Institutional investors, risk/return and corporate governance : practical lessons from the Global Financial Crisis

The global grown in institutional investors means that firms can no longer ignore their influence in capital markets. However, not all institutional investors have the same motives to influence the firms they invest in. Institution investors' ability to influence management depends on the size of their investment and whether they have any business relations with the firm. Using a sample of Australian firms from 2006 to 2008, our empirical results show that the proportion of a company's shares held by institutional investors is positively associated with firm governance ratings, risk and profitability. This study shows that a positive association between risk and return is associated with large active institutional ownership, which we interpret as shareholders with sufficient power to pressure management to increase short-term profits.

Analysis of risk management disclosures by Australian publicly listed companies

In the aftermath of the global financial crisis, effective risk management (RM) and its communication to stakeholders are now considered essential components in corporate governance. However, despite the importance of RM communication, it is still unclear how and to what extent disclosures in financial reports can achieve effective communication of RM activities. The situation is hampered by the paucity of international RM Research that captures institution differences in corporate governance standards. The Australian setting provides an ideal environment in which to examine RM communication because the Australian Securities Exchange (ASX) has since 2007 recommended RM disclosures under its principle-based governance rules. The recommendations are contained in Principle 7 of the Corporate Governance Principles and recommendations (ASX CGPR). Accordingly, to assess the effectiveness of the AXS's RM governance principle, this study examines the nature and extent of RM disclosures reported by major ASX-listed firms. Using a mixed method approach (thematic content analysis and a series of regression analysis) we find widespread divergence in disclosure practices and low conformance with the Principle 7 recommendations. Certain corporate governance mechanisms appear to influence some categories of RM dislcosure but equity risk has surprisingly little explanatory power. These results suggest that the RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders.

A simple vehicle for the transportation of a humanoid Nao robot

Locomotion and autonomy in humanoid robots is of utmost importance in integrating them into social and community service type roles. However, the limited range and speed of these robots severely limits their ability to be deployed in situations where fast response is necessary. While the ability for a humanoid to drive a vehicle would aide in increasing their overall mobility, the ability to mount and dismount a vehicle designed for human occupants is a non-trivial problem. To address this issue, this paper presents an innovative approach to enabling a humanoid robot to mount and dismount a vehicle by proposing a simple mounting bracket involving no moving parts. In conjunction with a purpose built robotic vehicle, the mounting bracket successfully allowed a humanoid Nao robot to mount, dismount and drive the vehicle.

Looming aircraft threats : shape-based passive ranging of aircraft from monocular vision

This paper proposes new techniques for aircraft shape estimation, passive ranging, and shape-adaptive hidden Markov model filtering which are suitable for a monocular vision-based non-cooperative collision avoidance system. Vision-based passive ranging is an important missing technology that could play a significant role in resolving the sense-and-avoid problem in un-manned aerial vehicles (UAVs); a barrier hindering the wider adoption of UAVs for civilian applications. The feasibility of the pro- posed shape estimation, passive ranging and shape-adaptive filtering techniques is evaluated on flight test data.

(Un)Becoming behaviour

This chapter focuses on the role of teachers in supporting children who experience difficulties in early years settings and who engage in disruptive behaviour. Learning goals associated with this chapter include: - How challenging behaviour develops and what can happen if it remains unaddressed - The ability to analyse student behaviour - How to interpret common behaviours and how to avoid misperceptions - Ways to develop alternative approaches that are respectful of difference

Audio signalling as a backup communication channel for multi-robot systems

This paper presents a low-bandwidth multi-robot communication system designed to serve as a backup communication channel in the event a robot suffers a network device fault. While much research has been performed in the area of distributing network communication across multiple robots within a system, individual robots are still susceptible to hardware failure. In the past, such robots would simply be removed from service, and their tasks re-allocated to other members. However, there are times when a faulty robot might be crucial to a mission, or be able to contribute in a less communication intensive area. By allowing robots to encode and decode messages into unique sequences of DTMF symbols, called words, our system is able to facilitate continued low-bandwidth communication between robots without access to network communication. Our results have shown that the system is capable of permitting robots to negotiate task initiation and termination, and is flexible enough to permit a pair of robots to perform a simple turn taking task.

