Are combination forecasts of S&P 500 volatility statistically superior?

Forecasting volatility has received a great deal of research attention, with the relative performances of econometric model based and option implied volatility forecasts often being considered. While many studies find that implied volatility is the pre-ferred approach, a number of issues remain unresolved, including the relative merit of combining forecasts and whether the relative performances of various forecasts are statistically different. By utilising recent econometric advances, this paper considers whether combination forecasts of S&P 500 volatility are statistically superior to a wide range of model based forecasts and implied volatility. It is found that a combination of model based forecasts is the dominant approach, indicating that the implied volatility cannot simply be viewed as a combination of various model based forecasts. Therefore, while often viewed as a superior volatility forecast, the implied volatility is in fact an inferior forecast of S&P 500 volatility relative to model-based forecasts.

Spun from four horizons : re-writing the Sydney Harbour Bridge

The Sydney Harbour Bridge provides an imaginative space that is revisited by Australian writers in particular ways. In this space novelists, poets, and cultural historians negotiate questions of emotional and psychological transformation as well as reflect on social and environmental change in the city of Sydney. The writerly tensions that mark these accounts often alter, or query, representations of the Bridge as a symbol of material progress and demonstrate a complex creative engagement with the Bridge. This discussion of ‘the Bridge’ focuses on the work of four authors, Eleanor Dark, P.R. Stephensen, Peter Carey and Vicki Hastrich and includes a range of other fictional and non-fictional accounts of ‘Bridge-writing.’ The ideas proffered are framed by a theorising of space, especially referencing the work of Michel de Certeau, whose writing on the spatial ambiguity of a bridge is important to the examination of the diverse ways in which Australian writers have engaged with the imaginative potential and almost mythic resonance of the Sydney Harbour Bridge.

Making the processes of designing explicit within an information technology environment

In this paper, technology is described as involving processes whereby resources are utilised to satisfy human needs or to take advantage of opportunities, to develop practical solutions to problems. This study, set within one type of technology context, information technology, investigated how, through a one semester undergraduate university course, elements of technological processes were made explicit to students. While it was acknowledged in the development and implementation of this course that students needed to learn technical skills, technological skills and knowledge, including design, were seen as vital also, to enable students to think about information technology from a perspective that was not confined and limited to `technology as hardware and software'. This paper describes how the course, set within a three year program of study, was aimed at helping students to develop their thinking and their knowledge about design processes in an explicit way. An interpretive research approach was used and data sources included a repertory grid `survey'; student interviews; video recordings of classroom interactions, audio recordings of lectures, observations of classroom interactions made by researchers; and artefacts which included students' journals and portfolios. The development of students' knowledge about design practices is discussed and reflections upon student knowledge development in conjunction with their learning experiences are made. Implications for ensuring explicitness of design practice within information technology contexts are presented, and the need to identify what constitutes design knowledge is argued.

Enhancing the Stability of an Autonomous Microgrid using DSTATCOM

This paper proposes a method enhancing stability of an autonomous microgrid with distribution static compensator (DSTATCOM) and power sharing with multiple distributed generators (DG). It is assumed that all the DGs are connected through voltage source converter (VSC) and all connected loads are passive, making the microgrid totally inertia less. The VSCs are controlled by either state feedback or current feedback mode to achieve desired voltage-current or power outputs respectively. A modified angle droop is used for DG voltage reference generation. Power sharing ratio of the proposed droop control is established through derivation and verified by simulation results. A DSTATCOM is connected in the microgrid to provide ride through capability during power imbalance in the microgrid, thereby enhancing the system stability. This is established through extensive simulation studies using PSCAD.

Australasian horror special issue editorial : putting Australian and New Zealand horror movies on the map of cinema studies

This Australasian horror special issue is an important step forward in putting Australian and New Zealand horror movies on the map of film and cinema studies as a subject worthy of intellectual debate. The journal issue is the first devoted solely to the academic discussion of Australasian horror movies. While an Australian horror movie tradition has produced numerous titles since the 1970s achieving commercial success and cult popularity worldwide, the horror genre is largely missing from Australian film history. While there have been occasional essays on standout titles such as Wolf Creek (Mclean, 2005), an increasing number of articles on ‘Ozploitation’ movies, and irregular discussion about Australian Gothic, overall the nature of Australian horror as a genre remains poorly understood. In terms of New Zealand, debate has tended to revolve around ‘Kiwi Gothic’ and of course Peter Jackon’s early splatter films, rather than Kiwi horror as a specific filmmaking tradition.

