Short-run performance of recent Australian on-market share buy-back announcements

Share buy-backs (or share repurchases) have become increasingly popular among Australian companies during the recent times. One of the aims of share buy-back is to increase the shareholders' wealth by increasing the market price of company shares. While there are several ways of buying backs shares, on-market buy-backs is the most popular method of share repurchase in Australia. Australian listed companies have announced more than two hundred on-market share buy-backs over the past three years. The aim of this paper is to examine the short-run market performance of these recent on-market buy-back announcements.

Short-term effect of on-market buy-back announcements on the share price is an issue, which is theoretically interesting and practically important. Buy-back announcements are believed to convey a signal to the market (i.e., signalling effect). If the market considers this signal positively, the short-run price of the shares would increase. If the signal were considered negatively, the short-run price of shares would decrease. If there is no signalling content or the signal is neutral the price would remain the same. In this study, signalling effect of share buy-back announcements is empirically examined using most recent Australian data. The total population of on-market buy-back announcements that have been lodged with Australian Stock Exchange by Australian listed companies during the period from 1 January 2000 to 10 March 2003 are included in this study. The abnormal market return over the short-run (announcement day and 10 trading days centred on the announcement date) is examined using the All Ordinaries Accumulation Index as the reference portfolio. The daily abnormal returns (AR) and cumulative abnormal returns (CAR) during the event period are computed. The results indicate that the Australian market generally positively reacts to on-market buy-back announcements.

Effective derivative hedging and initial public offering long-run performance

We investigate the role of corporate currency risk management through the use of financial derivatives in influencing the long-run performance of a sample of Australian resources companies. We find that derivative users generally outperformed nonderivative users in the 5-year period following listing. Effective derivative users consistently outperformed the nonhedgers. Furthermore, within the population of derivative users, effective derivative users tended to perform better than ineffective hedgers. Our results indicate that effective financial risk management plays a role in long-run IPO performance.

Disproportionate ownership structure and IPO long-run performance of non-SOEs in China

This paper examines the relationship between ownership structures and IPO long-run performance of non-SOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance in adjusted buy-and-hold returns. Non-SOEs with control-ownership wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that non-SOEs need to improve corporate governance such as disproportionate ownership structure to better safeguard the interest of long-run shareholders.

Leviathan resists : the endogenous relationship between privatization and firm performance

Using a panel dataset of privatized cement firms in Turkey, this paper models and finds support for the simultaneous relationship between privatization and firm performance. It is found that favorable short-run performance, weak market potential, higher employment, lower socio-economic development, concentrated voter preferences, and weaker representation of right-wing parties in the firms’ locality delay the timing of privatization. The paper also finds that privatization increases output in the medium-term by reducing the labor stock and promoting the adoption of more advanced technology, such that production shifts from constant to decreasing returns to scale.

Earnings management and the performance of Australian IPOs

This thesis examines earnings management in the Australian initial public offering (IPO) market. In general, the results show that Australian IPO firms do engage in earnings management at the offer date. There is sufficienct evidence to suggest that firms that manage earnings at the offer date suffer poorer long-run performance.

Do spatial effects drive house prices away from the long-run equilibrium?

Long-run equilibrium of house prices has been investigated by researchers in multiple countries. The identification of this equilibrium not only provides references against contemporary house price levels, but also contributes to creation of stable-development policies and healthy investment strategies. However, there is little research investigating the factors that drive house prices away from the long-run equilibrium.
Based on a framework of the conventional stationarity test process, this research develops a panel regression model and a spatial regression model to investigate the roles of spatial heterogeneity and correlations on house prices preceding the long-run equilibrium, respectively. Housing data generated from the capital cities in Australia are used to illustrate the models. Spatial effects can have a strong influence in the long-run performance of house prices, while the short-run performance of house prices is not influenced by the spatial effects.

