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This paper considers the post‐listing returns performance of government‐issued Initial Public Offerings (IPOs) in Australia during the period 1989 to 1998. While several…
This paper considers the post‐listing returns performance of government‐issued Initial Public Offerings (IPOs) in Australia during the period 1989 to 1998. While several studies have considered the performance of government IPOs, most of their attention has been focused on the immediate return performance. Little analysis has been undertaken on the longer‐term performance of government IPOs. It is found in this paper that government IPOs, considered as a whole, are no more underpriced than non‐government IPOs. However, when IPOs involving government monopolies are considered separately from other government IPOs, it appears that their returns are less than those of nongovernment IPOs initially but that these returns rapidly rise giving government IPOs a better long‐term return than non‐government IPOs. It is proposed that this pattern of returns could reflect the allocation process that favors retail investors to the disadvantage of institutional investors.
The increased need for, and maintenance of, infrastructure creates challenges for all agencies that manage infrastructure assets. To assist with these challenges, agencies…
The increased need for, and maintenance of, infrastructure creates challenges for all agencies that manage infrastructure assets. To assist with these challenges, agencies implement asset management systems. The purpose of this paper is to investigate and compare the importance of barriers faced by agencies establishing transportation asset management systems in the USA and Libya to contrast a case of a developed and developing country.
A literature review identified 28 potential barriers for implementing an asset management system. Practitioners who participate in decision-making processes in each country were asked to rate the importance of each barrier in an online survey questionnaire. Descriptive statistics, Kendall Concordance W., and Mann-Whitney are used to analyze the collected data.
Through an analysis of 61 completed questionnaires, 14 barriers were identified as important by both the US and Libyan practitioners. A total of 11 additional barriers, primarily in the areas of political and regulatory obstacles, were determined to be important only for Libya. These 11 barriers provide reasonable insights into asset management systems’ barriers for developing countries.
The list of barriers identified from this research will assist decision makers to address and overcome these barriers when implementing asset management systems in their specific organizational and country conditions.
The research identified standard barriers to implementing asset management systems and identified barriers that were specific to the country context, such as political and regulatory barriers in Libya. When viewed with the asset management literature, the results show broad applicability of some asset management barriers and the need to contextualize to country context (e.g. developing countries) for other barriers.
Semi‐structured focused interviews were used to analyse the supposedly extended decision process involved in the choice of video recorder. The results suggested that the…
Semi‐structured focused interviews were used to analyse the supposedly extended decision process involved in the choice of video recorder. The results suggested that the proposed three‐stage model was a meaningful reflection of the decision‐making process. First the respondents clarified the problems and benefits of video recorders. Next they created consideration and choice sets excluding more extensive searching. Conjunctive decision rules (weirs) were used to simplify the final decision. The implications for manufacturers are discussed.
In arguing that the traditional mechanistic approach of economists to the production process, with its accompanying assumption of a maximising calculus, should make more…
In arguing that the traditional mechanistic approach of economists to the production process, with its accompanying assumption of a maximising calculus, should make more room for qualitative workplace considerations, Keith Newton (“Some Socio‐Economic Perspectives on the Quality of Working Life”, International Journal of Social Economics, Vol. 3, 1978, pp. 179–87) in effect, adds asocial aspect to the economics of the Quality of Working Life field. This is a welcome and important perspective.
This paper examines the relationship between the reference group, influences of parents, teachers and peers, and the vocational aspirations of secondary school students…
This paper examines the relationship between the reference group, influences of parents, teachers and peers, and the vocational aspirations of secondary school students, taking account of differences in sex, social class, mental ability and home environment. It uses a sample of 704 student, of ages 16 and 17 years, drawn from four metropolitan senior high schools in Western Australia. Regression analysis indicates that approximately two‐thirds of the variance in boys' vocational aspirations, and half the variance in girls' vocational aspirations, is accounted for by a model which uses as predictors social class, mental ability, home environment, teacher and parent expectations and peer aspirations. Further analysis, using step‐wise techniques, shows that the influences of parents and teachers—in that order—are most important, as intervening variables, between the contextual variables of social class, mental ability and home environment, and the dependent variable of aspirations.
Introduction With the publication of the consumer behaviour textbook by Engel, Kollat and Blackwell (1968), the dominant approach to studying consumer behaviour has been…
Introduction With the publication of the consumer behaviour textbook by Engel, Kollat and Blackwell (1968), the dominant approach to studying consumer behaviour has been to study the elements of the consumer behaviour decision process. The approach taken by Engel, Kollat and Blackwell, and since then by many other researchers, is that this process is an exercise in problem solving and that a problem exists when there is a goal to be attained or sought and uncertainty as to what is the best solution for the given or perceived problem (Markin, 1974).
Impact investing, Social enterprise.
MBA, EMBA, Executive Education.
Zoona mobile money: investing for impact details a slightly altered version of the real events that occurred in late 2011 with the series A round of investment in Zoona, a mobile money business in Zambia. The focus is on the decisions that have to be made by the management team of a socially innovative tech start-up (Zoona) providing mobile money and financial services to previously unbanked consumers in Zambia.
Expected learning outcomes
By the end of this case, the student should be able to: understand the basics of term sheets and be able to perform a high level analysis and comparison of two distinct term sheets; identify investor objectives, ultimately recognising the general differences between private equity and venture capital investors; identify and weigh the costs and benefits of term sheets, as well as identify negotiating points and necessary trade-offs in the investment process; and identify and understand the “soft” benefits of investors and weigh these in relation to a term sheet analysis.
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CSS 1: Accounting and Finance.
Organised Crime is notoriously difficult to identify and measure, resulting in limited empirical evidence to inform policy makers and practitioners. The purpose of this…
Organised Crime is notoriously difficult to identify and measure, resulting in limited empirical evidence to inform policy makers and practitioners. The purpose of this paper is to explore the feasibility of identifying a greater number of organised crime offenders, currently captured but invisible, within existing national general crime databases.
All 2.1 million recorded offenders, captured over a four-year period on the UK Police National Computer, were filtered across three criteria associated with organised crime (co-offending, commission of specific offences, three years imprisonment or more). The 4,109 “organized crime” offenders, identified by the process, were compared with “general” and “serious” offender control groups across a variety of personal and demographic variables.
Organised crime prosecutions are not random but concentrate in specific geographic areas and constitute 0.2 per cent of the offender population. Offenders can be differentiated from general crime offenders on such measures as: diversity of nationality and ethnicity, onset age, offence type and criminal recidivism.
Using an offence-based methodology, rather than relying on offenders identified through police proactive investigations, can provide empirical information from existing data sets, across a diverse range of legislative areas and cultures. This allows academics to enhance their analysis of organised crime, generating richer evidence on which policy makers and practitioners can more effectively deliver preventative and disruptive tactics.
This is the first time an “offence based” methodology has been used to differentiate organised crime offenders from other offenders in a general crime database.