How Different are Universities from Companies? Financial Reporting Perspectives and the Market for Vice Chancellors (Part 2)

The oldest university still in operation is approximately 1,750 years old (wordiQ.com, 2004). When compared to firms, universities have stood the test of time, while firms seem to lack longevity. The oldest listed firm still operating is around 225 years old (O’Hara and Mandel, 2004), a lifespan of approximately one-eighth that of the oldest university. Whilst this comparison involves extremes, it is still the case that the average university is much older than the average company. What distinctive features of universities promote their long lifespans? Summers (2003) argues that it is the importance placed on knowledge and ideas in universities that help them withstand the test of time. He goes further to suggest that corporations may do better in meeting their challenges if they adopt some of the features of the university model. However, over time, we have seen universities moving away from their traditional positions as nonprofit organisations to institutions that are concerned with their financial viability. To what extent are universities becoming transformed into corporations? There is evidence suggesting that earnings quality for universities has improved over time, consistent with the theory that universities face increased pressure to become more like corporates and for greater public accountability as they seek to raise revenue from non-traditional sources in the face of federal funding cuts to higher education. We look at two dimensions of earnings quality for Australian universities: one based on the adherence of financial statements to prescribed requirements and the second based on accruals and earnings persistence. Although universities are nominally nonprofit organisations, there is evidence that they behave like companies and have incentives to avoid reporting negative earnings results. However, there is little evidence of opportunistic accruals earnings management. How does leadership affect the dynamics of these organisations? We investigate this by looking at the workings of the market for Vice-Chancellors. A picture of the typical Vice-Chancellor emerges. We see that they are appointed at relatively older ages than CEOs in the private sector, although they do not have shorter tenure. On an international comparison between Vice-Chancellors, Australian Vice-Chancellors enjoy the highest real remuneration, favourable taxation arrangements and a better quality of life relative to their counterparts in the United States and the United Kingdom. There is also a large disparity between the remuneration of Vice-Chancellors and CEOs, with the discount associated with university top management positions at 60 percent relative to the private sector. The evidence suggests that on the spectrum of organisation type from nonprofits to corporates, the traditional way in which we view universities as predominantly nonprofits is not consistent with the underlying behaviour of these institutions. This raises interesting implications for the future of higher education in Australia and the quality of the public good provided.

How Different are Universities from Companies? Financial Reporting Perspectives and the Market for Vice Chancellors (Part 4)

The oldest university still in operation is approximately 1,750 years old (wordiQ.com, 2004). When compared to firms, universities have stood the test of time, while firms seem to lack longevity. The oldest listed firm still operating is around 225 years old (O’Hara and Mandel, 2004), a lifespan of approximately one-eighth that of the oldest university. Whilst this comparison involves extremes, it is still the case that the average university is much older than the average company. What distinctive features of universities promote their long lifespans? Summers (2003) argues that it is the importance placed on knowledge and ideas in universities that help them withstand the test of time. He goes further to suggest that corporations may do better in meeting their challenges if they adopt some of the features of the university model. However, over time, we have seen universities moving away from their traditional positions as nonprofit organisations to institutions that are concerned with their financial viability. To what extent are universities becoming transformed into corporations? There is evidence suggesting that earnings quality for universities has improved over time, consistent with the theory that universities face increased pressure to become more like corporates and for greater public accountability as they seek to raise revenue from non-traditional sources in the face of federal funding cuts to higher education. We look at two dimensions of earnings quality for Australian universities: one based on the adherence of financial statements to prescribed requirements and the second based on accruals and earnings persistence. Although universities are nominally nonprofit organisations, there is evidence that they behave like companies and have incentives to avoid reporting negative earnings results. However, there is little evidence of opportunistic accruals earnings management. How does leadership affect the dynamics of these organisations? We investigate this by looking at the workings of the market for Vice-Chancellors. A picture of the typical Vice-Chancellor emerges. We see that they are appointed at relatively older ages than CEOs in the private sector, although they do not have shorter tenure. On an international comparison between Vice-Chancellors, Australian Vice-Chancellors enjoy the highest real remuneration, favourable taxation arrangements and a better quality of life relative to their counterparts in the United States and the United Kingdom. There is also a large disparity between the remuneration of Vice-Chancellors and CEOs, with the discount associated with university top management positions at 60 percent relative to the private sector. The evidence suggests that on the spectrum of organisation type from nonprofits to corporates, the traditional way in which we view universities as predominantly nonprofits is not consistent with the underlying behaviour of these institutions. This raises interesting implications for the future of higher education in Australia and the quality of the public good provided.

