Cross-sectional averages versus principal components

In spite of the increased use of factor-augmented regressions in recent years, little is known regarding the relative merits of the two main approaches to estimation and inference, namely, the cross-sectional average and principal component estimators. By providing a formal comparison of the approaches, the current paper fills this gap in the literature.

Panicca: panic on cross-section averages

The cross-section average (CA) augmentation approach of Pesaran (2007) and Pesaran et al. (2013), and the principal components-based panel analysis of non-stationarity in idiosyncratic and common components (PANIC) of Bai and Ng (2004, 2010) are among the most popular “second-generation” approaches for cross-section correlated panels. One feature of these approaches is that they have different strengths and weaknesses. The purpose of the current paper is to develop PANICCA, a combined approach that exploits the strengths of both CA and PANIC.

Measuring wellness through interdisciplinary community development: linking the physical, economic and social environment

The aim of this study is to answer the question: Is there evidence that the quality of life of residents in a community that has had community development intervention is different as compared to the quality of life of residents in a nearby community that did not have community development initiatives? This was done by administering community development initiatives in a local area and comparing it to a similar community that did not receive this intervention. The residents of these communities rated the quality of their lives and communities in two purposively selected suburbs in Perth, Western Australia using the Australian Unity Wellbeing Index to measure individual and neighbourhood well-being. The quality of life of residents in both communities is then compared to national averages for quality of life or well-being. Answering this question provides empirical evidence of variation between ratings of quality of life of residents in different communities and highlights the utility of the Wellbeing Index for the evaluation of interdisciplinary community development

How prepared was Australia for international financial reporting standards? The case of listed firms

We measure the preparedness of listed firms for international financial reporting standards (IFRS) by changes in explanations from Australian GAAP to IFRS between the half-year and annual accounts. About one-third of sample firms changed their explanations for earnings, cashflows or equity by averages of about −7%, 67% and 3% respectively. Most changes are less than 5% for earnings and equity, and tax is the item most commonly revised. More profitable firms and firms with more reconciling items are most likely to change an explanation. In a telephone survey of chief financial officers, 70% revealed that the change followed an incorrect application of an accounting rule in the half-year accounts.

Blended and online learning : student perceptions and performance

Purpose – The purpose of this paper is to improve educator knowledge of the antecedents and consequences of blended learning in higher education.

Design/methodology/approach – A longitudinal case study approach is adopted. Three case studies each involve tracking a student evaluations of teaching (SET) measure (willingness to recommend) and grade point average for three subjects from the same business discipline over six years. The cases involve comparison of: a business subject taught solely online; a business subject where experimentation in the blend of face-to-face teaching and learning is involved; and a business subject where face-to-face teaching is primarily used, and where in the most recent iteration online content supplements the learners' experiences.

Findings – The findings suggest that there are situations where integrated use of blended learning involving face-to-face teaching, digital media and digital communication with simple navigation between the content items leads to positive student perceptions. This is in contrast to negative student perceptions in the situation where learners must navigate in online learning, and where there is little or no face-to-face instruction. While not examined in detail, nor part of the research question, it is not surprising to find no relationship between learning mode and grade point averages is evidenced.

Research limitations/implications – The effects of prior computer literacy and language proficiency across the students used in this study, and potential demographic and experiential differences between on-campus and off-campus students are not controlled for. Additionally, only three business subjects are investigated and it is recognised that there is a need for a broader study. Finally, with response levels to the university-controlled SET that typically range between 20-43 per cent for these large subjects, there is possible non-response bias that it was not possible to counter over the six years involved.

Practical implications – The findings in this study suggest that while blended learning offers many benefits to higher education institutions and learners alike, care needs to be taken in the manner in which such approaches are implemented in light of possible negative learner perceptions where a less traditional approach is taken.

Originality/value – A major contribution of this study is the fact that experimentation has taken place in terms of the degree of face-to-face and online learning that have been blended in at least one subject (case study two), and the fact that the SET for this subject are compared, longitudinally, with two other subjects which lie on either side of this subject in terms of the extent of online and face-to-face teaching and learning employed – 100 per cent online in case study one and almost 100 per cent face-to-face in case study three.

Energy analysis of the construction of office buildings /by Graham J. Treloar

Buildings have a significant impact on the environment due to the energy required for the manufacture of construction materials. The method of assessing the energy embodied in a product is known as energy analysis. Detailed office building embodied energy case studies are very rare. However, there is evidence to suggest that the energy requirements for the construction phase of commercial buildings, including the energy embodied in materials, is a significant component of the life cycle energy requirements. This thesis sets out to examine the current state of energy analysis, determine the national average energy intensities < i.e. embodied energy rates < for building materials and assess the significance of using national average energy intensities for the energy analysis of a case study office building. Likely ranges of variation in the building material embodied energy rates from the national averages are estimated and the resulting distribution for total embodied energy in the case study building simulated. Strategies for improving the energy analysis methods and data are suggested. Detailed energy analysis is shown to be a useful indicative method of quantifying the energy required for the construction of buildings.

