The impact of corporate governance on private placements in Australia

In private placement transactions, issuing firms sell a block of securities to just a small group of investors at a discounted price. Non-participating shareholders suffer from ownership dilution and lose the opportunity to receive the discount. This thesis provides the first evidence on whether and how corporate governance can protect non-participating shareholders' interests. Results from an examination of 329 private placements issued by the top 250 Australian firms between 2002 and 2009 demonstrate that firms with higher governance quality are more likely to issue a share purchase plan (SPP) along with the private placement, thus providing greater protection to non-participating shareholders' interests.

Empirical studies on share issuance and repurchase decisions

Financial constraints influence corporate policies of firms, including both investment decisions and external financing policies. The relevance of this phenomenon has become more pronounced during and after the recent financial crisis in 2007/2008. In addition to raising costs of external financing, the effects of financial crisis limited the availability of external financing which had implications for employment, investment, sale of assets, and tech spending. This thesis provides a comprehensive analysis of the effects of financial constraints on share issuance and repurchases decisions. Financial constraints comprise both internal constraints reflecting the demand for external financing and external financial constraints that relate to the supply of external financing. The study also examines both operating performance and stock market reactions associated with equity issuance methods. The first empirical chapter explores the simultaneous effects of financial constraints and market timing on share issuance decisions. Internal financing constraints limit firms’ ability to issue overvalued equity. On the other hand, financial crisis and low market liquidity (external financial constraints) restrict availability of equity financing and consequently increase the costs of external financing. Therefore, the study explores the extent to which internal and external financing constraints limit market timing of equity issues. This study finds that financial constraints play a significant role in whether firms time their equity issues when the shares are overvalued. The conclusion is that financially constrained firms issue overvalued equity when the external equity market or the general economic conditions are favourable. During recessionary periods, costs of external finance increase such that financially constrained firms are less likely to issue overvalued equity. Only unconstrained firms are more likely to issue overvalued equity even during crisis. Similarly, small firms that need cash flows to finance growth projects are less likely to access external equity financing during period of significant economic recessions. Moreover, constrained firms have low average stock returns compared to unconstrained firms, especially when they issue overvalued equity. The second chapter examines the operating performance and stock returns associated with equity issuance methods. Firms in the UK can issue equity through rights issues, open offers, and private placement. This study argues that alternative equity issuance methods are associated with a different level of operating performance and long-term stock returns. Firms using private placement are associated with poor operating performance. However, rights issues are found empirically to be associated with higher operating performance and less negative long-term stock returns after issuance in comparison to counterpart firms that issue private placements and open offers. Thus, rights issuing firms perform better than open offers and private placement because the favourable operating performance at the time of issuance generates subsequent positive long-run stock price response. Right issuing firms are of better quality and outperform firms that adopt open offers and private placement. In the third empirical chapter, the study explores the levered share repurchase of internally financially unconstrained firms. Unconstrained firms are expected to repurchase their shares using internal funds rather than through external borrowings. However, evidence shows that levered share repurchases are common among unconstrained firms. These firms display this repurchase behaviour when they have bond ratings or investment grade ratings that allow them to obtain cheap external debt financing. It is found that internally financially unconstrained firms borrow to finance their share repurchase when they invest more. Levered repurchase firms are associated with less positive abnormal returns than unlevered repurchase firms. For the levered repurchase sample, high investing firms are associated with more positive long-run abnormal stock returns than low investing firms. It appears the market underreact to the levered repurchase in the short-run regardless of the level of investments. These findings indicate that market reactions reflect both undervaluation and signaling hypotheses of positive information associated with share repurchase. As the firms undertake capital investments, they generate future cash flows, limit the effects of leverage on financial distress and ultimately reduce the risk of the equity capital.

The special branch : governing mentalities through alternative-site placement

"…one should try to locate power at the extreme points of its exercise, where it is always less legal in character." (Foucault, 1980, p.97) Studies of schooling practices as techniques deriving from a particular art of governing that Foucault (2003b) called ‘governmentality’ have shown how psychopathologising discourses work to construct particular student-subjects and legitimise various practices of exclusion (Gram, 2007b). Here I extend this work to consider the use of alternative-site placement as an intensification in response to governmentality being put ‘at risk’. Governing ‘at a distance’ conjures an illusion of individual freedom which relies on the production of subjects who ‘choose’ to make choices that are consistent with the aspirations of government. In this chapter, it is argued that the designation of a child as ‘disorderly’ legitimises the intrusion of state into the private domain of the family via the Trojan horse of early intervention. This is enabled by the psy-sciences, whose technologies and aims amount to the moral retraining of ‘improper’ future-citizens who, in choosing to choose otherwise, threaten to make visible invisible relations of power. Alternative-site placement in special schools running intensive behaviour modification programs allows for a ‘redoubled insistence’ (Ewald, 1992) of these norms and limits that a ‘disorderly’ child threatens to transgress.

