Ownership Structure and Corporate Performance: Australian Evidence

This paper seeks to analyse the relationship between ownership structure and corporate performance for fifty firms listed on the Australian Stock Exchange during 2002-2003. The study initially tests a two equation model similar to that in the existing literature, but is distinguished from prior literature by subsequently reclassifying leverage. By categorising leverage as an endogenous variable, an examination of the relationship between ownership and performance is undertaken through ordinary least squares and two stage least squares analysis of a three equation econometric model. Interestingly, empirical results illustrate the fact that managerial ownership impacts negatively on firm performance which is consistent with the management entrenchment hypothesis.Ownership Structure, Corporate Performance, Endogenous Leverage

The Impact of Warrant Introduction Australian Experience

The impact that derivative trading has on the underlying security is essential to our understanding of security market behaviour, and important in the fields of market efficiency and pricing of such derivatives. This paper examines the impact that the introduction of exchange traded derivative warrants has on the underlying securities’ price, volume and volatility in the Australian market. The major findings of significant negative abnormal returns, reduction in skewness, no change in beta and small changes in variance are consistent with recent research findings in the US, UK and Hong Kong. However findings of derivative warrant listing resulting in decreased trading volume in contrast with most prior research in the field.Derivatives, Warrants, Market Efficiency, Event Study.

A Review and Assessment of Privatization in Canada

Most privatizations in Canada occurred in the 10-year period from the mid-1980s to the mid1990s, and while many of the remaining candidates are both politically and economically problematic, the Harper government has signalled its renewed interest in more privatizations. This paper, written by two of Canada’s leading experts on the subject, comprehensively assesses hard data from the earlier privatizations in Canada, including sectors such as energy, transport and telecommunications. They find that the overall impacts have been largely positive, in many cases impressively so. Key economic indicators such as capital expenditures, dividends, tax revenues and sales per employee tended to increase, while others such as employment initially fell, only to rise again over the long term. Ultimately, most of the privatized firms continue to operate efficiently, making them positive contributors to Canadians’ social welfare through the provision of increased economic opportunities, higher profits and taxes. Drawing on lessons learned, the authors propose a common-sense framework to guide future privatizations and ensure all Canadians derive the maximum possible benefits from them. No Canadian government has ever formulated such a plan for a privatization regime, making this paper a must-read for anyone with a stake in the future of Canadian business

Measurement of the neutrino–proton neutral current elastic scattering cross section on carbon with the T2K off-axis near detector and development of calibration optics for the Hyper-Kamiokande detector

Measurement of the neutrino–proton neutral current elastic scattering cross section on carbon with the T2k off-axis near detector and development of calibration optics for the hyper-kamiokande detector T2K (Tokai–to–Kamioka) is a long-baseline (295 km), off-axis neutrino oscillation experiment that measures the appearance of electron neutrinos from a high-energy (∼1 GeV) beam composed of mostly muon neutrinos. An analysis of the neutral current elastic cross section is presented using neutrino data collected at the T2K near detector facility. The signal topology is defined as neutral current interactions on the upstream fine-grained detector, FGD1, with at least one proton having Ek > 125MeV and cosθ > 0.4 but no pions present in the final state. With a high purity (0.53) sample selected by the AdaBoost classification algorithm, the flux-averaged cross section was measured as (3.31�}0.36)×10−40 cm2 nucleon−1—in agreement with the value predicted by the nominal configuration of GENIE, which is 3.10×10−40 cm2 nucleon−1. Compared to the same measurement performed with a cutbased signal selection, the fractional uncertainty on the cross section is reduced by 28%. Also measured are the differential cross sections with respect to the kinetic energy dσ/dEk and polar angle dσ/dθ of the primary proton within a reduced phase-space of Ek > 181.71MeV and cosθ > 0.752. These measurements are placed in comparison with various interaction model predictions. Hyper-Kamiokande is a next-generation, megaton-scale neutrino observatory that will succeed Super-Kamiokande as the far detector in an upgraded configuration of T2K known as T2HK. A light injection system for Hyper-Kamiokande is in development by various UK research groups to calibrate its photo-sensor responses and monitor its levels of optical scattering and absorption in-situ. A set of calibration optics developed for this system are presented. Prototypes of these devices were successfully installed at five vertical positions in the Super-Kamiokande tank in mid-2018 and have since been integrated into the detector’s automated calibration routine. An analysis of detector data collected during signal tests of these optics is presented

