% biodiesel, compared to 100% diesel. Particle emission reduced with increased percentages of biodiesel in the fuel blends. Reductions of NOx, HC and CO were limited to about 10% when biodiesel was burned. Levels of CO2 emissions from the use of biodiesel and diesel were similar. Eighteen EPA priority PAHs were targeted, with only 6 species detected in the gaseous phase from the samples . 9 PAHs were detected in particulate phases at much lower levels than gaseous PAHs. Some marked reductions were observed for less toxic gaseous PAHs such as naphthalene when burning 100% biodiesel, but the particulate PAH emissions, which have more implications to adverse health effects, were virtually unchanged and did not show a statistically significant reduction. These findings are useful to gain an understanding of the emissions and environmental impacts of biodiesel.

Environmental education - appropriate vehicle for teaching science?

This article we have addresses the issue of an integrated science education curriculum. Following Beane (1995), we suggest an approach that begins with an issue, topic or problem that has an independent existence in real life, and which can serve as a supra.disciplinary organizing principle in providing a framework ror developing a curriculum that presents science content in a contextual fashion alongside other disciplinary content, as dictated by the demands of doing justice to an investigation of the issue, topic or problem. The article illuminates the approach with reference to a case study of a whole-year environmental program. It engages some of the issues raised in recent literature on integrated science curricula, concluding that environmental education might well serve as a useful vehicle for an integrated science education.

The separation of ownership and control under a happiness-based theory of the corporation

Explores the happiness-based theory of the corporation, suggesting that there is no conflict between the pursuance of economic and social objectives on the basis that their interplay is required to facilitate shareholder happiness. Considers: (1) the Berle-Means hypothesis and the separation of ownership and control, the dominant governance structure for large companies; (2) a happiness-based perspective on the separation; and (3) law reform applicable to a happiness-based theory. Argues that the separation of ownership and control is not in shareholders' best interests because the structure is not conducive to the happiness of individual shareholders and should be reformed.

Research on seismic signals for vehicle targets and recognition by data fusion

This paper researches seismic signals of typical vehicle targets in order to extract features and to recognize vehicle targets. As a data fusion method, the technique of artificial neural networks combined with genetic algorithm(ANNCGA) is applied for recognition of seismic signals that belong to different kinds of vehicle targets. The technique of ANNCGA and its architecture have been presented. The algorithm had been used for classification and recognition of seismic signals of vehicle targets in the outdoor environment. Through experiments, it can be proven that seismic properties of target acquired are correct, ANNCGA data fusion method is effective to solve the problem of target recognition.

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. ”

Students' conflicting attitudes towards games as a vehicle for learning mathematics : a methodological dilemma

Mathematics games are widely employed in school classrooms for such reasons as a reward for early finishers or to enhance students' attitude towards mathematics. During a four week period, a total of 222 Grade 5 and 6 (9 to 12 years old) children from Melbourne, Australia, were taught multiplication and division of decimal numbers using calculator games or rich mathematical activities. Likert scale surveys of the children's attitudes towards games as a vehicle for learning mathematics revealed unexpectedly high proportions of negative attitudes at the conclusion of the research. In contrast, student interview data revealed positive associations between games and mathematical learning. This article reports on the methodological dilemma of resultant conflicting attitudinal data related to game- playing. Concerns arising from the divergence in the results are raised in this article. Implications based on the experience of this study may inform educational researchers about future methodological choices involving attitudinal research.

A video-based real-time vehicle detection method by classified background learning

A new two-level real-time vehicle detection method is proposed in order to meet the robustness and efficiency requirements of real world applications. At the high level, pixels of the background image are classified into three categories according to the characteristics of Red, Green, Blue (RGB) curves. The robustness of the classification is further enhanced by using
line detection and pattern connectivity. At the lower level, an exponential forgetting algorithm with adaptive parameters for different categories is utilised to calculate the background and reduce the distortion by the small motion of video cameras. Scene tests show that the proposed method is more robust and faster than previous methods, which is very suitable for real-time vehicle detection in outdoor environments, especially concerning locations where the level of illumination changes frequently and speed detection is important.

