The pricing of property trust IPOs in Australia

Following Brounen and Eichholtz (2002) this paper adds to the international literature investigating the underpricing of REIT initial public offerings (IPOs), with a study into Australian property trusts. This study finds that initial day returns can in part be explained by forecast profit distributions (or dividends) and the market sentiment towards property trusts from the date of the prospectus to the date of listing. There is some support for the “winners curse” explanation of underpricing with evidence that large investor or institutional involvement at the outset of the IPO also has some explanatory power.

The costs of raising equity capital by Australian property trust initial public offerings

This paper reports some of the direct costs of raising equity capital by property trust initial public offerings (IPOs) in Australia from 1994 to 2004. It also documents the amount of underpricing by these IPOs. The results indicate the average fees paid to underwriters and/or stockbrokers in managing and marketing the issue was around 3.3% of the public equity capital raised. The average fees paid to legal firms, accounting firms and valuers for their professional involvement and expert reports were 0.4%, 0.2% and 0.1% respectively, totaling 0.7% of the equity raised. Other fees such as printing, listing fees, postage, distribution and advertising cost around 2.1%. The total average direct costs amounted to around 6.1% of the proceeds raised. The average underpricing by these property trust IPOs was 2.6%. This paper also investigates the hypotheses that the percentage direct capital raising costs are influenced by the size of the IPO and whether the IPO is underwritten. This study confirms that larger property trust equity capital raisings have lower percentage total direct cost;, however, it does not find that underwriting significantly influences the percentage of total direct costs for these property trust IPOs.

Effect of the thermomechanical processing parameters on the microstructure-property relationships in C-Mn-Si TRIP steel

In this work a wide range of roughing (deformation in the austenite recrystallised region) and finishing (deformation in the non-recrystallised region) strains and isothermal holding times were used to clarify the effect of processing parameters on the transformation kinetics and mechanical properties of 0.2C-1.55Mn-1.55Si (wt%) TRIP steel. The results have highlighted the complex relationships between multi-phase microstructure and mechanical properties of TRIP steel. The presence of the triclinic carbides, formed during isothermal holding, deteriorated the mechanical properties of steel studied.

The characteristics of property trust IPOs in Australia

This paper follows Ling and Ryngaert (1997) and Brounen and Eichholtz (2001) who investigate the underpricing of REIT initial public offerings (lPOs) in the United States and Europe respectively. This study adds to the international literature by investigating Australian property trusts. It reports a variety of descriptive statistics on 37 Australian property trust IPOs from 1994 to 1999. What it also contributes is the finding that some IPOs have extremely low volumes of shares traded on the first day so the simple use of a closing price at the end of the first day to determine underpricing returns (without reference to the volume of trading) may not always be the optimum method of calculating these returns.

The gender composition of boards of property trust initial public offerings

This paper follows Dimovski and Brooks (2004) which identified a relatively low proportion of female directors on the boards of Australian mining and industrial company initial public offerings (IPOs). This study investigates the gender composition of the boards of directors of Australian property trust IPOs from 1994 to 1999. We find that property trust IPOs in Australia generally do not require female directors for the capital raising. We also find that larger IPOs tend to engage more women directors but that retail property trust IPOs tend to engage fewer women directors.

Marketing aboriginal art: an intellectual property fiction?

This paper argues that legality is not enough in seeking to solve the problems caused by charlatans and carpet baggers in the Australian Aboriginal art market. It examines the role of social marketing initially posited for the health sector and seeks to apply its strategies to the Aboriginal art market. The author draws comparisons between successes in health and the need for successes in the Aboriginal art market. It suggests that social marketing has been overlooked as a way forward for the Aboriginal art market. The paper concludes by stating that conditions will not change with quick-fix legal solutions sought for complex problems. They are an intellectual property fiction.

Online student portfolios for demonstration of engineering graduate attributes

Engineers Australia is the Australian professional body that accredits undergraduate engineering programs. It espouses an ‘outcomes-based’ program accreditation philosophy, but imposes mandatory ‘process’ requirements for off-campus programs that are in addition to the requirements for conventional on-campus programs. The focus on off-campus engineering study raises the question: how can learning outcomes, regardless of mode of study, be effectively measured? The current answer appears to be ‘graduate attributes’. The literature reveals a range of sophistication in approach to graduate attributes from identifying desirable graduate attributes, through to evidence-based certification of individual student attainment of graduate attributes. Many engineering accrediting bodies around the world identify student portfolios as a strategy for demonstrating student attainment of graduate attributes. The increasing use of online technology by students and educators alike, including as part of assessment, means that many of the reported applications of student portfolios are online portfolios. The effectiveness of online student portfolios will depend on them being embedded in day-to-day educational practice, rather than being an optional extra given a low priority by busy students. This paper presents a survey of the related literature and briefly outlines a project in progress at Deakin University to trial an online student portfolio.

Legal regulation and corporate governance in China`s top 100 listed companies

This article reports findings from an empirical study of corporate governance in China's top 100 listed companies. It examines the effectiveness of legal regulation, enforcement and remedies, finding that China's company and securities laws have not provided as string a legal framework for the protection of stakeholders im China's stock exchange listed companies as might be expected by investors.

Auditor selection : what influences decisions by listed companies?

Major business failures, including Enron and WorldCom in the United States and Harris Scarfe and HIH in Australia, and related alleged audit failures, have put the choice of auditor on the agenda. The choice of the right auditor has economic consequences for an auditee and implications for corporate governance. Factors important to explaining auditor choice are discussed, including institutional factors (pertaining to the auditee and auditor) and newer emerging criteria as well as networking between directors and auditors. Relevant research and the policy implications for good corporate governance of auditor choice in publicly listed companies are explored.