Factors influencing money left on the table by property trust IPO issuers

While previous listed property trust (LPT) initial public offering (IPO) studies have identified low under pricing returns, this study specifically examines the amount of money left on the table by the pre-IPO owners in this category of IPO. This study investigates 58 property trust IPOs in Australia from 1994 to 2004 and finds that the amount of money left by LPT IPOs is considerably less than industrial company IPOs, implying considerably less uncertainty about the valuation of such IPOs compared to industrials. We also find that more recent (post 2000) LPT IPOs in Australia appear to be significantly different to previous LPT IPOs in both money left and under pricing terms.

Integrating insurance services, trust and risk mechanisms into multi-agent systems

In multi-agent systems, there is often the need for an agent to cooperate with others so as to ensure that a given task is achieved timely and cost effectively. Currently multi-agent systems maximize this through mechanisms such as coalition formation, trust and risk assessments, etc. In this paper, we incorporate the concept of insurance with trust and risk mechanisms in multi-agent systems. The novelty of this proposal is that it ensures continuous sharing of resources while encouraging expected utility to be maximized in a dynamic environment. Our experimental results confirm the feasibility of our approach.

Coalition Formation through Motivation and Trust

Cooperation is the fundamental underpinning of multi-agent systems, allowing agents to interact to achieve their goals. Where agents are self-interested, or potentially unreliable, there must be appropriate mechanisms to cope with the uncertainty that arises. In particular, agents must manage the risk associated with interacting with others who have different objectives, or who may fail to fulfil their commitments. Previous work has utilised the notions of motivation and trust in engendering successful cooperation between self-interested agents. Motivations provide a means for representing and reasoning about agents' overall objectives, and trust offers a mechanism for modelling and reasoning about reliability, honesty, veracity and so forth. This paper extends that work to address some of its limitations. In particular, we introduce the concept of a clan: a group of agents who trust each other and have similar objectives. Clan members treat each other favourably when making private decisions about cooperation, in order to gain mutual benefit. We describe mechanisms for agents to form, maintain, and dissolve clans in accordance with their self-interested nature, along with giving details of how clan membership influences individual decision making. Finally, through some simulation experiments we illustrate the effectiveness of clan formation in addressing some of the inherent problems with cooperation among self-interested agents.

Relationship orientation : towards an antecedent model of trust in marketing relationships

With the advent and the increasing use of the concept of Relationship Marketing as a basis for marketing strategy, it has become evident that a lack of empirical knowledge exists as to the operational basis of the concept. Information regarding the conceptual basis of Relationship Marketing and a possible new orientation toward the concept may be of substantial value to both practitioners and scholars of relationship marketing. This paper considers the emergence of a Relationship Orientation within the marketing literature and proposes an antecedent model of Trust as a basis. The role of Ethics as a possible antecedent to Trust is emphasised and identified as a gap within the relationship marketing literature. Based on previous exploratory work and a review of the literature of relationship marketing, exchange theory, general marketing theory, marketing ethics and sales management, four key antecedent dimensions of Trust are identified: Ethics, Bonding, Empathy and Reciprocity. Additional possible antecedents are suggested. Future empirical research is proposed in order to validate the model.