143 research outputs found

    Financial Risk Management in Commonwealth Organisations

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    In the last decade financial risk management in public sector organisations has become of greater interest to the public, politicians and regulators. Derivatives are commonly used to manage financial risk but little is known about the reasons why financial risk is managed, particularly through the use of derivatives. Furthermore, little is known about the reasons for and extent of derivative use in public sector organisations. To the authors knowledge this paper represents one of the first studies into the use of derivatives in Australian Commonwealth public sector organisations. A sample of Commonwealth organisations is surveyed on attitudes towards the use of derivatives for hedging. A variety of tests including ANOVA and t-tests are used to analyse the results. The two most important issues in the use of derivatives for hedging in the Commonwealth public sector include budgeting and reducing risks faced by management. Reducing the risks faced by management is often cited as a reason for derivative use in the private sector. It is unclear if budgeting is linked to this. Respondents from Commonwealth organisations rank other private sector reasons for derivative use, such as reducing bankruptcy and taxation relatively unimportant. Results also indicate that there are significant differences in the level of importance in some issues regarding derivative use across different organisations, particularly those with and without a documented risk management plan

    The use of derivatives in a public sector setting

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    Existing private sector models of derivative use do not readily translate into the public sector that faces the joint objectives of value maximisation and provision of a privately unprofitable mission good. This paper develops and tests a model explaining public sector derivative use in terms of budget discrepancy minimisation. Hypotheses are developed and tested using logistic regression over a sample of Australian Commonwealth Government entities. It is found that public sector derivative use is positively correlated with liabilities and size of the organisation. This is consistent with management of budget discrepancies

    The Cyclical Behaviour of the IPO Market in Australia

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    Initial public offerings have been examined typically in the context of short-term and long-run stock price performance of individual issues. In this paper, the aggregate market for IPOs is examined. There has been some prior suggestion that the IPO market exhibits cyclical patterns which are characterised by a high volume of new issues and substantial underpricing, such that 'hot issue periods' exist. This paper tests for the existence of such periods in the Australian market using a Markov regime-switching model on a variety of constructed IPO activity measures. The results demonstrate that hot periods do exist but that they do not possess homogeneous features. A number of distinguishing features are also identified between industrial and resource sector IPOs. Further, a lead-lag relationship is identified for the industrial sector such that underpricing leads IPO volume for up to six months. The paper offers explanations for these findings that appear related to general stock market conditions and regulatory features

    AnswerPro: Designing to Motivate Interaction

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    This paper describes the design and initial testing of AnswerPro, a mobile academic peer support system for UK Key Stage 3 and 4 pupils (11-16 year olds). AnswerPro is a web application that enables pupils to seek support from their knowledgeable peers on various subjects. This paper correlates the findings from a previous requirements-gathering exercise, and from research into academic motivation, to propose design elements embedded within AnswerPro. A pilot study was conducted with 7 school pupils over 3 weeks. Participants then engaged in a focus group which discussed their experience using AnswerPro and the motivational elements embedded within it. Findings from their use of AnswerPro, and from the subsequent discussion, highlighted some problems with the embedded motivational features. As a result, suggestions for potential solutions and their merits are proposed for the next version of AnswerPro

    Designing a mobile academic peer support system

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    In this paper, we discuss work in progress into the design of a mobile academic peer support system that enables 11-to-14 year old children to request and provide academic help to each other. Our proposed system was designed based on background research into the areas of peer learning, child development, help-seeking and academic motivation. Several methods, such as focus groups, interviews and Wizard of Oz, were used during the requirements gathering and initial testing stages. The proposed system is currently under development and will be tested in a study with school-pupils, over an extended period of time, in the next few months

    Towards computation of novel ideas from corpora of scientific text

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    In this work we present a method for the computation of novel 'ideas' from corpora of scientific text. The system functions by first detecting concept noun-phrases within the titles and abstracts of publications using Part-Of-Speech tagging, before classifying these into sets of problem and solution phrases via a target-word matching approach. By defining an idea as a co-occurring pair, known-idea triples can be constructed through the additional assignment of a relevance value (computed via either phrase co-occurrence or an `idea frequency-inverse document frequency' score). The resulting triples are then fed into a collaborative filtering algorithm, where problem-phrases are considered as users and solution-phrases as the items to be recommended. The final output is a ranked list of novel idea candidates, which hold potential for researchers to integrate into their hypothesis generation processes. This approach is evaluated using a subset of publications from the journal Science, with precision, recall and F-Measure results for a variety of model parametrizations indicating that the system is capable of generating useful novel ideas in an automated fashion

    Modelling and simulation techniques for supporting healthcare decision making : a selection framework

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    The development of this workbook has been led by a team of researchers from five UK universities with a grant from the UK Engineering and Physical Sciences Research Council (EPSRC). They are investigating the use of modelling and simulation in healthcare as part of the RIGHT (Research Into Global Healthcare Tools) project. The workbook was developed following an extensive review of literature on the application of modelling and simulation in healthcare and other safety- critical industries, supplemented by the team’s extensive expertise of modelling and simulation in healthcare. In order to produce this summary guide, thousands of articles were categorised according to the techniques used, when they were used, and with what resources.peer-reviewe
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