An analysis of the association between firms' investment opportunities, board composition and firm performance

The purpose of this paper is to identify the variables that influence the board structure adopted by firms and the subsequent relationship to the firm's performance. The results of this study of 229 Australian firms show that firms' investment opportunities are strongly associated with a higher proportion of executive directors ("EDs") on the board. The results also show that the negative relationship between a firm's investment opportunity set ("IDS") and firm performance is weakened at higher levels of non-executive director board domination. These results have implications for policy setters and managers of firms with investment opportunities

Decision aggregation in an agent-based financial investment planning system

Agent technology provides a new way to model many complex problems like financial investment planning. With this observation in mind, a financial investment planning system was developed from agent perspectives with 12 different agents integrated. Some of the agents have similar problem solving and decision making capabilities. The results from these agents require to be combined. Ordered Weighted Averaging (OWA) operator was chosen to aggregate different results. Details on how OWA was applied as well as appropriate evaluation are presented.

Transitional labour markets : a social investment and risk mitigation strategy for social policy

Drawing on transitional labor market (TLM) theory, this introductory chapter highlights major themes, overviews the contributions to this volume and suggests a future agenda for policy makers. The focus of applied research projects has been the impact of post-modem social transformations on systems of social protection, looking through the lens of the labor market and shifts in household and family structure. The Transitional Labor Market project uses the TLM model as a means of developing new thinking on how flexibility and innovation might be paired with social investment and new forms of social protection. TLM theory emphasizes the importance of institutions and of the links between different institutions which frequently operate as policy silos, rather than integrated systems to buffer risks and support capability and enhance employability. The great advantage of the TLM model is that it draws attention to the right places for strategic reform. It does not offer a standard set of institutions to facilitate transitions however.

An agent-based hybrid intelligent system for financial investment planning

Many complex problems including financial investment planning require hybrid intelligent systems that integrate many intelligent techniques including expert systems, fuzzy logic, neural networks, and genetic algorithms. However, hybrid intelligent systems are difficult to develop due to complicated interactions and technique incompatibilities. This paper describes a hybrid intelligent system for financial investment planning that was built from agent points of view. This system currently consists of 13 different agents. The experimental results show that all agents in the system can work cooperatively to provide reasonable investment advice. The system is very flexible and robust. The success of the system indicates that agent technologies can significantly facilitate the construction of hybrid intelligent systems.

Optimization of MLP parameters on mineral potential mapping tasks

Mineral potential mapping is the process of combining a set of input maps, each representing a distinct geo-scientific variable, to produce a single map which ranks areas according to their potential to host deposits of a particular type. The maps are combined using a mapping function which must be either provided by an expert (knowledge-driven approach), or induced from sample data (data-driven approach). Current data-driven approaches using multilayer perceptrons (MLPs) to represent the mapping function have several inherent problems: they rely heavily on subjective judgment in selecting training data and are highly sensitive to this selection; they do not utilize the contextual information provided by unlabeled data; and, there is no objective interpretation of the values output by the MLP. This paper presents a novel approach which overcomes these three problems.

Comparison of MLP and Bayesian approaches on mineral prospectivity mapping tasks

Mineral Prospectivity Mapping is the process of combining maps containing different geoscientific data sets to produce a single map depicting areas ranked according to their potential to host mineral deposits of a particular type. This paper outlines two approaches for deriving a function which can be used to assign to each cell in the study area a value representing the posterior probability that the cell contains a deposit of the sought-after mineral. One approach is based on estimating probability density functions (pdfs); the second uses multilayer perceptrons (MLPs). Results are provided from applying these approaches to geoscientific datasets covering a region in North Western Victoria, Australia. The results demonstrate that while both the Bayesian approach and the MLP approach yield similar results when the number of input dimensions is small, the Bayesian approach rapidly becomes unstable as the number of input dimensions increases, with the resulting maps displaying high sensitivity to the number of mixtures used to model the distributions. However, despite the fact that Bayesian assigned values cannot be interpreted as posterior probabilities in high dimensional input spaces, the pixel favorability rankings produced by the two methods is similar.

Issues in measuring the return of marketing investment in sporting club brands

This paper examines approaches to the measurement of brand value, and discusses their applicability to the various parties and branded products relevant to professional football clubs. It is concluded that the applicability of many of these measures of performance to sporting club brands is questionable. In order to provide an appropriate measure of the return on investment in brand loyalty to both the sporting club brand and sponsor-related products, the use of nonfinancial performance measures is critical. This paper suggests future research directions to enable greater consistency of the measurement of the return on marketing investment for sporting club brands.

Is privatisation good for investment in Australia?