Sweet talking to ethnic customers : a field experiment on the links between entrepreneurial business planning, cultural sensitivity and sales growth

The purpose of this study was to test whether calculated inclusion of cultural sensitivity in a selected entrepreneurial business planning (EBP) process could increase sales growth in a test market and to explore the implications of a positive answer for the theory and practice of entrepreneurial business planning. Execution of a pretest-posttest control group experimental design measured and compared the implemented effectiveness of a planned entrepreneurial initiative based on cultural sensitivity. Though small in scale and limited in focus, the initiative qualified as an example of entrepreneurial business planning (EBP) and could be used to apply, test and extend aspects of the developing theory in this field of entrepreneurship research. Since the initiative was planned to overcome a culturally-defined impediment to business growth, it also offered opportunity to explore the specific importance of cultural variables in the context of EBP.

A planned sales-promotion was offered to a control group (receiving information in English) and a treatment group (who received the information in the language of ethnic origin). The sixty subjects had been chosen at random from a population of route-trade retailers of defined ethnic origins (Greek, Lebanese and Chinese) and randomly assigned to control and treatment groups. Monthly sales averages of the promoted product were measured before and after treatment. A Chi Square test was used to evaluate the relative proportion of the control and treatment groups who accepted the promotional offer. A two sample t-test procedure and complementary non-parametric Mann-Whitney test were performed to compare the mean sales-performance change of the two groups. Analysis showed that there was a significant increase in mean sales when the planned entrepreneurial initiative was communicated in the relevant language of origin.

The experimental results have specific practical relevance to revitalising the deteriorating route-trade segment of the Australian confectionery market through increasing the sales growth of wholesalers who are prepared to act entrepreneurially and include cultural sensitivity as an element in planning and implementation. By introducing cultural sensitivity as a necessary extension of a plan’s communications role, the results also have general theoretical implications for the developing paradigm of entrepreneurial business planning.

Farming fit? Dispelling the Australian agrarian myth.

Background: Rural Australians face a higher mental health and lifestyle disease burden (obesity, diabetes and
cardiovascular disease) than their urban counterparts. Our ongoing research reveals that the Australian farming
community has even poorer physical and mental health outcomes than rural averages. In particular, farm men and
women have high rates of overweightness, obesity, abdominal adiposity, high blood pressure and psychological
distress when compared against Australian averages. Within our farming cohort we observed a significant
association between psychological distress and obesity, abdominal adiposity and body fat percentage in the
farming population.
Presentation of hypothesis: This paper presents a hypothesis based on preliminary data obtained from an
ongoing study that could potentially explain the complex correlation between obesity, psychological distress and
physical activity among a farming population. We posit that spasmodic physical activity, changing farm practices
and climate variability induce prolonged stress in farmers. This increases systemic cortisol that, in turn, promotes
abdominal adiposity and weight gain.
Testing the hypothesis: The hypothesis will be tested by anthropometric, biochemical and psychological analysis
matched against systemic cortisol levels and the physical activity of the subjects.
Implications of the hypothesis tested: Previous studies indicate that farming populations have elevated rates of
psychological distress and high rates of suicide. Australian farmers have recently experienced challenging climatic
conditions including prolonged drought, floods and cyclones. Through our interactions and through the media it is
not uncommon for farmers to describe the effect of this long-term stress with feelings of ‘defeat’. By gaining a
greater understanding of the role cortisol and physical activity have on mental and physical health we may
positively impact the current rates of psychological distress in farmers.

The underpricing of US REIT IPOs : 1996–2010

This study examines the underpricing cost of 123 US REIT IPOs over the period 1996 until June 2010, including the period of the global financial crisis. The study uses OLS multivariate regression to determine some potential factors behind underpricing. The underpricing cost of raising REIT external equity averaged 3.18% using an equal weighting for each of the 123 REIT IPOs. The study finds offer size is positively related to underpricing. A value weighted approach finds that underpricing averages 4.67% and suggests larger offer size is an important determinant for leaving more money on the table. Higher reputation underwriters, the industry differentiated auditor and post offer ownership structure negatively influence underpricing. The study documents declining underpricing over time with the period of 2007–2010 experiencing negative underpricing (overpricing) during the global financial crisis (GFC). Offers during the hot periods of 1997 and 2004 and the office/industrial property type were more highly underpriced. The 10-year treasury interest rate is identified as another significant positive determinant of underpricing.

