MCD6050 Communications and Society

Monash College Diploma
Diploma of Arts
MCD6050
Communications and
Society
1
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Contents
Description ………………………………………………………………………………………………… 2
Objectives ………………………………………………………………………………………………….. 2
English Language Outcomes ………………………………………………………………………. 3
Learning and Teaching ……………………………………………………………………………….. 4
Unit Schedule …………………………………………………………………………………………….. 4
Assessment & Feedback …………………………………………………………………………….. 7
Learning Resources ……………………………………………………………………………………. 9
Policies …………………………………………………………………………………………………….. 11
Assessment Details ………………………………………………………………………………… ..13
Contact Details
Unit Leader:  Melanie Speldewinde
Phone:  03 990 58611
Email:  Melaine.speldewinde@monashcollege.edu.au
Team Leader:  Sarah Huaraka
Phone:
Email:  sarah.huaraka@monashcollege.edu.au
Reproduced and Published by:
Monash College Pty. Ltd.
Clayton, Victoria, Australia, 3800
© Copyright 2015
NOT FOR RESALE. All materials produced for this course of study are protected by copyright. Monash students are permitted
to use these materials for personal study and research only, as permitted under the Copyright Act. Use of these materials for
any other purposes, including copying or resale may infringe copyright unless written permission has been obtained from the
copyright owners. Enquiries should be made to the publisher.
arts-xxxx-uo-ddmmyy-v1.0-xx
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Description
The aim of this course is to provide the opportunity for students to explore what is meant by
communication, how one can study communication practices and policies, mass communication
technologies, and the significance that communication has to culture and society.
The underlying premise of this unit is that communication is an important aspect of contemporary life.
A simple definition of communication is that it refers to all the different ways in which humans interact
with each other through meaningful connection. Sometimes the meanings imparted through
conversation or advertising are intentional; sometimes they exceed what was intended and the symbolic
function of the message or object takes on a life of its own.
This unit provides a broad introduction to communications and media studies and its theoretical
traditions and concepts, with a particular focus on contemporary communications and media industries
and debates. It is designed to encourage students to apply their own individual and social contexts of
communications and media to key theories of the discipline. Individual lectures are directed to providing
basic theories and concepts within communications and media studies through an industry case study
approach.
Communication also impacts on our work, our leisure, our relationship to politics and economics, as
well as our friendships and intimate relationships. Many of these personal and social connections take
place through various kinds of communication technologies; and to be successful in either one’s
personal or professional life requires an understanding of what makes communication function
effectively. As such, industry, government and the community sectors, increasingly hire professionals
whose job it is to manage communication. It is one of the aims of this unit to get you thinking about the
history of mass communication technologies that will allow you to improve your understanding of the
many communication contexts you encounter. The study of communications is therefore not just a
theoretical enterprise; it also has a variety of practical applications. Whether your chosen vocation is
that of communication specialist: journalist, radio and television broadcaster, speech writer, on-line
blogger, research fellow or film-maker; or you feel that you would like to work in the music industry or
public relations, work in an NGO or volunteer as a guide at a museum, communication will be central
to what you do. The same applies to students who want to work in advertising, marketing, leisure and
tourism, sports management, commerce, design, politics, the public service, and other fields where
there is a high communication component associated with the tasks central to the occupation.
Objectives
When you have completed this unit, you are expected to:
• be able to employ techniques to generate ideas, overcome writer’s blocks, and structure
argumentation.
• have acquired or revised basic concepts of grammar, punctuation, spelling, use and style, and be
able to apply these in correcting faults and in developing exposition, authorial voice and
expression in essays.
• have developed research skills in relation to primary, secondary and tertiary sources, both in hard
copy and online sources.
• have developed professional practice in the skills of referencing, quoting, paraphrasing, and the
avoidance of plagiarism.
• have developed techniques of argumentation by studying logic, fallacies, and techniques of
persuasion and influence.
• have acquired skills in the genre of academic writing, such as expositional sequences, rhetorical
strategies, register, audience, and authorial voice.
• have developed skills in drafting, redrafting, editing and proofreading.
• possess a basic understanding of the field of communications
• employ basic concepts in the study of communications
3
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
• analyse the role of communications in processes of social and cultural change
• be able to apply communication analysis to everyday life
• be informed about areas of industry and community life where the study of communications is
applicable and relevant.
English Language Outcomes
Speaking
1. Perform effectively in English during a prepared presentation
2. Participate effectively in groups during discussions of unit related content in English
Listening
3. Listen to and mostly comprehend spoken English including academic language,
multimedia texts and classroom instructions
4. Use note-taking strategies to record information from spoken and multimedia texts
and show understanding
Reading
5. Use a range of reading strategies to comprehend written and visual texts including
textbook, multimedia texts and academic genres
6. Identify key information and produce accurate notes and summaries from written and
visual texts to demonstrate understanding of key concepts and ideas
Writing
7. Write substantial, coherent and accurate texts following guidelines provided
8. Produce short coherent written texts that appropriately respond to timed assessment
tasks
9. Support views with reference to literature, and by following academic conventions
University Skills & Australian Socio-cultural Awareness
10. Show effective independent research, critical thinking and learning skills
11. Show socio-cultural awareness of Australian university and global contexts
4
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Learning and Teaching
This subject is delivered by way of a 2 hour lecture and 2 x 1.5 hour tutorials. The lecture will present
and exemplify key concepts which will be expanded, clarified and discussed in the context of the weekly
tutorials. It is very important for students to attend ALL lectures, to be introduced to all assessments,
plus all the key concepts, ideas and arguments related to the weekly topics and readings.
Students will work in groups to cover the recommenced readings for each week; this is designed to help
students work through the key concepts and prepare them for tutorial discussions The tutorials will be
an interactive forum for students to raise questions and participate in discussions.
Students will be required to spend on average 5 hours per week attending lectures and tutorials, and 9
hours each week in private study. This will involve required readings in the preparation for, and
completion of, the various tutorial activities and major assessments.
There are a range of tasks that students will need to factor in as they prepare for the trimester, including
library access, correspondence with lecturer/tutor, reading and note taking, tutorial preparation,
planning, drafting of written assessments and exam preparation. Some tasks will be weighted more
heavily in different parts of the trimester, for example essay writing and the final examination.
Workload requirements
Tutorials will include on-line assessments, reading both articles and analysing the key arguments
presented by the authors, quizzes and watching some film excerpts and videos related to the weekly
topics.
Additional workload requirements
Refer to the unit guide for further reading for each week. This will help you plan the hypothetical
problem relevant to your oral presentation, have a draft of your writing for the Major Essay to present
for your tutor to check, have some questions to ask about the weekly topic.
Unit Schedule
Week Topic and Learning objectives Learning
Activities
1
Introduction to unit
2  The Press
1. What is the role of newspapers in how you find and read the news?
2. What are the differences between governments and the press in regulation
of the media?
3. Explain the changing business model of newspapers in the age of digital
media?
4. What are the links between media ownership patterns and influence of the
press on the public?
– Tiffen, R (2014)
– Simons, (2007)
3  Policy and Regulation
1. How does Cunningham characterise the approach of the ‘third way’ in
media and communications studies and how is it different from ‘critical
media studies’?
2. How far would you agree with Cunningham’s assessment. What has he
left out or misrepresented?
3. How are we to understand the three different approaches to the ‘public’ by
Bourdieu, Foucault and Habermas?
4. What kinds of argument do Bennet et al. put forward for continued public
involvement in broadcasting? Are their points still valid?
-Bennett, T,
Emmison, M & Frow,
J (1999)
-Cunningham, S
(2014)
5
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Week Topic and Learning objectives Learning
Activities
4  Film
1. How does cinema bring together older media forms?
2. What technological and production/business innovations led to emergence
of film industries in various countries and what challenge is posed by digital
production and online delivery today?
3. Account for the global ascendancy of the American film industry by the
1940s?
4. What are the alternative theorisations to the ‘cultural imperialism’
argument?
5. To what extent did an Australian film industry provide a local counter-note
in the 1970s and what policy initiatives since from government have
assisted the sustainability of local cinema?
6. What are some examples of Australian ‘transnational cinema’?
-Gorman, L & Mclean,
D (2009)
-Verhoeven, D (2014)
5  Radio
1. Explore the options for audio listening via digital audio subscriptions
services (Spotify, Radio, JB Hi Fi Now). Discuss costs and benefits of
these services in class. What, if any are the downsides of these services?
2. Do you listen to a radio station? Which one? Do you consider yourself a
loyal listener? What attracts you to that station? Music, personalities?
Information?
3. Have you tried to participate in a radio program? What was it for? Prizes?
To comment on something, eg via talkback? Describe your experience.
4. Do you use the social media services provided or other interactive or web
based services by radio broadcasters (eg Facebook pages of presenters,
podcasts from programs)? What do you use and why?
5. Have you ever been a volunteer in community radio station? Do you listen
to community radio? Describe your motivations for being a volunteer or
what you think is different about community radio broadcasting?
-Griffin-Foley, B
(2014)
-Lacey, K (2013)
5  Radio / Popular Music
1. How is popular music both a media and cultural industry?
2. Who are the broadcasting ‘gatekeepers’ in the Australian music industry?
3. What is a moral panic; give some music examples?
4. In regard to copyright systems, is the new streaming model viable?
-Horman, S (2014)
-Luckmans, S (2008)
6  Television
1. How do public service television models differ across different nations?
2. What roles should public service broadcasters play in the nation and
society today as we are digitalising?
3. How does digital TV change the way in which television is consumed and
produced?
4. Is there any concrete relationship between TV and the nation?
-Harrington, S (2014)
-Hartley, J, (2004)
7  The Internet
1. Was the development of the Internet (or something like it) inevitable, or
does it only exist because of the specific historical forces (such as the Cold
War and the San Francisco hippy ethic) that produced it?
2. Is censorship and regulation always damaging to online communication?
3. Dahlberg describes four ‘digital democracy positions’. Which, if any, of
these describes your views?
– Dahlberg, L (2011)
– Goggin, G (2014)
8  Video Games
1. Are some of the fears surrounding video games (e.g. game addiction or
the inculcation of violent behaviour) justified? Why/why not?
2. How is playing a game different from consuming other media, such as
reading a book or watching a television programme? How does interactivity
come into this?
– Goldsmith B (2014)
– Hjorth, L (2014)
-Newman, J (2002)
6
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Week Topic and Learning objectives Learning
Activities
3. Video games have begun to appear in prestigious art museums, such as
the Museum of Modern Art in New York. Can a video game be a work of
art?
4. How immersive can a game be? Is it possible to ‘lose yourself’ in a game?
What do you think video games will be like in 20 years’ time?
9  Social Media
1. If a person only knew you through social networking, do you think they
would be surprised by what you were like when they met you in person?
Why?
2. Are social media profiles a kind of ‘performance’? In what way?
3. Is bullying a greater problem in social networks than in schools or other
physical spaces? Why/why not?
4. How do you think you’ll feel about the information you currently make
public through social media in twenty years’ time?
– Boyd, d m & Ellison,
NB (2007)
– Burgess, J & Banks,
J (2014)
10
Privacy and Surveillance
1. What are some differences between the two concepts of privacy and
surveillance;
2. How can the practices of public surveillance impact on certain individuals
and groups which can lead to a lack of respect for citizen rights
3. How important is it for policy and regulatory bodies to develop a model of
informational privacy in terms of contextual integrity?
– Bowles, K (2014)
– Nissenbaum, H
(2004)
11  Sports Media
1. In what ways does sport matter in the study of media and
communications?
2. What does the term ‘media sport’ signify about the changing historical
relationship between sport and media?
3. Politics and sport should be kept separate. Discuss the legitimacy of
this popular claim made regularly in the media, considering the case of
the Olympics, the AFL and/or the soccer World Cup.
4. Citizens have a right to access sport for free on television. Do you agree
with this statement? Explain
– Majoribanks, T &
Farquharson, K
(2012)
– Rowe, D (2014)
12  Conclusion and Revision
Exam Revision
7
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Assessment & Feedback
Assessment is part of the learning and teaching process. Assessment fairly, validly and reliably
measures student performance of intended learning outcomes. Monash College Diplomas aims to
provide a learning environment where students receive ongoing feedback on their academic progress.
Assessment methods develop core discipline skills and professional competencies. Students receive
feedback on their achievements and areas for improvement prior to undertaking final assessments.
Feedback comes from teachers, your peers and yourself: it includes self-reflection, group discussions,
guided readings, interactions with teachers, and assessments.
Extensions for internal assessments need to comply with the Monash College Diplomas Special
Consideration Policy: http://www.monashcollege.edu.au/__data/assets/pdf_file/0006/17097/DIP-
Special-Consideration-Policy.pdf. Extensions can only be approved by the Team Leader.
Each year students can provide feedback on Diploma units through the Student Evaluation of
Teaching and Units (SETU) process. Student opinions are highly valued, and this feedback is used to
refine existing curriculum design and assessment tasks.
Turnitin – (Access from Moodle)
Turnitin is text-matching software which assists students with referencing and citing, and correctly
acknowledging the work of others.
Submitting a file to upload:
Click on the Turnitin assignment on the Moodle unit homepage, and follow the instructions on the My
Submissions page.
For instructions on using Turnitin go to:
http://vle.monash.edu/supporttraining/learnbytech/turnitin/submit-assignment-student.html
Online Submission of Assignments:
Click on the Assessment on the Moodle unit homepage, and follow the Submission Instructions on
the Assignment page. You will be required to read and accept a Student Statement before submitting.
You must keep an electronic copy of your assignment. We also recommend that you keep a
hard copy.
Online Assignment Feedback:
Your assignments need to be submitted on the due date, unless a prior arrangement has been made
with the Unit Leader or Team Leader.
Assignments will be returned online through Moodle. Students will be sent an email notifying them
that the marked assignment has been returned.
Assignment feedback will be provided to you within 2 weeks of assignment submission. Feedback
may include: a criterion-based assessment rubric; written comments within the body of the
assignment, and/or verbal feedback from your teacher. After marking, assessments will be returned to
students according to item 3.9 of the Monash College Diplomas Assessment Policy:
http://www.monashcollege.edu.au/__data/assets/pdf_file/0010/17101/dip-assessment-policy.pdf
8
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Assessment Schedule
Assessment Task  Details  Weight  Week Due
A1: Online Assessment
Individual  20%  2 -11
A2: Major Essay (2000 words)  Individual (Hurdle)  25%  10
A3: Tutorial Presentation  In pairs (Hurdle – Peer reviewed)  10%  2 -11
A4: Final Learning Statement  Individual  10%  12
A5: Exam  Individual, closed book (Hurdle)  35%  13-14
Requirements to Pass this Unit
In order to achieve a pass in the unit, you must achieve 50% or higher for your overall mark. Your
overall mark combines your internal assessment marks and your exam mark. If you receive a 49N
grade, you will automatically be awarded a 48N result.
9
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Learning Resources
Details of the prescribed and recommended resources for successful completion of this unit are listed
below.
Required Textbook
Compulsory requirement for passing this unit.
The following text book can be purchased from Monash University Bookshop, Clayton
Campus
• Cunningham, S & Turnbull, S, (eds.) 2014, The Media & Communications in Australia, 4 th
Edition, Allen & Unwin. ISBN: 9781743311639
• A Reader will be provided to students and weekly readings on Moodle.
Additional Readings/Resources
Books
• Cunningham, Stuart (1992) Criticism and Policy in Australia, North Sydney, NSW: Allen & Unwin.
• Frow, John & Morris, Meaghan (1993) Australian Cultural Studies: A Reader, St. Leonards,
NSW: Allen & Unwin.
• Turner, Graeme (2003) British Cultural Studies: An Introduction, 3rd Ed. NY: Routledge.
• Watson, James & Hill, Anne (1997) A Dictionary of Communication and Media Studies, (Fourth
Edition). London: Arnold.
• Williams, Raymond (1962) Communications, London: Penguin.
Journals
• Continuum, Media, Culture & Society, Media International Australia, Metro Magazine, Screen,
Screening the Past.
Websites
•  Media and Communication Studies website at http://www.aber.ac.uk/media/Functions/mcs.html, a
series of links well worth exploring, on a wide range of media and communication topics.
•  mediastudies.com, at http://www.mediastudies.com/, a website providing links to news outlets and
educational material in media studies.
•  Voice of the Shuttle is a collection of links for most humanities disciplines, including media
studies, cultural studies, cyberculture and literary studies. Put together by staff in the University of
California, English Department, at http://vos.ucsb.edu/index-netscape.asp
•  Indigenous Media: http://caama.com.au/
10
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Learning Management Systems (Moodle)
Moodle is the name of the Learning Management System used for this unit to deliver learning
materials and other resources such as quizzes and discussions.
To access Moodle go to: http://mcpl.moodlesites.com and log in using your authcate username and
password. Once you are logged in, you will see the list of units you are enrolled in that use Moodle. If
you expect to see a unit in this list, and do not, please contact your lecturer.
Your lecturer will demonstrate how to use the Moodle site, and explain what is expected of you when
using Moodle, including any online assessment that must be completed. Please check Moodle
regularly so you will be kept up-to-date with important information for your unit as it becomes
available.
Library
The Monash University Library website contains details about your borrowing rights and how to search
the catalogues. To learn more about the library and the various resources available, please go to:
http://www.lib.monash.edu.au.
Katie Julian (katie.julian@monash.edu) and Samantha Helfrich (samantha.helfrich@monash.edu )  is
the subject librarian for Monash College at the Matheson Library, Clayton Campus. Katie can assist
you with finding research for your assignments, as well as the following;
• How and where to start researching for your assignment topic
• Effective use of online databases and the internet
• Finding and evaluating academic journal articles
• Searching the Library’s collections
• Citing and referencing
For your current and future studies, you will need to build your knowledge and skills around academic
searching, using databases, retrieving information and using correct referencing techniques. It’s a good
idea to refresh and update your skills before you start the assessment tasks. You can do this by
completing the tutorials available on the library website..
11
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Policies
Academic Integrity
Monash College is actively committed to preventing plagiarism, cheating and collusion for the
protection of the College’s reputation and standards for current and future students. Severe penalties
may be imposed on students who engage in, or who support other students engaged in, activities
which seek to undermine the integrity of the unit assessment process.
Definitions
Plagiarism: To take and use another person’s ideas and/or manner of expressing them and to pass
them off as your own by failing to give appropriate acknowledgement.
Cheating: Seeking to obtain an unfair advantage in an examination or in other written or practical
work required to be submitted or completed by a student for assessment.
Collusion: The presentation of work which is the result in whole or in part of unauthorised
collaboration with another person or persons.
For further information, refer to the 2.5 Late Penalties section of the Monash College Diploma
Assessment and Procedures Policy:
http://www.monashcollege.edu.au/__data/assets/pdf_file/0010/17101/dip-assessment-policy.pdf
Applications for extension of time to submit an assessment
If you require an extension of time to complete and submit your assessment task, you will need to
apply for special consideration.
Failure to submit an item of assessment by the due date without an approved extension of time will
incur a penalty
The Application for Special Consideration for In-Trimester Assessments form is available from:
http://www.monashcollege.edu.au/__data/assets/pdf_file/0007/17098/dip-special-consideration-
trimester-app-form.pdf
Students may also apply for special consideration if they believe that illness or other serious cause
has substantially affected their work during a teaching period or performance in an exam.
For further information regarding special consideration and penalties for late submission of an
assessment, refer to 2.5 Submission of assessed (non-test/non-exam) tasks section of the Monash
College Diploma Assessment and Procedures Policy:
http://www.monashcollege.edu.au/__data/assets/pdf_file/0010/17101/dip-assessment-policy.pdf
Attendance
Student attendance will be monitored to support students and to assist positive learning outcomes.
For further information refer to the Student Attendance Policy:
http://www.monashcollege.edu.au/__data/assets/pdf_file/0005/17087/DIP-Attendance-Policy.pdf
12
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Students with a disability
If you have a disability, medical or mental health condition that may impact your study, you can apply
for support to study at Monash College. Disability Advisers can individually discuss and arrange
reasonable adjustments to enable you to participate productively and independently in your studies.
For further information contact Disability Services:
Website: http://monash.edu/social-justice/disability
Email:  disabilityservices@monash.edu
Phone:  990 55704
Drop In: Social Justice Unit, Level 1, Gallery Building (Building 55), Monash University, Clayton
Campus.
For students based at Caulfield Campus, a Disability Adviser/Coordinator is available for personal
appointments on Wednesdays. Phone 990 55704 for an appointment.
Equal Opportunity
Monash College is committed to promoting equal opportunity for staff and students in employment,
education and service delivery in accordance with universal principles of equity, fairness and social
justice.
For further information refer to the Monash University Equal Opportunity Policy:
http://www.policy.monash.edu/policy-bank/management/student-comm-serv/equity-diversity/equal-
opportunity-policy.html
13
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Assessment Details
MCD6050 Communications and Society
Assessment 1: Online Assessment
Status: Individual
Weighting: 20%
Due date:  Weeks 2-11
Students are required to complete a set of online multiple choice and short answer preparation and
comprehension questions each week. Time for this will be provided in the tutorials.
Referencing requirements:
Some weekly activities will require some referencing, for example: A quiz will not require referencing,
but a research activity will require appropriate sources.
To build your skills in citing and referencing, you can access the online Harvard referencing styles;
http://guides.lib.monash.edu/citing-referencing/harvard – which can also be found at the
http://guides.lib.monash.edu/monash-college, a guide to library resources and services for Monash
College staff and students.
14
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
MCD6050 Communications and Society
Assessment 2: Major Essay
Status: Individual
Weighting: 25%
Word limit: 2000 words
Due date:  Week 10 – Friday, 9am
**This assessment must be submitted on Moodle AND uploaded to Turnitin.
Essay Questions
Answer ONE of the following questions. Your response should be a combination of your own
thinking, relevant scholarly work, and careful analysis of one key case study.
1. How has television consumption and distribution shifted in relation to digital platforms? Discuss
this in relation to Australian context.
2. Do you think video gaming will lead to the demise of older entertainment media such as novels or
films? Why/why not? Be sure to make reference to debates about the replacement of old media
by new that accompanied the arrival of previous entertainment technologies (for example the
television).
3. Discuss the relationship between print media ownership patterns and Australian government
policies, and the implications for media diversity.
4. Have social networking services such as Twitter made traditional news reporting obsolete?
Justify your response with reference to both some high-profile examples of citizen journalism and
traditional theories of the role of news media.
Learning objectives assessed:
This assessment is intended to assess
1. if you have developed a basic understanding of the field of communications;
2. can employ basic concepts in the study of communications;
3. can analyse the role of communications in processes of social and cultural change;
4. are able to apply communication analysis to everyday life;
5. are informed about areas of industry and community life where the study of communications is
applicable and relevant
15
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Presentation requirements:
Your Essay must:
1. Have a margin of at least 3 cm all the way around
2. Be spell-checked using an Australian dictionary (not an American dictionary). For example, use
‘organise’ as opposed to ‘organize’.
3. Have numbered pages
4. Use a legible 12-point font
5. Be 1.5 or double-spaced
6. Be submitted according to the online submission instructions provided below.
Referencing requirements:
This essay must use correct Harvard author-date referencing as explained here:
http://guides.lib.monash.edu/citing-referencing/harvard. Essays that do not adequately follow this
requirement may have marks subtracted or be given no marks at all.
A guide to library resources and services for Monash College staff and students to build your skills in
citing and referencing http://guides.lib.monash.edu/monash-college.
16
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
MCD6050 Communications and Society
Assessment 2: Major Essay –MARKING GUIDE
Criteria/
Weighting
1
FAIL
2
PASS
3
CREDIT
4
DISTINCTION
5
HIGH DISTINCTION
A: Introduction  Opening,
introductory
paragraph missing
Opening,
introductory
paragraph.
Rhetorical rather
than directly
related to the body
of the essay
Clear opening
paragraph that
discusses main issue
and orients the
reader to
organisation of the
paper
Strong and clear
introduction that
discusses the issues,
states the main point of
the essay, and orients
the reader to the
organisation of the
essay
Highly appropriate and
clear introduction to the
paper indicating a
sophisticated response to
the issue and providing a
clear outline of the
argument.
B: Literature  No use of unit
readings/ Fails to
understand core
concepts. Over-
emphasis on
examples.
Superficial use of
unit readings and
mention of core
concepts. Over-
emphasis on
examples.
Further reading
mainly padding of
the reference list.
Use of unit readings
applicable to the
topic but without
clear comprehension
of core concepts.
Further reading
mainly padding of the
reference list.
Good comprehension
of core concepts,
appropriate use of
examples, evidence of
appropriate further
reading.
Sophisticated use of core
concepts to analyse
examples and other texts.
Further reading chosen
well.
C: Argument
and Discussion
Construction of a
coherent
argument is
missing
Synthesis of
material to
construct a basic
argument; lack of
critical analysis
or independent
thinking
Balanced argument
with some critical
/independent analysis
of key readings.
Some use of premise
and conclusion
indicators.
Argument is well
structured and correctly
uses premise and
conclusion indicators.
Defines technical terms
and provides
independent reasoning
for positions taken.
Argument is tightly
structured and material is
synthesised and analysed
in a sophisticated
manner. Defines technical
terms and provides
independent reasoning
for positions taken.
D: Conclusion  Conclusion
paragraph missing
Concludes the
question in a basic
way
Good conclusion that
restates argument in
a concise manner
Strong and clear
conclusion that draws
together the argument
in a logical manner.
Strong and clear
conclusion that draws
together the argument in
a logical manner. Shows
subtlety in discussion and
sees limitations in the
argument.
E: Referencing
writing and
presentation
No or little use of
Harvard / use of
informal language
/ no or little
attention to
spelling, grammar
Some use of
Harvard / uses
mainly informal
language / many
errors in spelling,
grammar
Sound use of Harvard
/ use of some
technical language
correctly / poor
spelling, grammar
Accurate and consistent
use of Harvard. Clear
expression with correct
use of technical
language / few spelling
or grammatical
mistakes
All referencing and
format guidelines
followed to a publishing
standard. Clear
expression and precise
use of language with no
grammatical or spelling
mistakes.
17
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
COMMENTS:
MARK: /25 / % Grade
MARKER:
18
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
MCD6050 Communications and Society
Assessment 3: Tutorial Presentation
Status: Individual / Peer reviewed
Weighting: 10%
Due date: Weeks 2- 11
Details of task: All students are required to make a presentation to their class in which they
address a hypothetical problem in collaboration with one or more other students.
Topic Details:
1  Introduction to unit
2  The Press
The Melbourne Observer, a once-successful newspaper, has launched
an online edition but still isn’t making enough money to replace the
revenue lost by the decline in classified advertising. Most of its online
content is currently free, but maybe putting up a paywall would save
the newspaper’s finances. You are consultants hired to advise the
newspaper about its online future – is a paywall the right idea?
– Tiffen, R (2014)
– Simons, (2007)
3  Policy and Regulation
The Australian government has decided that current media ownership
laws are ineffective because so much of what Australians watch, listen
to or read is delivered by the Internet, which is unregulated and global.
Rather than giving up, however, the government has decided to
produce a series of public service announcements giving advice on how
to ensure a balanced diet of online media. You have been given the
task of designing the campaign; what practices do you think will
encourage people to get diverse, balanced and truthful coverage of
events in Australia and internationally?
-Bennett, T, Emmison,
M & Frow, J (1999)
-Cunningham, S
(2014)
4  Film
Excelsior Films, a major Hollywood movie studio, is reeling after a
series of costly box-office flops. Executives are desperate for a sure-
fire money-spinner to reverse the studio’s fortunes. Make a pitch for a
new film franchise that is based on existing intellectual property (e.g. a
toy, video game, book, board game, comic book, fast-food restaurant –
anything!) and set out all the possible revenue streams it could create
(e.g. product placement, merchandise, etc.), as well as its potential to
spawn a vast quantity of sequels and spinoffs.
-Gorman, L & Mclean,
D (2009)
-Verhoeven, D (2014)
5  Radio / Popular Music
Microsoft has decided to start its own streaming audio service, but it’s
going to have a tough time competing against the existing players. You
are consultants hired to come up with a new and exciting streaming
concept that will win listeners away from the likes of Spotify and Apple
Music. Make a pitch for your innovative streaming service.
-Griffin-Foley, B (2014)
-Lacey, K (2013)
-Horman, S (2014)
-Luckmans, S (2008)
19
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
6  Television
Currently, rights to television shows must be negotiated separately for
each national market. This arrangement is unpopular with viewers, but
lucrative for rights holders. It’s also a headache for Netflix, which has to
deal separately with its audience in each country. Netflix has hired you
to convince the big media corporations to adopt a system of global
television rights; how do you convince them to change?
-Harrington, S (2014)
-Hartley, J, (2004)
7  The Internet
You represent the government of the developing nation of Progeria.
Your citizens have almost no access to the Internet, but Facebook is
keen to deliver Internet.org, which will give them free access, but only to
a small group of Websites selected by Facebook (which, of course,
includes Facebook itself). Make a case for why Progeria should or
should not take up the offer
– Dahlberg, L (2011)
– Goggin, G (2014)
8  Video Games
You have been hired by a television network to create a video game
tie-in for television show. Which show do you choose, and how do you
play the game?
– Goldsmith B (2014)
– Hjorth, L (2014)
-Newman, J (2002)
9  Social Media
You are a group of entrepreneurs making a pitch for investment in your
new social networking service. Tell your audience why your product is
innovative enough to win people away from existing services.
– Boyd, d m & Ellison,
NB (2007)
– Burgess, J & Banks,
J (2014)
10
Privacy and Surveillance
The Australian federal government has decided to draft a new law
giving Australian citizens a ‘right to be forgotten’ on the Internet, and
you have been given the job of drawing up a list of situations in which
we do and don’t have the right to have online information about us
removed. Present your list and justify your decisions.
– Bowles, K (2014)
– Nissenbaum, H
(2004)
11  Sports Media
You are part of a new company that has created a virtual reality system
for enjoying major sporting events and need to sell sporting
organisations on its benefits. Select a particular sporting body (e.g. the
AFL, FIFA, the International Olympic Committee, etc.) and pitch your
product, explaining why sports fans will prefer a virtual reality sport
experience to attending events in person.
– Majoribanks, T &
Farquharson, K (2012)
– Rowe, D (2014)
12  Conclusion and Revision
Exam Revision
20
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
Presentation requirements: Presentations must be from 5 to 10 minutes long. They should
make use of a variety of media (hand-outs, posters, videos, slides, music, etc.).
• Presentations will be followed by an ‘open floor’ discussion chaired by the tutor. As such,
presentations should aim to open up class discussion.
• You should try not to simply read from the page for your presentation – we want you to learn to
‘speak to a paper’.
• You need to be well prepared and have a clear idea of what your main points are. You should
beware of trying to say too much. Clear and concise is the aim.
• You should draw upon your readings to make your arguments. You should also provide a media
text as an example (drawn from the reading) to illustrate the points you make.
• You are encouraged to use visual aids to help clarify the points you are making, e.g. relevant
images on y our slides to highlight key ideas
• The idea of the presentations is to explore the strengths and limitations of particular ways of
thinking about the topic and the reading, and to encourage class discussion. The presentation
should encourage the rest of the class to think about the strengths and limitations of the various
perspectives raised in the context of the presentation. These are the kinds of things that will be
taken into consideration when you are allocated marks for your presentation. Importantly,
students will be assessed on the basis of their ability to put forward a convincing argument
by drawing on the readings.
• Individual assessment in group tasks: Marks will be assigned through a combination of class-
and group-based peer review. All presentation group members will assess the contribution of their
collaboration.
Referencing requirements:
This essay must use correct Harvard author-date referencing as explained here:
http://guides.lib.monash.edu/citing-referencing/harvard. Essays that do not adequately follow this
requirement may have marks subtracted or be given no marks at all.
A guide to library resources and services for Monash College staff and students
http://guides.lib.monash.edu/monash-college.
Hints For Oral Presentations
Analyse your audience. How much do they already know about your topic? What is their level of
understanding of jargon? Are they going to be naturally interested, or do you need to do something
dramatic to get their attention?
1. Select one theme, and at the most two or three major points or concepts, based on your assessment
of your reading. It is MUCH better to be selective and really get that idea across, rather than try to
cover every aspect suggested by the topic.
2. Plan a variety of presentation modes (eg discussion, hands-on activity, questioning, lecture, dividing
the audience into ‘buzz’ groups, tests, videos) each taking no more than a few minutes.
3. Ensure you have a clear introduction, body and conclusion.
4. Be obvious in your material. You are familiar with it, but it may be the first time your audience has
heard about the topic.
5. Add up the time taken for your presentation and your activities. Will it all fit within the time limit?
What will you leave out if an exercise takes longer than expected? What will you include if you
suddenly find yourself at the conclusion with five minutes to go?
6. Use note cards to record the main points. Learn the opening words of each major point. If necessary,
have your presentation written out in full, but leave this on a table behind you.
21
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
7. Use no more than six points on an overhead transparency. Use a large font and lower case letters
which should be a least 0.5 cm tall.
8. Spell-check and proofread.
9. Rehearse beforehand in front of friends, family or a mirror.
10. Do not hide behind barriers. Move any tables/chairs between you and the audience.
11. Sign post your presentation. Introduce yourself. Have an overhead showing your presentation
outline. Refer to this overhead during the presentation so the audience clearly knows where you are
up to.
12. Look briefly at your hand-held cards, and then speak directly to members of the audience. DO NOT
SIMPLY READ OFF THE SLIDES/NOTES/CUE CARDS – these are only tools to assist you in giving
an interesting and coherent presentation.
13. Move around a little. Stepping forward creates rapport with the audience. Use the nervous energy
adrenalin gives you. Consider your nervousness a positive thing. It helps you think quickly. If you
have planned and practised thoroughly there is no need to be nervous.
14. Involve the audience. Ask them if they can relate to something you describe. Can they share their
experience about a particular media text/communication technology? Move them about to keep them
alert.
15. Don’t answer your own questions if the audience is silent. Give the audience time to think. Tell them
to discuss the issue with the person sitting next to them, and collect feedback in another three
minutes. Invite the audience to sum up during the session.
If you run out of time, don’t try to rush your presentation. Instead, edit ruthlessly on the spot. Be sure
to summarise at the end, relating to the achievement of your objectives.
22
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
MCD6050 Communications and Society
TUTORIAL PRESENTATION: MARKING GUIDE (PEER REVIEWED)
Topic: ____________________________________________
Criteria / Weighting
1
FAIL
2
PASS
3
CREDIT
4
DISTINCTION
5
HIGH DISTINCTION
A: Preparedness  Students do not
seem prepared to
present. They
frequently seem
unsure of their
material.
Students are
somewhat prepared to
present, but some of
their presentation
seems thin.
Students seem pretty
well prepared. They
have enough material
to fill their time
Students are well
prepared. It is clear
that they have worked
hard to develop their
ideas.
Students are
completely Prepared.
They have a great
deal of rich material
and well-thought-out
ideas to present.
B: Collaboration  One member of the
group seemed to be
doing all the work.
Both (or all)
presenters contributed
to the presentation,
although there was an
over-reliance on input
from one person.
All members of the
group were prepared
to contribute.
However, one member
tended to
dominate/stay in the
background.
All members of the
group contributed
more-or-less equally.
Questions were
fielded by everyone
and everyone seemed
aware of their role.
The members of the
group were highly
organised and worked
together well.
There was a tendency
to collaborate on each
part of the
presentation, rather
than dividing roles
between people.
C: Timing and
conclusion of
presentation
Does not conclude
on time. Does not
present a full
argument.
Does not conclude on
time, but provides a
rushed and basic
argument
Does not conclude on
time but summarises
the argument.
Concludes on time
and clearly develops
an argument.
Concludes on time
and clearly develops a
sophisticated and
persuasive argument
D: Entertainment
Value
The presentation
was unengaging.
Little effort was
made to entertain
the class.
An effort was made to
engage and entertain
the class, but this was
hampered by a lack of
planning and
preparation
An effort was made to
include interesting and
relevant material,
although more thought