Change in running kinematics after cycling are related to alterations in running economy in triathletes

Emerging evidence suggests that cycling may influence neuromuscular control during subsequent running but the relationship between altered neuromuscular control and run performance in triathletes is not well understood. The aim of this study was to determine if a 45 min high-intensity cycle influences lower limb movement and muscle recruitment during running and whether changes in limb movement or muscle recruitment are associated with changes in running economy (RE) after cycling. RE, muscle activity (surface electromyography) and limb movement (sagittal plane kinematics) were compared between a control run (no preceding cycle) and a run performed after a 45 min high-intensity cycle in 15 moderately trained triathletes. Muscle recruitment and kinematics during running after cycling were altered in 7 of 15 (46%) triathletes. Changes in kinematics at the knee and ankle were significantly associated with the change in VO₂ after cycling (p < 0.05). The change in ankle angle at foot contact alone explained 67.1% of the variance in VO₂. These findings suggest that cycling does influence limb movement and muscle recruitment in some triathletes and that changes in kinematics, especially at the ankle, are closely related to alterations in running economy after cycling.

Neuromuscular adaptations to training, injury and passive interventions: implications for running economy

Performance in endurance sports such as running, cycling and triathlon has long been investigated from a physiological perspective. A strong relationship between running economy and distance running performance is well established in the literature. From this established base, improvements in running economy have traditionally been achieved through endurance training. More recently, research has demonstrated short-term resistance and plyometric training has resulted in enhanced running economy. This improvement in running economy has been hypothesized to be a result of enhanced neuromuscular characteristics such as improved muscle power development and more efficient use of stored elastic energy during running. Changes in indirect measures of neuromuscular control (i.e. stance phase contact times, maximal forward jumps) have been used to support this hypothesis. These results suggest that neuromuscular adaptations in response to training (i.e. neuromuscular learning effects) are an important contributor to enhancements in running economy. However, there is no direct evidence to suggest that these adaptations translate into more efficient muscle recruitment patterns during running. Optimization of training and run performance may be facilitated through direct investigation of muscle recruitment patterns before and after training interventions.

There is emerging evidence that demonstrates neuromuscular adaptations during running and cycling vary with training status. Highly trained runners and cyclists display more refined patterns of muscle recruitment than their novice counterparts. In contrast, interference with motor learning and neuromuscular adaptation may occur as a result of ongoing multidiscipline training (e.g. triathlon). In the sport of triathlon, impairments in running economy are frequently observed after cycling. This impairment is related mainly to physiological stress, but an alteration in lower limb muscle coordination during running after cycling has also been observed. Muscle activity during running after cycling has yet to be fully investigated, and to date, the effect of alterations in muscle coordination on running economy is largely unknown. Stretching, which is another mode of training, may induce acute neuromuscular effects but does not appear to alter running economy.

There are also factors other than training structure that may influence running economy and neuromuscular adaptations. For example, passive interventions such as shoes and in-shoe orthoses, as well as the presence of musculoskeletal injury, may be considered important modulators of neuromuscular control and run performance. Alterations in muscle activity and running economy have been reported with different shoes and in-shoe orthoses; however, these changes appear to be subject-specific and nonsystematic. Musculoskeletal injury has been associated with modifications in lower limb neuromuscular control, which may persist well after an athlete has returned to activity. The influence of changes in neuromuscular control as a result of injury on running economy has yet to be examined thoroughly, and should be considered in future experimental design and training analysis.

Characterizing changes in fitness of basketball players within and between seasons

We assessed the magnitude of changes in fitness and anthropometric test scores of well-trained basketball players between phases of a year and over several years. Players were 1011 females and 1087 males in Basketball Australia's State and National junior programs (1862 and 236 players respectively). Players undertook a set of three fitness and three anthropometric tests on 2.6 ± 2.0 (mean ±SD) occasions over 0.8 ± 1.0 y. Mixed modeling was used to estimate mean changes within and between seasons, and to estimate individual variability as the standard deviation of change scores between assessments. Changes were expressed as standardized (Cohen) effect sizes for interpretation of magnitudes (trivial <0.2; small 0.2-0.6, moderate 0.6-1.2). In the first 2 y National and State males showed small longitudinal improvements in body mass, skinfolds, and shuttle-run performance (effect size 0.28 – 0.42). After 2 y National females made small improvements in most tests (0.27 – 0.42), but National males showed a small decline in shuttle-run performance (0.55). Other changes in mean test scores within and between seasons were trivial. Individuals showed small to moderate variability about the mean change between phases (0.23 – 0.87) and between years (0.26 – 1.03), with State-level players having greater variation in all tests (State/National ratio 1.1 – 2.4). Coaches or sport scientists monitoring or modifying fitness of basketball players should recognize there is generally little overall change in mean fitness within and between seasons. They should also take into account the small to moderate changes in individuals.