A flow control methodology for the rapid generation of vehicle traffic models

This paper presents a conveyor-based methodology to model complex vehicle flows common to factory and distribution warehouse facilities. The AGV and human path modelling techniques available in many commercial discrete event simulation packages require extensive knowledge and time to implement even the simplest flow control rules for multiple vehicle interaction. Although discrete event simulation is accepted as an effective tool to model vehicle delivery movements, human paths and delivery schedules for modern assembly lines, the time to generate accurate models is a significant limitation of existing simulation-based optimisation methodologies. The flow control method has been successfully implemented using two commercial simulation packages. It provides a realistic visual representation, as well as accurate statistical results, and reduces the model development process cost.

Institutional ownership and firm performance: evidence from Finland

This paper investigates the relationship between different classes of institutional investors and firm performance. Using industry level data from Finland, which is characterized by various institutional investors who own multiple ownership stakes in different firms across a broad spectrum of industries, the paper exhibits two novelties. First, unlike previous studies which treated institutional investors as a monolithic group, we segment them in classes. Second, we recognize the joint determination of firm performance and institutional ownership. We account for this issue in the context of a system of equations, using three stage least squares methodology. The empirical results suggest a significant two-way feedback between firm performance and institutional equity ownership. However, this effect is not symmetric. We find that institutional investors with likely investment and business ties with firms have adverse (negative) effect on firm performance and the impact is very significant in comparison to the negative effect of firm performance on institutional ownership.

David v. Goliath: the gay games, the Olympics, and the ownership of language

The Gay Games is firmly established on the contemporary global sports calendar, but is seldom canvassed in mainstream sports media, or considered a model for sports administrators. This is regrettable, as the Games’ ethos offers many clues into the relationships between individual and communal empowerment for homosexual and heterosexual participants alike, while providing a site of resistance against entrenched norms of elitism, nationalism, victory and record-breaking indicative of the modern Olympic movement. Credit for this inclusive ethos rests with the vision of inaugural Gay Games organiser Dr. Tom Waddell. Drawing on Games archives, this paper outlines Waddell’s vision, then discusses the impact of a protracted legal dispute instigated by the United States Olympic Committee in 1982 over the use of the term ‘Olympics’ in association with Gay Games I and II. Four United States Federal court rulings are examined, with particular reference to the contrasting hierarchy of private intellectual property and public civil rights considered under United States law of the time. Domestic and international legacies of the dispute are also briefly examined, focusing on the inherent tensions between the state-sanctioned protection of Olympic terminology, the ideals of free speech, the ownership of common sporting terms, and the potential discriminatory effects of selective trademark enforcement. The paper concludes with a brief discussion of how Waddell’s vision superseded each of these legal technicalities to ensure the Games continues to provide a viable model for inclusive and engaged participation for all people.

Motorcycle ownership and injury in China

Background. China has made tremendous progress in its economic development in the past two decades. Accompanying this economic development has been an evident shift in the modes of transport, from walking and cycling to the use of motorcycles and, increasingly, four-wheel vehicles. Such changes are likely to have also produced changes in the patterns and numbers of road traffic injuries, including increases in motorcycle injuries. However, such changes have not been well documented. The work described in this paper sought, therefore, to document the changes in motorcycle ownership, motorcyclist mortality and injury rates in China since 1987.
Methods. National traffic ownership and injury data from 1987 to 2001 were obtained from the National Bureau for Traffic Administration. Additionally, traffic ownership and injury records from 1997 to 2001 were collected from local police offices from 20 counties in Guangxi Region. Population data were obtained from the national and county statistics bureaus. Motorcycle ownership, fatality and injury trends over time were calculated.
Results. Nationally, motorcycles accounted for 23.4% of all registered motor vehicles in 1987, increasing to 63.2% in 2001. Motorcyclist fatalities and injuries increased 5.5-fold and 9.3-fold, respectively, between 1987 and 2001. In 1987, 7.5% of all traffic fatalities and 8.8% of all traffic injuries were sustained by motorcyclists, with the corresponding proportions increasing to 18.9% and 22.8%, respectively, in 2001. The changing proportions of both traffic fatalities and injuries sustained by motorcyclists were positively correlated with the change in the proportion of motorcycles among all motor vehicles. In the 20 counties in Guangxi, motorcyclist fatality and injury rates also increased between 1997 and 2001. Moreover, these rates were considerably higher than the national rates.
Conclusions. Motorcyclist injury in China is a serious public health problem. Motorcyclist fatalities and injuries are likely to continue to increase unless appropriate intervention programmes are implemented.