From public to private : the performance of former public workers in the Brazilian labor market

This paper analyzes the placement in the private sector of a subset of Brazilian public-sector employees. This group left public employment in the mid-1990’s through a voluntary severance program. This paper contrasts their earnings before and after quitting the public sector, and compares both sets of wages to public and private sector earnings for similar workers. We find that participants in this voluntary severance program suffered a significant reduction in average earnings wage and an increase in earnings dispersion. We test whether the reduction in average earnings and the increase in earnings dispersion is the expected outcome once one controls for observed characteristics, by means of counterfactual simulations. Several methods of controlling for observed characteristics (parametric and non-parametrically) are used for robustness. The results indicate that this group of workers was paid at levels below what would be expected given their embodied observable characteristics.

Profile in occupational counselling and placement and employment services: social policies axis

This paper presents the gestation of a new model of Occupational Counselling, centred in the joint action of State, Third Sector and Private Organizations. Different programmes are identified which involve the treatment of issues related to Labour, Employment and Education within the framework of objectives of social development, community participation and respect for diversity. The data of the investigation make it possible to establish connections between the tasks, professional profiles and professional training of the counsellors who participate in the different programmes.

Profile in occupational counselling and placement and employment services: social policies axis

This paper presents the gestation of a new model of Occupational Counselling, centred in the joint action of State, Third Sector and Private Organizations. Different programmes are identified which involve the treatment of issues related to Labour, Employment and Education within the framework of objectives of social development, community participation and respect for diversity. The data of the investigation make it possible to establish connections between the tasks, professional profiles and professional training of the counsellors who participate in the different programmes.

Profile in occupational counselling and placement and employment services: social policies axis

This paper presents the gestation of a new model of Occupational Counselling, centred in the joint action of State, Third Sector and Private Organizations. Different programmes are identified which involve the treatment of issues related to Labour, Employment and Education within the framework of objectives of social development, community participation and respect for diversity. The data of the investigation make it possible to establish connections between the tasks, professional profiles and professional training of the counsellors who participate in the different programmes.

A proposal for a modular and application-aware autonomic manager of private cloud infrastructures

