Public regulatory reform and management earnings forecasts in a low private litigation environment

We examine the impact of continuous disclosure regulatory reform on the likelihood, frequency and qualitative characteristics of management earnings forecasts issued in New Zealand’s low private litigation environment. Using a sample of 720 earnings forecasts issued by 94 firms listed on the New Zealand Exchange before and after the reform (1999–2005), we provide strong evidence of significant changes in forecasting behaviour in the post-reform period. Specifically, firms were more likely to issue earnings forecasts to pre-empt earnings announcements and, in contrast to findings in other legal settings, those earnings forecasts exhibited higher frequency and improved qualitative characteristics (better precision and accuracy). An important implication of our findings is that public regulatory reforms may have a greater benefit in a low private litigation environment and thus add to the global debate about the effectiveness of alternative public regulatory reforms of corporate requirements.

On location : the imagined private interior in public life

This paper reveals the interior landscapes of selected contemporary Australian films, such as The Caterpillar Wish and Bad Boy Bubby, to develop a number of thematic influences on the manner in which domestic and private lives are constructed through filmic imagination. The research uncovers the conditions that contribute to particular scenographic representations of the humble interiors that act as both backdrop and performer to subtle and often troubled narratives. Such readings are informed by the theoretical works of writer Gertrude Stein, among others, who explore the relationships between the scenographic third dimension and the fourth dimensional performance in the representation of narrative space. A further theoretical thread lies in Giuliana Bruno’s work on the tension between private and public filmic space, which is explored through the public outing of intensely private spaces generated through narratives framed by the specificities of found interiors. Beyond the interrogation of qualities of imagined filmic space is the condition whereby locations, once transformed by the event of movie making are consequently forever revised. These altered conditions subsequently reinvest the lives of those who return to the location with layered narratives of occupation. Situationally, the now reconverted interior performs as contributor to subsequent private inhabitation, even if only as imagined space. The possibility here is that the qualities of the original may be superimposed and recontextualised to invest post-produced interiors with the qualities of the other space as imagined. This reading of film space explores new theoretical design scenarios for imagined and everyday interior landscapes.

Legislating for sustainability: a framework for managing statutory rights obligations and restrictions affecting private land

The ad hoc growth of administrative controls on land use has produced an information management problem. Land registries face growing demands to record on the Torrens register particulars of rights, obligations and restrictions created under public law statutes, in order to reduce information costs, promote compliance and inform planning. As sustainable management of land and natural resources will require more legislative regulation, this paper proposes a framework of principles for the more coherent and consistent management of public law controls on private land use.

Private supervisors of learner drivers and Queensland's graduated driver licensing system : how important are they?

Background: A key element of graduated driver licensing systems is the level of support provided by parents. In mid-2007 changes were made to Queensland’s graduated driver licensing system, including amendments to the learner licence with one of the more significant changes requiring learners to record 100 hours of supervised driving practice in a logbook. Prior to mid-2007, there was no minimum supervision requirement. Aims: The aim of this study was to document the experiences of the supervisors of Queensland learner drivers after the changes made to the graduated driver licensing system in mid-2007. Methods: The sample of 552 supervisors of learner drivers was recruited using a combination of convenience and snowball sampling techniques. The internet survey was open for completion between July 2009 and May 2010 and took approximately 15 to 20 minutes for participants to complete. Results: For 59.7 per cent of the participants, this was the first time that they had supervised a learner driver. For 63.2 per cent, they classified themselves as the main supervisor for the learner driver. Participants provided an average of 79.62 hours of supervision (sd = 92.38), while other private supervisors provided 34.89 hours of supervision (sd = 41.74) to the same learner and professional driving instructors 18.55 hours of supervision (sd = 27.54). The vast majority of supervisors recorded all or most of the practice that they provided their learner driver in their log book with most supervisors indicating that they believed that the hours recorded in the learner’s logbook were either accurate or very accurate. While many supervisors stated that they did not receive any advice regarding the supervision of learner drivers, some had received advice from others such as friends or through discussions with a professional driving instructor. Discussion and conclusions: While graduated driver licensing systems implicitly encourage the involvement of parents and other private supervisors, these people tend not to be systematically involved. As demonstrated in this study, private supervisors provide a significant amount of supervised practice and seek to record this practice accurately and honestly in the learner’s logbook. However, even though a significant number of participants reported that this was the first time that they had supervised a learner driver, they accessed little support or guidance for their role. This suggests a need to more overtly encourage and support the role of private supervisors for learner drivers.

