The costs of raising equity capital by Australian property trust initial public offerings

This paper reports some of the direct costs of raising equity capital by property trust initial public offerings (IPOs) in Australia from 1994 to 2004. It also documents the amount of underpricing by these IPOs. The results indicate the average fees paid to underwriters and/or stockbrokers in managing and marketing the issue was around 3.3% of the public equity capital raised. The average fees paid to legal firms, accounting firms and valuers for their professional involvement and expert reports were 0.4%, 0.2% and 0.1% respectively, totaling 0.7% of the equity raised. Other fees such as printing, listing fees, postage, distribution and advertising cost around 2.1%. The total average direct costs amounted to around 6.1% of the proceeds raised. The average underpricing by these property trust IPOs was 2.6%. This paper also investigates the hypotheses that the percentage direct capital raising costs are influenced by the size of the IPO and whether the IPO is underwritten. This study confirms that larger property trust equity capital raisings have lower percentage total direct cost;, however, it does not find that underwriting significantly influences the percentage of total direct costs for these property trust IPOs.

Polyparents having children, raising children, schooling children

Through the use of both quantitative and qualitative data from Australian and US research, this paper is an initial exploration of polyamorous parenting, particularly in relation to schooling and negotiating the implications of heteronormative monogamy on their children's lives. The paper calls for more research and support of polyamorous families as these families are still largely invisible and falling 'between the cracks' of heteronormative monogamous nuclear families and the increasingly visible lesbian and gay families.

Raising the funds - spending the funds: a case study of the effectiveness of both roles of NGO's

Non-governmental organisations (NGOs) must be effective in both raising funds and using these funds to implement programs in order to improve the circumstances of the poor. This chapter presents a case study of World Vision Australia's (WVA) fundraising and programming responses to the Asian Tsunami. The initial stages of the fundraising campaign were largely unplanned and reactive. Yet WVA received over $110 million for its tsunami appeal in just a little over three months. This is incomparable with other recent large-scale disaster fundraising campaigns. The experiences of how the initial phases of the response were implemented arc gauged through a qualitative analysis of interviews conducted with twenty-one staff members who completed short-term secondments during the initial tsunami response. These interviews extract a number of reflections of WVA's programming and provide a number of lessons for WVA for future complex humanitarian emergencies. This chapter thus reviews the effectiveness of both roles of NGOs - raising funds and expending these funds to implement programs.

The costs of raising equity capital for closed-end fund IPOs

This article reports on some of the direct costs of raising equity capital by closed-end fund licensed investment company (LIC) initial public offerings (IPOs) in Australia from 1995 to 2005. The amount of underpricing by these IPOs is also identified. The average total direct costs amounted to a relatively low 3.4% of the capital raised, while fees paid to underwriters and/or stockbrokers was around 2.3%, to legal firms around 0.25% and to accounting firms around 0.07%. The average underpricing by these LIC IPOs was 1.3%. This article also confirms that the percentage total direct capital raising costs are inversely related to the size of the IPO and underwritten closed-end fund IPOs tend to have higher percentage total capital raising costs than those not underwritten.

Costs of raising equity capital by renounceable rights issues in Australia

Rights issues remain a common method for raising equity capital in Australia for companies listed on me Australian Stock Exchange. This study investigates the capital raising costs of Anstralian renounceable equity rights issues from 2001 to 2006. Both direct and indirect costs are investigated and the explanatory power of potential influencing factors is analyzed. The total direct costs averaged nearly 4% of gross proceeds raised and the mean offer price was discounted around 17% from the current market price. Issue size, percentage underwritten, concentration of ownership and issuer risk significantly influence the percentage direct costs of the rights issue. The age of the issuer, the average historical volume of shares traded and the offer price appear to influence the percentage discount.

The role of leadership theory in raising the profile of women in management

Purpose: To consider how leadership theories have helped or hindered raising the profile of women in management and leadership roles.

Design/methodology/approach: This paper traces the earlier leadership theories through to the contemporary research on transactional and transformational leadership styles and offers a viewpoint on how each theory has contributed, or otherwise, to an awareness and acceptance of women in management and leadership roles.

Findings:  In 1990, research began to report gender differences in leadership styles with female managers being seen in positive terms as participative, democratic leaders. More recent work reports that women are believed to exhibit more transformational leadership style than their male colleagues, and this is equated with effective leadership.

Research limitations/implications:  All of the earlier theories on leadership excluded women and this exacerbated the problem of women not being seen as an appropriate fit in a management or leadership role. Recent findings clearly describe that the transformational qualities of leadership that women exhibit are required by the flatter organisational structures of today. Therefore, a more positive outcome for women advancing to senior roles of management or leadership may be observed in the future.

Originality/value:  The paper reviews the major leadership theories, and links these to a timeframe to illustrate how women were not visible in a management context until relatively recently. Such an omission may have contributed to the continuing low numbers of women who advance to senior management and leadership roles.