The psychological and economic factors that influence energy consumption habits of low-income earners

Social marketers and governments have often targeted hard to reach or vulnerable groups (Gordon et al., 2006) such as young adults and low income earners. Past research has shown that low-income earners are often at risk of poor health outcomes and diminished lifestyle (Hampson et al., 2009; Scott et al., 2012). Young adults (aged 18 to 35) are in a transition phase of their life where lifestyle preferences are still being formed and are thus a useful target for long-term sustainable change. An area of focus for all levels of government is the use of energy with an aim to reduce consumption. There is little research to date that combines both of these groups and in particular in the context of household energy usage. Research into financially disadvantaged consumers is challenging the notion that that low income consumer purchasing and usage of products and services is based upon economic status (Sharma et al., 2012). Prior research shows higher income earners view items such as televisions and computers as necessities rather than non-essential (Karlsson et al., 2004). Consistent with this is growing evidence that low income earners purchase non-essential, energy intensive electronic appliances such as multiple big screen TV sets and additional refrigerators. With this in mind, there is a need for knowledge about how psychological and economic factors influence the energy consumption habits (e.g. appliances on standby power, leaving appliances turned on, running multiple devices at one time) of low income earners. Thus, our study sought to address the research question of: What are the factors that influence young adult low-income earners energy habits?

Text recognition approaches for indoor robotics : a comparison

This paper evaluates the performance of different text recognition techniques for a mobile robot in an indoor (university campus) environment. We compared four different methods: our own approach using existing text detection methods (Minimally Stable Extremal Regions detector and Stroke Width Transform) combined with a convolutional neural network, two modes of the open source program Tesseract, and the experimental mobile app Google Goggles. The results show that a convolutional neural network combined with the Stroke Width Transform gives the best performance in correctly matched text on images with single characters whereas Google Goggles gives the best performance on images with multiple words. The dataset used for this work is released as well.

Effect of mobile phone use and aggression on speed selection by young drivers : a driving simulator study

Aggressive driving has been associated with engagement in other risky driving behaviours, such as speeding; while drivers using their mobile phones have an increased crash risk, despite the tendency to reduce their speed. Research has amassed separately for mobile phone use and aggressive driving among younger drivers, however little is known about the extent to which these behaviours may function independently and in combination to influence speed selection behaviour. The main aim of the current study was to investigate the effect of driver aggression (measured by the Driving Anger Expression Inventory) and mobile phone use on speed selection by young drivers. The CARRS-Q advanced driving simulator was used to test the speed selection of drivers aged 18 to 26 years (N = 32) in a suburban (60kph zone) driving context. A 2 (level of driving anger expression: low, high) X 3 (mobile phone use condition: baseline, hands-free, hand-held) mixed factorial ANOVA was conducted with speed selection as the dependent variable. Results revealed a significant main effect for mobile phone use condition such that speed selection was lowest for the hand-held condition and highest for the baseline condition. Speed selection, however, was not significantly different across the levels of driving anger expression; nor was there a significant interaction effect between the mobile phone use and driving anger expression. As young drivers are over-represented in road crash statistics, future research should further investigate the combined impact of driver aggression and mobile phone use on speed selection.

