Do you really want to ask an underwriter how much money you should leave on the table?

This paper analyses whether the owners of companies seeking to list will leave less money on the table if underwriters are employed to price and market the issue. Our findings indicate that limited liability and Industrial company initial public offerings (IPOs) that have used underwriters have left
more money on the table than those not employing underwriters. Not only is there a direct cost in employing an underwriter but this study suggests there might also be an indirect cost. We also find that a positive forecast earnings per share yield may be useful in reducing the amount of money left on the table.

Promise more, leave less

Following Kim and Ritter (1999) who find that earnings forecasts provide more accurate valuations of IPOs, this paper analyses whether the owners of companies seeking to list will leave less money on the table if positive dividend per share (DPS) yield forecasts are made in the prospectus. Our findings indicate that DPS yield forecasts by directors of Industrial company IPOs have been an important ingredient in the amount of money left on the table. A similar result is found for Limited Liability IPOs and those that do not offer options to subscribers to buy more shares. The offer of an operational dividend reinvestment plan in the prospectus does not appear significant in reducing the amount of money left on the table.

Portable sick leave in the Victorian building industry : managing cumulative employee benefits in the absence of employment security

The trend away from full-time permanent employment raises questions about the relevance of traditional approaches to managing and compensating employees. Employment in the Australian building industry is characterised by short-term, project-based employment. Employers and unions in the industry have adopted alternative compensation models to accommodate the short-term nature of employment, most notably through portable benefit schemes. In 1997, the Victorian building industry extended the range of portable benefits to include sick leave. Empirical evidence suggests a relationship between employee absence behaviour and accrual entitlement models. Research reported here supports this link, and suggests that both employers and employees can benefit from an alternative, portable, approach to accrued entitlements. Employers can benefit because employees may be less likely to take an instrumental approach to their entitlements. Employees benefit because they are able to accrue entitlements for the period they remain in the building industry, irrespective of the extent to which they change jobs.

Reactions to increased workload: effects on professional efficacy of nurses

Research findings support the idea that workload is a significant stressor associated with a variety of deleterious psychological reactions, including burnout, in several different samples of workers. A theoretical model is put forth in the present study in which workload is seen as contributing to distress and depression. Increasingly, organisations are experiencing changes as a result of extensive downsizing, restructuring, and merging. As a result of fiscal restraint, hospitals have been forced to merge, close, downsize, and restructure. Workloads have increased among hospital staff, particularly nurses. This study applies a theoretical model to the understanding of the impact of workload on nurses employed in hospitals experiencing downsizing, particularly on their distress, burnout, and depression. Respondents were 488 nurses who were employed in hospitals that were undergoing restructuring and in which units had already been closed as a result of restructuring. Results of structural equation modeling showed that the data partially fit the model and that workload contributed substantially to levels of depression through distress reactions. Further results showed that cynicism, anger, and emotional exhaustion significantly operationalised distress reactions. This study is unique theoretically in linking anger, cynicism, and emotional exhaustion in a single model that predicts distress levels from workload. The findings that anger, cynicism, and emotional exhaustion operationalised distress indicate the importance of studying patterns of negative reactions and their consequences for depression. Implications of the results are discussed for interventions that can be taken by organisations in order to reduce workloads.

Workload capacity measures for estimating allied health staffing requirements

Workforce planning methodologies for the allied health professions are acknowledged as rudimentary despite the increasing importance of these professions to health care across the spectrum of health services settings. The objectives of this study were to (i) identify workload capacity measures and methods for profiling allied health workforce requirements from a systematic review of the international literature; (ii) explore the use of these methods in planning workforce requirements; (iii) identify barriers to applying such methods; and (iv) recommend further action. Future approaches to workforce planning were explored through a systematic review of the literature, interviews with key stakeholders and focus group discussions with representatives from the different professional bodies and health agencies in Victoria. Results identified a range of methods used to calculate workload requirements or capacity. In order of increasing data demands and costliness to implement, workload capacity methods can be broadly classified into four groups: ratio-based, procedure-based, categories of care-based and diagnostic or casemix-based. Despite inherent limitations, the procedure-based measurement approach appears to be most widely accepted. Barriers to more rigorous workforce planning methods are discussed and future directions explored through an examination of the potential of casemix and mixed-method approaches.

