The costs of raising equity capital for closed-end fund IPOs

This article reports on some of the direct costs of raising equity capital by closed-end fund licensed investment company (LIC) initial public offerings (IPOs) in Australia from 1995 to 2005. The amount of underpricing by these IPOs is also identified. The average total direct costs amounted to a relatively low 3.4% of the capital raised, while fees paid to underwriters and/or stockbrokers was around 2.3%, to legal firms around 0.25% and to accounting firms around 0.07%. The average underpricing by these LIC IPOs was 1.3%. This article also confirms that the percentage total direct capital raising costs are inversely related to the size of the IPO and underwritten closed-end fund IPOs tend to have higher percentage total capital raising costs than those not underwritten.

Natural and environmentally responsive building envelopes

In a context of global warming and our needs to reduce CO\d2 emissions, building envelopes will play an important role. A new imperative has been put forth to architects and engineers to develop innovative materials, components and systems, in order to make building envelopes adaptive and responsive to variable and extreme climate conditions. Envelopes serve multiple functions, from shielding the interior environment to collecting, storing and generating energy. Perhaps a more recent concern of terrestrial habitats is permeability and leakages within the building envelope. Such airtight and concealed envelopes with zero particle exchange are a necessity and already exist in regard to space capsules and habitats.

This paper attempts to acknowledge existing and visionary envelope concepts and their functioning in conjunction with maintaining a favorable interior environment. It introduces several criteria and requirements of advanced fa\acades along with interior pressurization control. Furthermore, the paper also takes a closer look at the principles of "biomimicry" of natural systems combined with the most up-to-date building materials and construction technologies, trying to integrate the notions of adaptation - where the capacity to survive depends on the ability to adjust to the environment - within the concept of technological evolution and innovation. An "adaptive" attitude in the way in which we conceive our built structures provides a conceptual basis for the advanced building design of our future, as well as one concerned about the efficient management of the available resources. Built environments of the future (in extreme climates or not) will need to respond to Renewable, Adaptive, Recyclable and Environmental (R.A.R.E.) concepts in order to coexist in a sustainable way with their surroundings.

Review of the green consumers' perception formation about the environmentally safe products

This study examines the influence of various factors on the green purchase intention of customers in Australia. A conceptual model has been proposed and was subjected to empirical verification with the use of a survey of metropolitan and regional households in Victoria. The results indicate that corporate perception with respect of companies not placing higher priority on reducing pollution than increasing profitability was the significant predictor of customers’ negative overall perception toward environmentally safe products. The only positive contribution to customers’ perceptions was their past experience with the product. Other factors including the perception of environmentally safe products, product labels, and regulatory protection did not appear to influence customers’ perceptions. The results also suggest that customers are not tolerant of lower quality and higher prices of environmentally safe products. The present findings provide an understanding of the antecedents of green purchasing and highlight that green customers rely more on personal experience with the product rather than the information provided by the marketer.

An investigation on the risk perceptions of Australian property fund Managers

Recent empirical and analytical studies have demonstrated that downside risk appears as an intuitively appealing risk measure in which it is more consistent with investors’ behaviour. Conversely, qualitative studies into the behaviour of investors, particularly real estate investors, have been relatively limited. This study seeks to address this shortfall and aims to examine the perceptions of property fund managers towards risk. A survey was conducted to investigate the risk perceptions of property fund managers and determine whether they only require compensation for bearing with higher downside risk. The acceptance level of downside risk is also examined. The findings reveal that downside risk is more consistent with how investors individually perceive risk. However, there is also a gap between theoretical assertions and practice in which downside risk is not commonly used in the practice. The results give an insight into the knowledge base of property investors towards risk, particularly downside risk.

Managed fund attributes and performance : Australian evidence

This cross-sectional study goes beyond the traditional performance evaluation of managed funds and extends the literature to consider fund-specific attributes that influence performance. Using a sample of 168 Australian open-ended equity funds, the risk adjusted performance is measured using three alternative evaluation techniques. We find that funds with higher management fees and long fund history have contributed to the underperformance. Along with the traditional attributes identified by the literature, market capitalisation of the security held by the fund is included as a unique attribute with significant results, indicating that funds targeting small capitalisation companies display superior performance.

Behaviours of property investors: an investigation on the risk perceptions of Australian property fund managers

Recent finance and real estate empirical and analytical studies have demonstrated that downside risk appears as an intuitively appealing risk measure in which it is more consistent with investors' behaviours. Conversely, qualitative studies into the behaviours of investors, particularly real estate investors, have been relatively limited. This study seeks to address this shortfall and aims to examine the behaviours of property fund managers towards downside risk. A survey was conducted in order to investigate the risk perceptions of property fund managers and determine whether they only require compensation for bearing with higher downside risk. The acceptance level of downside risk in the property funds industry in Australia is also examined. The findings reveal that downside risk is more consistent with how investors individually perceive risk. However, there is also a gap between theoretical assertions and practice in which downside risk is not commonly used in the practice. The results give an insight into the knowledge base of property investors towards downside risk.