莫纳什 MCD6050 Communications and Society 代写

could have been given
concerning how to
present it to the class
effectively.
Presenters addressed
the class confidently.
They had a good
selection of topical
material to present,
and made its
relevance to their
argument clear.
Presenters did an
excellent job of
involving the class in
their presentation.
They used a wide
variety of media and
made their relevance
to the presentation
clear.
E: Response to
audience
Cannot answer
questions.
Attempted to answer
questions and respond
to comments.
Addressed answers to
the tutor rather than
the questioner.
Answers to questions
reflected prior thought
about the strengths
and weaknesses of
the argument.
Addressed answers to
the tutor rather than
the questioner.
Acknowledged issues
that had not been
thought out.
Answers addressed
the questioner.
Answers to questions
displayed breadth
knowledge of the topic
beyond the
presentation. Sought
clarification of
questions or
comments not
understood, and gave
precise answers.
Acknowledged issues
that had not been
thought out.
Addressed the
questioner. Answers
to questions display a
sophisticated
knowledge of the topic
beyond the
presentation and
considerable thought
about the issue.
Sought clarification of
questions or
comments not
understood, and gave
precise answers.
Acknowledged issues
that had not been
thought out.
23
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
COMMENTS:
MARK: /25  / % Grade
MARKER:
24
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
MCD6050 Communications and Society
Assessment 4: Final learning statement
Status: Individual
Weighting: 10%
Word Limit: 500 words
Due date: Week 12
Details of task: At the end of the trimester, each student will submit a short piece of writing reflecting
on their learning experiences in the unit. Statements should summarise key learning experiences, and
highlight the ways in which they have informed students’ understanding of their personal relationships
with the media and communication technologies.
Presentation requirements: Your learning statement must:
●  Have a margin of at least 3 cm all the way around
●  Be spell-checked using an Australian dictionary (not an American dictionary). For example,
use ‘organise’ as opposed to ‘organize’.
●  Have numbered pages
●  Use a legible 12-point font
●  Be 1.5 or double-spaced
●  Be submitted on Moodle and must be the student’s own writing.
25
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
MCD6050 Communications and Society
Assessment 4: Final learning statement – MARKING GUIDE
Name: ___________________________________________
Criteria /
Weighting
1
FAIL
2
PASS
3
CREDIT
4
DISTINCTION
5
HIGH
DISTINCTION
A: Familiarity with
material
Demonstrates little
familiarity with
material taught in
the unit.
Shows limited
familiarity with material
taught in the unit, but
only engages with one
or two topics.
Reflects a broad
familiarity with material
taught in the unit,
although somewhat
lacking in depth.
Reflects a broad
familiarity with material
taught in the unit and
some independent
thinking about issues
raised.
Reflects a broad
familiarity with material
taught in the unit and
sophisticated
independent thinking
about issues raised.
B: Personal
reflection
Draws little if any
connection between
material in the unit
and personal
experiences.
Draws some
connection between
material in the unit and
personal experiences.
Demonstrates
substantial awareness
of connections
between material in
the unit and personal
experiences.
Does a good job of
relating material in the
unit to personal
experiences.
Draws strong
connections between
material in the unit and
personal experiences.
Demonstrates a
sophisticated
reflection on the
connection between
the two.
C: Structure  Little structure. The
statement lacks
clarity and
coherence.
Structure is loose and
would benefit from
more careful planning.
Evidence of some
planning of structure.
However, the
statement would be
clearer with some
further planning and
editing.
Statement is clear and
unified. There is a
logical flow of ideas,
and the relevance of
all material is clear.
Statement has a tight
and very effective
structure. It flows
smoothly from one
idea to another and
builds towards a clear
conclusion.
D: Presentation  No or little attention
to spelling,
grammar. Statement
may be significantly
too long or short.
Many errors in
spelling, grammar.
Statement may be
significantly too long
or short.
Poor spelling,
grammar. Statement
may be slightly too
long or short
Clear expression with
correct use of
technical language /
few spelling or
grammatical mistakes.
Statement is less than
50 words above or
below word limit.
Clear expression and
engaging use of
language with no
grammatical or
spelling mistakes.
Statement is less than
50 words above or
below word limit.
26
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
COMMENTS:
MARK: /20  / % Grade
MARKER:
27
Unit Outline
Diploma of Arts
monashcollege.edu.au
ABN: 064 031 714
CRICOS: Monash College Pty Ltd 01857J
MCD6050 Communications and Society
Assessment 5: Exam
Status: Individual
Weighting: 35%
Length: 2 hours (Closed Book)
Due date: Weeks 13-14
A two hour exam on the materials covered in this unit will be held during the Examination
The exam will assess Topics 2-11.
The use of additional material (e.g. notes, textbooks, course readers) will not be allowed during the
examination.
Students are to complete ten multiple choice questions (Section A). As well three short answer
questions (Section B) will be graded according to ability to:
(a) directly address the question;
(b) incorporate key ideas, concepts and debates discussed in lectures and tutorials;
(c) display evidence of individual analysis and thought about key concepts introduced in the weekly
readings
Some time will be dedicated to exam revision in the lecture and tutorials in Week 12.
莫纳什 MCD6050 Communications and Society

App Walkthrough method app to analyse Arts 2091 Mobile

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App Walkthrough method app to analyse 代写Arts2091 Mobile .