Education reform for at-risk youth : a social capital approach

Using the Education Queensland Reform Agenda to illustrate examples and approaches to education reform, this article discusses education reform for at-risk youth. It argues that the characteristics of modernity, the rise of Mode 2 Society, and the power asymmetries associated with the emergence of the politico-economic will contain the reform ambitions of the Education Queensland and other education reform agendas. It is proposed that the State adopt a transgressive and complimentary set of reform strategies including the adoption of distributed governance, making available meaningful school performance data, encouraging experimentation and facilitating broad stakeholder, community and neighbourhood engagement in school planning and operations. The article argues that measures such as these will assist to mobilize trust, minimise social fragmentation, generate and regenerate community resources, build cohesion, foster the socio-cultural-self-identities of 'at-risk' youth and will assist youth to achieve full participation in a robust and vibrant democracy.

Learning approach and perception of learning context in economics education : a causality test

In the study of student learning literature, the traditional view holds that when students are faced with heavy workload, poor teaching, and content that they cannot relate to – important aspects of the learning context, they will more likely utilise the surface approach to learning due to stresses, lack of understanding and lack of perceived relevance of the content (Kreber, 2003; Lizzio, Wilson, & Simons, 2002; Ramdsen, 1989; Ramsden, 1992; Trigwell & Prosser, 1991; Vermunt, 2005). For example, in studies involving health and medical sciences students, courses that utilised student-centred, problem-based approaches to teaching and learning were found to elicit a deeper approach to learning than the teacher-centred, transmissive approach (Patel, Groen, & Norman, 1991; Sadlo & Richardson, 2003). It is generally accepted that the line of causation runs from the learning context (or rather students’ self reported data on the learning context) to students’ learning approaches. That is, it is the learning context as revealed by students’ self-reported data that elicit the associated learning behaviour. However, other research studies also found that the same teaching and learning environment can be perceived differently by different students. In a study of students’ perceptions of assessment requirements, Sambell and McDowell (1998) found that students “are active in the reconstruction of the messages and meanings of assessment” (p. 391), and their interpretations are greatly influenced by their past experiences and motivations. In a qualitative study of Hong Kong tertiary students, Kember (2004) found that students using the surface learning approach reported heavier workload than students using the deep learning approach. According to Kember if students learn by extracting meanings from the content and making connections, they will more likely see the higher order intentions embodied in the content and the high cognitive abilities being assessed. On the other hand, if they rote-learn for the graded task, they fail to see the hierarchical relationship in the content and to connect the information. These rote-learners will tend to see the assessment as requiring memorising and regurgitation of a large amount of unconnected knowledge, which explains why they experience a high workload. Kember (2004) thus postulate that it is the learning approach that influences how students perceive workload. Campbell and her colleagues made a similar observation in their interview study of secondary students’ perceptions of teaching in the same classroom (Campbell et al., 2001). The above discussions suggest that students’ learning approaches can influence their perceptions of assessment demands and other aspects of the learning context such as relevance of content and teaching effectiveness. In other words, perceptions of elements in the teaching and learning context are endogenously determined. This study attempted to investigate the causal relationships at the individual level between learning approaches and perceptions of the learning context in economics education. In this study, students’ learning approaches and their perceptions of the learning context were measured. The elements of the learning context investigated include: teaching effectiveness, workload and content. The authors are aware of existence of other elements of the learning context, such as generic skills, goal clarity and career preparation. These aspects, however, were not within the scope of this present study and were therefore not investigated.

The properties of the international classification of the external cause of injury when used as an instrument for injury prevention research

Objective: To demonstrate properties of the International Classification of the External Cause of Injury (ICECI) as a tool for use in injury prevention research. Methods: The Childhood Injury Prevention Study (CHIPS) is a prospective longitudinal follow up study of a cohort of 871 children 5–12 years of age, with a nested case crossover component. The ICECI is the latest tool in the International Classification of Diseases (ICD) family and has been designed to improve the precision of coding injury events. The details of all injury events recorded in the study, as well as all measured injury related exposures, were coded using the ICECI. This paper reports a substudy on the utility and practicability of using the ICECI in the CHIPS to record exposures. Interrater reliability was quantified for a sample of injured participants using the Kappa statistic to measure concordance between codes independently coded by two research staff. Results: There were 767 diaries collected at baseline and event details from 563 injuries and exposure details from injury crossover periods. There were no event, location, or activity details which could not be coded using the ICECI. Kappa statistics for concordance between raters within each of the dimensions ranged from 0.31 to 0.93 for the injury events and 0.94 and 0.97 for activity and location in the control periods. Discussion: This study represents the first detailed account of the properties of the ICECI revealed by its use in a primary analytic epidemiological study of injury prevention. The results of this study provide considerable support for the ICECI and its further use.