The Market for Vice-Chancellors

How homogenous is the market for top managerial talent? We analyse data from university annual reports on Vice Chancellors’ remuneration for the period 1995-2002 and test to see whether there is alignment between the market for Vice-Chancellors and the market for CEOs in Australia. While the responsiveness of pay to institution size is not dissimilar, Vice-Chancellors receive on average about 60 percent less than CEOs. In addition, we also compare the remuneration of Australian Vice-Chancellors to those in the United States and the United Kingdom and find that the Australians receive the highest real remuneration when using purchasing power parity exchange rates. The remuneration of Australian Vice-Chancellors is even more attractive once taxation and quality of life factors are taken into consideration. We also construct a demographic profile of Vice-Chancellors, showing that relative to CEOs, Vice-Chancellors are appointed later in life and do not have shorter tenures. Regarding Vice-Chancellor backgrounds, there is an over-representation of Vice-Chancellors from social and pure sciences and an under-representation of Vice-Chancellors from management and commerce relative to the number of award completions in those areas.

How Different are Universities from Companies? Financial Reporting Perspectives and the Market for Vice Chancellors (Part 1)

The oldest university still in operation is approximately 1,750 years old (wordiQ.com, 2004). When compared to firms, universities have stood the test of time, while firms seem to lack longevity. The oldest listed firm still operating is around 225 years old (O’Hara and Mandel, 2004), a lifespan of approximately one-eighth that of the oldest university. Whilst this comparison involves extremes, it is still the case that the average university is much older than the average company. What distinctive features of universities promote their long lifespans? Summers (2003) argues that it is the importance placed on knowledge and ideas in universities that help them withstand the test of time. He goes further to suggest that corporations may do better in meeting their challenges if they adopt some of the features of the university model. However, over time, we have seen universities moving away from their traditional positions as nonprofit organisations to institutions that are concerned with their financial viability. To what extent are universities becoming transformed into corporations? There is evidence suggesting that earnings quality for universities has improved over time, consistent with the theory that universities face increased pressure to become more like corporates and for greater public accountability as they seek to raise revenue from non-traditional sources in the face of federal funding cuts to higher education. We look at two dimensions of earnings quality for Australian universities: one based on the adherence of financial statements to prescribed requirements and the second based on accruals and earnings persistence. Although universities are nominally nonprofit organisations, there is evidence that they behave like companies and have incentives to avoid reporting negative earnings results. However, there is little evidence of opportunistic accruals earnings management. How does leadership affect the dynamics of these organisations? We investigate this by looking at the workings of the market for Vice-Chancellors. A picture of the typical Vice-Chancellor emerges. We see that they are appointed at relatively older ages than CEOs in the private sector, although they do not have shorter tenure. On an international comparison between Vice-Chancellors, Australian Vice-Chancellors enjoy the highest real remuneration, favourable taxation arrangements and a better quality of life relative to their counterparts in the United States and the United Kingdom. There is also a large disparity between the remuneration of Vice-Chancellors and CEOs, with the discount associated with university top management positions at 60 percent relative to the private sector. The evidence suggests that on the spectrum of organisation type from nonprofits to corporates, the traditional way in which we view universities as predominantly nonprofits is not consistent with the underlying behaviour of these institutions. This raises interesting implications for the future of higher education in Australia and the quality of the public good provided.

How Different are Universities from Companies? Financial Reporting Perspectives and the Market for Vice Chancellors (Part 5)

The oldest university still in operation is approximately 1,750 years old (wordiQ.com, 2004). When compared to firms, universities have stood the test of time, while firms seem to lack longevity. The oldest listed firm still operating is around 225 years old (O’Hara and Mandel, 2004), a lifespan of approximately one-eighth that of the oldest university. Whilst this comparison involves extremes, it is still the case that the average university is much older than the average company. What distinctive features of universities promote their long lifespans? Summers (2003) argues that it is the importance placed on knowledge and ideas in universities that help them withstand the test of time. He goes further to suggest that corporations may do better in meeting their challenges if they adopt some of the features of the university model. However, over time, we have seen universities moving away from their traditional positions as nonprofit organisations to institutions that are concerned with their financial viability. To what extent are universities becoming transformed into corporations? There is evidence suggesting that earnings quality for universities has improved over time, consistent with the theory that universities face increased pressure to become more like corporates and for greater public accountability as they seek to raise revenue from non-traditional sources in the face of federal funding cuts to higher education. We look at two dimensions of earnings quality for Australian universities: one based on the adherence of financial statements to prescribed requirements and the second based on accruals and earnings persistence. Although universities are nominally nonprofit organisations, there is evidence that they behave like companies and have incentives to avoid reporting negative earnings results. However, there is little evidence of opportunistic accruals earnings management. How does leadership affect the dynamics of these organisations? We investigate this by looking at the workings of the market for Vice-Chancellors. A picture of the typical Vice-Chancellor emerges. We see that they are appointed at relatively older ages than CEOs in the private sector, although they do not have shorter tenure. On an international comparison between Vice-Chancellors, Australian Vice-Chancellors enjoy the highest real remuneration, favourable taxation arrangements and a better quality of life relative to their counterparts in the United States and the United Kingdom. There is also a large disparity between the remuneration of Vice-Chancellors and CEOs, with the discount associated with university top management positions at 60 percent relative to the private sector. The evidence suggests that on the spectrum of organisation type from nonprofits to corporates, the traditional way in which we view universities as predominantly nonprofits is not consistent with the underlying behaviour of these institutions. This raises interesting implications for the future of higher education in Australia and the quality of the public good provided.