Surface analysis of environmentally exposed painted composites manufactured from Quickstep and autoclave processes

The surface finishes of laminates produced by Quickstep™ and autoclave processes for use in automotive outer skin panels were compared. Automotive quality, painted carbon fibre samples, manufactured via both processes, were exposed to typical exposure environments including combinations of temperature (70, 120, 170°C), UV-B, humidity (95% RH) and immersion in water.

The microscopy and surface roughness results demonstrated that the surfaces produced by the Quickstep process were less susceptible to damage in the aging environments than the surfaces of the autoclaved samples. Quickstep samples displayed surface bubbling of only 5 μm, compared to the autoclaved surface bubbles which reached a diameter of 30 mm before bursting, with complete delamination occurring between the paint and the composite. The surface roughness measurements revealed the autoclave samples (Ra = 0.72 μm) were up to three times the roughness of the Quickstep samples (Ra = 0.23 μm).

Programmer friendly and efficient distributed shared memory integrated into a distributed operating system

Distributed Shared Memory (DSM) provides programmers with a shared memory environment in systems where memory is not physically shared. Clusters of Workstations (COWs), an often untapped source of computing power, are characterised by a very low cost/performance ratio. The combination of Clusters of Workstations (COWs) with DSM provides an environment in which the programmer can use the well known approaches and methods of programming for physically shared memory systems and parallel processing can be carried out to make full use of the computing power and cost advantages of the COW. The aim of this research is to synthesise and develop a distributed shared memory system as an integral part of an operating system in order to provide application programmers with a convenient environment in which the development and execution of parallel applications can be done easily and efficiently, and which does this in a transparent manner. Furthermore, in order to satisfy our challenging design requirements we want to demonstrate that the operating system into which the DSM system is integrated should be a distributed operating system. In this thesis a study into the synthesis of a DSM system within a microkernel and client-server based distributed operating system which uses both strict and weak consistency models, with a write-invalidate and write-update based approach for consistency maintenance is reported. Furthermore a unique automatic initialisation system which allows the programmer to start the parallel execution of a group of processes with a single library call is reported. The number and location of these processes are determined by the operating system based on system load information. The DSM system proposed has a novel approach in that it provides programmers with a complete programming environment in which they are easily able to develop and run their code or indeed run existing shared memory code. A set of demanding DSM system design requirements are presented and the incentives for the placement of the DSM system with a distributed operating system and in particular in the memory management server have been reported. The new DSM system concentrated on an event-driven set of cooperating and distributed entities, and a detailed description of the events and reactions to these events that make up the operation of the DSM system is then presented. This is followed by a pseudocode form of the detailed design of the main modules and activities of the primitives used in the proposed DSM system. Quantitative results of performance tests and qualitative results showing the ease of programming and use of the RHODOS DSM system are reported. A study of five different application is given and the results of tests carried out on these applications together with a discussion of the results are given. A discussion of how RHODOS’ DSM allows programmers to write shared memory code in an easy to use and familiar environment and a comparative evaluation of RHODOS DSM with other DSM systems is presented. In particular, the ease of use and transparency of the DSM system have been demonstrated through the description of the ease with which a moderately inexperienced undergraduate programmer was able to convert, write and run applications for the testing of the DSM system. Furthermore, the description of the tests performed using physically shared memory shows that the latter is indistinguishable from distributed shared memory; this is further evidence that the DSM system is fully transparent. This study clearly demonstrates that the aim of the research has been achieved; it is possible to develop a programmer friendly and efficient DSM system fully integrated within a distributed operating system. It is clear from this research that client-server and microkernel based distributed operating system integrated DSM makes shared memory operations transparent and almost completely removes the involvement of the programmer beyond classical activities needed to deal with shared memory. The conclusion can be drawn that DSM, when implemented within a client-server and microkernel based distributed operating system, is one of the most encouraging approaches to parallel processing since it guarantees performance improvements with minimal programmer involvement.

Still invisible : the myth of the woman-friendly state

Australian women faced the last two decades of the twentieth century, optimistic in their capacity to contribute positively to social change in the restructuring state. Encouraged by the relative euphoria of the late 1970s and early 1980s, women had a fleeting glimpse of the possibilities of woman-friendly legislation and feminist inspired government policy. What eventuated was the dismantling of supportive welfare structures, under the guise of economic rationalist state action, which undermined and eventually halted women’s economic and social advancement. This research project examines the impact of government policy on the welfare of Victorian women, through a feminist analysis of state and federal decision-making, framed in the context of case studies in the areas of employment, education and health. The promotion of ‘gender-neutral’ policy, by generally conservative bureaucracies, effectively exposes the mythical woman-friendly state. The implications do not auger well for Victorian women in the new millenium.