Arts2091 Mobile Cultures

ARTS2091 Assessment:
Research Project on App Walkthrough method
Assessment &
Weighting
Length  Due date  Feedback
Research project (40%)  1800-2000 words  Friday October 6 th ,
5pm (end of week
10)
Rubric and comments
via Moodle
Grademark
Question
Choose an app to analyse. This must be a different app to the one that you analysed in your
tutorial presentation.

Use the walkthrough method, that we learnt about in week 3, to explore how this app
positions you as a user. What assumptions about your gender, ethnicity, ability, sexuality,
and class are made by the app? How do you know?
Make sure that you justify any claim that you make by referring to specific aspects of the
app’s design (e.g. word choices, images, colours, layout etc.) that you observe during your
walkthrough.
You should present your findings as a research report with the following structure:
1. Introduction:
•  Briefly identify the main findings (from your walkthrough analysis) which
you will explore in the report.
2. Report body
•  Explain your findings.
•  Be sure to justify each claim by referring to a dimension of the app’s design
(use diagrams, annotated screen captures etc. to help the reader
understand your analysis).
•  Do not simply narrate the flow of the app.
•  Be sure that your paragraphs contain a topic sentence that indicates to the
reader the idea you are going to deal with in that paragraph. The rest of the
paragraph must apply sufficient analysis of specific examples to justify your
claim.
3. Conclusion
•  Summarise your findings in light of the analysis you have undertaken.
Submission
Submit your assignment as a Word document (NOT A PDF) via Turn-it-in on Moodle by
Friday October 6 th , 5pm (end of week 10).
Arts2091 Mobile Cultures
Marking criteria
To answer this question well you need to demonstrate that you understand how:
•  to use the walkthrough method.
•  an app’s design choices can reveal the assumptions that the app makes about its
potential users.
•  to use your walkthrough findings to justify your claims.
•  to explain your findings through written analysis supported by resources such as
diagrams or tables.
•  to express yourself coherently in report form.
The table below is the qualitative rubric used as a guide in marking your project.
Criteria  F  P  C  D  HD
Expression: Proper and fluent written expression.
Concepts: Clear explanation of ideas relating to how an app’s
design reveals assumptions about users.
Walkthrough analysis: Evidence of detailed and coherent analysis
of the app’s affordances.
Findings: Strength and conceptual coherence of findings based on
walkthrough analysis.
App Walkthrough method app to analyse Arts2091 Mobile

APG5652 Final term paper assignment

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Assessment task title: Final term paper

Due date: 5pm, 25th October, 2017 (Monday)
APG5652 Final term paper assignment 代写
Details of task: The outcome of this assessment task is a ‘final term paper’ in 3500 (+/-10%) words, based on one of the following topics. (You may also think of your own APG 5652 Unit related topic(s) for your paper upon consultation with the unit Coordinator/Lecturer).
Suggested topics: (Please note that these are ‘broad’ topic areas. You may think of a ‘specific’ title for your paper once you have chosen or decided on a topic.)

  1. ‘Linguistic and cultural context’ and intercultural communication
  2. ‘Naming and addressing’ across cultures
  3. World Englishes and English as a Lingua Franca (ELF) communication
  4. ‘Face and politeness’ issues across cultures
  5. Intercultural communication through ‘mediation’ (Computer-mediated communication and/or Translating and Interpreting)
  6. Developing competence and strategies for intercultural communication

To complete this ‘final term paper’ successfully, you are expected to

  1. Choose a topic of your own interest among the ‘suggested topics’, and decide on a specific paper title;
  2. Read relevant publications in relation to your chosen topic (i.e. review literature);
  3. Collect relevant ‘language and intercultural communication’ data (e.g. naturally occurring data, interviews, and/or questionnaire surveys and so on);
  4. Analyse your data;
  5. Write up your final term paper.

The final term paper should contain the following:

  1. Title
  2. Abstract (in approximately 250 words)
  3. Introduction
  4. Literature review
  5. Data description and analysis
  6. Implications for intercultural communication
  7. Conclusions
  8. References
  9. Appendices (Optional)

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Release dates: Week 1

Word limit: 3500 (+/-10%) words

Value: 60%

Presentation requirements: Submit your final term paper assignment with a coversheet (in a WORD file) through the unit website on Moodle. An electronic copy of the coversheet can be located on the Moodle unit website.

Estimated return date: Three weeks after the due date.

Hurdle requirements: Completion of the first ‘group project’ assignment.

Individual assessment in group tasks: Individual assessment

Criteria for marking: Marking rubrics to be found on Moodle.

Referencing requirements: APA
To build your skills in citing and referencing, and using different referencing styles, see the online tutorial Academic Integrity: Demystifying Citing and Referencing at http://www.lib.monash.edu/tutorials/citing/

APG5652 Final term paper assignment

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RCH1026 History of C20th Western Architecture

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RCH1026 History of C20th Western Architecture

Critical Essay/Project Analysis– (3000 words – 50% of overall assessment)

A 3000 word critical essay/project analysis is to be written, drawn and documented in which you put forward your own critical response to the material covered by this course, focusing particularly on the material covered in lectures, readings and tutorials that cover the period from the late 19th century through to the late 20th century.Consider the relevance of past 20th century architectural precedent to ongoing contemporary architectural practices and debates.

Firstly, submit a short paragraph/abstractto your tutor for feedback at the tutorial following mid-semester break that outlines the particular architectural questions or issues and specific case study architectural projectsthat your essay will address selectively and the drawn analysis or documentation you will undertake. Include an initial draft bibliography of writings and listing of relevantprecedent projects.

This essay question may be based on one of the tutorial assignment presentation topics for a particular lecture, or it can be based on one of the three following topic options:

1. Choose an architect or practice whose work is covered by or relevant to this course and discuss critically one or more of their design projects or drawingsor urban proposals as precedent case-studies. Selectively situate this work in relation to their body of work, and against the practices and concerns of the period. Focus on the architectural qualities of a specific key aspect of the design of the projects. Selectively consider how they might relate to the historical situation, cultural values, theoretical concerns and design practices of the time. This may involve a selective analysis of compositional design practices, material fabrication production and the experiential reception of built outcomes of the projects.
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2. Choose an architectural theorist whose writingis covered by or relevant to this course and discuss critically a selective aspect of their writings that addresses key architectural questions or problematics that were a significant issue of debate in the period covered by the course. Situate this theoretical work selectively in relation to arguments and concerns of key protagonists of the time. Considerthe relationship of this theoretical work to architectural design practices of the period and to relevant specific buildings or drawings or urban proposals, addressing the architectural qualities of specific key aspect of chosen case-study design projects.This may involve a selective analysis of compositional design practices, material fabrication production and the experiential reception of built outcomes of the projects.

3.This course focuses thematically on the diversity of early modernism that developed in particular regional communities of practice, and the sharing of practices between different modernist communities through publications and media or through émigré exiles arriving in the new world. It also addresses post-World War II revisions and critiques of modernism, which occurred in the context of the ascendant economy of international modernism as the model for commercial and urban development. Progressive modernist theory promoted universal models of rationalist autonomy that sought to negate history, context, and precedent and transcend social, cultural and class differences. Modernist practice cultures were never reducible to this account. Revisions of modernism drew on this diversity of alternate modernist practices that developed in or were exchanged across specific practice communities. This account of 20th century architecture raises issues of universal values, cultural and urban identity, specificity and difference, tensions between the regional and the international, and in the late 20th century between the local and the global. Choose a particular architectural or aesthetic movement or community of practice from the period covered by or relevant to the course. Discuss critically and situate one or more design projects, drawings or urban proposals as precedent case-studies in response to the issues above. Address the characteristic architectural qualities of a specific key aspect of the design of the projects.This may involve a selective analysis of compositional design practices, material fabrication production and the experiential reception of built outcomes of the projects.

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Incorporate relevant drawings or photographs into your critical essay/project analysis assignment. You should include your own analytical drawings or diagrams,and discuss these directly in your written argument.

Document the source of all cited material such as quotations, paraphrased arguments, photographs and drawings with accurate footnotes. Include a bibliography of the relevant readings that have informed your essay.

Hand-in Submissions

Submit to your tutor for feedback:
an initialdraft paragraph/abstract outlining the particular architectural questions or issues and specific case study architectural projects that your essay is addressing.
Indicate the selective key aspects of the projects you are investigatingand the drawn analysis, diagramming or documentation you are undertaking.
Include an initial draft bibliography of writings and listing of relevant precedent projects.

Final Essay Submission:
The final3000 word critical essay/project analysis is to be handed in to reception for marking and assessment.
Include your name, tutors name, and tutorial time on the cover page.

ARCH1026 History of C20th Western Architecture 代写

Question for Lecture 9: Mid-C20th UK Architecture: Post-War Revisions of Modernism – Archigram

Consider the propositional, transformative and qualitative architectural characteristics of Archigrams body of unbuilt works and proposals. Consider particularly their individual and collective practices of drawing as a design research medium. Refer to theArchigram Archival Project – http://archigram.westminster.ac.uk/ . Pick case study Archigram projects and proposals from this archive and do your own drawings that analyse and critical assess and respond to Archigrams work. Consider particularly the role and relationship of different systems at different scales, the relationship between prosthetic armatures and the body at different scales, the spatial and perceptual qualities produced by the interference of systems, volumes and occupation, and the integration of responsive, adaptable technologies that engage with change, flux and transformation.

This work in progress presentation allows you to gain verbal feedback on the short written paper that you preparing, and is intended to stimulate class discussion about the lecture material and readings.

Hand-in:

If you draw analytical diagrams or include drawings or photographs in your paper, you should discuss them directly in your written argument.

Document the source of all cited material such as quotations, paraphrased arguments, photographs and drawings with accurate footnotes. Include a bibliography of the relevant readings that have informed your essay.

ARCH1026 History of C20th Western Architect

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Untitled

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Option A):
Technological developments are thought to be leading to the creation of knowledge in the form of a global brain. What are the potential implications of this for individuals and society?
Concepts you may wish to integrate include:
Global brain; Singularity; Collective Intelligence; Digital divide; Information overload; Technological determinism
Option B):
Choose one example to discuss the possibility that cultural differences may be intertwined with issues of power in terms of knowledge dominance.
Concepts you may wish to integrate include:
Ontology; Universality; Othering; Rationality; Ethnocentrism; Discourses; Cultural Hegemony
Option C):
Is it possible to ever achieve anything other than a relativist form of knowledge?
Concepts you may wish to integrate include:
Social Construction; Objectivity; Positivism; Falsifiability; Relativity; Theory dependence

Arts assignment

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Reviewing “The Futurist Manifesto” and the Comparison with  “Feminist Manifesto” through Understanding of Art Historical Developments
Art is an abstract concept to be used in various visual channels to attract viewers. Artists are those innovators to always input their distinctive ideas to give lives to works to show values. The early art historical development should be dated back to the 19th century, and currently more people have emphasized on using professionals horizons to regard arts and put it in an academical level. Many people love arts, but not each of them will have talents. Artists are those people who are crazy, venture-focused and passionate to use diverse artistic approaches to show their own value to pursue personalities.
This paper firstly reviews “The Futurist Manifesto”. Secondly, it compares with “Feminist Manifesto” to indicate same and different artistic charms.
It is essential to understand details during the art historical developments so as to find what have been made through the contents of “The Futurist Manifesto” to respond to the evolution. During the art historical development process, people can feel different characteristics about arts (Nelson & Shiff (Eds.), (2010). Due to the cultural diversity and special social features, the role of art and what people have been given through experience works of arts would be diverse. For example, during the realism from 1848-1900, the most outstanding characteristic has been displayed through celebrating working class and peasants; during the impressionism from 1865-1885, an behavioral art of capturing was popular to let people feel the great nature; till the fauvism and expressionism age from 1900-1935, artists prefer to use harsh colors and flat surfaces to build images of works to cause strong visual effects (Mainardi, 2011).
”The Futurist manifesto” has greatly illustrated strong ambitions of young people since they hoped to express their own thinkings during 1900-1935. It can feel that those futurists were brave pioneers to tell others how they have regarded the current world and how to live with more joys. Sommers (2012) said that futurist advocators were crazy, rebellious and they did not play by rules in the minds of conservatives. Those futurists were keen to use creative ideas to make responses when facing changes. They can be identified as bold artists to tell the whole world what could be possibilities to be realized in the future. Maybe they have lots of innovations and they hoped to be given firm confirmations. They used experiments to observe and to find better solutions to meet their expectations. In the statement of futurists that they were young and future would be unknown, differences would be those real and charming elements to let the whole world become more colorful to better integrate diverse cultural elements.
In conclusion, art historical development and artistic features have visual functions in various kinds of forms. Writing is one of an important approach to display concepts of artists to improve attractions of art works. Both two reading materials of “The Futurist Manifesto”and “Feminist Manifesto” have been mainly used to draft the whole essay.

Accounting for Sustainable Management

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Accounting for Sustainable Management – Assignment  1
Accounting for Sustainable Management
Assessment – Case Study and Assignments
Case study
Since its inception in 2007, Paraway Pastoral Company Limited (“Paraway”)
has become one of the largest property owners and operators in Australia,
with a combined land holding of over 4.4 million hectares. Paraway
currently operates 21 pastoral enterprises across three diversified rainfall
zones including Northern Australia, Northern New South Wales, and
Southern Australia. Collectively, the properties have the capacity to carry
approximately 200,000 cattle and 240,000 sheep. Limited dryland and
irrigated cropping exists in each of the regions for the production of hay,
silage and grain crops for external sales & feeding livestock. (Source:
Paraway website)
You have been employed by the company as an accountant after graduating
from RMIT University two months ago. After reviewing your CV and noticing
that you have successfully completed several sustainability related courses
during your study, the Chief Executive Officer (CEO) of Paraway assigned
three independent but related tasks to you. The three tasks are as follows.
(Note: Paraway is a real-life entity. All of your research, analysis,
discussions and recommendations relating to this case study should be
based on real world information and condition.)
2  Accounting for Sustainable Management
Assignment One
Content requirements
The CEO has noticed an emerging and increasing trend of discussion about
sustainability from businesses and some of Paraway’s competitors are
adopting sustainability frameworks and practices. The CEO feels that at the
moment he does not know too much about sustainability and its relevance
to business. He is also considering whether Paraway should adopt
sustainable frameworks and practices including producing sustainability
reports to external stakeholders. He has asked you to conduct research and
provide a formal business report to him, addressing the following questions.
1. What is sustainability? Is the notion of sustainability relevant to business
and accounting? Justify your answer.
2. Is the notion of sustainability relevant to the pastoral industry in which
Paraway operates? Justify your answer.
3. What are the specific sustainability issues that Paraway is facing? Justify
your answer.
4. If sustainability is relevant to Paraway, how might Paraway embrace
sustainability in its operations? Justify your recommendations.
Submission requirements
Submitted:
Individually (this is an individual assignment)
Due Date:
By 11.59 pm, Sunday 26 March (late submission attracts 3 marks per day
deduction; late submissions after ten days will be awarded zero marks)
Word Limit:
Maximum 2,600 words (not including executive summary, table of contents,
references and appendices). Word count includes every word in the body of
text (from your Introduction section to the end of the Conclusion section,
including figures, tables, headings, etc). Every 100 words above the word
limit attracts 0.5 marks deduction of available marks. For example, if the
word count is 2,601, a deduction of 0.5 marks will apply. If the word count
is 2,701, a deduction of 1 mark will apply.
Font size
12 for body text; 12 and above for headings; choose ‘justify’ to apply to the
whole document margins.
Weighting:
30%
Accounting for Sustainable Management – Assignment  3
Submission:
Electronic copy, via Blackboard with in-built Turnitin report
Your submission should include:
a.  Cover page includes the course name, assignment name, your
name, student number, lecturer’s name, and word count (excluding
executive summary, table of contents, references and appendices)
b.  Executive Summary
c.  Table of contents
d.  Introduction (including purpose, scope, limitations and assumptions)
e.  Discussion (addressing CEO’s requirements)
f.  Conclusion
g.  List of References (at least 10 references that are not included in
the textbook are expected, within these outside-of-textbook
references minimum 5 academic refereed journal articles should be
listed)