A Research Framework for Investigating Public Private Partnerships (PPP) in Hong Kong

PPP is a general term covering all contracted relationships between the public and private sectors to produce a public asset or to deliver a public service. Its major advantage lies in utilising resources from the private sector to alleviate some of the financial burdens of the government. The Asian financial turmoil in the late 1990s has imposed enormous pressure on the budget of the Hong Kong Special Administrative Region (HKSAR) Government. With a continuous outcry for better public services due to the rapid development of Hong Kong, alternative financing models need to be sought to ensure sustainability. Hong Kong has the advantage of being the international gateway to Mainland China, and with this benefit has attracted overseas enterprises to base their offices in Hong Kong for the Asian market. Obviously the private sector has much to contribute. The HKSAR Government has realised the benefits of using PPP in Hong Kong as well as the success achieved overseas. But a more thorough research is needed to develop the most suitable practice of PPP in terms of project nature, project complexity, project type and project scale under which PPP is most appropriate for Hong Kong. This paper provides an initial report of a research project being funded by the Research Grants Council (RGC) of the HKSAR. The project aims to evaluate the benefits and risks of PPP adopted in Australia and the United Kingdom, and from these previous experiences to develop a best practice framework for implementing PPP in Hong Kong. It firstly reports on the status of PPP development trend and the hands-on experiences which have been drawn in these countries. Qualitative and quantitative research methods applied in conducting the research are discussed. The likely impacts of the study are highlighted. It is believed that the construction industry and the government would benefit a lot as a result of this study, and further procurement and project financing options would be opened up for delivering better future public service.

Organizational rhetoric in the prospectuses of elite private schools: unpacking strategies of persuasion

The way in which private schools use rhetoric in their communications offers important insights into how these organizational sites persuade audiences and leverage marketplace advantage in the context of contemporary educational platforms. Through systemic analysis of rhetorical strategies employed in 65 ‘elite’ school prospectuses in Australia, this paper contributes to understandings of the ways schools’ communications draw on broader cultural politics in order to shape meanings and interactions among organizational actors. We identify six strategies consistently used by schools to this end: identification, juxtapositioning, bolstering or self-promotion, partial reporting, self-expansion, and reframing or reversal. We argue that, in the context of marketization and privatization discourses in twenty-first-century western education, these strategies attempt to subvert potentially threatening discourses, in the process actively reproducing broader economic and social privilege and inequalities.

Private equity bids in Australia : an exploratory study

In this study, we provide an insight into how private equity players choose their targets and the bid arrangements they prefer. We test our expectations of the unique features of private equity targets using a sample of 23 listed private equity target firms during 2001–2007. We find, relative to a benchmark sample of 81 corporate targets matched by year and industry, the private equity target firms to be larger, more profitable, use their assets more efficiently, more highly levered and have greater cash flow. Multivariate testing indicates that private equity targets have relatively greater financial slack, greater financial stability, greater free cash flow and lower measurable growth prospects. All conclusions are found to be robust to a control sample of 502 takeover bids during 2001–2007.

Incentivising private health insurance through the income tax regime : Capitalising on behavioural models

The Australian income tax regime is generally regarded as a mechanism by which the Federal Government raises revenue, with much of the revenue raised used to support public spending programs. A prime example of this type of spending program is health care. However, a government may also decide that the private sector should provide a greater share of the nation's health care. To achieve such a policy it can bring about change through positive regulation, or it can use the taxation regime, via tax expenditures, not to raise revenue but to steer or influence individuals in its desired direction. When used for this purpose, tax expenditures steer taxpayers towards or away from certain behaviour by either imposing costs on, or providing benefits to them. Within the context of the health sector, the Australian Federal Government deploys social steering via the tax system, with the Medicare Levy Surcharge and the 30 percent Private Health Insurance Rebate intended to steer taxpayer behaviour towards the Government’s policy goal of increasing the amount of health provision through the private sector. These steering mechanisms are complemented by the ‘Lifetime Health Cover Initiative’. This article, through the lens of behavioural economics, considers the ways in which these assorted mechanisms might have been expected to operate and whether they encourage individuals to purchase private health insurance.