Dietary Fat Intake and the Risk of Depression: The SUN Project

Emerging evidence relates some nutritional factors to depression risk. However, there is a scarcity of longitudinal assessments on this relationship

BHPR research: qualitative1. Complex reasoning determines patients' perception of outcome following foot surgery in rheumatoid arhtritis

Background: Foot surgery is common in patients with RA but research into surgical outcomes is limited and conceptually flawed as current outcome measures lack face validity: to date no one has asked patients what is important to them. This study aimed to determine which factors are important to patients when evaluating the success of foot surgery in RA Methods: Semi structured interviews of RA patients who had undergone foot surgery were conducted and transcribed verbatim. Thematic analysis of interviews was conducted to explore issues that were important to patients. Results: 11 RA patients (9 ♂, mean age 59, dis dur = 22yrs, mean of 3 yrs post op) with mixed experiences of foot surgery were interviewed. Patients interpreted outcome in respect to a multitude of factors, frequently positive change in one aspect contrasted with negative opinions about another. Overall, four major themes emerged. Function: Functional ability & participation in valued activities were very important to patients. Walking ability was a key concern but patients interpreted levels of activity in light of other aspects of their disease, reflecting on change in functional ability more than overall level. Positive feelings of improved mobility were often moderated by negative self perception ("I mean, I still walk like a waddling duck”). Appearance: Appearance was important to almost all patients but perhaps the most complex theme of all. Physical appearance, foot shape, and footwear were closely interlinked, yet patients saw these as distinct separate concepts. Patients need to legitimize these feelings was clear and they frequently entered into a defensive repertoire ("it's not cosmetic surgery; it's something that's more important than that, you know?”). Clinician opinion: Surgeons' post operative evaluation of the procedure was very influential. The impact of this appraisal continued to affect patients' lasting impression irrespective of how the outcome compared to their initial goals ("when he'd done it ... he said that hasn't worked as good as he'd wanted to ... but the pain has gone”). Pain: Whilst pain was important to almost all patients, it appeared to be less important than the other themes. Pain was predominately raised when it influenced other themes, such as function; many still felt the need to legitimize their foot pain in order for health professionals to take it seriously ("in the end I went to my GP because it had happened a few times and I went to an orthopaedic surgeon who was quite dismissive of it, it was like what are you complaining about”). Conclusions: Patients interpret the outcome of foot surgery using a multitude of interrelated factors, particularly functional ability, appearance and surgeons' appraisal of the procedure. While pain was often noted, this appeared less important than other factors in the overall outcome of the surgery. Future research into foot surgery should incorporate the complexity of how patients determine their outcome Disclosure statement: All authors have declared no conflicts of interes

25th annual computational neuroscience meeting: CNS-2016

The same neuron may play different functional roles in the neural circuits to which it belongs. For example, neurons in the Tritonia pedal ganglia may participate in variable phases of the swim motor rhythms [1]. While such neuronal functional variability is likely to play a major role the delivery of the functionality of neural systems, it is difficult to study it in most nervous systems. We work on the pyloric rhythm network of the crustacean stomatogastric ganglion (STG) [2]. Typically network models of the STG treat neurons of the same functional type as a single model neuron (e.g. PD neurons), assuming the same conductance parameters for these neurons and implying their synchronous firing [3, 4]. However, simultaneous recording of PD neurons shows differences between the timings of spikes of these neurons. This may indicate functional variability of these neurons. Here we modelled separately the two PD neurons of the STG in a multi-neuron model of the pyloric network. Our neuron models comply with known correlations between conductance parameters of ionic currents. Our results reproduce the experimental finding of increasing spike time distance between spikes originating from the two model PD neurons during their synchronised burst phase. The PD neuron with the larger calcium conductance generates its spikes before the other PD neuron. Larger potassium conductance values in the follower neuron imply longer delays between spikes, see Fig. 17.Neuromodulators change the conductance parameters of neurons and maintain the ratios of these parameters [5]. Our results show that such changes may shift the individual contribution of two PD neurons to the PD-phase of the pyloric rhythm altering their functionality within this rhythm. Our work paves the way towards an accessible experimental and computational framework for the analysis of the mechanisms and impact of functional variability of neurons within the neural circuits to which they belong