A-REIT bidder returns : an evaluation of public and private targets and method of payment

This study examines the wealth effects of fifty-six Australian Real Estate Investment Trusts (A-REITS) acquirers around the announcement date of a merger and acquisition over the period of 1996 to 2010. This study extends Ratcliffe et al (2009) by examining mergers and acquisitions of private entity targets as well as public targets and confirms recent US REIT work in this field. Utilising event study methodology we find that bidding A-REITs earn positive and significant cumulative abnormal returns (CARs) of +0.966% around the three-day announcement period [-1, +1]. Analysis also indicates bidding firms earn higher CARs when the acquisition is financed by scrip and/or a combination of scrip and cash. Consistent with prior REIT research, event study results show that A-REIT acquirers earn higher excess returns when the target is private as compared to a public target, +2.834% and +0.457% respectively. Further investigation, employing regression analysis, shows book-to-market ratio has a negative impact on bidding firms CARs, suggesting that investors penalise high book-to-market A-REITs in an M&A due to their higher risk characteristics. We also find that both specialisation by property type and relative size of the bidder compared to the target has a positive and significant influence on bidder excess returns. Finally, our results show support for the method of payment findings in the event study, with method of payment returning a negative and significant impact on the bidder CARs.

Updating RIGs : including the systematic influence of online study on student evaluation of teaching

Based on student evaluation of teaching (SET) ratings from 1,432 units of study over a period of a year, representing 74,490 individual sets of ratings, and including a significant number of units offered in wholly online mode, we confirm the significant influence of class size, year level, and discipline area on at least some SET ratings. We also find online mode of offer to significantly influence at least some SET ratings. We reveal both the statistical significance and effect sizes of these influences, and find that the magnitudes of the effect sizes of all factors are small, but potentially cumulative. We also show that the influence of online mode of offer is of the same magnitude as the other 3 factors. These results support and extend the rating interpretation guides (RIGs) model proposed by Neumann and colleagues, and we present a general method for the development of a RIGs system.

More rapid and severe disease outbreaks for aquaculture at the tropics : implications for food security

1. Aquaculture is replacing capture fisheries in supplying the world with dietary protein. Although disease is a major threat to aquaculture production, the underlying global epidemiological patterns are unknown. 2. We analysed disease outbreak severity across different latitudes in a diverse range of aquaculture systems. 3. Disease at lower latitudes progresses more rapidly and results in higher cumulative mortality, in particular at early stages of development and in shellfish. 4. Tropical countries suffer proportionally greater losses in aquaculture during disease outbreaks and have less time to mitigate losses. 5. Synthesis and applications. Disease can present a major problem for food production and security in equatorial regions where fish and shellfish provide a major source of dietary protein. As the incidences of some infectious diseases may increase with climate change, adaptation strategies must consider global patterns in disease vulnerability of aquaculture and develop options to minimize impacts on food production.

Boom and bust in Australian screen policy: 10BA, the Film Finance Corporation, and Hollywood's 'race to the bottom'.

In recent years, a narrative has emerged in the Australian popular media about the box office 'unpopularity' of Australian feature films and the 'failure' of the domestic screen industry. This article explores the recent history of Australian screen policy with particular reference to the '10BA' tax incentive of the 1980s; the Film Finance Corporation of Australia (FFC), a government screen agency established in 1988 to bring investment bank-style portfolio management to Australia's screen industry; and local production incentive policies pursed by Australian state governments in a chase for Hollywood's runaway production.

We argue the 10BA incentive catalysed an unsustainable bubble in Australian production, while its policy successor, the FFC, fundamentally failed in its stated mission of 'commercial' screen financing (over its 20-year lifespan, the FFC invested 1.345 billion Australian dollars for 274.2 million Australian dollars recouped - a cumulative return of negative 80 percent). For their part, private investors in Australian films discovered that the screen production process involved high levels of risk.

Foreign-financed production also proved highly volatile, due to the vagaries of trade exposure, currency fluctuations and tax arbitrage. The result of these macro and micro-economic factors often structural and cross-border in nature was that Australia's screen industry failed to develop the local investment infrastructure required to finance a sustainable, non-subsidised local sector.

Primary healthcare costs associated with sleep problems up to age 7 years: Australian population-based study

This article studies Australian 0-7-year olds with and without sleep problems and compares the type and costs to government of non-hospital healthcare services and prescription medication in each year of age and  the cumulative costs according to persistence of the sleep problem.

Assessing risk post intervention for an acute coronary syndrome: a review of the risk assessment tools and their development

Considerable variability in survival rate after an acute myocardial infarction exists and accurate risk stratification is of significant importance. The American College of Cardiology and the American Heart Association has recommended early risk stratification using several clinical risk scoring instruments to identify high risk patients. The aim of this paper is to identify secondary cardiovascular risk scoring instruments that could be utilized at the time of intervention for acute coronary syndromes and compare their psychometric properties as they were developed. A search using Medline, Cumulative Index to Nursing and Allied Health Literature and the Psychology and Behavioral Sciences Collection data-bases identified studies published between January 1990 and January 2010 used to measure risk after intervention for acute coronary syndrome. Four validated secondary risk prediction scoring instruments were identified for comparison.Secondary risk prediction scoring instruments for the acute coronary syndrome patient population are evidence based, valid and reliable. Use of the instruments by cardiac focused clinicians will aid in the determination of treatment strategies, and estimation of short and long term events and mortality.