The impact of regulatory reforms on the earnings forecasting behaviour of IPO firms

Purpose – The purpose of this paper is to jointly assess the impact of regulatory reform for corporate fundraising in Australia (CLERP Act 1999) and the relaxation of ASX admission rules in 1999, on the accuracy of management earnings forecasts in initial public offer (IPO) prospectuses. The relaxation of ASX listing rules permitted a new category of new economy firms (commitments test entities (CTEs))to list without a prior history of profitability, while the CLERP Act (introduced in 2000) was accompanied by tighter disclosure obligations and stronger enforcement action by the corporate regulator (ASIC). Design/methodology/approach – All IPO earnings forecasts in prospectuses lodged between 1998 and 2003 are examined to assess the pre- and post-CLERP Act impact. Based on active ASIC enforcement action in the post-reform period, IPO firms are hypothesised to provide more accurate forecasts, particularly CTE firms, which are less likely to have a reasonable basis for forecasting. Research models are developed to empirically test the impact of the reforms on CTE and non-CTE IPO firms. Findings – The new regulatory environment has had a positive impact on management forecasting behaviour. In the post-CLERP Act period, the accuracy of prospectus forecasts and their revisions significantly improved and, as expected, the results are primarily driven by CTE firms. However, the majority of prospectus forecasts continue to be materially inaccurate. Originality/value – The results highlight the need to control for both the changing nature of listed firms and the level of enforcement action when examining responses to regulatory changes to corporate fundraising activities.

Let's talk about failures : why was the game for children not a success?

A significant proportion of research in the field of human-computer interaction has been devoted to game design. Yet, a multitude of good ideas and enthusiastic game design initiatives exist, where the games never see the light of day. Unfortunately, the causes of these failures remain often unexplored and unpublished. The challenges faced by researchers and practitioners are particularly complex when designing games for special target groups, such as children, or for a serious purpose. The HCI community would benefit from a discussion on these issues in order to avoid researchers and practitioners to repeat mistakes. We want to learn from projects that started with a promising idea, but failed or faced severe challenges. This workshop will be the first at CHI focusing on 'failed game projects'. In particular, workshop participants are encouraged to discuss issues that typically received little attention in publications and hereby contribute to the discussion on failures in the design, development and evaluation of games for and or with children. As a result, the community will benefit from these insights and lessons-learned, which will enhance the design of future (serious) games with/for children.

Unpacking ‘lessons learned’ : investigating failures and considering alternative solutions

One of the most common ways to share project knowledge is to capture the positive and negative aspects of projects in the form of lessons learned (LL). If effectively used, this process can assist project managers in reusing project knowledge and preventing future projects from repeating mistakes. Nevertheless, the process of capturing, storing, reviewing and reusing LL often remains suboptimal. Despite the potential for rich knowledge capture, lessons are often documented as simple, line-item statements devoid of context. Findings from an empirical investigation across four cases revealed a range of reasons related to the perceived quality, process and visibility of LL that lead to their limited use and application. Drawn from the cross-case analysis, this paper investigates an integrated approach to LL involving the use of a collaborative Web-based tool, which is easily accessible, intelligible and user-friendly, allowing more effective sharing of project knowledge and overcoming existing problems with LL.

Pull-through failures of crest-fixed steel claddings initiated by transverse splitting

Crest-fixed steel claddings made of thin, high strength steel often suffer from local pull-through failures at their screw connections during high wind events such as storms and hurricanes. Currently there aren't any adequate design provisions for these cladding systems except for the expensive testing provisions. Since the local pull-through failures in the less ductile steel claddings are initiated by transverse splitting at the fastener hole, analytical studies have not been able to determine the pull-through failure loads. Analytical studies could be used if a reliable splitting criterion is available. Therefore a series of two-span cladding tests was conducted on a range of crest-fixed steel cladding systems under simulated wind uplift loads. The strains in the sheeting around the critical fastener holes were measured until the pull-through failure. This paper presents the details of the experimental investigation and the results including a strain criterion for the local pull-through failure.

Ownership, corporate governance and IPO post-listing liquidity

This thesis investigates how ownership structure and corporate governance relate to the post-listing liquidity of IPO firms. Using a sample of 1,049 Chinese IPOs from 2001 to 2010, the results show firms with a broader shareholder base and higher ownership concentration have greater post-listing liquidity. So do firms with higher state ownership and lower institution ownership. Corporate governance is also important; post-listing liquidity is higher for firms with CEO duality, a larger and more independent board, and more frequent board meetings. The 2005 Split Share Structure Reform, which increased the proportion of tradable shares, has a positive impact on liquidity.

Design of steel roof and wall cladding systems for pull-out failures

When thin steel roof and wall cladding systems are subjected to wind uplift/suction forces, local pull-through or pull-out failures occur prematurely at their screwed connections. During high wind events such as stom1s and cyclones, these localized failures then lead to severe damage to buildings and their contents. In recent times, the use of thin steel battens, purlins and girts has increased considerably, which has made the pull-out failures more critical in the design of steel cladding systems. An experimental investigation was therefore carried out to study the pull-out failure using both static and cyclic tests for a range of commonly used screw fasteners and steel battens, purlins and girts. This paper presents the details ofthis experimental investigation and its results.