ACCT2229  可持续发展管理会计 assignment 代写

Name protocol of your electronic copy:
Before submission, rename your file name follow naming protocol:
  your last name;
  your first name; and
  your student number.
For example: Butler Amy 1234567
Suggestions and expectations from the Course Coordinator:
Assignment One
Assignment One requires you to conduct independent research on issues
relating to sustainability and its relevance to a pastoral-related business in
Australia. To successfully complete this assignment, your readings should
start with, but not limited to, the Component One materials (Topics 1-3) of
the course. You need to search for materials that are outside of prescribed
texts, and it is expected that these materials should form the basis of your
assignment. While reading these materials, it is suggested that you apply
your learning from the readings to this case study (in particular, the four
questions that are asked by the CEO) – this will enhance the relevance of
your reading and writing.
In terms of your writing, quality (how well you communicate your work and
how well the arguments are formed) is more important than quantity (the
number of words written) – this is particularly important for business report
writing. The readers often are the senior managers in your business
organisation, they have limited time to read the report. That is, your
writing needs to be clear and straight to the point. Business reports are
used to assist in decision-making and your report is used to persuade the
readers to adopt your idea or a particular approach. To achieve this, you
will need to collect relevant information, identify problems and most
importantly, make suitable recommendations to solve these problems.
Your writing, in general, should always provide logical reasoning. You are
expected to demonstrate professionalism by presenting a high quality
4  Accounting for Sustainable Management
written document and adhere to the referencing style that is detailed in
the RMIT Business reference guide.
Particular expectations relating to each question:
1.  What is sustainability? Is the notion of sustainability relevant to
business and accounting? Justify your answer.
When defining sustainability and arguing the relevance of sustainability to
business and accounting, your answer is expected to go beyond course
materials – you are expected to draw from your research, and to explicitly
link the importance of sustainability in business and accounting practices.
You are expected to search for discussions from different parties (e.g.,
business leaders, international organisations, politicians, or various interest
groups) as well as academic journals. Your discussion also needs to consider
the changing and heightened social expectations on business operations. In
doing so, you also need to discuss the relationships between accounting,
accountability and sustainability.
2.  Is the notion of sustainability relevant to pastoral industry in which
Paraway operates? Justify your answer.
In this part, you are expected to link sustainability to the pastoral industry.
This involves researching, identifying and analysing sustainability issues in
the industry at the world level and in Australia, the expectations (in
general) from the stakeholders, and the competitors of Paraway. You will
need to look for evidence of what other business entities are doing as they
pertain to sustainability (e.g., which competitors are currently adopting a
particular framework and practice or producing sustainability reports).
Particular industry initiatives or frameworks need to be addressed.
3.  Is the notion of sustainability relevant to Paraway? Justify your
answer.
In this part, you are expected to explicitly link sustainability to Paraway.
This involves researching and analysing the current market position and
sustainable practices of Paraway, particular issues that Paraway is facing,
as well as the expectations from its stakeholders. You will need to analyse
the strength as well as future opportunities or improvements for your
entity.
4.  If sustainability is relevant to Paraway, how might Paraway
embrace  sustainability  in  its  operations?  Justify  your
recommendations.
Your discussion is expected to be based on your work on the previous three
questions. Your recommendations should be specific. Avoid offering
recommendations that are too general (e.g., ‘Paraway should embrace
sustainability practices’ without further detail), less relevant to Paraway,
or not realistic to implement.
Read carefully the marking rubric (next page), and understand how your
work will be assessed.
Accounting for Sustainable Management – Assignment  5
Assignment One Marking Rubric (30%)
Scoring level  The depth and quality of the research
undertaken by you
The application of the research to the task  The ability to synthesise information into a coherent
and engaging report
The ability to correctly acknowledge sources
using the Harvard Referencing system
Score
  8 marks  8 marks  8 marks  6 marks
4‐
Accomplished
High
Distinction
 Materials referred to are relevant and
 References are drawn from a wide variety
sources and
 References support the arguments
presented and
 Research is current and from a reliable
source
(7‐8 marks)
 The report discussion clearly addresses
the issues raised in the task and
 The discussions are very relevant and
 The report clearly outlines the major
findings, the impacts of these findings,
and recommendations
(7‐8 marks)
 The report is professionally presented and
 All grammar and punctuation is correct and
 The report is written in an appropriate style and
 The report is highly engaging and easy to read and
 All sections of the report have been included and
correctly constructed        (7‐8 marks)
 You have used the RMIT Business
referencing guidelines to clearly and
accurately record all cited sources in the
report and
 You have provided a list of references which
is correctly formatted in the RMIT Business
referencing guidelines style
(5‐6 marks)
3‐ Highly
Competent
Distinction/
Credit
 Most of the materials referred to are
relevant
 References are drawn from a range of
sources
 References generally support the
arguments presented
 Research is mostly current and from a
reliable source                     (5‐6 marks)
 The report discussion addresses most of
the issues raised in the task
 The report is mostly relevant to the needs
of the client
 The report outlines the major findings of
the investigation and the impact of these
to the tasks
(5‐6 marks)
 The report is professionally presented
 The majority of the grammar and punctuation is
correct
 The report is written in an appropriate style and
 The report is engaging and fairly easy to read
 All sections of the report have been included and
correctly constructed           (5‐6 marks)
 You have used the RMIT Business
referencing guidelines to clearly and
accurately record all cited sources in the
report
 You have provided a list of references which
is correctly formatted but
 Some minor errors in the citations and/or
list of references
(3‐4 marks)
6  Accounting for Sustainable Management
2 – Satisfactory
Credit/Pass
 Some of the materials referred to are
relevant
 References are drawn from one or two
sources
 There is a lack of cohesion between the
references cited and the topic being
discussed
 Research is mostly current and from a
reliable source
  (3‐4 marks)
 The discussion addresses most of the
issues raised in the task but lacks some
clarity
 The report at times lacks relevance and/or
some of the conclusions drawn are
erroneous
 The report outlines the major findings, the
impacts and recommendations, but lacks
clarity in linking these to the tasks
(3‐4 marks)
 Improvement is needed in the presentation
 There are some errors in grammar and
punctuation
 The report is mostly written in a style appropriate
for the client
 The report is not engaging and/or is not easy to
read
 All sections of the report are included but there
are some errors in these sections
(3‐4 marks)
 You have used the RMIT Business
referencing guidelines to record cited
sources in the report but have made some
major errors in these citations and/or
 You have provided a list of references but
there are errors in the construction of this
list
(2‐3 marks)
1‐
Unsatisfactory
 There is a lack of evidence of relevant
research
 The research presented is too narrow
 The research presented does not
support the topic
(0 ‐ 2 marks)
 The report discussion fails to address most
of the issues raised in the task and the
discussion lacks clarity
 The report lacks relevance in the
discussion and/or most of the conclusions
drawn are erroneous
 The report does not outline the major
findings                               (0 ‐ 2 marks)
 Major improvements in the presentation of the
report is needed
 There are many errors in grammar and
punctuation which need correction
 The report style is inappropriate, the report is not
engaging and/or is not easy to read
 Not all sections of the report have been included
(0 ‐ 2 marks)
 You have not used the RMIT Business
referencing guidelines to record cited
sources in the report  and/or
 Not all sources are cited and/or
 No List of references or serious errors in the
construction of this list
(0 – 1 marks)
Total          /30
Accounting for Sustainable Management – Assignment  7
Assignment Two
Content requirements
Assume the CEO is satisfied with your report (Assignment One) and within
Assignment One you have recommended Paraway to produce sustainability
reports to external stakeholders. To follow up, the CEO asks you and your
colleagues in the accounting department to work as a group, completing a
second business report to address his following requirements.
1. Why should Paraway provide sustainability report?
2. To whom should these reports be addressed?
3. What information should be reported?
4. How should the information be reported?
Within the report, the CEO also asks your group to apply one theory into
your discussion to explain and justify your recommendations as to why, to
whom, what and how information should be reported.
Submission requirements
Submitted:
  A group of three or four students (this is a group assignment).
Individual assignments will not be accepted.
  As this is a group assignment submitted by one student
representative of a team, an Assignment Coversheet completed and
signed by all members of that team is required. RMIT Assignment
Coversheet is available on RMIT website.
Due Date:
By 11.59 pm, Sunday 30 April (late submission attracts 3 marks per day
deduction; late submissions after ten days will be awarded zero marks).
Word Limit:
Maximum 2,600 words (not including executive summary, table of contents,
references and appendices). Word count includes every word in the body of
text (from your Introduction section to the end of Conclusion section,
including figures, tables, headings, etc). Every 100 words above the word
limit attracts 0.5 marks deduction of available marks.
8  Accounting for Sustainable Management
Font size
12 for body text; 12 and/or above for headings; choose ‘justify’ to apply to
the whole document margins.
Weighting:
30%
Submission:
Electronic copy, via Blackboard with in-built Turnitin report.
Your submission should include:
a.  RMIT Assignment Coversheet completed and signed by all members
of your team. Add word count (excluding executive summary, table
of contents, references and appendices) information on the
coversheet
b.  Executive Summary
c.  Table of contents
d.  Introduction (including purpose, scope, limitations, and assumptions)
e.  Discussion (addressing the CEO’s requirements)
f.  Conclusion
g.  List of References (at least 10 references that are not included in
the textbook are expected, within these outside-of-textbook
references minimum 5 academic refereed journal articles should be
listed)
Name protocol of your electronic copy:
Before submission, rename your file name follow naming protocol:
•  the last names of each member;
For example: Butler Chan Smith
Suggestions  and  expectations  from  the  Course
Coordinator: Assignment Two
Assignment Two has a focus on external reporting and applying a
theoretical framework to sustainable management. To successfully
complete this assignment, your readings should start with, but not be
limited to, the Component Two materials (Topics 4-6) of the course. You
need to search for materials that are outside of prescribed texts and these
materials form the base of your assignment.
Your recommendations on the sustainability report are expected to be
supported by one theory (i.e. legitimacy theory, institutional theory, the
ethical branch of stakeholder theory, or the managerial branch of
stakeholder theory) that you have studied in Topic 4. To apply a theory
well, it is suggested that you explain the theory first. Applying more than
one theory is not recommended as you will need to justify why one theory
is not sufficient and explain the second theory well (this will take up your
word limit).
Accounting for Sustainable Management – Assignment  9
The theory that you choose to apply should be explicitly applied to your
discussion on all of the four questions asked by the CEO. That is, the chosen
theory and the relevant concepts need to be explained by referring to
relevant literature from academic journals (addressing Q1); the chosen
theory will direct discussion in identifying the users of the report
(addressing Q2) and the associate expectations and information needs of
the users identified (addressing Q3); and, the adopting of a specific
reporting guideline need to be justified by the chosen theory (addressing
Q4). Please note that different theories will derive different answers of the
questions. The link between your theory and your answer (i.e., the way you
apply the chosen theory) to each question needs to be explicit and specific.
To demonstrate your problem-solving skills, it is strongly suggested that you
link your analysis and argument specifically to Paraway. Avoid being too
general. Using the findings from your Assignment One, identify specific
sustainability issues that Paraway is facing as well as providing
recommendations on how to report these issues. The most important skill
that you are expected to develop from this task is your reasoning skill and
application skill. That is, you are expected to justify your arguments in the
context of Paraway.
As this assignment is a group assignment it is suggested that you plan and
form a group early. Find out the way and times that suit your group
members to communicate with each other, clearly work out the group
member’s tasks and responsibilities. Although initially you might allocate
each member a different task to complete it is highly recommended that all
group members actively work together participating each task and working
out the best options for the whole assignment. Make sure that your group
leaves enough time for final shaping up of the assignment.
Read carefully the marking rubric (next page), and understand how your
work will be assessed.
10  Accounting for Sustainable Management
Assignment Two Marking Rubric (30%)
Scoring level  The depth and quality of the
research undertaken by you
The application of the research to the
task
The ability to apply appropriate
accounting theories to the
context of the task
The ability to synthesise information into a
coherent and engaging report
The ability to correctly acknowledge
sources using the Harvard Referencing
system
Score
6 marks  6 marks  8 marks  6 marks  4 marks
4-
Accomplished
High
Distinction
 Materials referred to are
relevant and
 References are drawn from a
wide variety sources and
 References support the
arguments presented and
 Research is current and from
a reliable source (4-6 marks)
 The report discussion clearly
addresses the issues raised in the task
and
 The discussions are very relevant
and
 The report clearly outlines the major
findings, the impacts of findings, and
recommendations (4-6 marks)
 You have managed to make
clear links between their
research and current
accounting theories and
 You have explained these
links with clarity and
applies these links to the
task (6-8 marks)
 The report is professionally presented and
 All grammar and punctuation is correct and
 The report is written in an appropriate style
and
 The report is highly engaging and easy to
read and
 All sections of the report have been included
and correctly constructed (4-6 marks)
 You have used the RMIT Business
referencing guidelines to clearly
and accurately record all cited
sources in the report and
 You have provided a list of
references which is correctly
formatted in the RMIT Business
referencing guidelines (3-4 marks)
3- Highly
Competent
Distinction/
Credit
 Most of the materials referred
to are relevant
 References are drawn from a
range of sources
 References generally support
the arguments presented
 Research is mostly current
and from a reliable source
(3-4 marks)
 The report discussion addresses
most of the issues raised in the task
 The report is mostly relevant to the
needs of the client
 The report outlines the major
findings of the investigation and
the impact of these to the tasks
(3-4 marks)
 You make links between
your research and current
accounting theories but at
times these links lack clarity
 You have mostly managed
to explain these links and
apply these links to the task
(4-6) marks)
 The report is professionally presented
 The majority of the grammar and
punctuation is correct
 The report is written in an appropriate style
and
 The report is engaging and fairly easy to read
 All sections of the report have been included
and correctly constructed (3-4 marks)
 You have used the RMIT Business
referencing guidelines to clearly and
accurately record all cited sources
 You have provided a list of
references which is correctly
formatted but
 Some minor errors in the citations
and/or list of references (2-3 marks)
2 –
Satisfactory
Credit/Pass
 Some of the materials
referred to are relevant
 References are drawn from
one or two sources
 There is a lack of cohesion
between the references cited
and the topic being discussed
 Research is mostly current
and from a reliable source (2-
3 marks)
 The discussion addresses most of
the issues raised in the task but
lacks some clarity
 The report at times lacks relevance
and/or some of the conclusions
drawn are erroneous
 The report outlines the major
findings, the impacts and
recommendations, but lacks clarity
in linking to the tasks (2-3 marks)
 While some attempts have
been made to link
accounting theories to your
discussion lack clarity
 You have not managed to
explain these links clearly
and apply these links to the
task (2-3.5 marks)
 Improvement is needed in the presentation
 There are some errors in grammar and
punctuation
 The report is mostly written in a style
appropriate for the client
 The report is not engaging and/or is not easy
to read
 All sections of the report are included but
there are some errors in these sections (2-3
marks)
 You have used the RMIT Business
referencing guidelines to record
cited sources in the report but have
made some major errors in these
citations and/or
 You have provided a list of
references but there are errors in
the construction of this list (1-2
marks)
1-
Unsatisfactory
(0-1 marks)
 There is a lack of evidence
of relevant research
 The research presented is
too narrow
 The research presented
does not support the
topic
 The report discussion fails to address
most of the issues raised in the task
and the discussion lacks clarity
 The report lacks relevance in the
discussion and/or most of the
conclusions drawn are erroneous
 The report does not outline the major
findings
 Little or no attempt has
been made to link
accounting theories to the
discussion and /or the links
made are incorrect
 You have not managed to
explain these links and apply
these links to the task
 Major improvements in the presentation of
the report is needed
 There are many errors in grammar and
punctuation which need correction
 The report style is inappropriate, the report
is not engaging and/or is not easy to read
 Not all sections of the report have been
included
 You have not used RMIT Business
referencing guidelines to record
cited sources in the report and/or
 Not all sources are cited and/or
 No List of references or serious
errors in the construction of this list
Total
/30
Accounting for Sustainable Management – Assignment  11
Assignment Three
Content requirements
Assuming the CEO is satisfied with both of your reports (Assignment One
and Two), you are now required to formulate a Sustainability Balanced
Scorecard (SBSC) to explicitly translate Paraway’s strategy into a set of
financial and non-financial performance measures, covering a range of
perspectives. You are asked to present and discuss a suitable SBSC, using a
business report format. In completing your business report, please address
the following questions:
1.  Briefly outline what a “strategic map” is and then develop a map for
Paraway? Please put a specific focus on its sustainability objectives
and motivate your objectives’ formulation concerning Paraway.
2.  From the strategic map, you should be able to provide a Sustainable
Balanced Scorecard to Paraway:
a.  Choose one of the three approaches to the development of a
Sustainable Balanced Scorecard (Topic 9) and explain your
choice with reference to Paraway.
b.  Once you have chosen the approach to the development of a
SBSC (point a), show your classification of the strategic
objectives (point 1) into the perspectives of your suggested
SBSC. Please justify your classification with specific
reference to the sustainability objectives.
c.  For each sustainability objective (b) identify one or more
suitable/reasonable indicators through which you would
advise to measure the fulfilment of the objective. Justify
your choice of indicator/s. That is, how do you know that the
chosen indicators can capture and measure the targeted
objectives?
3.  Identify and explain the eventual impact/s of the indicator/s you
have chosen with reference to the sustainability objectives of your
suggested SBSC onto the organisation’s decision making.
Within the report you should provide at least the following figures: a
strategic map for Paraway and a SBSC.
12  Accounting for Sustainable Management
Submission requirements
Submitted:
  A choice of individual assignment or group assignment (up to four
members in a group)
  If you choose to submit a group assignment, an Assignment
Coversheet completed and signed by all members of that team is
required. RMIT Assignment Coversheet is available on RMIT website.
Due Date:
By 11.59 pm, Sunday 28 May (late submission attracts 4 marks per day
deduction; late submissions after ten days will be awarded zero marks)
Word Limit:
Maximum 2,500 words (not including executive summary, table of contents,
references and appendices). Word count includes every word in the body of
text (from your Introduction section to the end of Conclusion section,
including figures, tables, headings, etc). Every 100 words above the word
limit attracts 0.5 marks deduction of available marks
Font size
12 for body text; 12 and/or above for headings; choose ‘justify’ to apply to
the whole document margins
Weighting:
40%
Submission:
Electronic copy, via Blackboard with in-built Turnitin report.
Your submission should include:
a.  For individual assignment: Cover page includes the course name,
assignment name, your name, student number, lecturer’s name, and
word count (excluding executive summary, table of contents,
references and appendices)
For group assignment: RMIT Assignment Coversheet completed and
signed by all members of your team. Add word count (excluding
executive summary, table of contents, references and appendices)
information on the coversheet
b.  Executive Summary
c.  Table of contents
d.  Introduction (including purpose, scope, limitations and assumptions)
e.  Discussion (addressing the CEO’s requirements)
f.  Conclusion
g.  List of References
Accounting for Sustainable Management – Assignment  13
Name protocol of your electronic copy:
Before submission, rename your file name follow naming protocol:
•  your last name;
•  your first name; and
•  your student number.
For example: Butler Amy 1234567
Suggestions  and  expectations  from  the  Course
Coordinator: Assignment Three
Assignment Three has a focus on a strategic tool of management
accounting: a Sustainable Balanced Scorecard (SBSC). To successfully
complete this assignment, your readings should start with, but not be
limited to, the Component Three materials (Topics 7, 8, and 9) of the
course. You also need to search for materials that are outside of prescribed
texts.
Your recommendations about the organisation’s Sustainable Balanced
Scorecard are expected to be directed by one approach that you have
learnt from Topic 9. To justify your approach, you are suggested to outline
the three approaches and emphasise (with an articulated and detailed
discussion) the one you recommended for the organisation.
Please remember that the discussion is not just theoretical as you must
stress the reasons why you think your SBSC approach is the most suitable to
Paraway.
Applying more than one approach is not recommended as you need to take
into account your word limit and your arguments in the business report
should be coherent with the approach you have chosen.
The approach that you recommend should be explicitly applied while
addressing the questions of the assignment.
Particular emphasis on the sustainability objectives and their measurement
(indicators) are expected to be discussed in the following points: 2 b, c and
3. There is not one best answer as you are required to apply your critical
thinking to the case study, therefore you should direct your attention to
ensure coherence to Paraway’s real-world situation in addressing those
assignment points and motivate your choices.
Areas  for  you  to  explore  should  include  sustainability
issues/priorities/focuses that are of strategic importance to Paraway, as
well as the sustainable achievements that Paraway is proud of. These are
expected to be considered in your strategic map and SBSC from the
organisation’s management perspective (not from a stakeholders’,
shareholders’ or other external parties’ perspective).
In terms of point 3, it is suggested that you consider the impact/s of your
choice of indicators for the sustainability objectives in the organisation’s
decision making processes. You are expected to consider any possible
positive and negative outcomes from the selection of your indicators (e.g.
changes on the production processes, costing system, organisational culture
and climate, social perception of the organisation, etc.). In this discussion,
you can follow the causal relationships that you were required to explicitly
elaborate on in the strategic map of the organisation, which (of course)
14  Accounting for Sustainable Management
would continue to inform your SBSC (independently from your chosen
development approach).
It should be pointed out that real world issues are often complex and there
is no definite right or wrong decisions. The most important skill that you
are expected to develop from this assignment is your reasoning skills and
application skills. That is, you are expected to justify your arguments
coherently with the approach you have chosen and the prompts of your
case study.
Read carefully the marking rubric (from the next page), and understand
how your work will be assessed.
Accounting for Sustainable Management – Assignment  15
Assignment Three Marking Rubric (40%)
Business Report Contents
(30 marks)
Unsatisfactory
Satisfactory –
Pass
Highly Competent
Credit/Distinction
Accomplished
High Distinction
Identification and Discussion of Main
Issues within the Project
(as outlined below)
Unclear or no identification of
the issue.
Discussion (justification) not
provided or not related to the
specific organisation.
No attempt at critical analysis.
Identification of the issue but only
limited discussion/explanation of the
issue.
Discussion sometimes too general or
too theoretical and/or not relevant to
issue.
Discussion is without adequate
reference to the theory and the case
prompts (where required).
Discussion not specifically related to
the organisation.
Very little attempt at critical analysis.
Identification and
discussion/explanation of the issue.
Discussion is referenced and mainly
relevant to the issue.
Discussion usually includes
adequate detail of the case prompts
(where required).
Discussion is usually specifically
related to the organisation.
Good attempt at critical analysis.
Clear identification and
discussion/explanation of the
issue.
Discussion is well referenced and
always relevant to the issue.
Discussion always includes
adequate detail of the case
prompts (where required).
Discussion is always specifically
related to the organisation.
Excellent attempt at critical
analysis.
1. What is the strategic map of The
Chief Executive? Explicitly identify
the strategic objectives (2 marks) of
The Chief Executive and their main
connections (1 marks). Please put a
specific focus on its sustainability
objectives and motivate (3 marks) your
objectives’ formulation with reference
to the case study prompts.
1. Total: 6 marks
2.a Choose one of the three
approaches (2 marks) to the
development of a Sustainable Balanced
Scorecard (Topic 9) and explain your
choice (4 marks) with reference to The
Chief Executive’s case.
2.a Total 6 marks
16  Accounting for Sustainable Management
2.b Once you have chosen the
approach to the development of a
SBSC (point a), show your
classification of the strategic
objectives (point 1) into the
perspectives of your suggested SBSC
(2 marks). Please justify (4 marks)
your classification with specific
reference to the sustainability
objectives.
2.b Total 6 marks
2.c For each sustainability objective (b)
identify one or more
suitable/reasonable indicators (2
marks) through which you would
advise to measure the fulfilment of the
objective. Justify (4 marks) your
choice of indicator/s.
2.c Total 6 marks
3. Identify (2 marks) and explain (4
marks) the eventual impact/s of the
indicator/s you have chosen with
reference to the sustainability
objectives of your suggested SBSC
onto the organisation’s decision
making.
3. Total: 6 marks
Accounting for Sustainable Management – Assignment  17
Business report presentation
style (10 marks)
Unsatisfactory
Satisfactory –
Pass
Highly Competent
Credit/Distinction
Accomplished
High Distinction
Business Report Presentation
(3 marks)
Key elements of the business report
are not provided (e.g. headings/
subheadings of the sections, table of
contents, introduction, etc.) and/or
presented with evident errors.
Overall presentation of the
document is not to a professional
standard.
All required elements of the
business report are present and
completed to a satisfactory
standard. Some attention to the
presentation is given, but is often
not well-executed.
All required elements of the
business report are present and
most are completed to a high
standard. Most, but not all of the
document is presented in a
professional-format, using
informative headings and sub –
headings
All required elements of the
business report are present and
completed to a high standard. The
document is presented in a
professional-format, using
informative headings and sub –
headings
Clarity of Communication
(3 marks)
Report has grammatical, spelling
and/ or typographical errors that
make it unsuitable for presentation
to client or superior.
Report has some grammatical,
spelling and/or typographical errors
that detract from the quality of the
communication but does not
prevent the ideas being effectively
communicated.
Report has a few grammatical,
spelling, typographical and/or
other communication errors. It is
almost at a standard that could be
presented to a superior in the
workforce or a client.
Report has NO grammatical,
spelling, typographical or other
communication errors.
It is at a standard that could be
presented to a superior in the
workforce or a client.
Referencing
(2 marks)
N/A
Very few/all sources not
acknowledged.
Most sources acknowledged with
reference details.
Sources acknowledged with full
reference details
Figures (at least strategic map and
SBSC, sustainability aspects)
(2 marks)
N/A
At least one figure is presented but
without correct referencing style
(e.g. title of the figure) and without
referencing to the figure/s within
the discussion
Both the required figures are
presented with correct referencing
style and with referencing into the
discussion. However, the figures
are just referenced and not fully
explained in the discussion.
Both the required figures are
presented with correct referencing
style and with a complete
explanation and use of them in the
discussion.