Construction graduate salaries : the real story

Construction degrees are in significant demand in Australian universities. Entry students believe that graduation will lead to well-paid industry employment. Previous studies have identified trends in graduate starting salaries, but often combine categories of graduates to produce inadequate generalisations and salary averages. This study, conducted at RMIT University, Melbourne, examined a specific cohort of construction management students and provided an insight into their employment conditions and starting salaries. The results provide useful up to date information for undergraduate students and academic staff alike.

The mathematical and science skills of students who are deaf or hard of hearing educated in inclusive settings

This study examined the science and mathematics achievements of 16 Year 9 students with hearing loss in an inclusive high-school setting in Western Australia. Results from the Monitoring Standards in Education (MSE) compulsory state tests were compared with state and class averages for students with normal hearing. Data were collected from three cohorts of Year 9 students across a 3-year period (2005‐2007). Results from mathematics MSE9 and the MSE9 science assessments showed that the majority of students with hearing loss performed below the state average (88%). Findings in this study suggest that students with hearing loss demonstrated more mathematical strength in the areas of space and measurement, which use visuo-spatial skills. Results for students with hearing loss in the five sections of the science assessment suggest more consistency across the different areas tested in the MSE. Comparisons with the MSE9 English paper for the 2005 cohort of students with hearing loss suggest a strong relationship between reading and writing skills and performance on mathematics and science assessment. In particular, questions with high language content created difficulty. On the science assessment, questions requiring a written explanation appeared to be particularly challenging. These findings have implications for teaching and learning in these crucial areas for students with hearing loss in inclusive secondary school settings. Greater attention to the interpretation of the language of mathematics and to writing about science concepts may help to improve outcomes for students with hearing loss on statewide assessments

On the estimation and inference in factor-augmented panel regressions with correlated loadings

In an influential paper, Pesaran [Pesaran, M.H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica 74, 967–1012] proposes a very simple estimator of factor-augmented regressions that has since then become very popular. In this note we demonstrate how the presence of correlated factor loadings can render this estimator inconsistent.

Recommendations for improved data processing from expired gas analysis indirect calorimetry

There is currently no universally recommended and accepted method of data processing within the science of indirect calorimetry for either mixing chamber or breath-by-breath systems of expired gas analysis. Exercise physiologists were first surveyed to determine methods used to process oxygen consumption ([OV0312]O 2) data, and current attitudes to data processing within the science of indirect calorimetry. Breath-by-breath datasets obtained from indirect calorimetry during incremental exercise were then used to demonstrate the consequences of commonly used time, breath and digital filter post-acquisition data processing strategies. Assessment of the variability in breath-by-breath data was determined using multiple regression based on the independent variables ventilation (VE), and the expired gas fractions for oxygen and carbon dioxide, FEO 2 and FECO2, respectively. Based on the results of explanation of variance of the breath-by-breath [OV0312]O2 data, methods of processing to remove variability were proposed for time-averaged, breath-averaged and digital filter applications. Among exercise physiologists, the strategy used to remove the variability in sequential [OV0312]O2 measurements varied widely, and consisted of time averages (30 sec [38%], 60 sec [18%], 20 sec [11%], 15 sec [8%]), a moving average of five to 11 breaths (10%), and the middle five of seven breaths (7%). Most respondents indicated that they used multiple criteria to establish maximum [OV0312]O 2 ([OV0312]O2max) including: the attainment of age-predicted maximum heart rate (HRmax) [53%], respiratory exchange ratio (RER) >1.10 (49%) or RER >1.15 (27%) and a rating of perceived exertion (RPE) of >17, 18 or 19 (20%). The reasons stated for these strategies included their own beliefs (32%), what they were taught (26%), what they read in research articles (22%), tradition (13%) and the influence of their colleagues (7%). The combination of VE, FEO 2 and FECO2 removed 96-98% of [OV0312]O2 breath-by-breath variability in incremental and steady-state exercise [OV0312]O2 data sets, respectively. Correction of residual error in [OV0312]O2 datasets to 10% of the raw variability results from application of a 30-second time average, 15-breath running average, or a 0.04 Hz low cut-off digital filter. Thus, we recommend that once these data processing strategies are used, the peak or maximal value becomes the highest processed datapoint. Exercise physiologists need to agree on, and continually refine through empirical research, a consistent process for analysing data from indirect calorimetry.

A generalization of the Bonferroni mean based on partitions

The mean defined by Bonferroni in 1950 (known by the same name) averages all non-identical product pairs of the inputs. Its generalizations to date have been able to capture unique behavior that may be desired in some decision-making contexts such as the ability to model mandatory requirements. In this paper, we propose a composition that averages conjunctions between the respective means of a designated subset-size partition. We investigate the behavior of such a function and note the relationship within a given family as the subset size is changed. We found that the proposed function is able to more intuitively handle multiple mandatory requirements or mandatory input sets.