Recientemente, el paradigma de la computación en la nube ha recibido mucho interés por parte tanto de la industria como del mundo académico. Las infraestructuras cloud públicas están posibilitando nuevos modelos de negocio y ayudando a reducir costes. Sin embargo, una compañía podría desear ubicar sus datos y servicios en sus propias instalaciones, o tener que atenerse a leyes de protección de datos. Estas circunstancias hacen a las infraestructuras cloud privadas ciertamente deseables, ya sea para complementar a las públicas o para sustituirlas por completo. Por desgracia, las carencias en materia de estándares han impedido que las soluciones para la gestión de infraestructuras privadas se hayan desarrollado adecuadamente. Además, la multitud de opciones disponibles ha creado en los clientes el miedo a depender de una tecnología concreta (technology lock-in). Una de las causas de este problema es la falta de alineación entre la investigación académica y los productos comerciales, ya que aquella está centrada en el estudio de escenarios idealizados sin correspondencia con el mundo real, mientras que éstos consisten en soluciones desarrolladas sin tener en cuenta cómo van a encajar con los estándares más comunes o sin preocuparse de hacer públicos sus resultados. Con objeto de resolver este problema, propongo un sistema de gestión modular para infraestructuras cloud privadas enfocado en tratar con las aplicaciones en lugar de centrarse únicamente en los recursos hardware. Este sistema de gestión sigue el paradigma de la computación autónoma y está diseñado en torno a un modelo de información sencillo, desarrollado para ser compatible con los estándares más comunes. Este modelo divide el entorno en dos vistas, que sirven para separar aquello que debe preocupar a cada actor involucrado del resto de información, pero al mismo tiempo permitiendo relacionar el entorno físico con las máquinas virtuales que se despliegan encima de él. En dicho modelo, las aplicaciones cloud están divididas en tres tipos genéricos (Servicios, Trabajos de Big Data y Reservas de Instancias), para que así el sistema de gestión pueda sacar partido de las características propias de cada tipo. El modelo de información está complementado por un conjunto de acciones de gestión atómicas, reversibles e independientes, que determinan las operaciones que se pueden llevar a cabo sobre el entorno y que es usado para hacer posible la escalabilidad en el entorno. También describo un motor de gestión encargado de, a partir del estado del entorno y usando el ya mencionado conjunto de acciones, la colocación de recursos. Está dividido en dos niveles: la capa de Gestores de Aplicación, encargada de tratar sólo con las aplicaciones; y la capa del Gestor de Infraestructura, responsable de los recursos físicos. Dicho motor de gestión obedece un ciclo de vida con dos fases, para así modelar mejor el comportamiento de una infraestructura real. El problema de la colocación de recursos es atacado durante una de las fases (la de consolidación) por un resolutor de programación entera, y durante la otra (la online) por un heurístico hecho ex-profeso. Varias pruebas han demostrado que este acercamiento combinado es superior a otras estrategias. Para terminar, el sistema de gestión está acoplado a arquitecturas de monitorización y de actuadores. Aquella estando encargada de recolectar información del entorno, y ésta siendo modular en su diseño y capaz de conectarse con varias tecnologías y ofrecer varios modos de acceso. ABSTRACT The cloud computing paradigm has raised in popularity within the industry and the academia. Public cloud infrastructures are enabling new business models and helping to reduce costs. However, the desire to host company’s data and services on premises, and the need to abide to data protection laws, make private cloud infrastructures desirable, either to complement or even fully substitute public oferings. Unfortunately, a lack of standardization has precluded private infrastructure management solutions to be developed to a certain level, and a myriad of diferent options have induced the fear of lock-in in customers. One of the causes of this problem is the misalignment between academic research and industry ofering, with the former focusing in studying idealized scenarios dissimilar from real-world situations, and the latter developing solutions without taking care about how they f t with common standards, or even not disseminating their results. With the aim to solve this problem I propose a modular management system for private cloud infrastructures that is focused on the applications instead of just the hardware resources. This management system follows the autonomic system paradigm, and is designed around a simple information model developed to be compatible with common standards. This model splits the environment in two views that serve to separate the concerns of the stakeholders while at the same time enabling the traceability between the physical environment and the virtual machines deployed onto it. In it, cloud applications are classifed in three broad types (Services, Big Data Jobs and Instance Reservations), in order for the management system to take advantage of each type’s features. The information model is paired with a set of atomic, reversible and independent management actions which determine the operations that can be performed over the environment and is used to realize the cloud environment’s scalability. From the environment’s state and using the aforementioned set of actions, I also describe a management engine tasked with the resource placement. It is divided in two tiers: the Application Managers layer, concerned just with applications; and the Infrastructure Manager layer, responsible of the actual physical resources. This management engine follows a lifecycle with two phases, to better model the behavior of a real infrastructure. The placement problem is tackled during one phase (consolidation) by using an integer programming solver, and during the other (online) with a custom heuristic. Tests have demonstrated that this combined approach is superior to other strategies. Finally, the management system is paired with monitoring and actuators architectures. The former able to collect the necessary information from the environment, and the later modular in design and capable of interfacing with several technologies and ofering several access interfaces.

Contribute to the Study of Vertical Distribution of Conventional No-Till Seeders and Spatial Variability of Seed Depth Placement of Maize in Alentejo, Portugal

