Agency Conflicts and Corporate Payout Policies: A Global Study

We investigate the roles of finn and country level agency conflicts in determining corporate payout policics. Based on a large sample of 29,610 firms in 42 countries from 2001 to 2006, we show there is a form of "pecking order" in investors' ability to extract cash (whether as dividends only or share repurchases) from firms. Although investors are able to use their legal powers to extract cash from firms in high protection countries, their ability to do so can be substantially hindered when agency costs at the firm level are high. In poor protection countries, investors seem to take whatever cash they can get, even though the amount may be small, and with scant regard for investment opportunities and firm level agency conflicts. Finally, compared to repurchases, we find dividends are more likely to be the sole method of payout in high protection countries and in non insider-dominated firms.

Gender

The OED informs us that “gender” has at its root the Latin genus, meaning “race, kind,” and emerges as early as the fifth century as a term for differentiating between types of (especially) people and words. In the following 1500 years, gender appears in linguistic and biological contexts to distinguish types of words and bodies from one another, as when words in Indo-European languages were identified as masculine, feminine, or neuter, and humans were identified as male or female. It is telling that gender has historically (whether overtly or covertly) been a tool of negotiation between our understandings of bodies, and meanings derived from and attributed to them. Within the field of children’s literature studies, as in other disciplines, gender in and of itself is rarely the object of critique. Rather, specific constructions of gender structure understandings of subjectivity; allow or disallow certain behaviors or experiences on the basis of biological sex; and dictate a specific vision of social relations and organization. Critical approaches to gender in children’s literature have included linguistic analysis (Turner-Bowker; Sunderland); analysis of visual representations (Bradford; Moebius); cultural images of females (Grauerholz and Pescosolido); consideration of gender and genre (Christian-Smith; Stephens); ideological (Nodelman and Reimer); psychoanalytic (Coats); discourse analysis (Stephens); and masculinity studies (Nodelman) among others. In the adjacent fields of education and literacy studies, gender has been a sustained point of investigation, often deriving from perceived gendering of pedagogical practices (Lehr) or of reading preferences and competencies, and in recent years, perceptions of boys as “reluctant readers” (Moss). The ideology of patriarchy has primarily come under critical scrutiny 2 because it has been used to locate characters and readers within the specific binary logic of gender relations that historically subordinated the feminine to the masculine. Just as feminism might be broadly defined as resistance to existing power structures, a gendered reading might be broadly defined as a “resistant reading” in that it most often reveals or contests that which a text assumes to be the norm.

Validating the functional capacity index : a comparison of predicted versus observed total body scores

Background: The Functional Capacity Index (FCI) was designed to predict physical function 12 months after injury. We report a validation study of the FCI. Methods: This was a consecutive case series registered in the Queensland Trauma Registry who consented to the prospective 12-month telephone-administered follow-up study. FCI scores measured at 12 months were compared with those originally predicted. Results: Complete Abbreviated Injury Scale score information was available for 617 individuals, of whom 587 (95%) could be assigned at least one FCI score (range, 1-17). Agreement between the largest predicted FCI and observed FCI score was poor ([kappa] = 0.05; 95% confidence interval, 0.00-0.10) and explained only 1% of the variability in observed FCI. Using an encompassing model that included all FCI assignments, agreement remained poor ([kappa] = 0.05; 95% confidence interval, -0.02-0.12), and the model explained only 9% of the variability in observed FCI. Conclusion: The predicted functional capacity poorly agrees with actual functional outcomes. Further research should consider including other (noninjury) explanatory factors in predicting FCI at 12 months.

QUT Medical Engineering Research Facility (MERF) annual report 2009

DIRECTOR’S OVERVIEW by Professor Mark Pearcy This report for 2009 is the first full year report for MERF. The development of our activities in 2009 has been remarkable and is testament to the commitment of the staff to the vision of MERF as a premier training and research facility. From the beginnings in 2003, when a need was identified for the provision of specialist research and training facilities to enable close collaboration between researchers and clinicians, to the realisation of the vision in 2009 has been an amazing journey. However, we have learnt that there is much more that can be achieved and the emphasis will be on working with the university, government and external partners to realise the full potential of MERF by further development of the Facility. In 2009 we conducted 28 workshops in the Anatomical and Surgical Skills Laboratory providing training for surgeons in the latest techniques. This was an excellent achievement for the first full year as our reputation for delivering first class facilities and support grows. The highlight, perhaps, was a course run via our video link by a surgeon in the USA directing the participants in MERF. In addition, we have continued to run a small number of workshops in the operating theatre and this promises to be an avenue that will be of growing interest. Final approval was granted for the QUT Body Bequest Program late in 2009 following the granting of an Anatomical Accepting Licence. This will enable us to expand our capabilities by provide better material for the workshops. The QUT Body Bequest Program will be launched early in 2010. The Biological Research Facility (BRF) conducted over 270 procedures in 2009. This is a wonderful achievement considering less then 40 were performed in 2008. The staff of the BRF worked very hard to improve the state of the old animal house and this resulted in approval for expanded use by the ethics committees of both QUT and the University of Queensland. An external agency conducted an Occupational Health and Safety Audit of MERF in 2009. While there were a number of small issues that require attention, the auditor congratulated the staff of MERF on achieving a good result, particularly for such an early stage in the development of MERF. The journey from commissioning of MERF in 2008 to the full implementation of its activities in 2009 has demonstrated the potential of this facility and 2010 will be an exciting year as its activities are recognised and further expanded building development is pursued.