Strategic Supply Chain Management

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Strategic Supply Chain Management

Deakin’s Bachelor of Commerce and MBA are internationally EPAS accredited.
   Deakin Business School is accredited by AACSB.
MIS313 – Strategic Supply Chain Management
Trimester 1, 2017
Assessment 1 – Assignment (Individual)
DATE AND TIME:      Week 8, Sunday 7 May 2017, 11:59PM
PERCENTAGE OF FINAL GRADE:  40%
Learning Outcome Details
Unit Learning Outcome (ULO)  Graduate Learning Outcome
(GLO)
ULO 1: Identify, evaluate and justify convincingly the SCM
organisational issues against strategic objectives, taking into
account global, national and local social and environmental
responsibilities.
GLO1 Discipline‐specific
knowledge and capabilities
GLO5 Problem solving
GLO8 Global citizenship
ULO 3: Evaluate and justify convincingly SCM solutions which
can resolve an organisation’s SCM issues and support its
strategic objectives, including global, national and local social
and environmental responsibilities.
GLO1 Discipline‐specific
knowledge and capabilities
GLO5 Problem solving
GLO8 Global citizenship
Assessment Feedback
Students who submit their work (final submission) by the due date will receive their marks and
feedback on CloudDeakin by 26 May 2017, 5:30PM.
Description / Requirements
This is an individual assignment where you will take on the role of an SCM consultant and prepare a
business report for an organisation. Information about the organisation, and the requirements or
brief on which you need to report, are in the section Report Brief from the CEO below. The report
will enable you to develop, demonstrate and be assessed on two Deakin Graduate Learning
Outcomes (DGLOs), in addition to DGLO1 Discipline‐specific knowledge/capabilities about SCM:
Page 2 of 9
 DGLO5 Problem solving: There is not enough information in the Report Brief from the CEO
to complete the report. You need to conduct research about similar organisations to find
additional information about the problem(s) and solution(s). You will identify and argue why
your chosen solution(s) will solve the specified problem(s) and match the CEO’s other
requirements. Your problem solving capability will be judged on how well the report shows
your excellent understanding of: the CEO’s organisation and industry; the problem(s) and
CEO’s requirements; the solution(s); how well problems/requirements and solution(s) align;
and how the solution(s) will work in the organisation’s day‐to‐day operations.
 DGLO8 Global Citizenship: This will take the form of a high quality, convincing business
report which identifies and presents the outcomes of your research into supply chain
management solution(s) to Corporate Social Responsibility (CSR) related problem(s).
The purpose of the report is to convince the CEO that the solution(s) will benefit their firm.
Solution(s) need to be aligned with the critical business objectives, and should not create new
problems for the organisation. You must be convincing in justifying your solution(s).
The CEO’s briefing is incomplete on purpose because this is typical of real‐life situations when you
work in industry. This is particularly the case when CEOs (especially of sole‐proprietor, micro and
small businesses) do not understand how they can achieve their desired goals. This is why they turn
to consultants/experts who have the knowledge they do not possess. Your problem solving skills
requires you to conduct thorough research and analysis to help the CEO fill this gap in knowledge.
Report brief from the CEO
Melanie Chan is starting a new catering business called Responsible Catering for events by
businesses and the public (e.g. weddings, parties). Responsible Catering will employ Melanie and
her adult children Putri, Ahmad and Annisa. The family is not interested in growing Responsible
Catering beyond employing family members, so will not pursue business growth strategies.
The impetus for starting Responsible Catering came from Melanie seeing an increased demand by
businesses and the public for catering options which are environmentally and socially responsible.
For example, more businesses are reporting against the Global Reporting Initiative. Responsible
Catering will therefore focus on clients who wish to minimise their negative impact in these areas.
Melanie plans to divide the work as follows. Putri and Ahmad will collect the food and drinks for
each event, and transport these to the event in a van. Melanie will manage bookings and planning,
order the food/drinks, and process all the financial accounts. Melanie and Annisa will prepare all
the food/drinks on‐site, while Putri and Ahmad will serve people at the event.
Responsible Catering’s approach to catering will involve using pre‐prepared food which requires
heating/cooling, and/or cooking food fresh at the event venue using the venue’s cooking facilities
(e.g. oven). Clients will supply all plates, cutlery/utensils, glasses, etc. Responsible Catering will
supply the food, serving equipment and any specialised/portable cooking appliances. Responsible
Catering will wash all dishes as part of the service to clients. Responsible Catering will supply other
items including napkins and condiments (e.g. salt, pepper, sauces) for the event.
Page 3 of 9
Responsible Catering will have a website so that clients can book and do their ordering online.
Melanie believes this will be attractive to clients wanting to book an event quickly and do not want
many menu choices. Alternatively, clients can meet with Melanie to discuss the event to determine
if/how Responsible Catering can tailor the catering more specifically to the client’s needs.
Melanie and her children have strong social and environmental responsibility values. The family
donates regularly to charities (e.g. money and clothing), recycles (e.g. rubbish, old items), buys
organic food and from local small/community organisations rather than big companies (e.g. major
supermarkets), and so on. Responsible Catering will therefore adopt these principles by striving to
offer socially and environmentally responsible catering, with high quality food and service.
Melanie has hired you as a consultant to develop and report of no more than 3,000 words outlining
a strategy for incorporating social and environmental responsibility values into the supply chain
practices of Responsible Catering. The specific issues she wants you to report on are as follows:
 Waste. You need to identify strategies/approaches resulting in the least food and other
waste possible. That is, having little/no food and other waste left over after any event. She
believes this will be Responsible Catering’s major competitive differentiation, partly because
of customer demand for responsible services, and partly because waste is a major cost in
many businesses which ultimately gets passed onto customers. Melanie recognises that
achieving the best waste minimisation outcomes may necessitate restrictions to what
event/catering options are offered to clients, and/or to how she runs events for clients.
 Procurement of food and other items. You need to specify selection criteria and approaches
Responsible Catering can use so its procurement is socially and environmentally responsible,
and high quality. Responsible Catering will focus on clients who are prepared to pay a
premium for high quality, responsible catering.
 Reporting. Melanie believes (corporate) clients will want evidence of how and why
Responsible Catering is socially and environmentally responsible. You need to identify
various measures on which Melanie can report, and what data she will need to collect, and
how, in order to report against these metrics. The measures should be achievable for a
micro business such as Responsible Catering, which will necessitate that data collection
takes very little time, is easy to do, and will be as accurate as possible.
You are NOT required to structure the report based on these three areas, and you are not required
to present each area above separately as shown. Instead, structure the report based on the
principles explained later in this document which states the report requirements in more detail.
Background work for the report
You will conduct research into the SCM CSR related problems and requirements outlined in the
CEO’s briefing, until you have a thorough understanding of the industry and the CSR problems
relevant to the industry and such companies. Then you need to research the SCM solution(s) which
can be used to solve the problems and satisfy the CEO’s requirements in the briefing.
Page 4 of 9
The research should focus on credible sources of information including authoritative industry
reports and research (e.g. Forrester Research, Gartner Group, industry association publications) and
academic sources (e.g. conference papers, journal articles). The research you use should also be
relevant to the size and industry of the CEO’s business. For example, CSR solution(s) used by large
companies are unlikely to be relevant or achievable by a micro business.
Your research should include talking to CEOs of real micro catering, restaurants and related
businesses to gain a deep understanding of the challenges they face. Your problem solving ability
requires understanding CEO psychology (e.g. passion, what keeps them awake at night, what is
important to them, etc), not just business and supply chain principles. Any solutions you propose
need to be realistic for a micro business where the CEO is the decision‐maker, risk‐taker, finance
manager, marketer, salesperson, etc.
You will need detailed knowledge of SCM concepts and how these can help. Remember that these
concepts are to help you with your problem solving analysis, and that the CEO does not understand
these concepts. Your report should not mention (or define etc) these concepts, but instead present
the outcomes (or results) of your analysis (based on you using these concepts) in layperson terms
which the CEO will understand. The concepts you will need include:
 Buyer behaviour segments, since all supply chains should be designed specifically for each
behavioural segment rather than demographic/account size type segmentation. You will
need to identify at least two different behavioural segments for the company, the
characteristics of each segment, and determine what options or types of services the
company can provide to each which satisfy the CEO’s briefing requirements. Then work out
how to present the results of this analysis in layperson terms the CEO will understand.
 The difference between pull and push supply chain designs, and related concepts (e.g. lean
vs agile, Source and Make models) relevant to solving the problem and achieving the CEO’s
requirements. Do not name, define or explain these models in the report. Instead, you will
use these models to gain ideas, and then present the solution(s) in a way that a layperson
can understand. You can do this by focusing the report, as CEOs will expect, on the day‐to‐
day operational steps they need to carry out associated with the solution(s). That is, the
report will provide step‐by‐step details on how the CEO will run their business, as informed
by the supply chain model(s) which your analysis concludes would be the solution.
 Your research will need to include an investigation into relevant metrics and associated data
collection methods which are needed to report against those metrics.
 Your research can consider the types of Information Systems (IS) which could play a role in
the solution(s) and/or the data collection needed for the CEO’s reporting requirements. If it
does not, that is fine and do not mention IS in the report if that is the case. But you should
ensure that you have researched and considered any possibilities first.
 Time‐based process mapping so that you can draw diagrams summarising the day‐to‐day
operational steps staff in the organisation will carry out associated with the solution(s).
Effective diagrams can be scanned as images and inserted into the report, and will thus
ensure your justification of the solution(s) is convincing while not taking up words.
Page 5 of 9
You are NOT required to do a cost‐benefit analysis. The focus of this report is on the strategies and
operation of the business, not the financial aspects. If the CEO likes your proposal, then they will
seek financing to implement your ideas. The only thing you need to keep in mind is that the
solutions should be realistic for a micro business. For example, do not propose an Information
Systems solution which would require an investment of $500,000!!
Requirements for the final report
There are various requirements to be met in your report for it to be good quality. The rubric
associated with these requirements is included below:
 The report must include a cover page with the assignment title (“Assessment 1”), unit code
and name, your name and student ID, and the word count. You are welcome to make this
cover page look professional, like a real business report.
 The report can be a maximum of 3,000 words, excluding the cover page, references and
scanned diagrams only. The 10% leeway on the word count DOES NOT apply in this unit,
because if a real CEO asks for a report of a certain number of words, there is no leeway. The
word limit includes all headings, tables and citations. This means that tables CANNOT be
scanned as images and inserted in the report. You are expected to cite research in the body
of the report. The words in Harvard style citing (e.g. “…. (Lim, 2015)”) can be reduced with
numbered citations (see link below), but format references in Harvard (not numbered) style:
http://www.deakin.edu.au/students/study‐support/referencing/numbered‐citation
The word count will be determined by selecting the text of the report from the introduction
to the recommendation section, and using MS Word’s word count feature and unchecking
the “Include textboxes, footnotes and endnotes”.
 There must be a short introduction section (approximately 150 words) which should be
written like an executive summary. That is, summarise the entire report: its aim; business
assumptions (if necessary); the problem(s)/requirements (including the firm’s mission,
strategies, values and other constraints if relevant); the specific solution(s) covered; and
why the solution(s) align with the problem(s)/requirements.
 All the sections and sub‐sections after the introduction must present a logically flowing
argument which will convincingly lead the CEO through the logic of your argument, leading
to the CEO’s agreement with your solution(s) and appropriateness for their organisation.
(Sub)sections of the report must also reflect how the CEO sees their business – that is, in
terms of the firm’s practices and business processes.
 The report must include diagrams summarising the solution(s) in terms of the specific, day‐
to‐day operational steps involved in the SCOR processes of Source and Make processes. The
diagrams should include the approximate time each task might take based on your research.
 The report must demonstrate your excellent knowledge of the firm, the CEO’s problem(s)/
requirements, as well as this report’s requirements.
Page 6 of 9
o Ensure you understand the CEO’s and the firm’s values, mission, strategies and goals,
which are part of the business requirements. Any solution must align with these. For
e.g. students often write reports arguing, directly or indirectly, that a CEO should
change their values, but this is rarely convincing.
o Identify aspects about the firm which the CEO does not want changed or which
cannot change. These will become constraints and form part of the business
requirements. These constraints may be driven by the CEO’s values, mission,
strategies, etc. But they may also by practical considerations due, for instance, to the
size of the firm and what is operationally possible for staff.
o Only include problems/business requirements and aspects of the business in the
report which are relevant to justifying the solution(s).
 The benefits of the solution(s) must be clearly justified in terms of whether the solution(s)
are appropriate for the firm. Further, describe how the firm would use the solution(s). The
CEO will only be convinced if it is clear how the solution(s) will work in terms of day‐to‐day
operational tasks, and how they will satisfy the business requirements and solve problem(s).
 There must be a short recommendation section of approximately 100‐150 words which
summarises the recommended solution(s), how and why it satisfies the business
requirements and solves the problem(s) from the briefing. A recommendation section will
not include new ideas, but will restate very briefly what is argued in the report.
 There must be references and citations showing the source of all the information in the
report (see above on how to use numbered citations). There is no need to cite information
provided by the CEO. The references must demonstrate thorough research into the
problem(s) and solution(s) using quality references (see above) with good evidence about
the effectiveness of the solution(s) for the case organisation. As stated above, you should
use the numbered method of citations (and Harvard referencing style) so that the citations
themselves do not count towards your word count. This means you can have a very large
number of references cited in the body of your report, with no word count impact at all.
 The report must be written in a style which is appropriate for the CEO:
o It must be written to the CEO and not about the CEO. For this reason, do not write
negative statements about the firm or the staff (e.g. “The CEO’s ideas are poor…”).
Even if you believe this to be true, being negative will only make the CEO dislike you
and your report! Instead be positive using words like “enhance”.
o The report must use a formal style. That is, no contractions, slang, emotive phrases,
spoken style phrases or conversational phrases.
o Do not use jargon the CEO will not understand. Even if you define terms, it is likely
the CEO will not remember the definitions in the report. Instead, use layperson
terms and describe the solution(s) in the context of their firm’s practices/processes.
o Ensure you use very short paragraphs (no more than 2‐3 sentences each), with each
paragraph covering only a single idea or theme.
o Ensure section heading structures are clear (e.g. sub‐sections are differentiated from
major sections) and the layout is professional (e.g. no orphaned section headings).
Page 7 of 9
o Ensure there are no grammar and spelling errors (allowances will be made for non‐
native English speakers, otherwise no allowances will be made).
 Diagrams, tables or text copied from any source (even with citations) is strictly not
permitted in this report. If any such material is included, the maximum result for the report
will be 50% Pass, and potential 0‐30% if most material is copied. The report must be
paraphrased completely in your own words. The reason for this is that the CEO only wants
to see text, diagrams and tables which are specific to their organisation. Even if you find a
diagram which illustrates something well, you need to redraw this diagram so that it is
specific to the organisation, and then cite the source of the original diagram. The reference
can include the text: “Adapted from <insert reference>”.
In particular, review the following guidelines about paraphrasing (note that ‘summarising’
and ‘quoting’ is NOT permitted in this report):
http://www.deakin.edu.au/students/studying/study‐support/referencing/summarising‐
paraphrasing‐quoting
Feedback and assessment rubric for the report
The report will be marked out of 100 (and then converted to a mark out of 40 towards the final unit
result) using the following rubric criteria and standards.
GLOs  High Distinction  Distinction  Credit  Pass  Fail
Word
count
(out of
10)
Very economical writing
so the report is just
under or exactly on the
word count (no more),
because (almost) no
unnecessary word use.
Does not use scanned
text, except the
required diagrams.
Mostly economical
writing so the report is
just under or exactly
on the word count (no
more), because mostly
little unnecessary word
use. Does not use
scanned text, except
the required diagrams.
Adequate economical
writing so the report is
just under or exactly on
the word count (no
more), but quite a bit
unnecessary word use.
Does not use scanned
text, except the
required diagrams.
Some economical
writing but the report is
a little (1-50 words)
over the word count,
and/or mostly
unnecessary word use.
Does not use scanned
text, except the
required diagrams.
Exceeds the word
count by more than 50
words, or is quite a few
words under the word
count (50 or more).
May include scanned
text (e.g. tables) in
addition to the required
diagrams.
GLO1
discipline-
specific
knowledge
GLO5
problem
solving
(out of
40)
Excellent knowledge of
company/industry/CEO
problems/requirements,
including priorities.
Excellent problem/
requirements and
solution(s) alignment.
Very company-specific
details of how
solution(s) will work in
day-to-day operations,
including in diagrams.
Excellent knowledge of
SCM concepts is
apparent in (nearly) all
aspects of the analysis.
Mostly good
knowledge of
company/industry/
CEO requirements/
problems. Mostly good
problem/requirements
and solution(s)
alignment. Mostly
company-specific
details of how
solution(s) will work in
day-to-day operations,
including in diagrams.
Good knowledge of
SCM concepts is
apparent in many
aspects of the
analysis.
Adequate knowledge of
company/industry/CEO
problems/requirements,
but lacks detail or a
little generic. Adequate
problems/requirements
and solution(s)
alignment, but a little
unclear in places.
Adequate details of
how solution(s) will
work in day-to-day
operations, including in
diagrams, but lacks
detail or a little generic.
Adequate knowledge of
SCM concepts is
apparent in some
analysis aspects.
Some knowledge of
company/industry/CEO
problems/requirements,
but mostly generic and
superficial. Some
problems/requirements
and solution(s)
alignment, but unclear

战略供应链管理  Strategic Supply Chain Management 代写

in many places. Some
detail of how solution(s)
will work in day-to-day
operations, but mostly
is superficial, quite
generic and/or missing
diagrams. Knowledge
of some SCM concepts
is apparent, but key
ones appear neglected.
Knowledge of
company/industry/CEO
problems/requirements
is poor, generic or
missing. Solution(s) are
missing or have little/no
relevance to problems/
requirements. Little/no
detail of how solution(s)
will work in day-to-day
operations, or entirely
generic. Little/no
apparent knowledge of
SCM concepts as part
of the analysis.
Page 8 of 9
GLO1
discipline-
specific
knowledge
GLO8
global
citizenship
(out of
50)
Thorough analysis and
knowledge of the SCM
CSR problems and
solution(s). Thorough,
high quality, relevant
and very balanced
research to support
(nearly) all aspects of
the analysis into the
CSR problems and
solution(s).
Mostly thorough
analysis and
knowledge of the SCM
CSR problems and
solution(s). Good
quality, quantity,
balanced and relevant
research supporting
many aspects of the
analysis of the CSR
problems and
solution(s).
Adequate analysis and
knowledge of the SCM
CSR problems and
solution(s), but lacks
detail and/or some
knowledge is lacking.
Some analysis of the
CSR problems and
solution(s) is supported
by research, but quality,
quantity or relevance of
the research can be
improved. Research
may not be balanced
between problems and
solution(s).
Some analysis and
knowledge of the SCM
CSR problems and
solution(s), but mostly
superficial and/or omits
key knowledge.
Attempts research to
support the analysis of
the CSR problems
and/or solution(s), but
mostly lacks quality,
quantity and/or
relevance. Research
may be focused on
only problems or
solution(s).
Little/no/poor analysis
and/or knowledge of
the SCM CSR
problems and
solution(s). Little/no
research used to
support the analysis of
the CSR problems and
solution(s), and/or poor
quality, quantity or
relevance of the
research.
Submission Instructions
The report must be one (1) single file, named surname_MIS313_T1_year_assign1 (e.g.
Liang_MIS313_T1_2017_assign1). It must be submitted in the submission folder under
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You must keep a backup copy of every assignment you submit, until the marked assignment has
been returned to you.  In the unlikely event that one of your assignments is misplaced, you will
need to submit your backup copy.
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Notes
 Past students were found guilty of plagiarism, and given zero, when changing some/most/
all words of a source and pasting this into assignments. Plagiarism includes using translation
tools to modify someone’s text and pasting into assignments (e.g. see Table N.1). The
acceptable approach to use and cite sources can be found at the link below. Based on this,
you will see that the examples in Table N.1 are not examples of paraphrasing:
http://www.deakin.edu.au/students/studying/study‐
support/referencing/summarising‐paraphrasing‐quoting
It is academic/professional misconduct to use other peoples’ work as your own, and/or
create all/most of your report using material copied/modified from other sources. Even if
Turnitin returns a low percentage, you can still be found guilty of plagiarism. Further, such
reports are usually poor quality and will get a fail mark, even if not proven as plagiarism.
Page 9 of 9
Table N.1: Examples of plagiarism using translation/thesaurus tools
Original source  Plagiarised version (students found guilty, given zero)
We bring businesses, associations and industries together.
This blended community comes to GS1 Australia for
advice, networking and solutions to their supply chain
challenges. We partner with, and help showcase,
members, solution providers and industry leaders to
demonstrate and encourage supply chain best practice 1 .
We bring organizations, affiliations and businesses jointly.
This mixed group asks GS1 Australia for exhortation,
systems administration and answers for their production
network problems. We band together with, and
demonstrate, individuals, arrangement suppliers and
industry pioneers to exhibit and empower inventory
network excellence.
A bar code is simply an inventory tracking tool that retailers
use in their computer systems. For example, if you sell a t-
shirt that comes in one color and 3 different sizes you
would need to buy 3 bar codes 2 .
A barcode is basically a stock following instrument that
companies access with their PC frameworks. For instance,
on the off chance a shirt is sold with one shading and three
distinct sizes it is necessary to purchase three barcodes.
 Penalties for late submission: The following marking penalties will apply if you submit an
assessment task after the due date without an approved extension: 5% will be deducted from
available marks for each day up to five days, and work that is submitted more than five days
after the due date will not be marked. You will receive 0% for the task. ‘Day’ means working
day for paper submissions and calendar day for electronic submissions. The Unit Chair may
refuse to accept a late submission where it is unreasonable or impracticable to assess the task
after the due date.
 For more information about academic misconduct, special consideration, extensions, and
assessment feedback, please refer to the document Your rights and responsibilities as a
student in this Unit in the first folder next to the Unit Guide of the Resources area in the
CloudDeakin unit site.
 Building evidence of your experiences, skills and knowledge (Portfolio) ‐ Building a portfolio
that evidences your skills, knowledge and experience will provide you with a valuable tool to
help you prepare for interviews and to showcase to potential employers.  There are a number
of tools that you can use to build a portfolio.  You are provided with cloud space through
OneDrive, or through the Portfolio tool in the Cloud Unit Site, but you can use any storage
repository system that you like. Remember that a Portfolio is YOUR tool. You should be able
to store your assessment work, reflections, achievements and artefacts in YOUR Portfolio.
Once you have completed this assessment piece, add it to your personal Portfolio to use and
showcase your learning later, when applying for jobs, or further studies.  Curate your work by
adding meaningful tags to your artefacts that describe what the artefact represents.
1  GS1 Australia 2016, About us, retrieved 7 February 2017, <https://www.gs1au.org/about‐us/>
2  Australian Barcodes 2007, Frequently asked questions about barcodes, retrieved 7 February 2017,
<http://www.australianbarcodes.com.au/FAQs.php>
战略供应链管理  Strategic Supply Chain Management