Entre os vários fatores que contribuem para a produção de uma cultura de milho, a distribuição vertical dos semeadores avaliada através da localização da semente em profundidade é um fator-chave, especialmente na técnica de sementeira direta. Simultaneamente, dada a complexidade dos ecossistemas naturais e agrícolas em sistemas de agricultura de conservação, a gestão diferenciada e localizada das parcelas assume um importante papel na análise e gestão da variabilidade das propriedades do solo e estabelecimento das culturas, nomeadamente utilizando informação geo referenciada e tecnologia expedita. Assim, o principal objetivo desta Tese foi a avaliação em culturas de milho da variabilidade espacial da localização de semente em profundidade e estabelecimento da cultura em sementeira direta usando sistemas convencionais de controlo de profundidade, tendo-se comparado com diferentes sistemas de mobilização e recorrendo a tecnologias de agricultura de precisão. Os ensaios decorreram na região Mediterrânea do Alentejo, em propriedades agrícolas no decorrer das campanhas de 2010, 2011, 2012 e 2015 em 6 diferentes campos experimentais. O trabalho experimental consistiu em ensaios com avaliações in loco do solo e cultura, consumo de combustível das operações e deteção remota. Os resultados obtidos indicam que não só o sistema de mobilização afetou a localização da semente em profundidade, como em sementeira direta a profundidade de sementeira foi afetada pelo teor de humidade do solo, resistência do solo à profundidade e velocidade da operação de sementeira. Adicionalmente observaram-se condições heterogéneas de emergência e estabelecimento da cultura afetadas por condições físicas de compactação do solo. Comparando os diferentes sistemas de mobilização, obteve-se uma significativa redução de combustível para a técnica de sementeira direta, apesar de se terem observado diferenças estatísticas significativas considerando diferentes calibrações de profundidade de sementeira Do trabalho realizado nesta Tese ressalva-se a importância que as tecnologias de agricultura de precisão podem ter no acompanhamento e avaliação de culturas em sementeira direta, bem como a necessidade de melhores procedimentos no controlo de profundidade dos semeadores pelo respetivos operadores ou ao invés, a adoção de semeadores com mecanismos ativos de controlo de profundidade. ABSTRACT Among the various factors that contribute towards producing a successful maize crop, seeders vertical distribution evaluated through seed depth placement is a key determinant, especially under a no-tillage technique. At the same time in conservation agriculture systems due to the complexity of natural and agricultural ecosystems site specific management became an important approach to understand and manage the variability of soil properties and crop establishment, especially when using geo spatial information and affording readily technology Thus, the main objective of this Thesis was to evaluate the spatial variability of seed depth placement and crop establishment in maize crops under no-tillage conditions compared to different tillage systems, using conventional seed depth control no till seeders and precision farming technologies. Trials were carried out in the Mediterranean region of Alentejo, in private farms along the sowing operations season over the years 2010, 2011, 2012 and 2015 in 6 different experimental fields. Experimental work covered field tests with in loco soil and crop evaluations, fuel operation evaluations and aerial sensing. The results obtained indicate that not only tillage system affected seed depth placement but under no till conditions seed depth was affected by soil moisture content, soil resistance to penetration and seeders forward speed. In addition uneven crop seedling and establishment depended on seed depth placement and could be affected by physical problems of compaction layers. Significant reduction in fuel consumption was observed for no till operations although significant differences observed according to different setting calibrations of seed depth control. According to the results, precision agriculture is an important tool to evaluate crops under no till conditions and seed depth mechanisms should be more accurate by the operators or is determinant the adoption of new active depth control technology to improve seeders performance.

Learning with other health professions in the United Kingdom MPharm degree:Multidisciplinary and placement education

This paper reviews the approach to multidisciplinary and placement education in UK schools of pharmacy. The methodology involved triangulation of course documentation, staff interviews and a final year student survey. Staff members were supportive of multidisciplinary learning. The advantages were development of a wider appreciation of the students? future professional role and better understanding of the roles of other professional groups. The barriers were logistics (student numbers; multiple sites; different timetables), the achievement of balanced numbers between disciplines and engagement of students from all participating disciplines. Placement education was offered by all schools, predominantly in hospital settings. Key problems were funding and the lack of staff resources. Currently, multidisciplinary learning within the UK for pharmacy students is inadequate and is coupled with relatively low levels of placement education. In order for things to change, there should be a review of funding and support from government and the private sector employers.

Advanced Placement and American education: A Foucauldian analysis of the Advanced Placement Program of the college board