Panel discussion and documentary screening to celebrate World Industrial Design Day (WIDD) 2010

This collaborative event was organised to coincide with International celebrations by the International Council of Societies of Industrial Design (ICSID). The panel discussion involved industrial designers from a variety of backgrounds including academics, theorists and practitioners. Each panel member was given time to voice their opinion surrounding the theme of WIDD2010 "Industrial Design: Humane Solutions for a Resilient World". The discussion was then extended to the audience through active question and answer time. The panel included: * Professor Vesna Popovic FDIA - Queensland University of Technology * Adam Doyle, Studio Manager - Infinity Design Development * Scott Cox MDIA, Creative Director - Formwerx * Alexander Lotersztain, Director - Derlot * Philip Whiting FDIA, Design Convenor - QCA * Professor Tony Fry, Director Team D/E/S & QCA After this, the documentary by Gary Hewtsit "Objectified" was then screened (75 min).

Monitoring animal behaviour and environmental interactions : GPS collars and satellite remote sensing within a satellite remote sensing context

Remote monitoring of animal behaviour in the environment can assist in managing both the animal and its environmental impact. GPS collars which record animal locations with high temporal frequency allow researchers to monitor both animal behaviour and interactions with the environment. These ground-based sensors can be combined with remotely-sensed satellite images to understand animal-landscape interactions. The key to combining these technologies is communication methods such as wireless sensor networks (WSNs). We explore this concept using a case-study from an extensive cattle enterprise in northern Australia and demonstrate the potential for combining GPS collars and satellite images in a WSN to monitor behavioural preferences and social behaviour of cattle.

Monitoring animal behaviour and environmental interactions using wireless sensor networks, GPS collars and satellite remote sensing

Remote monitoring of animal behaviour in the environment can assist in managing both the animal and its environmental impact. GPS collars which record animal locations with high temporal frequency allow researchers to monitor both animal behaviour and interactions with the environment. These ground-based sensors can be combined with remotely-sensed satellite images to understand animal-landscape interactions. The key to combining these technologies is communication methods such as wireless sensor networks (WSNs). We explore this concept using a case-study from an extensive cattle enterprise in northern Australia and demonstrate the potential for combining GPS collars and satellite images in a WSN to monitor behavioural preferences and social behaviour of cattle.

Long-Duration Solar-powered wireless sensor networks

This paper discusses hardware design principles for long-term solar-powered wireless sensor networks. We argue that the assumptions and principles appropriate for long-term operation from primary cells are quite different from the solar power case with its abundant energy and regular charging cycles. We present data from a long-term deployment that illustrates the use of solar energy and rechargeable batteries to achieve 24x7 operation for over two years, since March 2005.

The design and evaluation of a mobile sensor/actuator network for autonomous animal control

This paper investigates a mobile, wireless sensor/actuator network application for use in the cattle breeding industry. Our goal is to prevent fighting between bulls in on-farm breeding paddocks by autonomously applying appropriate stimuli when one bull approaches another bull. This is an important application because fighting between high-value animals such as bulls during breeding seasons causes significant financial loss to producers. Furthermore, there are significant challenges in this type of application because it requires dynamic animal state estimation, real-time actuation and efficient mobile wireless transmissions. We designed and implemented an animal state estimation algorithm based on a state-machine mechanism for each animal. Autonomous actuation is performed based on the estimated states of an animal relative to other animals. A simple, yet effective, wireless communication model has been proposed and implemented to achieve high delivery rates in mobile environments. We evaluated the performance of our design by both simulations and field experiments, which demonstrated the effectiveness of our autonomous animal control system.

Transforming agriculture through pervasive wireless sensor networks

A large-scale, outdoor, pervasive computing system based on the Fleck hardware platform applies sensor network technology to farming. Comprising static and animal-borne mobile nodes, the system measures the state of a complex, dynamic system comprising climate, soil, pasture, and animals. This data supports prediction of the land's future state and improved management outcomes through closed-loop control. This article is part of a special issue, Building a Sensor-Rich World.

Wireless adhoc sensor and actuator networks on the farm

Agriculture accounts for a significant portion of the GDP in most developed countries. However, managing farms, particularly largescale extensive farming systems, is hindered by lack of data and increasing shortage of labour. We have deployed a large heterogeneous sensor network on a working farm to explore sensor network applications that can address some of the issues identified above. Our network is solar powered and has been running for over 6 months. The current deployment consists of over 40 moisture sensors that provide soil moisture profiles at varying depths, weight sensors to compute the amount of food and water consumed by animals, electronic tag readers, up to 40 sensors that can be used to track animal movement (consisting of GPS, compass and accelerometers), and 20 sensor/actuators that can be used to apply different stimuli (audio, vibration and mild electric shock) to the animal. The static part of the network is designed for 24/7 operation and is linked to the Internet via a dedicated high-gain radio link, also solar powered. The initial goals of the deployment are to provide a testbed for sensor network research in programmability and data handling while also being a vital tool for scientists to study animal behavior. Our longer term aim is to create a management system that completely transforms the way farms are managed.

An optimising compiler for generated tiny virtual machines

VMSCRIPT is a scripting language designed to allow small programs to be compiled for a range of generated tiny virtual machines, suitable for sensor network devices. The VMSCRIPT compiler is an optimising compiler designed to allow quick re-targeting, based on a template, code rewriting model. A compiler backend can be specified at the same time as a virtual machine, with the compiler reading the specification and using it as a code generator.

On PAR : Using Participatory Action Research to Improve Early Intervention

This manual is designed to assist human service practitioners and agencies, and the communities they work with, to enhance their skills in undertaking Participatory Action Research, and, in so doing improve the situations of people who are vulnerable. It utilises insights derived from a number of Australian Government funded programs, most notably Reconnect, NAYSS and Household Organisational Management Expenses (HOME) Advice.