SelectedWorks @ Melbourne Business School (The University of Melbourne)
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When less is more: The benefit of limits on executive pay
No full textWe derive conditions under which limits on executive compensation can enhance efficiency and benefit shareholders (but not executives). Having their hands tied in the future allows a board of directors to credibly enter into relational contracts with executives that are more efficient than performance-contingent contracts. This has implications for the ideal composition of the board. The analysis also offers insights into the political economy of executive-compensation reform
Toward an outward-looking Indigeneity
No full textLooking outward is a much-documented preoccupation of Australians that is very much alive in the arts. There is a hopeful glimmer in ‘outward-lookingness’ 1 that draws the eye, books a ticket and escorts us willingly away from Australia into the world. I’ve noticed friends and colleagues spirited away to places like the Galapagos Islands, Cambodia, Bhutan, Siberia ... However, this outward-lookingness is not just a personal gaze upon exotic lands afar, or a wish to escape the familiar embrace of Australia but an intentional strategy Indigenous artists are applying to the malaise of the stiflingly low glass ceiling of Indigenous arts. Whether it is looking out for opportunities or outward looking to admire Indigenous artists abroad; the sector is, in a self- determined way, seeking a place beyond the institutionalised categorisation of ‘Indigenous arts
The Role of Trade in Amplifying Crime
No full textThere is enormous variation in crime rates across countries, greater than differences in income or inequality would suggest. There are currently no explanations for this magnitude of variation. We show that much of this variation can be explained using trade flows. We add a “Crime” sector to a traditional two-sector two-input Heckscher-Ohlin model. Under autarky, countries have the same crime rate, but free trade is found to increase crime in the resource-rich country and to reduce crime in the labor-rich country by an equal amount. The negative externality from increased crime can be strong enough to cancel out the gains from trade for the resource-rich country. The paper also shows that foreign aid and highly mobile export-oriented industries can have negative consequences
A review of frequentist tests for the 2x2 binomial trial
No full textThe 2x2 binomial trial is the simplest of data structures yet its statistical analysis and the issues it raises have been debated and revisited for over 70 years. Which analysis should biomedical researchers use in applications? In this review, we consider frequentist tests only, specifically tests with control size either exactly or very close to exactly. These procedures can be classified as conditional and unconditional. Amongst tests motivated by a conditional model, Lancaster’s mid-p and Liebermeister’s test are less conservative than Fisher’s classical test, but do not control type 1 error. Within the conditional framework, only Fisher’s test can be recommended and no test can dominate it within this framework. Within an unconditional framework, there is a much wider range of tests available and there has been some progress in methods for controlling size over the last decade.
We consider four methods of correcting approximate tests to properly control size by accounting for the unknown value of the nuisance parameter: the estimation method (E), maximization (M), partial maximization (B) and estimation followed by maximization (E+M). We cautiously recommend starting with either Fisher’s p-value or the LR p-value and then correcting using E, B or E+M steps
Copula Modelling of Dependence in Multivariate Time Series
No full textAlmost all existing nonlinear multivariate time series models remain linear, conditional on a point in time or latent regime. Here, an alternative is proposed, where nonlinear serial and cross-sectional dependence is captured by a copula model. The copula defines a multivariate time series on the unit cube. A drawable vine copula is employed, along with a factorization which allows the marginal and transitional densities of the time series to be expressed analytically. The factorization also provides for simple conditions under which the series is stationary and/or Markov, as well as being parsimonious. A parallel algorithm for computing the likelihood is proposed, along with a Bayesian approach for computing inference based on model averages over parsimonious representations of the vine copula. The model average estimates are shown to be more accurate in a simulation study. Two five-dimensional time series from the Australian electricity market are examined. In both examples, the fitted copula captures substantial asymmetric tail dependence, both over time and between elements in the series
Family Control, Socioemotional Wealth and Earnings Management in Publicly Traded Firms
No full textWe examine the unique nature of agency problems within publicly traded family firms by investigating the earnings management decision of dominant family owners relative to non-family. To do so, we draw upon literature demonstrating that family owners are loss averse with respect to the family’s socioemotional wealth (SEW), or the affective endowment derived from firm ownership and control. Our theory and findings suggest that potential reputational consequences of earnings management lead family principals to engage in less of this practice relative to non-family firms, and that founder family firms are less likely than non-founder family firms to use earnings management. Moreover, the family firm effect varies with firm size, the degree of CEO entrenchment, and the firm’s stock structure. We provide important insights regarding differences between family and non-family principals in the use of unethical accounting practices, thereby extending agency theory and advancing an under-developed research area
Containing, contesting, creating spaces: leadership and cultural identity work among Australian arts leaders
No full textDrawing on the experiences of 29 Australian Indigenous artists and arts leaders, this articleexplores the way these individuals provide leadership by expressing and resisting cultural identitiesof Aboriginality. Scholars have shown how a key activity in leadership is ‘identity work’, ornegotiating a sustainable leadership identity, yet much of the scholarship to date neglects contextand cultural dimensions of identity work in leadership. Our research draws on the extensivetheorising on social identity, but we take a critical perspective, arguing that public discourses ofAboriginality mean that leadership identities in Indigenous communities have a complex, sometimescontested status. We begin the article showing the way in which Aboriginality as an identityis constructed in the public domain.We then explore three categories of identity practice enactedby our sample of arts leaders: contesting essentialisation, containing trauma and creating belonging.The discussion argues that these practices of interrogating and re-shaping stereotypic culturalidentities often constitute acts of leadership. We contribute to scholarship by providing newinsights on identity work; and to practice, highlighting the potential significance of leadershipidentity work to the self-determination and flourishing of Aboriginal peoples
Where, When, and How Long: Factors That Influence the Redemption of Mobile Phone Coupons
No full textThe use of coupons delivered by mobile phone, so-called “mcoupons,” is growing rapidly. In this study, the authors analyze consumer response to m-coupons for a two-year trial at a large shopping mall. Approximately 8,500 people were recruited to a panel and received three text-message m-coupons whenever they “swiped” their mobile phone at the mall entrances, with downstream redemption recorded. Almost 144,000 m-coupons were delivered during the trial, representing 38 stores that supplied 134 different coupons. The authors find that an important feature of m-coupons is where and when they are delivered, with location and time of delivery significantly influencing redemption. How long the m-coupons are valid (expiry length) is also important because redemption times for m-coupons are much shorter than for traditional coupons. This finding suggests that their expiration length should be shortened to help signal time urgency. Nevertheless, traditional coupon features, such as face value, still dominate m-coupon effectiveness, as does the product type, with snack food coupons being particularly effective
Navigating the Territories of Indigenous Arts Leadership: Exploring the experiences and practices of Indigenous arts leaders
No full textThis article explores the leadership of Australian Indigenous artists and arts leaders. We advance the idea of ‘territories’ to convey the overlapping contexts in which Indigenous artistic leaders work, and through this framework seek to highlight the embodied ways individuals enact leadership across country and community. Thematic, narrative and discursive analysis of 29 in-depth interviews with diverse Indigenous artists identify four territories and multiple practices of leadership in which our participants engage. The four territories are: authorization in a bi-cultural world (cultural authorization and self-authorizing); identity and belonging (both fearless and connected); artistic practice (innovative and custodian of cultural values); and history, colonization and trauma (expressing and containing trauma, empowering and generating hope). The article builds on emerging research on Indigenous leadership to argue that the experiences of Indigenous artists and a framework designed to reflect their embodied and spatially anchored practices, has broader applicability – revealing new insights about leadership
