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(2009)Journal ArticleThis paper provides the first full description of the status of Australian institutional repositories. Australia presents an interesting case because of the government’s support of institutional repositories and open access. A survey of all 39 Australian universities conducted in September 2008 shows that 32 institutions have active repositories and by end of 2009, 37 should have repositories. The total number of open access items has risen dramatically since January 2006. Five institutions reported they have an institution–wide open access mandate, and eight are planning to implement one. Only 20 universities have funding for their repository staff and 24 universities have funding for their repository platform, either as ongoing recurrent budgeting or absorbed into their institutions’ budgets. The remaining are still project funded. The platform most frequently used for Australian repositories is Fedora with Vital. Most of the remaining sites use EPrints or DSpace.
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(2008)Journal ArticleNetwork and stakeholder analyses in tourism studies typically offer schema, typologies, and frameworks that contribute to the conceptual development of the subject area. What has been lacking is the managerial application of network research in tourism. This paper offers a method for investigating and conceptualising network relationships in a regional tourism district. The field work was undertaken in the Australian wine region of the Hunter Valley. The findings from are analysed using four different approaches to the conceptualisation and classification of inter-organisational relationships in a tourism region: (1) the application of a value net to the region’s stakeholders, (2) the generation of a partnership-activities matrix, (3) an ecological approach using Budowski’s (1976) typology and (4) identifying the competition for scarce resources among tourism stakeholders. Managerial implications for each approach are described.
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(2008)Journal ArticleSection 50 of the Australian Securities and Investments Commission Act 2001 (Cth) confers a wide power on the Australian Securities and Investment Commission (ASIC) to bring civil action in the name of the company or a class action for shareholders or investors for the recovery of damages for corporate misconduct. Despite its broad scope, this power has been little used by ASIC. Until the recent Westpoint litigation it appeared that this trend seemed set to continue due to the recent growth in ASIC’s arsenal of enforcement powers, in particular the ability to bring proceedings seeking civil penalties, together with what promises to be a new age of private enforcement of shareholders rights through class actions funded by litigation funding corporations. In the context of this likely expansion of private enforcement action and the current legislative framework of ASIC’s enforcement powers, this article will examine when ASIC should bring civil action under this provision.
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(2008)Journal ArticleThe conventional view of corporate regulation is that corporations are to be managed for the benefit of their shareholders. The general law and statutory duties of directors and officers reflect this “shareholder primacy norm”, with duties formulated to prevent directors acting otherwise than in the interests of shareholders. However, the general law and statutory duties are not identical. The remedies and enforcement mechanisms differ considerably, which raises the question as to whether the public enforcement of statutory duties carries with it a public interest mandate that general law duties do not. This article considers what role the public interest should have in enforcing statutory duties and whether such a role represents a challenge to the dominant shareholder primacy norm of corporate law. This issue is highly topical as recent decisions have suggested that the statutory duties of directors and officers are limited in their scope to protecting the interests of shareholders, even to the detriment of the public interest. We contest that viewpoint and argue that, at least in relation to statutory duties, directors and officers have obligations that extend beyond the narrow conception of the protection of shareholder wealth.
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(2008)Journal ArticleFund managers` bias toward geographically proximate securities is a well-researched phenomenon, yet the origins of managers` location choices have received little empirical scrutiny. This paper traces the employment and geographic heritage of 358 entrepreneurial fund managers and analyzes the determinants of where they locate their firms and stock selections. The evidence suggests that start-ups tend to be based close to the origins of their founders and in regions with more investment management firms, banking establishments, and large institutional money managers. New money managers show a strong local bias in their equity holdings, three times the levels previously documented for mutual funds. The propensity to invest closer to home correlates strongly with the presence of sub-advisory opportunities from institutional investors in the vicinity. While home bias levels between managers who relocate with their start-ups and the rest of the entrepreneurs are similar, preferences for stocks that were formally local persist.
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(2008)Journal ArticleThis study assessed the intermix of local citation analysis and survey of journal use and reading patterns for evaluating an academic library's research collection. Journal articles and their cited references from faculties at the University of New South Wales were downloaded from the Web of Science (WoS) and journal impact factors from the Journal Citation Reports. The survey of the University of New South Wales (UNSW) academic staff asked both reader-related and reading-related questions. Both methods showed that academics in medicine published more and had more coauthors per paper than academics in the other faculties; however, when correlated with the number of students and academic staff, science published more and engineering published in higher impact journals. When "recalled" numbers of articles published were compared to "actual" numbers, all faculties over-estimated their productivity by nearly two-fold. The distribution of cited serial references was highly skewed with over half of the titles cited only once. The survey results corresponded with U.S. university surveys with one exception: Engineering academics reported the highest number of article readings and read mostly for research related activities. Citation analysis data showed that the UNSW library provided the majority of journals in which researchers published and cited, mostly in electronic formats. However, the availability of non-journal cited sources was low. The joint methods provided both confirmatory and contradictory results and proved useful in evaluating library research collections.
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(2007)Journal ArticleThis study examines how the termination of superannuation investment mandates contributes to the departure of top fund managers in companies delegated the portfolio management role. Terminations of superannuation plan mandates increase the probability of a fund company changing the responsible fund manager. Objective-adjusted returns are also significant managerial turnover considerations. These results illustrate that significant losses of superannuation fund clients act as an external control mechanism in the investment management industry that complements internal managerial performance measures.
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(2007)Journal ArticleThis paper analyses relations between stock market returns and mutual fund flows in Korea. A positive relationship exists between stock market returns and mutual fund flows, measured as stock purchases and sales and net trading volumes. In aggregate, mutual funds are negative feedback traders. Standard causality tests suggest that it is predominantly returns that drive flows, while stock sales may contain information about returns. After controlling for declining markets, the results suggest Korean equity fund managers tend to increase stock purchases in times of rising market volatility, possibly disregarding fundamental information, and to sell in times of wide dispersion in investor beliefs.
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(2007)Journal ArticleWe examine the information content of managed fund ratings for Australian retail investors. Because fund ratings, premised on a quantitative-qualitative model, are highly transitory, we question whether investors formulate their investment decisions with respect to changes in ratings and whether ratings, in turn, react to fund flows. We find that information regarding fund flows can be obtained from ratings, and that rating changes can have farreaching effects. Investors flock to newly upgraded funds while they penalize those that have been downgraded by withdrawing funds. Investors are constantly anticipating ratings revisions, particularly downgrades, and we attribute this phenomenon to the role of qualitative factors in the ratings.
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(2007)Journal ArticleThis paper briefly describes the rapidly changing research evaluation and funding landscape in Australian universities, specifically in relation to open access and institutional repositories. Recent announcements indicate that funding and evaluation bodies are becoming increasingly concerned that publicly funded research be made publicly available. The paper then reports a survey of all levels of academic staff plus research students at one Australian university conducted in May 2006, prior to the introduction of an institutional repository. The survey, in line with previously reported surveys, found that while there was a high level of engagement with scholarly publishing, there was a low level of awareness of, or concern with, either open access (‘green’ or ‘gold’) or the roles repositories can play in increasing accessibility of research. Practically, this indicates that much work needs to be done within this university to increase knowledge of, and change behaviours with regard to, open access and repositories if the university and its academics are to make the most of new funding requirements and research evaluation processes.