Investigations on road noise level spatial variability within a specially designed acoustic balcony

An investigation into the spatial distribution of road traffic noise levels on a balcony is conducted. A balcony constructed to a special acoustic design due to its elevation above an 8 lane motorway is selected for detailed measurements. The as-constructed balcony design includes solid parapets, side walls, ceiling shields and highly absorptive material placed on the ceiling. Road traffic noise measurements are conducted spatially using a five channel acoustic analyzer, where four microphones are located at various positions within the balcony space and one microphone placed outside the parapet at a reference position. Spatial distributions in both vertical and horizontal planes are measured. A theoretical model and prediction configuration is presented that assesses the acoustic performance of the balcony under existing traffic flow conditions. The prediction model implements a combined direct path, specular reflection path and diffuse reflection path utilizing image source and radiosity techniques. Results obtained from the prediction model are presented and compared to the measurement results. The predictions are found to correlate well with measurements with some minor differences that are explained. It is determined that the prediction methodology is acceptable to assess a wider range of street and balcony configuration scenarios.

Perspectives in Human Sexuality

This book is an overview of key debates, research findings and theories in the area of sex and sexuality. Controversial issues are discussed in an informative and fair, balanced manner. With its sociological orientation, Perspectives in Human Sexuality employs a range of empirical and theoretical resources, including those which utilise scientific, medical, historical and ethical knowledge in order to elucidate the critical issues affecting contemporary life. This is the first textbook written especially for undergraduate students to offer a detailed and comprehensive introduction to sex and sexuality from an Australian and New Zealand perspective. This work examines issues such as sex and age, sex work and gay, lesbian and queer sex. Leading Australian and New Zealand authors in the field of sex and sexuality have contributed to the book. The book deals with sexuality from an Australasian perspective, addressing the specific concerns and interests of an Australasian audience, providing it with a unique standing in the current market.

Networked livecoding at VL/HCC 2013

Network connectivity offers the potential for a group of musicians to play together over the network. This paper describes a trans-Atlantic networked musical livecoding performance between Andrew Sorensen in Germany (at the Schloss Daghstuhl conference on Collaboration and Learning through Live Coding) and Ben Swift in San Jose (at YL/HCC) in September 2013. In this paper we describe the infrastructure developed to enable this performance.

Multiphase porous media model for heat and mass transfer during drying of agricultural products

Modelling of food processing is complex because it involves sophisticated material and transport phenomena. Most of the agricultural products such fruits and vegetables are hygroscopic porous media containing free water, bound water, gas and solid matrix. Considering all phase in modelling is still not developed. In this article, a comprehensive porous media model for drying has been developed considering bound water, free water separately, as well as water vapour and air. Free water transport was considered as diffusion, pressure driven and evaporation. Bound water assumed to be converted to free water due to concentration difference and also can diffuse. Binary diffusion between water vapour and air was considered. Since, the model is fundamental physics based it can be applied to any drying applications and other food processing where heat and mass transfer takes place in porous media with significant evaporation and other phase change.

Best practice in peer-led curriculum content : informing an interactive program to improve passenger safety among high school seniors

Despite ongoing improvements in behaviour change strategies, licensing models and road law enforcement measures young drivers remain significantly over-represented in fatal and non-fatal road related crashes. This paper focuses on the safety of those approaching driving age and identifies both high priority road safety messages and relevant peer-led strategies to guide the development school programs. It summarises the review in a program logic model built around the messages and identified curriculum elements, as they may be best operationalised within the licensing and school contexts in Victoria. This paper summarises a review of common deliberate risk-taking and non-deliberate unsafe driving behaviours among novice drivers, highlighting risks associated with speeding, driving while fatigued, driving while impaired and carrying passengers. Common beliefs of young people that predict risky driving were reviewed, particularly with consideration of those beliefs that can be operationalised in a behaviour change school program. Key components of adolescent risk behaviour change programs were also reviewed, which identified a number of strategies for incorporation in a school based behaviour change program, including: a well-structured theoretical design and delivery, thoughtfully considered peer-selected processes, adequate training and supervision of peer facilitators, a process for monitoring and sustainability, and interactive delivery and participant discussions. The research base is then summarised in a program logic model with further discussion about the quality of the current state of knowledge of evaluation of behaviour change programs and the need for considerable development in program evaluation.