Corporate governance practices in Fiji: An empirical investigation

This study investigates the nature and extent of compliance to the principle-based corporate governance initiatives by the listed companies in the South Pacific Stock Exchange (SPSE) in Fiji. Three important questions are addressed: (i) whether listed companies in Fiji have complied with the principle-based governance practices: (ii) did compliance with principle based recommendations lead to an improvement in the listed company‟s financial performance? and (iii) how the institutional factors have contributed towards corporate governance practices in Fiji? Panel data for the SPSE companies over the period 2008-2010 are analysed using ordinary least squares (OLS) regression. Tobin‟s Q, Return on Assets (ROA), Return on Equity (ROE) and Earnings Before Interest, Tax, Depreciation and Amortisation to Total Revenue (EBITDA2REV) metrics are used as dependent variables. Findings indicate that listed companies have adopted the Capital Market Development Authority‟s (CMDA) recommendations, establishing subcommittees for audit and remuneration, and having nonexecutive/ independent directors on the board. The result supports the view that the CMDA recommendations of board sub-committees (Audit and Remuneration) have had positive influence on company performance measured by Tobin‟s Q. The findings of this study give support to the principle-based corporate governance practices adopted in Fiji. The results of this study provide useful insights to both regulators and policy analysts (in Fiji and internationally) seeking to enhance both governance and firm performance in their own jurisdiction

Algorithms for Stochastic Games on Interference Channels

We consider a wireless channel shared by multiple transmitter-receiver pairs. Their transmissions interfere with each other. Each transmitter-receiver pair aims to maximize its long-term average transmission rate subject to an average power constraint. This scenario is modeled as a stochastic game. We provide sufficient conditions for existence and uniqueness of a Nash equilibrium (NE). We then formulate the problem of finding NE as a variational inequality (VI) problem and present an algorithm to solve the VI using regularization. We also provide distributed algorithms to compute Pareto optimal solutions for the proposed game

Power Allocation Games on Interference Channels with Complete and Partial Information

We consider a wireless channel shared by multiple transmitter-receiver pairs. Their transmissions interfere with each other. Each transmitter-receiver pair aims to maximize its long-term average transmission rate subject to an average power constraint. This scenario is modeled as a stochastic game under different assumptions. We first assume that each transmitter and receiver has knowledge of all direct and cross link channel gains. We later relax the assumption to the knowledge of incident channel gains and then further relax to the knowledge of the direct link channel gains only. In all the cases, we formulate the problem of finding the Nash equilibrium as a variational inequality (VI) problem and present an algorithm to solve the VI.Comment: arXiv admin note: text overlap with arXiv:1409.755