973 research outputs found

    Agency problems and capital expenditure announcements

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    This article examines the market valuation of announcements of new capital expenditure. Prior research suggests that the firm's growth opportunities and cash flow position condition the market response. This study jointly examines the role of growth and cash flow, and the interaction between them. Using a new data set of Australian firms that avoids problems associated with expectations models, the results are remarkably strong and support a positive association between growth opportunities and the market valuation, in addition to supporting the role of free cash flow. The findings have implications for the relationship between general investment information and stock prices

    Knowledge tree: Putting discourse into computer‐based learning

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    Most CBL materials currently in use model only the declarative aspects of the learning process. If such courseware is used without careful planning, this can be dangerous because one of the most fundamental aspects of education is the dialogue that occurs between teachers and the students. Traditionally, this has taken place in informal discussions as well as in formal small‐group learning sessions such as the conventional tutorial. However, as the student‐staff ratio increases, so does the opportunity for this type of personal dialogue decrease. Modern networking technology offers a huge potential to add discourse to CBL, but there are many pedagogical problems involved with the intrinsically ephemeral and anarchic nature both of the Internet and of most conferencing or bulletin‐board systems. In this paper we describe a software system called Knowledge Tree (KT) which we have developed to address some of these issues. KT combines a hierarchical concept‐oriented database functionality with that of a Usenet‐style bulletin board Using this, a knowledge garden may be developed for any subject area. These each contain a hypermedia database of frequently asked questions, together with answers provided by subject experts. There is provision for inter‐student discussions of problems and issues. When students ask new questions these are automatically emailed to a relevant subject expert (determined by a subject‐specific concept thesaurus). The answer is then placed in the database which eventually grows to become a valuable teaching resource. KT is discipline‐independent as the concept thesaurus can be changed to encapsulate any domain of knowledge. We have used it in support of conventional lecture courses, as an important component of a multimedia course, and for general IT support. These examples illustrate the role that this system can play both in basic information provision, and in facilitating the discussion of deep issues

    Are we talking about the same structure?: A unified approach to hypertext links, xml, rdf and zigzag

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    There are many different hypertext systems and paradigms, each with their apparent advantages. However the distinctions are perhaps not as significant as they seem. If we can reduce the core linking functionality to some common structure, which allows us to consider hypertext systems within a common model, we could identify what, if anything, distinguishes hypertext systems from each other. This paper offers such a common structure, showing the conceptual similarities between each of these systems and paradigms
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