Raising the subject : ideology in children's fiction

This thesis is concerned to reveal, by means of textual analysis, ideologies connected to human subjectivity within eight contemporary novels for 'children' . The analyses draw upon the work of Macherey, Eagleton, Jameson and Bakhtin among others. The texts discussed cover more than two decades, from 1955 to 1977. The first, Philippa Pearce's Minnow on the Say, attempts to reconcile a traditional form of subjectivity with a less hierarchic and mare open type. Lyotard's account of customary and scientific knowledge, and Said's of affiliation ion , are the basis for discussion here. Susan Cooper's sequence The Dark is Rising grounds humanism in a mythic British past. Within these texts the problem of situating the subject within a wider social framework is linked to one of nationalism. Her novels are fantasies, and provide an opportunity for a discussion of a non-realist form and its ideological implications, Todorov's account of the fantastic as a genre is a reference—point in this analysis. Jane Garden’s Bilge water presents a discontinuous subject—in-process. Her story is told by a first— person narrator, situated within a framed narrative. Through its themes and structures the text interrogates its central character's project of subjectivity as perfectible, centered and continuous, and finds it untenable. In Russell Hagan’s The House and his Child the possibility of self-determination within language as discourse is of central concern. The tin mice, who are hollow, echo in their persons the text's interest in the distinction between inside and outside, the difference which Lacanian theory posits as essential for an accession to subjectivity- Hoban's work gives an account of the postmodern subject, and calls into question the subjectivities assumed in Pearce's and Cooper's texts.

Raising 'standards' in schools : considerations in the first stage of an improvement intervention

This article discusses the initial phase of a government-funded intervention to raise school achievement in a cluster of schools with below average standardised test results. Five schools - four primary schools and one secondary school - in the far outer reaches of Melbourne achieved lower standardised test scores in literacy and numeracy than the state average. Two departmental strategies were in place before my involvement the appointment of a coaching teacher in each school, and funding for a four day intensive residential professional learning workshop for these coaching teachers, to be held at the beginning of the 2009 school year. lt was at this stage that I became involved in what was planned to be an ongoing research program to record, monitor and evaluate the success of the intervention.

Raising the profile of depression in the workplace

The prevalence of depression in the Australian workforce is unknown. Epidemiological surveys (e.g., the National Health Survey and National Survey of Mental Health and Wellbeing) do not routinely include a depression scale and within the mental health field, few studies focus on depression and employment groups specifically. Although the inclusion of a direct measure of depression in  national surveys is preferable, the prevalence of depression may be inferred from short screening scales of general mental health. In this paper, scores on the  General Health Questionnaire (GHQ-12) and the Kessler psychological distress scale (K10) for a sample of employed persons were mapped onto the CES-D (Iowa) measure of depression. The results of this study indicate that the  recommended GHQ-12 cut-off point is appropriate for estimating work-related depression prevalence. However, the cut-off point on the K10 (the short-scale  currently used in Australian national surveys) may need to be substantially  reduced if scores on the K10 are to be used to identify workers at risk of  depression. The routine inclusion of a direct depression measure in national  surveys is recommended, particularly considering the number of employed persons in Australia and large proportion of the sample classified as depressed in this study.

Raising the profile of public health ethics in Australia : time for debate

This paper argues for greater dialogue on public health ethics. There has been little discussion in Australia about the significant ethical dilemmas in this field, and there is no agreed framework for analysing and responding to these challenges. We highlight concerns about the suitability of biomedical principles-based ethics for public health, and encourage public health professionals in this country to reflect on ethical challenges in public health research. A focus on research ethics concerns will deliver concrete examples demonstrating the need for a public health ethics frame work. Recommendations are offered for how public health ethics promotion may occur locally.

Improving our superannuation regime : a post-Henry review look at superannuation taxation, raising superannuation balances and longevity insurance

This paper examines what, if any changes should be made regarding certain aspects of the superannuation system. Specifically, it looks at possible changes to the superannuation tax regime, measures intended at increasing superannuation balances, as well as policies aimed at improving the price and availability of retirement income streams. The recommendations of the final report of the Henry Review on these issues are also critically evaluated. The paper finds that a greater targeting of superannuation tax concessions towards middle and lower income earners would make the system more equitable and achieve other desirable goals such as increasing voluntary savings. Furthermore, the available evidence suggests that the current mandatory contributions rate of 9% is adequate, and a higher contributions rate is likely to have more costs than benefits. On the issue of superannuation income streams, the article finds that whilst taxpayers should continue to be allowed to take their superannuation as a lump sum, policies should be implemented to make lifetime annuities more readily available and better value for money. The Henry Review's recommendations on these issues, with some exceptions, are for the most part sound and based on logic.