An assessment of the aversive nature of an animal management procedure (clipping) using behavioral and physiological measures

Animal management often involves procedures that, while unlikely to cause physical pain, still cause aversive responses. The domestic horse ( Equus caballus ) regularly has excessive hair clipped off to facilitate its use as a riding/driving animal and this procedure causes adverse behavioral responses in some animals. The aim of this study was to compare behavioral and physiological measures to assess the aversive effect of this procedure. Ten horses were selected on the basis of being either compliant (C: n = 5) or non-compliant (NC: n = 5) during this procedure. The horses were subjected to a sham clipping procedure (SC: where the blades had been removed from the clippers) for a period of ten minutes. Measures were taken pre, during and post SC (−10 min to +30 min) and mean values calculated for ALL horses and for C and NC separately. Behavioral activity was scored (scale 1-5) by twenty students from video footage in (phase/group-blind scoring). Heart rate (HR), salivary cortisol and eye temperature were monitored throughout the procedure. The NC horses were found to be significantly more behaviorally active/less relaxed throughout the trial than C horses(p b 0.05) with the greatest difference occurring during the SC procedure (p b 0.01). NC horses were more active/less relaxed during, compared with pre or post SC (p b 0.05), but showed no behavioral difference pre and post SC. HR of the NC horses was higher than that of the C horses throughout the trial but only significantly so after 10 min of SC (p b 0.01). ALL horses showed significant increase in HR between +5 and +10 min into the procedure (p b 0.05). There was a significant increase in salivary cortisol concentration in ALL horses post procedure (p b 0.01) with levels peaking at 20 minute post SC. No significant differences in salivary cortisol concentration between C and NC were found at any stage of the trial. Eye temperature increased significantly in ALL horses during SC, peaking at +10 min into the procedure (p b 0.05) and then decreased substantially when SC had ceased (p b 0.01). Although no significant differences were found between C and NC per se, there was a significant interaction between group and phase of trial (p b 0.05) with the NC group showing a greater decrease in eye temperature post SC. There was a significant positive correlation between changes in salivary cortisol concentration and eye temperature (p b 0.01) but no correlation between any of the other measures. Although the behavioral response of C and NC to this procedure was significantly different the physiological responses indicated that ALL horses found the procedure aversive. Eye temperature could be used as an objective and immediate measure of how an animal is responding to a specific situation in order to evaluate management procedures and adapt them where appropriate to reduce the negative impact on animal health and welfare

Simultaneous measurement of the muon neutrino charged-current cross section on oxygen and carbon without pions in the final state at T2K

This paper reports the first simultaneous measurement of the double differential muon neutrino charged-current cross section on oxygen and carbon without pions in the final state as a function of the outgoing muon kinematics, made at the ND280 off-axis near detector of the T2K experiment. The ratio of the oxygen and carbon cross sections is also provided to help validate various models’ ability to extrapolate between carbon and oxygen nuclear targets, as is required in T2K oscillation analyses. The data are taken using a neutrino beam with an energy spectrum peaked at 0.6 GeV. The extracted measurement is compared with the prediction from different Monte Carlo neutrino-nucleus interaction event generators, showing particular model separation for very forward-going muons. Overall, of the models tested, the result is best described using local Fermi gas descriptions of the nuclear ground state with RPA suppression

Behaviour and Climate Change: Consumer Perceptions of Responsibility

This paper explores the under-researched notion of consumer responsibility, a potentially significant influence on consumer behaviour that marketers and policymakers may be able to harness as they attempt to respond to environmental challenges such as climate change. The paper uses data derived from a commercially motivated survey (n = 1513) to explore domestic consumption behaviours most closely associated with the issue of disruptive climate change. A measure of 'General Environmental Responsiveness' (GER) is used to test: (1) the effects of consumers both taking responsibility for their actions and placing responsibility on others for the consequences of their consumption behaviour; and (2) whether sociodemographic variables can aid the targeting of consumers by the level and type of responsibility and pro-environmental behavioural intentions expressed. The study's findings demonstrate clear, if not strong, relationships between consumer conceptions of responsibilities for causing and tackling climate change and environment-related consumer behaviour. The study's implications both challenge accepted wisdom about environment-related consumer behaviour and suggest avenues for future research