Are U.S. Companies Underinvesting

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Are U.S. Companies Underinvesting?In This Issue: Are U.S. Companies Underinvesting?
The State of the Public Corporation: Not So Much an Eclipse as an Evolution
8 Conrad S. Ciccotello, Georgia State University
Capital Deployment Roundtable:
A Discussion of Corporate Investment and Payout Policy
22 Panelists: John Briscoe, Bristow; Paul Clancy, Biogen Idec;
Michael Mauboussin, Credit Suisse; Paul Hilal,
Pershing Square Capital Management; Scott Ostfeld,
JANA Partners; Don Chew and John McCormack, Journal of
Applied Corporate Finance.
Moderated by Greg Milano, Fortuna Advisors.
Capital Allocation: Evidence, Analytical Methods, and Assessment Guidance
48 Michael J. Mauboussin and Dan Callahan, Credit Suisse
Bridging the Gap between Interest Rates and Investments
75 Marc Zenner, Evan Junek, and Ram Chivukula, J.P. Morgan
An Unconventional Conglomerateur: Henry Singleton and Teledyne
81 William N. Thorndike, Jr.
The Icahn Manifesto
89 Tobias Carlisle
Off Track: The Disappearance of Tracking Stocks
98 Travis Davidson, Ohio University, and Joel Harper,
Oklahoma State University
The Gap between the Theory and Practice of Corporate Valuation:
Survey of European Experts
106 Franck Bancel, ESCP Europe-Labex ReFi, and
Usha R. Mittoo, University of Manitoba
Are Certain Dividend Increases Predictable? The Effect of Repeated
Dividend Increases on Market Returns
118 David Michayluk, University of Technology, Sydney,
Karyn Neuhauser, Lamar University, and Scott Walker,
University of Technology, Sydney
VOLUME 26  | NUMBER 4  | FALL 2014
APPLIED CORPORATE FINANCE
Journal of
8 Journal of Applied Corporate Finance  • Volume 26 Number 4  Fall 2014
The State of the Public Corporation:
Not So Much an Eclipse as an Evolution
代写 Are U.S. Companies Underinvesting?
by Conrad S. Ciccotello, Georgia State University*
In addition, uncorporates are designed to satisfy a special
requirement of a growing investor clientele: current income.
The demand for tax-efficient, yield-based investments has
exploded in response to not only demographic shifts—
specifically, the increase in life expectancy for people reaching
normal retirement age—but also to macroeconomic factors
(such as the recent prolonged period of low nominal interest
rates), and shifts in the risk of retirement income provision-
ing from government and business to households (reflected,
for example, in the rise of defined contribution-type pension
plans and the decline of defined benefit plans).
In the second section of the article, I present evidence of
the decline in the number of U.S. publicly traded corpora-
tions. Using Compustat to examine ten (two-digit) Standard
Industrial Classification industries, I identified the peak
number of public companies in each of the ten industries
during the period 1966-2013 and then compared the sum of
those peak numbers to the total number for the year 2013.
On that basis, the total sample has fallen from almost 4,000
public companies to 1,652, a drop of nearly 60%.
The next part of my analysis focuses on the performance
of U.S. public companies. To analyze performance I use
a “Dupont decomposition” of the companies’ returns on
equity (ROE) during the same 48-year period. This exercise
highlights some interesting trends. In nine of the ten indus-
tries I examine, the median annual return on equity (ROE)
during the latter half of the 48-year time period (1990-
2013) was lower than the median return for the first half
(1966-1989). But while the median ROE has been falling,
the dispersion of ROEs—as reflected in a statistic called the
interquartile range—has been increasing over time in every
industry.
In addition to the trends in ROE, I also examine trends in
Tobin’s Q ratios for the same ten-industry sample of compa-
nies. Tobin’s Q is a measure of value added in that it sets
the current market value of corporate assets against either
their current “replacement value” or the historical amounts
for which they were acquired. In contrast to my findings
wenty-five years ago Harvard Business School
professor Michael Jensen wrote an article in the
Harvard Business Review called “Eclipse of the
Public Corporation.” 1 In that article, Professor
Jensen hailed the rise of leveraged buyouts as “a new orga-
nizational form,” one that promised to cause a significant
fraction of corporate America to shift from public to private
ownership. More specifically, Jensen predicted that the
private conglomerations of assets being amassed by the new
“LBO partnerships”—or what are now called private equity
firms—would end up supplanting public conglomerates and
perhaps come to dominate the more mature sectors of the
U.S. economy (those no longer requiring major infusions
of new equity). The key to the success of the LBO part-
nerships, as Jensen saw it, was the concentration of equity
ownership—much of it in the hands of management and the
board—made possible by heavy reliance on debt financing. In
Jensen’s words, “The LBO succeeded by substituting incen-
tives held out by compensation and ownership plans for the
direct monitoring and often centralized decision-making of
the typical corporate bureaucracy.”
Relying on the analytical framework presented in Jensen’s
classic article, 2 and with the benefit of a quarter-century of
hindsight since its publication, I begin this article by present-
ing some thoughts and evidence on the current state of the
public corporation. By some yardsticks, the public corpo-
ration appears to be in the midst of a pronounced secular
decline—a displacement by alternative organizational forms
that include not only the LBOs that Jensen focused on in
1989, but others that have been the focus of my own research.
In the first section of this article, I summarize evidence
of the dramatic rise during the past two decades of what
some scholars—notably, the late Larry Ribstein—have
called “uncorporate” public structures. As analyzed and
documented by Professor Ribstein and others, the growth
of “uncorporates” has been a function of several key factors,
including the demand by investors for greater transparency
and operational focus, and for more effective governance. 3
*I am grateful to Huimin Li for research assistance and to Don Chew, the editor, and
Vlado Atanasov for valuable thoughts and comments.
1. Michael Jensen, “Eclipse of the Public Corporation,” Harvard Business Review,
September-October 1989.
2. See also Michael Jensen, “Corporate Control and the Politics of Finance,” Journal
of Applied Corporate Finance, Vol. 4, No. 2, (Summer 1991), pp. 4-33.
3. See, e.g., Larry Ribstein, “Energy Infrastructure Investment and the Rise of the
Uncorporation,” Journal of Applied Corporate Finance, Vol. 23, No. 3, (Summer 2011),
pp 75-83; Conrad Ciccotello, “Why Financial Institutions Matter: The Case of Energy
Infrastructure MLPs” Journal of Applied Corporate Finance, Vol. 23, No. 3, (Summer
2011), pp 84-91.
9 Journal of Applied Corporate Finance  • Volume 26 Number 4  Fall 2014
on ROE, for nine of the ten industries, the median annual
Q ratio has actually increased over time. At the same time,
similar to the ROE findings, the interquartile range of Q
has also increased over time in every industry. Overall, the
ROE and Q findings suggest a growing separation of the best
from the rest.
In the pages that follow, I argue that these trends in ROE
and Q are associated with three main developments that have
been taking place since publication of Jensen’s article at the
end of the 1980s. First is the increasingly competitive global
marketplace for goods and services. Second is the emergence
of a deep and vigorous market for corporate control, in which
activist investors compete for the rights to influence—or, in
some cases, assume control of—corporate decision-making. 4
Third is the strengthening of internal incentives, provided by
increased equity ownership and other forms of equity-linked
compensation, to motivate the managers of public companies
to maximize the value of their firms, in some cases by selling
or otherwise divesting them. 5
During the past 25 years, the combination of these three
factors has made the surviving corporations highly efficient
while pressuring (or otherwise encouraging) poor perform-
ers to restructure. As a consequence, although the median
surviving public corporation has done a “better” job of creat-
ing value with its assets (as reflected in higher Q ratios), that
same median firm still faces a very challenging competitive
environment (as reflected in falling ROEs). Moreover, the
trends seem to have “room to run,” as the spread between
winners and losers continues to widen in terms of both profit-
ability and value creation.
Placing considerable weight on the findings of a recent
study called “Where Have All the IPOs Gone?,” I argue
that the public corporation structure has increasingly been
rewarded by the market for achieving more efficient scope and
scale, especially in a global marketplace. 6 In many industries,
rapid technological innovation, large capital requirements,
and reduced customer search costs have combined to put
pressure on the profitability of small firms. 7 Beyond the
economics of competition, large successful public corpora-
tions also have a competitive advantage at managing the
“business-government interface”—that is, at influencing
public policy decisions that affect their expected profitability
and franchise value. For example, innovative tax policies by
large multinational firms have removed much of the sting of
the corporate income tax through the use of cross-country
tax arbitrage. Together, these factors have ushered in a golden
age for the best of the best public corporations and pressure
to restructure for the rest.
Following this account of the evolution of U.S.-based
companies, I then attempt to present a more global view of the
rise of the public corporation. Since the end of the 1980s, the
world has witnessed not only the dramatic rise of dominant
multinational corporations (MNCs), but also the extraordi-
nary growth of the state-owned public corporation (typically
known as “state-owned enterprises,” or SOEs), especially in
developing countries. From the big-bang privatizations in
Eastern Europe and Russia to the gradual privatization in
China, the impact of SOEs has been profound.
Having the government as a major shareholder presents
the SOE with an array of challenges and options that are
different from those facing U.S.-domiciled MNCs. MNCs
must compete against SOEs that are likely to be heavily subsi-
dized by their governments, which are also their controlling
shareholders. But at the same time, MNCs have more freedom
代写 Are U.S. Companies Underinvesting?
Viewing the MNC and SOE as entities along a single
public corporation continuum yields an interesting insight.
Since the publication of Jensen’s “Eclipse” article in the late
’80s, the public corporation has increasingly been used by
governments as a vehicle to project economic (and politi-
cal) power on a global stage. In the case of the SOE—and
perhaps to some extent even the MNC—there is also the rise
of the power of large shareholders, and along with it a notable
increase in conflicts among different classes of shareholders
as well as the more traditional conflict between corporate
managers and their shareholders. 8
In the final section of the article, I attempt to summa-
rize the main factors influencing the evolution of the public
corporation over the past quarter century. The overall picture
is mixed. In some respects—and by some measures—the
public C-Corporation is indeed being eclipsed. Governance
and investor clientele effects are driving the extraordinary
growth of uncorporates. Intense product market competi-
tion, the need for efficient scope and scale, the rise of highly
efficient MNCs, and a well-functioning market for corpo-
rate control are significantly “thinning the herd” of public
4. For an excellent discussion of this market, and the role of private equity in forcing
public companies to become more efficient, see Karen Wruck, “Private Equity, Corporate
Governance, and the Reinvention of the Market for Corporate Control,” Journal of Ap-
plied Corporate Finance, Vol. 20, No. 3, Summer 2008, pp. 8-21.
5. See in this issue, Michael Mauboussin and Dan Callahan, “Global Capital Alloca-
tion,” Credit Suisse First Boston.
6. See Xiaohui Gao, Jay Ritter, and Zhongyan Zhao, “Where Have All the IPOs Gone?”
Journal of Financial and Quantitative Analysis, Vol. 48, No. 6 (December 2013), pp.
1663-1692.
7. Id.
8. See V. Atanasov, B. Black, and C. S. Ciccotello, “Unbundling and Measuring Tun-
neling,” University of Illinois Law Review—Issue in Tribute to Larry Ribstein. (2014), pp.
101-142; V. Atanasov, B. Black, and C. S. Ciccotello, “Law and Tunneling,” Journal of
Corporation Law 37 (1), (2011), pp. 101-151; V. Atanasov, B. Black, C. S. Ciccotello,
and S. Gyoshev, “How Does Law Affect Finance? An Examination of Equity Tunneling in
Bulgaria,” Journal of Financial Economics 96, (2010), pp. 155-173; V. Atanasov, “Is
There Shareholder Expropriation in the United States? An Analysis of Publicly-Traded
Subsidiaries,” Journal of Financial and Quantitative Analysis, 45, (2010) pp.1-26.
10 Journal of Applied Corporate Finance  • Volume 26 Number 4  Fall 2014
corporations. But in other respects, the public corporation
structure has evolved, and even thrived, over the past 25
years. Public corporation “winners” are larger, more efficient,
and arguably more influential than ever before. Moreover, the
rise of massive MNCs (and in a global context, SOEs) has
blurred the lines between business and government.
Based on the analysis of the trends discussed above, the
final section concludes with some thoughts about where the
public corporation is heading in the next 25 years.
Reasons for the Growth of Uncorporates
To help in understanding the drop in the number of public
companies, let’s begin by looking at the growth in public
uncorporate firms and the underlying reasons for that
growth. One major benefit of uncorporate structures arises
from their pass-through tax treatment; that is, similar to a
partnership, there is no income tax at the entity level. By
contrast, the C-corporation pays an entity-level tax; and if
it makes distributions in the form of dividends, the owners
owe taxes on those dividends at the applicable individual tax
rate. Pass-through tax treatment thus creates a tax incentive
to distribute cash instead of retaining it. That tax treatment
has propelled the growth of the REIT and MLP, in combi-
nation with the clientele and governance effects discussed
below.
Investor Clientele
The world’s population is aging rapidly, especially in devel-
oped nations. Birth rates have fallen below replacement levels
(approximately 2.1 children per couple) on every continent
except Africa. But even more important to the investor clien-
tele story is the increase in life expectancy contingent on
reaching normal retirement age. According to the Social
Security Administration, males who reach age 65 in the U.S.
are currently expected to live for another 19.3 years—and
for women the expectation is another 21.6 years. According
to data from the Census Bureau, the percentage of the U.S.
population over 65 will increase from 13% in 2010 to 20%
in 2050.
What do such demographics have to with the state of
the public corporation? The short answer is that shifting
demographics are creating a larger investor clientele with a
demand for current income and higher yields.
Two other widespread changes that have accompanied
demographic shifts have been accentuating these clien-
tele effects. The first is the economy-wide move away from
defined-benefit retirement plans—in the public as well private
sectors—and toward self-funded retirement in contribution
style plans. The Social Security Administration reports that
from 1980 to 2008, the proportion of private wage and salary
workers participating in defined benefit plans fell from 38
to 20 percent. Neither governments nor companies want
the burden of longevity risk, as fallout from underfunded
pensions grips a growing number of entities (think about
recent developments in the state of Illinois). Assuming the
risk of providing for their own future consumption has, at
least at the margin, altered investors’ relative preference for
income over capital appreciation.
The second is the growing difficulty of the search for yield
while avoiding significant principal risk. Thanks to a three-
decade long bull market in bonds, risk-free rates have fallen
to basically zero. Declining interest rates have triggered a
refinancing bonanza for high credit quality firms and dropped
“junk” bond rates to all-time lows, but have also brought
about an ever-increasing thirst for yield by investors. Thus,
lower interest rates and the need to fund one’s own retirement
years have increased the demand for yield products. Adding
to this demand, investors appear to have become increasingly
reluctant to convert their assets into annuities. 9
A growing stream of dividends from a high-quality
portfolio of public corporations is one possible answer to the
problem. But public corporations, as already noted, face the
burden of double taxation. While qualified dividend income
(QDI) taxation at the individual level blunts the tax burden
somewhat, the combined corporate income tax rate of 35%
and the (maximum) QDI rate of 23.8% is still quite high.
So, until quite recently, when the search for yield has become
extreme, many corporations have been relatively slow to
increase dividends.
In contrast to C corporations, uncorporate structures such
as REITs and MLPs have tax-based incentives to distribute cash
rather than retain it. Assuming they obey the tax rules, these
structures avoid the entity-level tax that corporations must pay.
Thus, the numbers of REITs and MLPs have grown markedly
in order to meet the demands of yield-oriented investors who
have been “nudged” away from fixed-income investments by
low nominal yields. This nudge is toward higher-risk products,
moving from investment grade toward “junk” debt, and even
income-producing equities. MLPs and REIT equities have
filled this demand for equity income. The assets of the typical
REIT and MLP are themselves long lived (namely, real estate
and energy infrastructure), thus matching the goal of providing
a long-lived stream of growing investment income.
In sum, demographic and retirement planning trends
suggest that the population of income-oriented investors will
continue to grow over the coming decades, which bodes well
for the popularity of uncorporate structures like the REIT
and MLP.
9. Concerns about annuities range from distrust of the strong commission-based in-
centives behind the sale of such products, product complexity, the lack of transparency
into annuity costs, and the inability to access larger sums of money when needed once
distributions have started. See Jeffrey Brown, “Understanding the Role of Annuities in
Retirement Planning.” In Annamaria Lusardi, ed., Overcoming the Savings Slump: How
to Increase the Effectiveness of Financial Education and Saving Programs. University of
Chicago Press. 2009. pp. 178- 206.
11 Journal of Applied Corporate Finance  • Volume 26 Number 4  Fall 2014
Similarly, the REIT has become an attractive structure
for corporate conversions, thanks to its tax, clientele, and
governance advantages. The traditional boundaries of this
form have also widened. Growing from its roots in multi-
family and commercial real estate, REITs have become
the structure of choice for such rapidly growing entities
as Health Care Properties and American Tower. In recent
years, the expansion of REIT status has occurred mainly
through Private Letter Rulings that have extended the
REIT qualification to other kinds of assets, notably energy
and telecommunications infrastructure. 15 Based on data
from REIT.com, in 2003 there were 171 REITs with a
market capitalization of about $224 billion. By 2013, the
number of REITs had grown to 202 with a total market cap
of $670 billion.
But even as MLPs and REITs are growing substantially
in numbers and market capitalization, they are still small
in number and size relative to publicly traded corporations.
They now comprise well less than 10% of all publicly traded
firms and about 5% of total market capitalization. And to
put size into perspective, consider that in 2013 the market
capitalization of Exxon alone, about $400 billion, repre-
sented nearly 80% of the value of the entire MLP sector.
While the size and number do look small when set
against those of public corporations, the growth of the
uncorporate forms is testimony to the importance of inves-
tor clientele, tax treatment of distributions, and governance
factors when choosing an organizational form. But these
are not the only major contributors to the decline in the
number of public companies. We now consider some other
important factors.
Decline in the Number of Public Corporations
Profitability and Valuation Trends
Having discussed the underpinnings and growth in the
number and size of uncorporates, let’s now look more closely
at the striking drop in the number of public corporations.
Near the end of 2013, Michael Santoli wrote in Barrons,
“The Wilshire 5000 is the oldest index that seeks to replicate
the entire U.S. market. It never had exactly 5,000 stocks
(that was just a marketing-driven estimate) but it often came
close. Today (December 6, 2013), it contains just over 3,600
names.” 16 Citing data from Strategas Group, Santoli states
that the number of companies traded on U.S. exchanges
peaked at 8,800 in 1997 and had fallen to 4,900 by the end
of 2012. 17
Governance
While tax and investor clientele are significant considerations
when choosing an organizational structure, I argued many
years ago—first in my Ph.D. dissertation and later in
published papers—that governance is also an important
aspect of the uncorporate restructuring. 10 Strict tax rules
and a clientele that demands distributions drive operational
focus, and the need for efficiency and transparency. 11 Firms
in the MLP structure that cut distributions tend to be
harshly treated, as the Boardwalk MLP distribution cut in
early 2014 demonstrates. 12
And as Jensen argued in “Eclipse” and elsewhere,
the C-Corporation form does not necessarily provide
effective incentives for either focus or cash distribution;
and unless acted upon by outside forces, the natural tendency
of managers of public corporations to pursue growth at the
expense of profitability and value has often led to excessive
diversification and other ways of “wasting” corporate
“free cash flow.” As Jensen defines it, “free cash flow” is
the operating cash flow that cannot be profitably
reinvested in the company; and because of the above-noted
tendency to waste such cash flow, it must be paid out to
shareholders to help ensure that the companies will maximize
their value.
Compared to the hostile takeovers and LBOs applauded
by Jensen, MLPs were a relatively “quiet restructuring” that
incentivized mature businesses to pay out cash and meet
the needs of their income-oriented clientele. 13 Qualification
rules drive distribution policy in REITs. In order to qualify
as a REIT, a company is required to pay out at least 90% of
its taxable income each year to shareholders as dividends.
Growth of Uncorporate Forms
Up to this point I have discussed trends in demographics,
investor clientele, and governance that have all contributed
to the uncorporate restructuring movement. This section
outlines the actual growth in these forms.
According to data from Wells Fargo Securities, there
were 32 MLPs in 2003 with a total market capitalization
of $45 billion. By 2013, the number of MLPs had grown to
107 and the market capitalization approached $500 billion.
This spectacular growth has been fueled in large part by the
build-out of energy infrastructure that has accompanied the
U.S. shale revolution. 14 Passage of the MLP Parity Act, which
would open the structure to alternative energy firms, could
lead to even more growth.
10. See Conrad Ciccotello and Chris.Muscarella. “Contracts between Managers and
Investors: A Study of Master Limited Partnership Agreements,” Journal of Corporate Fi-
nance 7, (2001), pp. 1-23; Conrad Ciccotello and Chris.Muscarella. Matching Organi-
zational Structure With Firm Attributes: A Study of Master Limited Partnerships, Review
of Finance, 1, (1997), pp. 169-191.
11. See Ribstein, supra note 3.
12. Boardwalk’s MLP units fell by about 50% in value in response to a distribution
cut from $0.532 to $0.10 per quarter. See http://247wallst.com/infrastruc-
ture/2014/02/10/is-boardwalk-just-the-start-of-nat-gas-mlp-woes/.
13. See John Kensinger and John Martin. “The Quiet Restructuring,” Journal of Ap-
quartile range.” This range is the difference between the 25th
and 75th percentiles, and is a simple measure of dispersion.
With the annual percentile rankings by industry as input,
I then obtained the median 25th, 50th (median), and 75th
percentile values (and interquartile ranges) from the distri-
butions of annual performance. From the median annual
values in the two (24-year) time periods (1966-1989 and
1990-2013), I observe time trends.
Figure 3 shows the results over the two 24-year time periods.
In the case of the ROEs, the pattern is striking. In nine of the
ten industries in my sample, the median (of annual medians)
for the later time period (1990-2013) turned out to be lower
than that for the earlier period (1966-1989). And some of the
differences were quite large. In the case of Oil and Gas, for
example, the median of annual median ROEs was 8.83% for
the 1966-1989 period, and 4.40% for the 1990-2013 period.
And in both Business Services and Professional Services, the
drops in median annual ROE were from above 12% (12.51 and
12.81, respectively) to roughly 7% (7.23 and 6.29).
In this section, I investigate the reasons for this decline. I
begin by examining trends in corporate performance. Using
the Compustat database, I study companies that appear in
ten different two-digit Standard Industrial Classifications
(SICs). Figure 1 shows that these ten two-digit industries
give broad representation to different sectors of the economy
as they are spread across nine different one-digit SICs. And
as also noted earlier, I look at the performance of these ten
industries over the 48-year period from 1966 through 2013.
For each of the ten industries in my study, Figure 2 shows
the beginning (1966), peak, and current (2013) number of
companies listed on Compustat. All of the industries exhibit
a common pattern of falling numbers. But the timing of
the peak year, and thus the beginning of the decline, varies
considerably among industries. The earliest peaks in terms
of numbers of companies take place in the categories of
department stores and variety retailers (SIC 53xx)—which
reached a maximum of 103 companies in 1974 (and had
fallen to 19 in 2013)—and of auto and aircraft manufacturers
(SIC 37xx), where the peak level of 175 companies in 1975
had dropped to 94 by 2013. As for the most recent industries
to peak, communications (SIC 48xx) reached a high of 310
companies in 2000, which was down by almost two thirds to
112 in 2013. And chemicals and allied products (SIC 28xx),
which had 640 companies as recently as 2006, had fallen by
almost half to 371 seven years later.
The total decline in the number of publicly traded
companies for the ten industries measured in terms of
the peak for each industry is over 2,300, representing
approximately 60%. By comparison, the growth in the
numbers of uncorporates is small. And even if we assume
that each of these new uncorporates was converted from the
public corporate form (which is clearly an exaggeration), the
g代写 Are U.S. Companies Underinvesting?
35 XX Computers & Office Equipment
37 XX Auto & Aircraft Manufacturing
48 XX Communications
53 XX Retail – Department/Variety
65 XX Real Estate
73 XX Business Services
87 XX Professional Services
Figure 2 Number of Compustat Firms by Year
in Ten Different Industries
Industry Beginning
(1966)
Peak
(Number)
Peak
(Year)
Current
(2013)
Agriculture –
Crops
9 20 1996 15
Oil and Gas 74 441 1982 210
Chemicals and
Allied Products
162 640 2006 371
Computers &
Office Equipment
234 574 1995 190
Auto & Aircraft
Manufacturing
146 175 1975 94
Communications 50 310 2000 112
Retail –
Department/
Variety.
61 103 1974 19
Real Estate 34 163 1978 45
Business
Services
64 1344 1999 524
Professional
Services
27 217 1998 72
Total 861 3987 1652
13 Journal of Applied Corporate Finance  • Volume 26 Number 4  Fall 2014
Figure 3 Dupont Decomposition of Median Annual
Return on Equity (ROE) in Ten Industries
Early Period (1966-1989) Compared to
Later Period (1990-2013)
Industry Return on
Equity (%)
Net Profit
Margin (%)
Asset
Turnover
Equity
Multiplier
Agriculture – Crops 9.37 – 5.81 5.22 – 3.46 0.88 – 0.63 2.06 – 1.93
Oil and Gas 8.83 – 4.40 9.27 – 3.57 0.33 – 0.33 1.78 – 1.83
Chemicals and
Allied Products
12.64 – -0.39 5.00 – -23.19 1.29 – 0.46 1.73 – 1.34
Computers &
Office Equipment
11.04 – 7.67 4.04 – 1.86 1.27 – 0.99 1.83 – 1.63
Auto & Aircraft
Manufacturing
11.76 – 11.82 3.50 – 2.70 1.52 – 1.15 2.11 – 2.20
Communications 12.86 – 6.21 10.98 – 2.14 0.40 – 0.49 2.49 – 2.01
Retail –
Department/Variety
10.94 – 10.39 2.38 – 1.72 2.11 – 1.95 2.28 – 2.20
Real Estate 6.13 – 4.89 6.18 – 3.41 0.23 – 0.22 2.66 – 1.91
Business Services 12.51 – 7.23 3.77 – 0.90 1.17 – 0.88 2.01 – 1.50
Professional
Services
12.81 – 6.29 2.98 – 0.56 1.49 – 1.01 2.02 – 1.68
Net profit margin is net profit/sales; asset turnover is sales/assets, and equity multi-
plier is assets/equity.
Industry Return on Equity
(25 th Percentile)
Early Later
Return on Equity
(75 th Percentile)
Inter-Quartile
Agriculture – Crops 5.19 – -2.73 15.49 – 13.37 10.30 – 15.60
Oil and Gas -0.52 – -10.46 15.94 – 14.27 16.46 – 24.73
Chemicals and
Allied Products
7.68 – -52.91 18.64 – 22.12 10.96 – 75.03
Computers &
Office Equipment
5.02 – -10.07 18.09 –19.05 13.07 – 29.12
Auto & Aircraft
Manufacturing
5.44 – -0.88 17.73 – 21.39 12.29 – 22.27
Communications 8.15 – -16.26 16.22 – 24.50 8.07 – 40.76
Retail – Depart-
ment/Variety.
7.53 – 2.67 16.42 – 17.36 8.89 – 18.03
Real Estate -2.28 – -6.74 18.39 – 18.46 20.67 – 25.20
Business Services 3.17 –-14.01 21.39 – 21.42 18.22 – 35.43
Professional
Services
2.61 – -22.29 20.01 – 18.72 17.40 – 41.01
pattern. In the latter period (1990-2013), the median annual
interquartile range of ROE was higher in all 10 industries
(relative to the 1966-1989 period). Several of the increases in
median annual interquartile range between the time periods
are strikingly large, such as those recorded for the Chemicals
and Allied Products, and Communications industries.
But even as the median ROE is tending to decline over
time, it is interesting to note that the pattern does not hold
at the 75th percentile. Figure 4 shows that ROE at the 75th
percentile does not tend to decline in the latter period (1990-
2013). This is more evidence of the growing spread between
top-quartile winners and other firms. Winners are achieving
higher levels of return on equity, even as more competitive
product and service markets continue to drag down the
median ROE.
As a measure of operating performance, ROE has the
limitation that it fails to introduce any aspect of market
valuation into the analysis. To complement the ROE
analysis, I examined trends in Tobin’s Q using the same
methods that I used when analyzing ROE. Tobin’s Q is
computed as the ratio of market value of assets to book
value of assets. Q is proxy for the market’s assessment of
management’s value added, its effectiveness in using the
firm’s assets.
The Dupont decompositions of ROE in Figure 3 show
that a significant part of the reductions were attributable
to shrinking profit margins; indeed, all ten industries
had lower median net margins in the latter period. Some
margin declines were particularly striking, especially those
experienced in the Chemicals and Allied Products and
Communications industries. But thinner margins do not
explain the entire decline in ROEs. Asset turnover also
generally declines in the latter period, and so does the equity
multiplier.
The results summarized in Figure 3 suggest that
competition in product and service markets has been
increasing over time. All else equal, lower profit margins
suggest greater competition. But that said, it’s important
to recognize that the possibility that direct comparison of
accounting metrics over long periods of time can be distorted
by a consistent bias. Many accounting rules have changed
since the 1960s. One change that might decrease reported
profitability is the trend toward the use of accelerated
depreciation methods over time. 18
Recognizing the potential problems with comparisons of
median values, I also examined trends in dispersion over time.
Figure 4 shows the median annual interquartile range over the
same two 24-year periods. Rather than declining over time
like the median, the interquartile range shows the opposite
Figure 4 Median Annual 25th and 75th Percentile
Return on Equity in Ten Industries
Early Period (1966-1989) Compared to
Later Period (1990-2013)
18. ROE results do hold across both capital-intensive and service industries, so de-
preciation bias is not a clear-cut explanation for the sample at large.
14 Journal of Applied Corporate Finance  • Volume 26 Number 4  Fall 2014
As reported in Figure 5, the median annual Q ratio, in
