Outsider board activity, ownership structure and firm value : evidence from Korea

Using a sample of publicly listed firm in Korea from 2002 to 2006, this article examines the impact of board monitoring on firm value and productivity. We use outsider's attendance of board meetings as a proxy for board monitoring. Consistent with the commitment hypothesis, we find that outsider's attendance rate increases firm value, suggesting that attending board meeting itself is a strong signal that reflects outsider's intention to monitor insiders. While ownership of controlling shareholders negatively affects firm value, this relationship is not moderated by increased monitoring by outsiders. Our findings provide further evidence that the outside director system is less effective in chaebol-affiliated firms. Results also indicate that the effect of outsider's board monitoring activity on investor's valuation of the firm is greater than on productivity improvement of the firm. Our conclusions are robust for possible endogeneity in the relationship between firm value and board attendance by outside directors.

Fiction as a form of change : a paper overview of a literature panel discussion

It is well established that literary work can promote insights that result in future change, whether on a personal or an institutional level. As Umberto Eco (1989) notes, the act of reading does not stop with the artist but continues into the work of communities. The papers delivered in this panel consider the regenerative role of literature within culture, arguing that the special properties of literature can convey an important sense of nature (Bateson 1973, Zapf 2008). These concepts are discussed in relation to writing about Australian flora and fauna. Using an ecocritical focus based on ideas about the relationship between literature and the environment the paper considers Australian works and the way in which literature enlivens this complex intersection between humans, animals and the environment. This engagement is investigated through three modes: the philosophical, the literary, and the practical. The novels discussed include Alexis Wright’s Carpentaria, Richard Flanagan’s Wanting, and Sonya Hartnett’s Forest, as well as a range of fictional and non-fictional works that describe the Blue Mountains region in New South Wales. The paper closes with a discussion of the role of story-telling as a way of introducing the public to specific environmental locations and issues.

Copyright and computer generated materials : is it time to reboot the discussion about authorship?

Computer generated materials are ubiquitous and we encounter them on a daily basis, even though most people are unaware that this is the case. Blockbuster movies, television weather reports and telephone directories all include material that is produced by utilising computer technologies. Copyright protection for materials generated by a programmed computer was considered by the Federal Court and Full Court of the Federal Court in Telstra Corporation Limited v Phone Directories Company Pty Ltd. The court held that the White and Yellow pages telephone directories produced by Telstra and its subsidiary, Sensis, were not protected by copyright because they were computer-generated works which lacked the requisite human authorship. The Copyright Act 1968 (Cth) does not contain specific provisions on the subsistence of copyright in computer-generated materials. Although the issue of copyright protection for computer-generated materials has been examined in Australia on two separate occasions by independently-constituted Copyright Law Review Committees over a period of 10 years (1988 to 1998), the Committees’ recommendations for legislative clarification by the enactment of specific amendments to the Copyright Act have not yet been implemented and the legal position remains unclear. In the light of the decision of the Full Federal Court in Telstra v Phone Directories it is timely to consider whether specific provisions should be enacted to clarify the position of computer-generated works under copyright law and, in particular, whether the requirement of human authorship for original works protected under Part III of the Copyright Act should now be reconceptualised to align with the realities of how copyright materials are created in the digital era.

Brisbane Macroscopic Fundamental Diagram : empirical findings on network partitioning and incident detection

The Macroscopic Fundamental Diagram (MFD) relates space-mean density and flow, and the existence with dynamic features was confirmed in congested urban network in downtown Yokohama with real data set. Since the MFD represents the area-wide network traffic performances, studies on perimeter control strategies and an area traffic state estimation utilizing the MFD concept has been reported. However, limited works have been reported on real world example from signalised arterial network. This paper fuses data from multiple sources (Bluetooth, Loops and Signals) and develops a framework for the development of the MFD for Brisbane, Australia. Existence of the MFD in Brisbane arterial network is confirmed. Different MFDs (from whole network and several sub regions) are evaluated to discover the spatial partitioning in network performance representation. The findings confirmed the usefulness of appropriate network partitioning for traffic monitoring and incident detections. The discussion addressed future research directions

A multi-touch notice board fostering social interaction

We report on an alternative OCGM interface for a bulletin board, where a user can pin a note or a drawing, and actually shares contents. Exploiting direct and continuous manipulations, opposite to discrete gestures, to explore containers, the proposed interface supports a more natural and immediate interaction. It manages also the presence of different simultaneous users, allowing for the creation of local multimedia contents, the connection to social networks, providing a suitable working environment for cooperative and collaborative tasks in a multi-touch setup, such as touch-tables, interactive walls or multimedia boards

A discussion of “Estimating the historical and future probabilities of large terrorist events'' by Aaron Clauset and Ryan Woodard

The terrorist attacks in the United States on September 11, 2001 appeared to be a harbinger of increased terrorism and violence in the 21st century, bringing terrorism and political violence to the forefront of public discussion. Questions about these events abound, and “Estimating the Historical and Future Probabilities of Large Scale Terrorist Event” [Clauset and Woodard (2013)] asks specifically, “how rare are large scale terrorist events?” and, in general, encourages discussion on the role of quantitative methods in terrorism research and policy and decision-making. Answering the primary question raises two challenges. The first is identify- ing terrorist events. The second is finding a simple yet robust model for rare events that has good explanatory and predictive capabilities. The challenges of identifying terrorist events is acknowledged and addressed by reviewing and using data from two well-known and reputable sources: the Memorial Institute for the Prevention of Terrorism-RAND database (MIPT-RAND) [Memorial Institute for the Prevention of Terrorism] and the Global Terror- ism Database (GTD) [National Consortium for the Study of Terrorism and Responses to Terrorism (START) (2012), LaFree and Dugan (2007)]. Clauset and Woodard (2013) provide a detailed discussion of the limitations of the data and the models used, in the context of the larger issues surrounding terrorism and policy.