Alternative primary sources for studying Australian television history : an annotated list of online private collections

It is possible to write many different histories of Australian television, and these different histories draw on different primary sources. The ABC of Drama, for example, draws on the ABC Document Archives (Jacka 1991). Most of the information for Images and Industry: television drama production in Australia is taken from original interviews with television production staff (Moran 1985). Ending the Affair, as well as archival work, draws on ‘over ten years of watching … Australian television current affairs’ (Turner 2005, xiii). Moran’s Guide to Australian TV Series draws exhaustively on extant archives: the ABC Document Archives, material sourced through the ABC Drama department, the Australian Film Commission, the library of the Australian Film, Television and Radio School, and the Australian Film Institute (Moran 1993, xi)...

Public-private partnerships : a survey with suggestions for research

The broad aim of this paper is to examine and comment on the development of public private partnerships (ppp) in an international context, concluding with suggestions for further research. The first section offers some working definitions. Section two reflects my attempt to provide a first, broad answer to my initial research question, what is the prevalence of such partnerships, taking a historical perspective. Section three focuses on the questions of what are the expectations of government and business in regard to ppp and what is their prevalence in more recent times. The final section highlights some of the findings of this initial research survey and suggests types of research questions that could be addressed....

Private equity bidders : barbarians or best friends

The deal value of private equity merger and takeover activity has achieved unprecedented growth in the last couple of years, in Australia and globally. Private equity deals are not a new feature of the market; however, such deals have been subject to increased academic, professional and policy interest. This study examines the particular features of 15 major deals involving listed company "targets" and provides evidence – based on a comparison with a benchmark sample – to demonstrate the role that private equity plays in the market for corporate control. The objective of this study was to assess the friendliness of private equity bids. Based on the indicia compiled, lower bid premiums, the presence of break fees and the intention to retain senior management are compellingly different for private equity bids than for the comparative sample of bids. Using these several characteristics of "friendliness", the authors show that private equity deals are generally friendly in nature, consistent with industry rhetoric, but perhaps inconsistent with the popular belief that private equity bidders are the "barbarians at the gate".

Outsourcing and cutting choice in private hospital menus – does it impact on patient foodservice satisfaction?

Patient satisfaction with foodservices is multidimensional. It is well recognised that food and other aspects of foodservice delivery are important elements of patients overall perception of the hospital experience. This study aimed to determine whether menu changes in 2008 at an acute private hospital, considered negative by the dietetic staff, would affect patient satisfaction with the foodservice. Changes to the menu, secondary to the refurbishment of the foodservice facilities decreased the number of choices at breakfast from six to four, and altered the dessert menu to include a larger proportion of commercially produced products. The Acute Care Hospital Foodservice Patient Satisfaction Questionnaire (ACHFPSQ) was utilised to assess patient satisfaction with the menu changes, as it has proven accuracy and reliability in measuring patient satisfaction. Results of the survey (n=306) were compared to data with previous ACHFPSQ surveys conducted annually since 2003. Data analysed included overall foodservice satisfaction and four dimensions of foodservice satisfaction: food quality, meal service quality, staff/service issues and the physical environment. Satisfaction targets were set at 4 (scale 1–5) for each foodservice dimension. Analysis showed that despite changes to the menu, overall foodservice satisfaction rated high, with a score of 4.3. Eighty-six percent of patients rated the foodservice as either ‘very good’ or ‘good’. The four foodservice dimensions were rated highly (4.2–4.8). Findings were consistent with previous survey results, demonstrating a high level of patient satisfaction across all dimensions of the foodservice, despite changes to the menu. The annual ACHFPSQ was of value to this practice question.

Fully private revocable predicate encryption

We introduce the concept of Revocable Predicate Encryption (RPE), which extends current predicate encryption setting with revocation support: private keys can be used to decrypt an RPE ciphertext only if they match the decryption policy (defined via attributes encoded into the ciphertext and predicates associated with private keys) and were not revoked by the time the ciphertext was created. We formalize the notion of attribute hiding in the presence of revocation and propose an RPE scheme, called AH-RPE, which achieves attribute-hiding under the Decision Linear assumption in the standard model. We then present a stronger privacy notion, termed full hiding, which further cares about privacy of revoked users. We propose another RPE scheme, called FH-RPE, that adopts the Subset Cover Framework and offers full hiding under the Decision Linear assumption in the standard model. The scheme offers very flexible privacy-preserving access control to encrypted data and can be used in sender-local revocation scenarios.