Visual guidance during competition performance and run-through training in long jumping

To ensure precise foot placement on the take-off board, long jumpers visually regulate their stride pattern during their run-up. A relationship between how much visual guidance they use and the horizontal distance they jump has not, however, been quantified. Run-up precision is often practiced using run-throughs, which exclude the take-off and, therefore, the high physical stress of the complete long jump. The validity with which this common training method simulates the long jump approach remains, however, to be verified. Four state-standard long jumpers and two heptathletes completed two sessions, each comprising six run-throughs and six competition long jumps. A 50 Hz video camera was manually panned from an elevated platform to film each trial, to enable subsequent gait characteristic evaluations. Linear regression analyses identified that a longer visual regulation phase, measured in time, distance or number of strides, was a key predictor of long jump distance. The number of strides that were visually regulated during the long jump approach was, accordingly, positively correlated with long jump distance (r = 0.67, p = 0.001). The amount of visual regulation used during run-throughs was, however, less than half (p = 0.001) of that observed during long jump approaches. Our results should compel long jump coaches to supplement run-through training with additional visual guidance exercises, to encourage their athletes to visually regulate more of their long jump approach.

The performance of a parallel TSP program and byte sequential benchmarks executing on a shared cluster

Although individual PCs of a cluster are used by their owners to run sequential applications (local jobs), the cluster as a whole or its subset can also be employed to run parallel applications (cluster jobs) even during working hours. This implies that these computers have to be shared by parallel and sequential applications, which could lead to the improvement of the execution performance and resource utilization. However, there is a lack of experimental study showing the behavior and performance of executing parallel and sequential applications concurrently on a non-dedicated cluster. The result of such research would be beneficial for the development of new global scheduling algorithms. We present the result of an experimental study into scheduling of a mixture of parallel and sequential applications on a non-dedicated cluster. The aim of this study is to learn how the concurrent execution of a communication intensive parallel application and sequential applications influences their execution performance and utilization of the cluster.

Estimating performance indexes of a baggage handling system using metamodels

In this study, we develop some deterministic metamodels to quickly and precisely predict the future of a technically complex system. The underlying system is essentially a stochastic, discrete event simulation model of a big baggage handling system. The highly detailed simulation model of this is used for conducting some experiments and logging data which are then used for training artificial neural network metamodels. Demonstrated results show that the developed metamodels are well able to predict different performance measures related to the travel time of bags within this system. In contrast to the simulation models which are computationally expensive and expertise extensive to be developed, run, and maintained, the artificial neural network metamodels could serve as real time decision aiding tools which are considerably fast, precise, simple to use, and reliable.

Performance of building integrated solar hot water systems

The integration of solar energy systems into buildings has been the subject of considerable commercial and academic research, particularly building integrated photovoltaics. However, the integration of solar hot water systems into roofing systems has had far less attention. This paper presents the theoretical and experimental results of a novel building integrated solar hot water system developed using existing long run roofing materials.

This work shows that it is possible to achieve effective integration that maintains the aesthetics of the building and also provides useful thermal energy. The results of an unglazed 108m2 swimming pool heater and 8m2 glazed domestic hot water systems are presented.

The experimental results show that the glazed system performs close to the theoretical model and is an effective provider of hot water in certain climates. However it was also found that for larger scale building integrated solar water heating systems, special attention must be paid to the configuration and arrangement of the collectors in order to minimise problems with respect to flow distribution and its effect on collector and system efficiency.