contrast to the ROE results, was higher in eight of the ten
industries in the later time period. But, similar to the pattern
for ROEs, the interquartile range in Q, as shown in Figure 6, is
growing over time. In nine of the ten industries I studied, the
median interquartile Q was higher in the later period than the
earlier period (and in one industry it remained unchanged).
In the study I cited earlier called “Where Have All the
IPOs Gone?,” the authors (Gao, Ritter, and Zhao) assert
that growing economies of scope are likely to be the most
important explanation for the decline in the number of public
companies. 19 The product and customer advantages possessed
by large public firms make it difficult for new entrants to
compete. The capital requirements necessary to take advantage
of scope and scale economies are vast, and the time that capital
market investors allow new public firms to show positive
results is shrinking (as discussed in the next section). In a
similar vein, a study by Brau and Fawcett relies on survey data
to argue that the most often cited reason companies go public
is to make acquisitions. 20 And consistent with this argument,
those companies that do go public seem increasingly eager to
sell themselves to larger firms when they perceive that they
are unable to compete in the medium to longer term. 21 So
the game appears to be either to go public to acquire, or to
be acquired.
The Development of the Market for
Corporate Control22
One of the main forces leading to the drop in the number
of U.S. public companies has been the operation of the U.S.
market for corporate control. Introduced by Henry Manne
as early as the 1960s, the concept of a corporate control
market was refined and documented by Michael Jensen and
his colleague Richard Ruback in the early 1980s, during the
first U.S. wave of debt-financed hostile takeovers and lever-
aged buyouts. Defined by Jensen and Ruback as “the market
in which alternative management teams compete for the right
to manage corporate resources,” the concept of a market for
corporate control was “an extension of the managerial labor
market.” 23 The basic idea is that if the current team of manag-
ers at a public firm is not employing resources efficiently, and
the company’s board fails to act, outside forces will ensure
that the management team will be replaced by another, gener-
ally more effective, team. This team could come from another
public company through a takeover or be supplied by an
“unaffiliated” group of investors.” 24 But either way, the under-
lying expectation that the new management will improve
Figure 6 Median Annual 25th and 75th Percentile
Q-Ratio in Ten Industries
Early Period (1966-1989) Compared to
Later Period (1990-2013)
19. See Gao, Ritter, and Zhao, supra at note 6.
20. Se
Chemicals and
Allied Products
1.05 – 1.54 2.74 – 4.99 1.69 – 3.55
Computers & Office
Equipment
0.94 – 1.15 1.85 –2.72 0.91 – 1.57
Auto & Aircraft
Manufacturing
0.94 – 1.08 1.41 – 1.94 0.47 – 0.86
Communications 1.01 – 1.20 1.82 – 2.39 0.81 – 1.19
Retail – Depart-
ment/Variety.
0.91 – 0.96 1.35 – 1.76 0.44 – 0.80
Real Estate 0.86 – 0.92 1.36 – 1.82 0.50 – 0.90
Business Services 1.09 – 1.34 2.46 – 3.87 1.37 – 2.53
Professional
Services
1.13 – 1.14 2.62 – 3.46 1.49 – 2.32
Figure 5 Median Annual Q-Ratio in
Ten Industries
Early Period (1966-1989) Compared to
Later Period (1990-2013)
Industry Median Annual Tobin’s Q Ratio
Agriculture – Crops 1.18 – 1.08
Oil and Gas 1.38 – 1.36
Chemicals and Allied Products 1.57 – 2.71
Computers & Office Equipment 1.23 – 1.57
Auto & Aircraft Manufacturing 1.10 – 1.33
Communications 1.29 – 1.57
Retail – Department/Variety. 1.06 – 1.24
Real Estate 1.03 – 1.15
Business Services 1.50 – 2.14
Professional Services 1.57 – 1.77
Tobin’s Q ratio is the ratio of market value of assets to book value of assets. Market
value of assets is the sum of book value of assets and market value of common stock less
the sum of book value of common stock and deferred taxes.
15 Journal of Applied Corporate Finance  • Volume 26 Number 4  Fall 2014
The Role of Private Equity. In some cases, the buyers
of public companies (or their assets or divisions) have been
other public companies. But in other cases, the buyers of
public companies—and especially their “underperforming
divisions”—have been private equity firms.
Consistent with Jensen’s prediction in 1989, during the
last 25 years, leveraged private
of 2007, the global volume of announced private equity deals
approached $400 billion, accounting for almost 30% of a $1.4
trillion global M&A market. And before the onset of the
current credit crunch in the summer of 2007, the abundance
of low-cost financing was making it very difficult for corpo-
rate buyers to compete with “financial” buyers in not just
traditional “cash-cow” industries, but areas like health care,
energy, and technology that were previously thought to be
“unleverageable.”
During the financial crisis that followed, private equity
firms were forced to undertake a massive restructuring of
many of their portfolio companies. But after working down
the mountain of maturing debt that was widely believed
to threaten its existence, the industry has rebounded with
remarkable vigor. And for the past few years, private equity
transactions are said to have accounted for about 15-20% of
total corporate M&A.
What accounts for private equity’s remarkable success
and resilience? As Ohio State professor Karen Wruck argued
in this journal, private equity addresses major conflicts
between management and shareholders over corporate size,
the efficiency and value of the acquired firm is based on the
new team’s (or their backers’) willingness to pay a significant
premium over market to acquire control.
The main actors during the leveraged takeovers and buyouts
of the 1980s were activist investors (also known as “corporate
raiders”) like Boone Pickens and Carl Icahn. But after the
combined forces of recession and regulation effectively shut
down the leveraged deals that proliferated during the second
half of the 1980s, the 1990s saw the emergence of U.S. institu-
tional investors as important players in the market for corporate
control. Addressing the “collective action” problems faced by
individual investors, control-minded institutional investors such
as Blackrock teamed up with pension funds (like CalPERS),
and hedge funds to exert pressure on companies to increase their
profitability and value. Though institutional investors clearly
exhibit very different levels of activism, it’s important to recog-
nize that, by the end of 2010, they collectively owned about
70% of the shares of U.S. non-financial public corporations,
up from about 20% ownership in 1980. 25
One of the major effects of such growing institutional
ownership has been a notable shift in the design of top
management compensation toward stock options and,
more recently, restricted stock. 26 Stock-based management
compensation has arguably created stronger incentives for
managers to increase value by selling or spinning off assets
that are clearly worth more outside than inside the firm
(“addition by subtraction”). The fact that the premiums paid
to selling companies’ shareholders are often 40 to 50 percent 27
over current market price helps explain the pressure to sell
underperforming businesses or assets now coming from the
growing number of institutions and investor activists. But in
combination with these pressures, the increase in stock-based
incentives also makes it clear why top managers have become
more receptive to such offers.
T
ake the case of Clayton & Dubilier’s buyout of lawn care
company O.M. Scott from the conglomerate ITT in
the late 1980s. After taking control of the company, C&D
set up a five-person board consisting of Scott’s top manager
under ITT, three C&D partners, and an outside director
with operating experience. The C&D partners represented
over 60% of the equity, while management and employees
held an equity stake of 17.5%. Before the buyout, Scott’s
top executive was one of many division managers in ITT’s
consumer products group who reported a few times a year
to ITT headquarters and whose “equity” consisted of stock
options in ITT (which was governed by an 11-person board
with combined stock ownership of just 0.6%). After the
buyout, Scott’s manager was the CEO and 10% owner of
a standalone company, reporting at least weekly to a board
representing 70% of the stock.
Clayton & Dubilier
25. See Roni Michaely, Jillian Popadak, and Christopher Vincent, “The Deleveraging
of U.S. Firms and Institutional Investors’ Role,” available at http://papers.ssrn.com/sol3/
papers.cfm?abstract_id=1941902.
26. See in this issue, Michael Mauboussin and Dan Callahan, supra note 5.
27. Id.
28. Wruck, supra note 4. See also Huimin Li, The Evolution of Family Firms: The Exit
of Founding Families and the Survival of Family IPOs, Dissertation, Georgia State Uni-
versity, 2014, available at http://scholarworks.gsu.edu/finance_diss/26.
16 Journal of Applied Corporate Finance  • Volume 26 Number 4  Fall 2014
risk-taking, and payouts through three main features: high
leverage, concentrated ownership (made possible by the lever-
age), and vigorous oversight of top management by a small
and intensely interested board of directors.
What does the post-crisis resurgence of private equity
say about the future of U.S. public companies? The main
message coming out of academic research in this area is that,
although private equity has made major incursions into areas
once dominated by public equity, the economic functions of
private and public equity are better viewed as “complements”
than mutually exclusive “substitutes”—that is to say, there is
room for public as well as private companies. And perhaps
even more important, the governance and performance of
public companies are improving as a result of the success and
influence of private equity.
The future projected by Wruck and most finance schol-
ars is one in which public companies continue to prevail in
control contests involving large synergies between buyer and
seller, and where the risk-bearing benefits of public ownership
are greatest—namely, in “riskier industries with significant
economies of scale and growth opportunities requiring large,
ongoing investment and infusions of equity.” 28 But in the
meantime, private equity will continue making inroads into
mature industries (think about Dell and PCs) with “relatively
stable cash flows, limited growth opportunities, and modest
ongoing investment and capital-raising requirements.”
Wruck also notes increasing signs of collaboration or
“convergence” between private and public equity. Private equity
firms have increasingly been taking minority equity stakes
(called PIPES) in public companies, resulting in significant
improvements in such companies. And many public compa-
nies have continued, and will continue, to take pages out of the
private equity playbook, as reflected in increased payouts, stron-
ger equity incentives for managers, and smaller, more effective
boards of directors—all of which bodes well for the productivity
and competitiveness of U.S. public companies.
First, the technology boom that drove large-tech firms’ valua-
tions skyward through the mid-to-late 1990s collapsed in
2000-2002. During the run-up in stock prices, a number
of firms were serial acquirers and innovators in off-balance
sheet financing. While stock prices rise, the level of happi-
ness among investors tends to rise as well. When returns go
negative, there is considerable unrest, and the search begins
for those responsible.
Enron, WorldCom, and Tyco were the regulatory poster
children for the busting of the first bubble. Issues included
the use of aggressive merger and acquisition accounting,
off-balance sheet entities, and complex derivatives to increase
reported earnings and assets, while reporting lower expenses
and hiding liabilities. The regulatory aftermath was the
Sarbanes Oxley Act (SOX) and related stock exchange rules.
These regulations attempted to strengthen the audit function
by adding mandatory levels of independence and competence,
as well as rules surrounding conflicts of interest. 29
By the latter part of the last decade, the real estate bubble
had burst. The regulatory reaction was Dodd-Frank, another
omnibus piece of governance legislation containing an array of
requirements promoting financial stability, while addressing
governance shortfalls by provisions supporting whistleblow-
ers, and requiring votes on executive compensation. 30
Have the Federal forays into corporate law tipped the
needle against being public? Research suggests that for the
smallest public firms, the direct costs are significant. 31 While
Gao, Ritter, and Zhao argue that regulation is not the primary
reason for the decline in public corporations, they rely solely
on data they can observe. 32 But a significant proportion of the
costs of regulation for public firms may well be unobservable.
These can take the form of management time, distraction, lost
opportunity from dealing with sets of one-size-fits-all rules,
and concerns about the impact of future changes in both the
regulations and the enforcement of them.
The world of communications has also changed a great
deal since the late 1980s. First of all, modern communications
technology makes it difficult not to have a stock quote in front
of you during each moment you are awake (CNBC anyone?).
“Evaluation horizons” have clearly become shorter for not only
retail investors in stocks but for institutions who compete
in what might be described as annual (or even quarterly)
“performance tournaments.” As a consequence, the myopia
of public companies is suspected to be real and growing. In
a study of public and private U.S. companies by John Asker,
Joan Ferre-Mensa, and Alexander Ljungqvist, the authors find
that private companies invest “substantially” more than public
29. Sarbanes–Oxley Act of 2002 (Pub.L. 107–204, 116 Stat. 745, enacted July 30,
2002. For a critique, see Romano, Roberta. “The Sarbanes-Oxley Act and the Making of
Quack Corporate Governance.” Yale Law Review 114, (2005), pp. 1521-1610.
30. For a summary, see Dodd-Frank Wall Street Reform and Consumer Protection Act
(2010), available at http://www.sec.gov/about/laws/wallstreetreform-cpa.pdf.
31. See Linck, J. S., J. M. Netter, and T. Yang. “The Effects and Unintended Conse-
quences of the Sarbanes-Oxley Act on the Supply and Demand for Directors.” Review of
Financial Studies 22,(2009), pp. 3287-3328.
32. See Gao, Ritter, and Zhao, supra note.6.
33. John Asker, Joan Ferre-Mensa, and Alexander Ljungqvist, “Corporate Investment
and Stock Market Listing: A Puzzle?,” forthcoming in the Review of Financial Studies.
1
Thanks to this winnowing process, the public company selec-
tion towards winners is becoming stronger over time.
The public company U.S. market has also become
increasingly subject to global forces. Global competition is not
new to the U.S. But in the last 25 years, the world’s product
markets have become significantly more competitive. Many
of the formerly centrally planned economies have engaged
in privatization ranging from the “Big Bang” approaches
in Eastern Europe and Russia to gradual privatization
in China. At the same time, a number of countries with
market economies, such as South Korea, have developed
and refined economic models in which the business and
government sectors are very close to each other. 36 While
government controlled businesses can be very inefficient,
some government-subsidized businesses have demonstrated
their ability to become effective competitors in the global
marketplace. 37
Domestic and Multinational Leverage. What do these
two trends mean for the public C-Corporation? The growth
of MNCs (and SOEs) suggests that many public corpora-
tions now exercise degrees of power or influence that blur the
lines between private business and government. In the global
economy, comparative advantage in a number of sectors
now rests on the leverage brought about by the enormous
scale and scope of these corporations. In this section, I will
describe four aspects of this leverage that speak not of eclipse,
but of evolution toward even greater corporate global power.
companies, and that private companies are nearly four times
as responsive to perceived investment opportunities. 33
For public companies, the window to demonstrate strong
stock performance does not stay open long before restructur-
ing pressure begins. The result is an end-game strategy for
non-winners in public company tournaments. Restructure to
emphasize returns (i.e., cut costs), be acquired, or go private.
As argued above, this operation of the market for corporate
control may indeed be efficient. However, the relentless short-
term pressure in the public company world tips the needle
toward another structure.
Second, the media-saturated economy often casts the public
company “winners” in a less than favorable light. Consider the
issue of public-company CEO pay in the current environment
of high un(under)employment and stagnant overall wage
growth. Setting aside the issue of whether the “CEO is worth
it,” the populism that communications technology leverages is
a growing challenge for public firms. 34 Being privately owned
does not immunize a firm from this treatment, but it certainly
reduces the exposure to negative press.
The Rise of the Public Corporation
Having examined the evidence of a shrinking public corpo-
rate sector, let’s now turn to the growth aspect—of which
there is also impressive evidence.
While public company numbers may be down markedly
from the peak, the market capitalization of public compa-
nies is not. Based on data from the World Bank, the market
capitalization of publicly traded stocks in the U.S. in 1990
was $2.0 trillion; and by 2012, that figure had grown to $18
trillion. Thus, there is little sign of an eclipse in terms of
market capitalization.
In this section, I offer two perspectives. First, I return to
the ROE and Q analysis of the prior section and discuss the
implications of strong performance. Second, I examine how
the public corporation form can leverage “winners” in both
a domestic and multinational context.
Strong Performance. In the ROE and Q analysis
presented earlier, one common theme was the growing inter-
quartile range in performance over time. One reason that the
interquartile range can grow is that the winners are getting
stronger. As reported earlier in Figure 4, in seven of the ten
industries in my study, the median 75th percentile ROE was
higher in the later period (1990-2013) than the earlier period
(1966-1989)—even as the median ROE was falling in nine
out of ten industries. So if there is some downward bias in the
distribution of profitability over time attributable to changes
34. The challenge is similar to the one Jensen (1991) describes in reference to media
attacks on LBOs. See Jensen, supra, note 2.
35. One might argue that there is an upward time bias in Q. For example, the cost of
capital has declined in the latter half of the sample period due to declining interest rates,
thus inflating Qs. However, the increase in Q at the 75 th percentile in the latter period is
still sufficient to widen the interquartile range in nine of the ten industries over time (as
Figure 6 shows).
36. See, e.g., Bernard Black, Hasung Jang and Woochan Kim, Does Corporate Gov-
ernance Affect Firms’ Market Values? Evidence from Korea, Journal of Law, Economics
and Organization 22 (2006), pp. 366-413 (2006).
37. See Tim, Hepher, U.S. to rap European Union over compliance in Airbus subsidy
dispute, Reuters, April 16, 2013.
18 Journal of Applied Corporate Finance  • Volume 26 Number 4  Fall 2014
The first aspect of this leverage is financial, and based on
tremendous balance sheet strength. Summarizing a number
of studies showing the declining profitability of small firms
over the last few decades, Gao, Ritter, and Zhu point to
three factors: technology, globalization, and reductions in
consumer search costs. Each of these factors is a magnifier
of advantage, leading to a “winner-take-all tendency.” 38 In
this environment, MNC and SOE financial strength and size
permit them to “buy” instead of “build” and stay ahead of
rapidly changing markets. Financial strength itself has been
magnified in the environment of low nominal interest rates
that has prevailed over for much of the last two decades. In
recent years, interest rates have plummeted as central banks
have engaged in efforts to stimulate weak economic growth.
Financially strong corporations have been able to obtain
(and refinance) large amounts of debt capital at extremely
attractive rates and terms. One example is Verizon’s “record
breaking” $49 billion debt offering in 2013, which was
followed in 2014 by the sale of ten-year fixed rate debt at
1.35% annual interest. 39
Beyond the sheer magnitude of financial capital
required to compete successfully in the global marketplace,
political contacts fuel the “winner-take-all” world. For large
international projects, the political connections necessary
to gain assurances regarding a range of issues, such as
employment terms or environmental rules, typically reside in
only a very small number of firms. To cite just one example,
John Chambers of Cisco is known for negotiating with
high-level government officials when proposing overseas
operations or sales. 40
The second aspect of leverage is the global nature of the
corporate structure itself. Unlike the uncorporate structures,
the corporate form “scales” very well across international
boundaries. While there are certainly different governance,
exchange listing, and tax rules for public companies that
operate in different countries, the corporate structure is the
global standard for business. Structures like the MLP or
REIT tend to be suited only for specific tax jurisdiction, and
cannot be “transported” readily across national boundaries.
The third element of this leverage is tax. The U.S.
corporate tax rate of 35% is a massive outlier. Thus, the
“wedges” in tax rates across countries offer valuable real
options for MNCs to structure dealings so as to minimize
their U.S. corporate tax burden. For example, although
Apple is best known for its innovative products, it has
also achieved considerable notoriety for its prowess in tax
avoidance. Apple headquarters some of its operations in
Ireland, which has a 12% corporate tax rate (as compared
to 35% in the U.S.), thus taking advantage of an array of
innovative tax strategies such as “the Double Irish.” 41 More
broadly, Reuters has estimated that 37 of the top technology
firms in the U.S. pay an average tax rate of 6.8% on their
non-U.S. earnings. 42
In 2010, the Government Accountability Office
estimated that MNCs paid an average tax rate of 12.6%,
accomplished largely by “stashing” cash abroad. 43 According
to Bloomberg, MNCs have accumulated $1.95 trillion
outside of the U.S. What’s more, in one year three U.S.-based
companies—Microsoft, Apple, and IBM—accounted for
almost 20% of the increase in total U.S. corporate overseas
cash holdings. 44 Viewed in this light, the recent attempts of
U.S. companies to shift their headquarters overseas through
highly controversial “tax inversions” are just another (albeit,
extreme) form of the tax-minimizing search for lower-tax
jurisdictions. 45
More generally, the growing size and complexity of the
regulatory interface between business and government also
favors large corporations, which have the scale to make the
largest political contributions as well as employ the best
legal and accounting advisors. There is academic evidence
that these expenditures pay off handsomely. Recent studies
have shown a strong positive association between corporate
political contributions and stock returns. 46 And according
to one estimate, the return to lobbying expenditures has
exceeded $220 for every dollar spent on lobbying. 47
From 1990 to 2013, the number of pages of rules in
the Federal Register has grown from 14,179 to 26,417, an
increase of over 85%. As the number and complexity of rules
and regulations has grown over time, the ability to perform
efficiently demands access to government officials who can
(and will) make decisions. Beyond lobbying for change to
the rules, the MNC comparative advantage may also be the
preferred access to reviewers and regulators who can cut
through the red tape.
38. See Gao, Ritter, and Zhu, supra note 6.
39. See http://www.bloomberg.com/news/2014-10-22/verizon-said-to-plan-four-
part-bond-sale-to-refinance.html.
40. See Mehak Chawla, “Cisco CEO John Chambers thinks Prime Minister Narendra
Modi can ‘turnaround’ India” ECONOMICTIMES.COM Aug 14, 2014, available at http://
articles.economictimes.indiatimes.com/2014-08-14/news/52807718_1_cisco-ceo-
john-chambers-china-and-india-key-emerging-markets.
41. See “Double Irish with a Dutch Twist,” New York Times, April 28, 2012,
available at http://www.nytimes.com/interactive/2012/04/28/business/Double-Irish-
With-A-Dutch-Sandwich.html?_r=0.
42. See Tom Bergin, It’s Not Just Google, July 23, 2013, available at http://graphics.
thomsonreuters.com/13/07/BIGTECH-TAXES.pdf.
43. See Andrew Ross Sortkin, “Tax Load Lighter than It Looks,” New York Times,
August 31, 2014.
44. See Richard Rubin, Cash Abroad Rises $206 Billion as Apple to IBM Avoid Tax.
M
Second, the pressure on public companies brought about
by the combination of a competitive product market and a
vigorous market for corporate control will continue. And as a
consequence, the number of publicly traded corporations will
continue to fall. As the last two decades have witnessed, some
of this decline will be the loss of the “public” part as some of
The Evolution of the Public Corporation—
The Next 25 Years
In this final section, I will start by summarizing the argu-
ments made in the article and then close by offering my
thoughts about the next 25 years for the public corporation.
Summary. Over the past 25 years, the public corpora-
tion has been eclipsed in some respects while thriving in
others. Measured by the number of publicly traded compa-
nies, the organizational structure is in serious decline.
In each of the ten industries I examined, the number of
public firms has peaked years ago; and measured from each
industry’s peak to year end 2013, the number of public
corporations in the sample of ten representative industries
has declined by about 60%.
I offered several reasons for the decline in numbers of
public corporations. First is the growth of public uncorporates,
like MLPs and REITs, which have rules and incentives to
distribute cash instead of retaining it. These uncorporate
forms are a good match for a growing clientele of investors
who need current income, given demographic shifts and the
decline in private and public pensions. Second is the growth in
the vigor and depth of the market for corporate control, which
when coupled with the highly competitive global product and
service markets and management’s stronger equity-based-
compensation incentives (to sell out for a premium), has
led to a “thinning of the herd” of public companies. Third
is the major change in the regulatory and communications
environment of the public corporation—an environment
whose main features are (1) a dramatically expanded, one-size-
fits-all substantive federal regulatory regime, and (2) a degree
of media saturation that ensures that populist issues like
executive pay get dragged into the spotlight.
But while the number of public companies has fallen,
the market capitalization of those that remain has rocketed
upward. While the number of public companies has
dropped by roughly half over the past twenty years, the
market capitalization has increased by approximately a
factor of ten. The top public MNCs of the present day are
some of the most influential organizations not only in the
U.S., but around the globe.
In sum, the public corporation has not been eclipsed, it
has evolved. Successful MNCs have levered public corpora-
tion status in several ways. First is the economic leverage
of the public capital markets, which has helped companies
amass the balance sheets to execute large projects. Second,
MNCs have shown their ability to leverage relationships,
particularly with governments, both overseas as well as at
home. Third, MNCs have levered the ability to arbitrage tax
rules across countries.
48. Ciccotello and Muscarella, supra note 10.
49. The “Halloween Massacre” is an example of a decisive action by a government
concerned about the proliferation of uncorporate forms—in this specific case, income
trusts. Taken over a weekend in 2006, this measure effectively preempted the risk of a
large scale-migration by Canadian public corporations to the trust form in order to avoid
entity level taxation. See Barbara Balfour, “The income trusts ‘Halloween massacre’:
handling the fallout one year on,” The Lawyers Weekly, September 14, 2007, available
at http://www.lawyersweekly.ca/index.php?section=article&articleid=538.
20 Journal of Applied Corporate Finance  • Volume 26 Number 4  Fall 2014
these companies will be taken private or acquired by another
public firm. And some will be the loss of the “corporate” part
(as in a conversion from corporate to REIT structure).
Third, the market for corporate control will continue
to evolve. While the number of public corporations has
been declining over the past two decades, the number
and size of institutional investors and activist hedge funds
continue to grow. Many of these institutions practice active
management, through either a search to uncover information
that identifies mispriced securities or engagement in
actual corporate control activities. But active investment
management is under increasing pressure from ultra-low
cost index investing, as evidenced by the rapid growth of
exchange-traded funds. Active management that focuses on
the market for corporate control will remain a strategy for
a number of institutions. Since the public companies that
remain have higher Q ratios than in the past, the “lower
hanging fruit” is arguably gone. Going forward, realizing
returns to activism will thus become a more challenging
proposition as a larger number of activists chase a smaller
number of more fairly-valued targets.
For a number of institutional investors, beating their
performance benchmarks over short-term horizons is very
important. And they transmit that pressure by putting the
heat on management to perform in the short run. In the
past decade, this has meant a lot of cost cutting by public
companies to support earnings growth in a low top-line
growth environment. The effect of such pressure on the
long-run competitiveness of U.S. companies is an open
question. To the extent that institutional investors are able
to extend their investment horizons and free themselves
from a short-term focus, the pressure on public corporations
for near-term gains at the expense of longer-run value may
decline. Larry Fink’s letter to CEOs about the primacy of
long-term value creation is a marker for what could be a
dramatic evolution in the nature of investor activism in the
coming decades. 50
Fourth, the public company environment will continue to
become more challenging as growing resentment of winners
and intensifying focus on isolated anti-social corporate acts
(that are attributed to public companies as a whole) continue
to be fueled by media saturation. Some companies will find it
better to move out of the spotlight. But others will crave the
attention that media saturation brings. And another major
market correction in the U.S (triggered in whole or in part by
a suggestion of corporate malfeasance) could lead to another
omnibus regulatory package. This would raise the costs of
staying (or becoming) public, and thus accelerate the decline
in the number of public companies on the margin.
Fifth, a small number of “superstar” firms will increase
their dominant positions and lever their advantage through
political as well as economic means. Public corporations such
as Apple, Exxon, and many other highly regarded S&P 100
firms transcend political boundaries and now constitute the
most efficient (and powerful) organizations on the planet. On
a global scale, the rise of these MNCs along with the birth
of publicly traded SOEs from formerly centrally planned
economies have put the public corporation squarely at the
intersection of government and business. Consider the recent
comment by George Washington University law professor
Jeffrey Rosen: “As Facebook and Twitter have become the
public squares of the digital age, their censors now have more
power over the future of privacy than any king or president
or Supreme Court justice.” 51
The power and efficiency of the world’s largest MNCs
place them in extraordinary positions vis-à-vis government.
In industries that contract directly with the government, such
as defense, there are often only one or two viable vendors for
large purchases. On an operational basis, high-tech MNCs
now rescue government from information system challenges
that have become incredibly large and complex (e.g., health-
c
Stanford University
Amar Bhidé
Tufts University
Michael Bradley
Duke University
Richard Brealey
London Business School
Michael Brennan
University of California,
Los Angeles
Robert Bruner
University of Virginia
Christopher Culp
University of Chicago
Howard Davies
Institut d’Études Politiques
de Paris
Robert Eccles
Harvard Business School
Carl Ferenbach
Berkshire Partners
Kenneth French
Dartmouth College
Martin
Are U.S. Companies Underinvesting

