The privatisation experience in the Australian banking and insurance sectors: an explanation of the change in ownership structures

Deregulation has been a feature of the evolution of financial markets in the past two decades. Extending this trend has been the move to privatise government-owned financial institutions. In the 1990s, Australian governments progressively sold publicly owned banks and insurance institutions. One outcome has been that few of these privatised financial firms exist today, having been absorbed in mergers and acquisitions within the financial services sector. This paper uses an information cost framework to explain the experience of privatised banks and insurers. Our approach points to a dynamic process of organisational change that has influenced the outcomes of privatisation in the financial services sector.

The increasing importance of sustainability for building ownership

Purpose — This study seeks to investigate the degree to which energy efficiency is incorporated into office building refurbishment and capital expenditure with the emphasis placed on a cost-benefit analysis from the owner’s perspective.
Design/methodology/approach – In order to develop a research framework, a thorough literature review was conducted of three disciplines being construction technology, building refurbishment and property management. The study identifies differences between varying levels of capital expenditure to ensure an existing building is more energy efficient, with the emphasis placed on the cost of implementation and the potential for tenants to acknowledge the increased energy efficiency via higher rents.
Findings – Office buildings have been identified as a contributor to global warming during the construction phase, however during the building lifecycle there is a greater contribution to CO2 omissions. Whilst various building designs and construction techniques have evolved to improve energy efficiency, the focus has largely been placed on new buildings where it is easier to incorporate change and innovative approaches. However, the proportion of new buildings constructed each year is relatively small in comparison to existing building stock, which requires regular capital expenditure to maintain and attract new tenants within a competitive marketplace.
Practical implications – The increasing importance of energy efficiency affects the office market in a variety of different ways.
Originality/value – This paper identifies important links between the environment and the built environment, and the implications for office building owners.

Multi-owner low-cost housing management in Malaysia : effects of owner-occupant characteristics and occupancy rates

Purpose – Homeownership is considered both economically and socially beneficial for homeowners. However, in the collective living arrangement, reaching a consensus with regard to the residential environment is difficult. The purpose of this paper is to identify factors that can reduce the conflict among the stakeholders in multi-owner low-cost housing in Malaysia.
Design/methodology/approach – This study tested three hypotheses examining whether the demographic and socio-economic characteristics of owner-occupants and occupancy rates affect owner-occupants' satisfaction with stakeholders' relationships. Data were collected through questionnaires from owner-occupants of multi-owner low-cost settlements in Selangor state. Data on housing characteristics were collected from chairpersons of the respective owners' organisations. The data were treated as parametric, and analysis of variance was conducted.
Findings – Four factors – number of children in the family, duration of residency, participation in social activities and participation in meetings – were found to affect owners-occupants' satisfaction with the stakeholders' relationships. The significant effect of occupancy rates was also indicated.
Practical implications – The Management Corporations (MCs) should encourage social relationships among residents. To avoid conflict, the costs and benefits of participation must be balanced. Policy makers should take two key aspects seriously: owner-managed strategy practices by the MCs and high rates of tenant-residents. A mechanism should be identified for assisting the MCs in housing management and for protecting the benefits of homeownership for owner-occupants.
Originality/value – Past studies on low-income household settlements examined public housing or low-income homeowners of single detached dwellings. This study adds to the existing body of knowledge by examining low-income homeowners in multi-owner low-cost settlements.

A secure tag ownership transfer scheme in a closed loop RFID system

In this paper we propose a novel secure tag ownership transfer scheme for closed loop RFID systems. An important property of our method is that the ownership transfer is guaranteed to be atomic and the scheme is protected against desynchronisation leading to permanent DoS. Further, it is suited to the computational constraints of EPC Class-1 Gen-2 passive RFID tags as they only use the CRC and PRNG functions that passive RFID tags are capable of. We provide a detailed security analysis to show that our scheme satisfies the required security properties of tag anonymity, tag location privacy, forward secrecy, forward untraceability while being resistant to replay, desynchronisation and server impersonation attacks. Performance comparisons show that our scheme is practical and can be implemented on passive low-cost RFID tags.

Secure mobile RFID ownership transfer protocol to cover all transfer scenarios

Existing business models require RFID tag to transfer its ownership during its life cycle. As a result, a RFID tags might have many owners during its life cycle. However, the transfer of ownership should ensure that previous owners have no information about current owner's data. Physical ownership does not ensure digital ownership transfer given the wireless nature of communication with RFID tags. Most of the proposed protocol in this nature is implacable to address aU existing RFID tag ownership transfer scenarios. Moreover, they have many security concerns and vulnerabilities. In this paper, we have investigated and discussed all existing business cases and their transfer scenarios. To cover all ownership transfer scenarios, we have presented an ownership transfer protocol. The proposed protocol has used modified DiffieHellman algorithm to perform ownership request validation and authentication of involved parties. Performance comparison shows that our protocol is practical to implement passive low-cost RFID tags, securely performs tag ownership transfer and can be used for all existing ownership transfer scenarios.

Secure RFID tag ownership transfer based on quadratic residues

In this paper, we propose a novel approach to secure ownership transfer in RFID systems based on the quadratic residue property. We present two secure ownership transfer schemes-the closed loop and open loop schemes. An important property of our schemes is that ownership transfer is guaranteed to be atomic. Further, both our schemes are suited to the computational constraints of EPC Class-1 Gen-2 passive RFID tags as they only use operations that such passive RFID tags are capable of. We provide a detailed security analysis to show that our schemes achieve strong privacy and satisfy the required security properties of tag anonymity, tag location privacy, forward secrecy, and forward untraceability. We also show that the schemes are resistant to replay (both passive and algebraic), desynchronization, and server impersonation attacks. Performance comparisons demonstrate that our schemes are practical and can be implemented on low-cost passive RFID tags.

Secure ownership transfer in multi-tag/multi-owner passive RFID systems

In this paper we propose a secure ownership transfer protocol for a multi-tag and multi-owner RFID environment. Most of the existing work in this area do not comply with the EPC Global Class-1 Gen-2 (C1G2) standard since they use expensive hash operations or sophisticated encryption schemes that cannot be implemented on low-cost passive tags that are highly resource constrained. Our work aims to fill this gap by proposing a protocol based on simple XOR and 128-bit Pseudo Random Number Generators (PRNG), operations that can be easily implemented on low-cost passive RFID tags. The protocol thus achieves EPC C1G2 compliance while meeting the security requirements. Also, our protocol provides additional protection using a blind-factor to prevent tracking attacks.

Secure ownership transfer for multi-tag multi-owner passive RFID environment with individual-owner-privacy

In this paper we propose a secure ownership transfer protocol for a multi-tag multi-owner RFID environment that provides individual-owner-privacy. To our knowledge, the existing schemes do not provide individual-owner-privacy and most of the existing schemes do not comply with the EPC Global Class-1 Gen-2 (C1G2) standard since the protocols use expensive hash operations or sophisticated encryption schemes that cannot be implemented on low-cost passive tags that are highly resource constrained. Our work aims to fill these gaps by proposing a protocol that provides individual-owner-privacy, based on simple XOR and 128-bit pseudo-random number generators (PRNG), operations that are easily implemented on low-cost RFID tags while meeting the necessary security requirements thus making it a viable option for large scale implementations. Our protocol also provides additional protection by hiding the pseudo-random numbers during all transmissions using a blind-factor to prevent tracking attacks.