Privatisation was expected to promote investment in the economy as part of improving dynamic efficiency. The relation between aggregate public and private investment in Australia is investigated in an endogeneous ECM framework. Model selection for a simple investment function allows restrictions for neoclassical crowding out or Keynesian crowding in (after Aschauer 1989) in a small open economy. An ECM is estimated including annual aggregate private investment, public investment, income, rate of return, average interest cost, exchange rate and inventories from 1960 to 2005. Public capital appears unresponsive to shocks and crowding out is not evident.

Changes in body composition as determinants of longitudinal changes in bone mineral measures in 8 to 26 year old female twins

Between 1990 and 1998, we conducted a longitudinal study of 286 female twins aged 8 to 25 years at baseline (60 monozygotic (MZ) pairs, 44 dizygotic (DZ) pairs and 78 unpaired twins), measured on average 2.4 times (range 2–6) with an average of 1.8 years between measurements (range 0.7–6.7 years). Areal bone mineral density (ABMD) at the lumbar spine, total hip and femoral neck, total body bone mineral content (BMC), total body soft tissue composition (lean mass and fat mass) were measured by dual-energy X-ray absorptiometry, and height and menarchial status were also recorded. Median annual changes in height were negligible at 4 years post-menarche. During the “linear growth” period up to 4 years post-menarche, ABMD at the lumbar spine, total hip and femoral neck increased with annual change in lean mass by 1.7 (S.E. 0.1), 1.4 (0.1) and 1.0 (0.1) percent per kilogram per year, respectively (all p<0.001), independently of changes in fat mass or height. During the “post-linear growth” period, ABMD at the total hip and femoral neck increased with annual change in fat mass by 0.3 (0.1) and 0.5 (0.1) percent per kilogram per year (all p<0.01), independent of change in lean mass. Annual changes in total body BMC were associated with annual changes in lean mass (1.9 (0.2) percent per kilogram), in fat mass (1.3 (0.2) percent per kilogram) and in height (0.7) (0.2) percent per centimeter) during linear growth, and in fat mass (1.0 (0.1)) and lean mass (0.6 (0.1)) percent per kilogram post-linear growth (all p<0.001). We conclude that changes in bone mineral measures are strongly associated with changes in lean mass during linear growth, while post-linear growth, changes in fat mass are the predominant, although weaker, predictor. These findings suggest that the strong cross-sectional association between bone mineral measures and lean mass is established during growth and development, and that fat mass emerges as a more powerful determinant of bone change in healthy adult females.

Pregnancy and lactation have no long-term deleterious effect on measures of bone mineral in healthy women: a twin study

BACKGROUND: The long-term effects of pregnancy and lactation on measures of bone mineral in women remain unclear.

OBJECTIVE: We studied whether pregnancy or lactation has deleterious long-term effects on bone mineral in healthy women.

DESIGN: We measured bone mineral density (BMD; g/cm(2)) in women aged > or = 18 y. Analyses were performed on 3 data sets: study 1, 83 female twin pairs (21 monozygous and 62 dizygous) aged (x +/- SD) 42.2 +/- 15.5 y who were discordant for ever having been pregnant beyond 20 wk; study 2, 498 twin pairs aged 42.3 +/- 15.0 y; and study 3, 1354 individual twins, their siblings, and family members.

RESULTS: In study 1, there were no significant within-pair differences in unadjusted BMD or BMD adjusted for age, height, and fat mass at the lumbar spine or total-hip or in total-body bone mineral content (BMC; kg) (paired t tests). In study 2, there was no significant within-pair difference in measures of bone mineral or body composition related to the within-pair difference in number of pregnancies. In study 3, subjects with 1 or 2 (n = 455) and > or = 3 pregnancies (n = 473) had higher adjusted lumbar spine BMD (2.9% and 3.8%, respectively; P = 0.001) and total-body BMC (2.2% and 3.1%; P < 0.001) than did nulliparous women (n = 426). Parous women who breast-fed had higher adjusted total-body BMC (2.6%; P = 0.005), total-hip BMD (3.2%; P = 0.04), and lower fat mass (10.9%; P = 0.01) than did parous non-breast-feeders.

CONCLUSION: We found no long-term detrimental effect of pregnancy or breast-feeding on bone mineral measures.

Defining ethical investment and its demography in Australia

While ethical investment is relatively new in Australia, it is a well defined phenomenon in the United States and United Kingdom, subject to variations in interpretation in its practical implementation. Characteristics of ethical investment decision-making suggest ethical investors may be demographically different from "ordinary" investors. This descriptive paper reports on a survey of equity investors in Australia, comparing the average investor and an ethical investor. The main findings are that there is evidence of a strong gender effect, with females predominating among ethical investors, and that these investors are relatively young, highly educated and possessing small portfolios.