HI5003    Economics for BusinessHI5003    Economics for Business

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HI5003    Economics for Business

            Tri1 2015       

Topics for Group Assignment DUE Week 11

·        GDP- Compare Australia with any other economy  and discuss their GDP last 2 to 5 years and factors affecting their GDP
·        Unemployment – Discuss the unemployment rate, types, issues, and government policy of Australia and comment unemployment in various states of Australia. You need to specify in different region like NSW, WA, Tasmania, Qld or SA.  
·        Inflation – Compare Australia with any other country from the list which includes Germany, UK, USA,China, India, Japan, Korea, Indonesia and discuss inflation and causes of inflation and the various governments policy on inflation.
·        Monetary or Fiscal Policy – Discuss Australia’s Monetary or Fiscal policy during last 3 to 5 years.
·        Economic Growth – Compare Australia with any other advanced economy or developing country and discuss their economic growth during last 5 years and its effects on the society. (both positive and negative) 
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Structure of the Essay

·        Introduction – which topic 300 words
·        Body-   Discuss the topic from your secondary research with some theory -2500 words
·        Conclusion 200 words

Note=
·        Better marks for those groups who have collected and analysed secondary data effectively and applied the various economic theories/models.
·        You need articles between 4 to 6 from media (written by Uni Professors, Business leaders, Journalists, Government agencies like RBA/ABS/ACCC, or any other stakeholders in the industry) on your topic to write a decent assignment.
·        Some graphs and charts are required to support your analysis.
·        You need to give Reference with your assignment. (4 to 6)
代写HI5003    Economics for Business

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