Advanced Placement is a series of courses and tests designed to determine mastery over introductory college material. It has become part of the American educational system. The changing conception of AP was examined using critical theory to determine what led to a view of continual success. The study utilized David Armstrong's variation of Michel Foucault's critical theory to construct an analytical framework. Black and Ubbes' data gathering techniques and Braun and Clark's data analysis were utilized as the analytical framework. Data included 1135 documents: 641 journal articles, 421 newspaper articles and 82 government documents. ^ The study revealed three historical ruptures correlated to three themes containing subthemes. The first rupture was the Sputnik launch in 1958. Its correlated theme was AP leading to school reform with subthemes of AP as reform for able students and AP's gaining of acceptance from secondary schools and higher education. The second rupture was the Nation at Risk report published in 1983. Its correlated theme was AP's shift in emphasis from the exam to the course with the subthemes of AP as a course, a shift in AP's target population, using AP courses to promote equity, and AP courses modifying curricula. The passage of the No Child Left Behind Act of 2001 was the third rupture. Its correlated theme was AP as a means to narrow the achievement gap with the subthemes of AP as a college preparatory program and the shifting of AP to an open access program. ^ The themes revealed a perception that progressively integrated the program into American education. The AP program changed emphasis from tests to curriculum, and is seen as the nation's premier academic program to promote reform and prepare students for college. It has become a major source of income for the College Board. In effect, AP has become an agent of privatization, spurring other private entities into competition for government funding. The change and growth of the program over the past 57 years resulted in a deep integration into American education. As such the program remains an intrinsic part of the system and continues to evolve within American education. ^

Advanced Placement and American Education: A Foucauldian Analysis of the Advanced Placement Program of the College Board

Advanced Placement is a series of courses and tests designed to determine mastery over introductory college material. It has become part of the American educational system. The changing conception of AP was examined using critical theory to determine what led to a view of continual success. The study utilized David Armstrong’s variation of Michel Foucault’s critical theory to construct an analytical framework. Black and Ubbes’ data gathering techniques and Braun and Clark’s data analysis were utilized as the analytical framework. Data included 1135 documents: 641 journal articles, 421 newspaper articles and 82 government documents. The study revealed three historical ruptures correlated to three themes containing subthemes. The first rupture was the Sputnik launch in 1958. Its correlated theme was AP leading to school reform with subthemes of AP as reform for able students and AP’s gaining of acceptance from secondary schools and higher education. The second rupture was the Nation at Risk report published in 1983. Its correlated theme was AP’s shift in emphasis from the exam to the course with the subthemes of AP as a course, a shift in AP’s target population, using AP courses to promote equity, and AP courses modifying curricula. The passage of the No Child Left Behind Act of 2001 was the third rupture. Its correlated theme was AP as a means to narrow the achievement gap with the subthemes of AP as a college preparatory program and the shifting of AP to an open access program. The themes revealed a perception that progressively integrated the program into American education. The AP program changed emphasis from tests to curriculum, and is seen as the nation’s premier academic program to promote reform and prepare students for college. It has become a major source of income for the College Board. In effect, AP has become an agent of privatization, spurring other private entities into competition for government funding. The change and growth of the program over the past 57 years resulted in a deep integration into American education. As such the program remains an intrinsic part of the system and continues to evolve within American education.

CHARACTERISTICS OF PRIVATE HIGH SCHOOLS FOR STUDENTS WITH EMOTIONAL DISABILITIES AND PERCEPTIONS OF THEIR PUBLIC SCHOOL CASE MANAGERS

Placement of students with disabilities in private special-education schools remains costly and controversial. This is particularly concerning, given the lack of research on the characteristics and quality of these restrictive settings. The purpose of this study was to identify the academic and vocational course offerings and behavioral supports provided in private special-education schools the serve high school students with emotional disabilities (ED). Second, the research examined the perceptions of the quality of services in these setting from the perspectives of public school case managers. Using a mixed-method design to collect data, 9 administrative heads of private special-education schools were surveyed, and 7 public school case managers were interviewed. Results indicated that (a) private special-education schools offer the basic academic core courses needed to meet graduation requirements, (b) vocational options for students enrolled in these schools are quite limited, (c) these schools provide a variety of behavioral interventions and supports, and (d) case managers are concerned with the lack of academic rigor and inconsistent programming at these schools but applauded the notion that students with ED are exiting with a high school diploma. Findings from this study may have policy implications for improving and developing programming options for high school students with ED.

Exploring the effectiveness of virtual product placement on recall and recognition of new brands

This paper investigates the effectiveness of virtual product placement as a marketing tool by examining the relationship between brand recall and recognition and virtual product placement. It also aims to address a gap in the existing academic literature by focusing on the impact of product placement on recall and recognition of new brands. The growing importance of product placement is discussed and a review of previous research on product placement and virtual product placement is provided. The research methodology used to study the recall and recognition effects of virtual product placement are described and key findings presented. Finally, implications are discussed and recommendations for future research provided.