Discussion of : constructing summary statistics for approximate Bayesian computation: semi-automatic approximate Bayesian computation

This is a discussion of the journal article: "Construcing summary statistics for approximate Bayesian computation: semi-automatic approximate Bayesian computation". The article and discussion have appeared in the Journal of the Royal Statistical Society: Series B (Statistical Methodology).

Exploring board dynamics : director participation during board meetings

Despite board meetings representing the main arena where directors discharge their duties and make critical corporate decisions, we know little about what occurs in the boardroom. Consequently, there is increasing academic interest in understanding how meetings are run and how directors participate. This study contributes to this emerging literature by exploring the impact of board meeting arrangements on directors’ interactions and perceptions of meeting effectiveness. We video-taped board meetings at two Australian corporations operating in the same industry and use an in-depth analysis of interactions and board processes to reveal that a rather small difference in meeting arrangements (i.e. the timing and length of meetings) had a significant influence on interaction patterns. Specifically, given significant amounts of environmental turbulence in the sector, director inclusiveness and participation were reduced as time pressure increased due to shorter meetings, lowering director perceptions of meeting effectiveness.

Macroscopic fundamental diagram for Brisbane, Australia: empirical findings on network partitioning and incident detection

The Macroscopic Fundamental Diagram (MFD) relates space-mean density and flow, and the existence with dynamic features was confirmed in congested urban network in downtown Yokohama with real data set. Since the MFD represents the area-wide network traffic performances, studies on perimeter control strategies and an area traffic state estimation utilizing the MFD concept has been reported. However, limited works have been reported on real world example from signalised arterial network. This paper fuses data from multiple sources (Bluetooth, Loops and Signals) and presents a framework for the development of the MFD for Brisbane, Australia. Existence of the MFD in Brisbane arterial network is confirmed. Different MFDs (from whole network and several sub regions) are evaluated to discover the spatial partitioning for network performance representation. The findings confirmed the usefulness of appropriate network partitioning for traffic monitoring and incident detections. The discussion addressed future research directions.

Mothers influencing mothers : the use of virtual discussion boards and their influence on consumption

Mothers represent a large segment of marketing dollars and traditionally, word of mouth was spread from mother to mother in a face-to-face environment, such as the school car park or mother’s groups. As families have evolved, so too has the traditional mother’s group. Limited academic studies have explored online mothers’ groups and how they impact on consumption. In order to explore the nature of this online influence and how mothers are influenced by other mothers online, a study was conducted through the use of observation and qualitative questioning. The data suggests that trust between mothers is generally high and mothers tend to trust the opinions of other mothers when they recommend a product. This is similar in other reference group contexts, however, mothers are communicating about brands frequently and influencing behaviour. This leads to a number of managerial and theoretical implications discussed in the paper.

Lobbying the auditing practices board : analysis of responses to the expanded audit report

In 1993 the Auditing Practice Board (APB) in the United Kingdom issued Statement of Auditing Standard 600, Auditors’ Reports on Financial Statements. The new expanded audit report was issued in an attempt to reduce the audit expectations gap. Prior to the issuing of this standard the APB issued a Consultative Document in 1991 and an Exposure Draft in 1992. In this paper we investigate the comments made to the APB by respondents to these two documents. We found that a number of respondents doubted whether the new standard was of itself sufficient to reduce the expectations gap. In addition, we found that where respondents made substantive suggestions for changes to the proposed standard these generally were not implemented by the APB.

Who selects the 'right' directors? An examination of the association between board selection, gender diversity and outcomes

Using a sample of companies from the top 500 listed firms in Australia, we investigate whether the presence of a designated nomination committee and female representation on the nomination committee affect board gender diversity. We also examine whether gender diversity on the board affects firm risk and financial performance. We find that board gender diversity is significantly and positively associated with the presence of a designated nomination committee and that female representation on the nomination committee is a significant explanatory factor of increasing board gender diversity following the release of the 2010 Australian Securities Exchange Corporate Governance Council (ASXCGC) recommendations. Further, our results support the business case for board gender diversity as we find greater gender diversity moderates excessive firm risk which in turn improves firms’ financial performance. Our results are robust after correcting for selection bias and controlling for other board, firm and industry characteristics.

Discussion on full-scale internal pressure measurements

The wind loading on most structural elements is made up of both an external and internal pressure. Internal pressures are also important for the design of naturally ventilated buildings. The internal pressure is the interaction between the external pressure propagating through the building envelope and any internal plant causing building pressurization. Although the external pressure field can be well defined through a series of wind tunnel tests, modeling complexities makes accurate prediction of the internal pressure difficult. For commercial testing for the determination of design cladding pressures, an internal pressure coefficient is generally assumed from wind loading standards. Several theories regarding the propagation of internal pressures through single and multiple dominant openings have been proposed for small and large flexible buildings (Harris (1990), Holmes, (1979), Liu & Saathoff (1981 ), Vickery (1986, 1994), Vickery & Bloxham (1992), Vickery & Georgiou (1991))...

Discussion on the wind climate of Kuwait and Dubai

Historical wind data for Kuwait and Dubai have been analysed to determine the design wind speed for the region. Kuwait and Dubai are located near the northern and southern end of the Persian Gulf respectively. The winds in this region just north of the Tropic of Capricorn are dominated by the Shamal, literally 'north' in Arabic. The winds have traditional Bedouin names such as Al-Haffar (the driller), and Barih Thorayya (morning star). The Al-Dabaran is generally the strongest Shamal in late summer, and can last up to 40 days bringing sand and duststorms.