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(2009) Kennan, Mary-Anne; Kingsley, Danny AJournal 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.
(1998) Choi, C; Kim, Hann; Standard, Owen; Kim, Min; Zhao, Yong; Sorrell, CharlesJournal ArticleYBa2Cu3O7-y with high grain alignment has been successfully fabricated by a modified powder melting process at a temperature of ~930oC which is near the eutectic point of the starting materials Y2BaCuO5, BaCuO2, and CuO. In terms of the levitation force and YBa2Cu3O7-y grain alignment, the best result was shown in a sample having a Y2BaCuO5:BaCuO2:CuO molecular ratio of 1:3:5. In the present work, the Cu-surplus eutectic liquid was completely absorbed by use of a Y2BaCuO5 substrate, by which the final composition was driven to stoichiometric YBa2Cu3O7-y. The results were comparable to those obtained by the conventional melt-texture-growth process. A new invariant point apparently occurred at ~930-940oC owing to an interfacial reaction between YBa2Cu3O7-y matrix and Y2BaCuO5 substrate.
(2008) Parwada, JerryJournal 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.
(2006) Parwada, Jerry; Faff, RobertJournal ArticlePublished star ratings for managed funds, issued by independent agencies, are increasing in popularity, coverage in the academic literature, and influence as measured by the market share and money inflow dominance of rated funds. Hypothesising that fund ratings serve as a proxy for a fund's reputation, this article examines the managed fund inflow effect of the awarding of an initial rating by ASSIRT, Australia's largest fund rating agency. Retail equity funds record significant unexpected size changes at the announcement of the initial rating and over a one-year post-rating analysis period. Wholesale fund sizes take over six months to show the inflow effects of a ratings initiation. Cash and fixed interest funds exhibit volatile size changes whose pattern does not bear a significant relationship to the initial rating phenomenon. Finally, fund management expense ratios remain stable after the rating.
(2007) Gallagher, David; Parwada, Jerry; DISHI, EJournal 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.
(2003) Parwada, JerryJournal 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.
(2004) Parwada, Jerry; Allen, DavidJournal ArticleThis study investigates the alleged disintermediation of banks’ traditional deposit-taking in favour of investment management activities. Using data on Australian bank-affiliated funds and a nine-year record of the parent banks’ liability balances, this study finds that managed funds do not displace bank liabilities. Prudential capital adequacy requirements dissuade banks from using in-house managed investments as indirect conduits for raising funds in the same manner as deposit-taking.
(2005) Parwada, Jerry; Faff, RobertJournal ArticleWe examine the impact of several factors on the selection of portfolio managers for Australian pension plan mandates. Performance measures do not affect the probability of a mandate allocation. Pension sponsors tend to choose managers with top-quartile five-year performance who have recently beaten a market benchmark. Management expenses have a negative impact on a manager’s chances. A surprising result is sponsors’ tolerance for high portfolio trading costs. Mandates are spread across manager investment styles. The style and institutional attributes of preferred managers suggest trustees’ reputation and prudential concerns matter, particularly for the aggregate annual mandate allocations.
(2006) Allen, David; Parwada, JerryJournal ArticlePurpose – This paper aims to examine mutual fund investors' response to mergers of Australian mutual fund companies. Design/methodology/approach – Two matching-control techniques are employed to analyse the impact of mergers on excess money in and out of open and closed funds involved in the transactions. The paper employs cross-sectional regression analyses to examine the impact of mergers on different types of parties to mergers. Findings – The results suggest that mergers are not accompanied by increased money flows. Instead investors withdraw from the target funds prior to and after the merger. Funds belonging to specialist mutual fund companies record more gains in assets under management than declines following mergers, and that money inflow gains at competing funds induce reductions of management expense ratios at target funds. Research limitations/implications – This paper studies mergers in only one industry in a single country. Future studies may extend to other industries and economies. Originality/value – This paper extends prior research on the flow effects of mergers at individual fund level by considering the issue at the corporate level.
(2007) Parwada, Jerry; Oh, NatalieJournal 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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