Determining clinical pharmacy workload by patient disease classification in medical and surgical patients

Aim: To determine the time needed to provide clinical pharmacy services to individual patient episodes for medical and surgical patients and the effect of patient presentation and complexity on the clinical pharmacy workload. Method: During a 5-month period in 2006 at two general hospitals, pharmacists recorded a defined range of activities that they provided for patients, including the actual times required for these tasks. A customised database linked to the two hospitals' patient administration systems stored the data according to the specific patient episode number. The influence of patient presentation and complexity on the clinical pharmacy activities provided was also examined. Results: The average time required by pharmacists to undertake a medication history interview and medication reconciliation was 9.6 (SD 4.9) minutes. Interventions required 5.7 (SD 4.6) minutes, clinical review of the medical record 5.5 (SD 4.0) minutes and medication order review 3.5 (SD 2.0) minutes. For all of these activities, the time required for medical patients was greater than for surgical patients and greater for 'complicated' patients. The average time required to perform all clinical pharmacy activities for 1071 completed patient episodes was 14.4 (SD 10.9) minutes and was greater for medical and 'complicated' patients. Conclusion: The time needed to provide clinical pharmacy services was affected by whether the patients were medical or surgical. The existence of comorbidities or complications affected these times. The times required to perform clinical pharmacy activities may not be consistent with recently proposed staff ratios for the provision of a basic clinical pharmacy service.

The impact of workload on wellbeing, mental health and depression : a longitudinal study of work perception

This paper explores the relationships between characteristics of the job (workload, control and support) and organizational justice (distributive, procedural, interpersonal and informational) at Time 1, onto three indicators of psychological health at Time 2 (psychological wellbeing, distress and depression). The sample consisted of sworn members of a state-based police force (n=143). Hierarchical regression analyses indicated that workload was associated with psychological wellbeing, distress and depression at the one-year follow-up. Specifically, high workload at Time 1 was associated with psychological distress and depression at Time 2, and low workload was associated with psychological wellbeing at Time 2. Further, there was a significant relationship between perceived informational justice at Time 1 and psychological wellbeing at Time 2. No significant interaction effects were demonstrated for the job characteristics or organizational justice onto psychological health status. That is, longitudinally, workload directly influences both positive and negative mental health, and informational justice is related to psychological wellbeing. The implications for the demand-control-support model are discussed. The injustice-as-stressor argument was generally not supported.

Why did they leave and what can they tell us? Allied health professionals leaving rural settings

The aim of this paper is to explore the lack of retention of allied health professionals in rural areas in Victoria, Australia. A structured telephone interview was used to elicit responses from 32 allied health professionals from south-west, central-west and north-east Victoria about their working experiences and reasons for resignation. The data revealed that work experiences in rural areas can be summarised within three domains: organisational, professional and personal/community. Under the organisational domain the participants were mainly focussed on the way in which their work arrangements require them to be both more generalist in their approach to day-to-day work, and more expansive in shouldering management style functions in the workplace. Under the professional domain there were three major issues; clinical, career and education/training. The personal/community domain focussed on issues to do with their affinity for their workplace as well as their location in a rural place. The attempts by government to address some of the leading factors for retention of allied health professionals are perhaps too narrowly focussed on the public sector and could encompass a wider approach.

What is known about the topic? Although recruitment and retention of allied health professionals in rural areas is widely discussed, the professionals have not been interviewed about their experiences once they have left rural employment.

What does this paper add? This paper provides detailed insights into the reasons why allied health professionals leave their positions in rural areas and the positive and negative aspects of living and working in a rural area. The results of this study contribute to the development of better policy models for recruitment and retention of allied health professionals in rural areas.

What are the implications for practitioners? The factors that influence whether allied health professionals stay or leave rural areas is of concern for health policy makers at state and federal levels. This paper provides information for the extension and development of programs to attenuate rural leakage of professionals.