Theory-of-Mind Continuum Model: Why Mind Matters in Philosophy, Psychology and Education

Theory-of-Mind has been defined as the ability to explain and predict human behaviour by imputing mental states, such as attention, intention, desire, emotion, perception and belief, to the self and others (Astington & Barriault, 2001). Theory-of-Mind study began with Piaget and continued through a tradition of meta-cognitive research projects (Flavell, 2004). A study by Baron-Cohen, Leslie and Frith (1985) of Theory-of-Mind abilities in atypically developing children reported major difficulties experienced by children with autism spectrum disorder (ASD) in imputing mental states to others. Since then, a wide range of follow-up research has been conducted to confirm these results. Traditional Theory-of-Mind research on ASD has been based on an either-or assumption that Theory-of-Mind is something one either possesses or does not. However, this approach fails to take account of how the ASD population themselves experience Theory-of-Mind. This paper suggests an alternative approach, Theory-of-Mind continuum model, to understand the Theory-of-Mind experience of people with ASD. The Theory-of-Mind continuum model will be developed through a comparison of subjective and objective aspects of mind, and phenomenal and psychological concepts of mind. This paper will demonstrate the importance of balancing qualitative and quantitative research methods in investigating the minds of people with ASD. It will enrich our theoretical understanding of Theory-of-Mind, as well as contain methodological implications for further studies in Theory-of-Mind

Making use of pedagogic models as reflective catalysts for investigating pedagogic practice

The notion of pedagogy for anyone in the teaching profession is innocuous. The term itself, is steeped in history but the details of the practice can be elusive. What does it mean for an academic to be embracing pedagogy? The problem is not limited to academics; most teachers baulk at the introduction of a pedagogic agenda and resist attempts to have them reflect on their classroom teaching practice, where ever that classroom might be constituted. This paper explores the application of a pedagogic model (Education Queensland, 2001) which was developed in the context of primary and secondary teaching and was part of a schooling agenda to improve pedagogy. As a teacher educator I introduced the model to classroom teachers (Hill, 2002) using an Appreciative Inquiry (Cooperrider and Srivastva 1987) model and at the same time applied the model to my own pedagogy as an academic. Despite being instigated as a model for classroom teachers, I found through my own practitioner investigation that the model was useful for exploring my own pedagogy as a university academic (Hill, 2007, 2008). Cooperrider, D.L. and Srivastva, S. (1987) Appreciative inquiry in organisational life, in Passmore, W. and Woodman, R. (Eds) Research in Organisational Changes and Development (Vol 1) Greenwich, CT: JAI Press. Pp 129-69 Education Queensland (2001) School Reform Longitudinal Study (QSRLS), Brisbane, Queensland Government. Hill, G. (2002, December ) Reflecting on professional practice with a cracked mirror: Productive Pedagogy experiences. Australian Association for Research in Education Conference. Brisbane, Australia. Hill, G. (2007) Making the assessment criteria explicit through writing feedback: A pedagogical approach to developing academic writing. International Journal of Pedagogies and Learning 3(1), 59-66. Hill, G. (2008) Supervising Practice Based Research. Studies in Learning, Evaluation, Innovation and Development, 5(4), 78-87

Operation and control of a DVR in the presence of interharmonics

The paper discusses the operating principles and control characteristics of a dynamic voltage restorer (DVR). It is assumed that the source voltages contain interharmonic components in addition to fundamental components. The main aim of the DVR is to produce a set of clean balanced sinusoidal voltages across the load terminals irrespective of unbalance, distortion and voltage sag/swell in the supply voltage. An algorithm has been discussed for extracting fundamental phasor sequence components from the samples of three-phase voltages or current waveforms having integer harmonics and interharmonics. The DVR operation based on extracted components is demonstrated. The switching signal is generated using a deadbeat controller. It has been shown that the DVR is able to compensate these interharmonic components such that the load voltages are perfectly regulated. The DVR operation under deep voltage sag is also discussed. The proposed DVR operation is verified through the computer simulation studies using the MATLAB software package.

Clonal characterization of bone marrow derived stem cells and their application for bone regeneration

Tissue engineering allows the design of functionally active cells within supportive bio-scaffolds to promote the development of new tissues such as cartilage and bone for the restoration of pathologically altered tissues. However, all bone tissue engineering applications are limited by a shortage of stem cells. The adult bone marrow stroma contains a subset of nonhematopoietic cells referred to as bone marrow mesenchymal stem cells (BMSCs). BMSCs are of interest because they are easily isolated from a small aspirate of bone marrow and readily generate single- cell-derived colonies. These cells have the capacity to undergo extensive replication in an undifferentiated state ex vivo. In addition, BMSCs have the potential to develop either in vitro or in vivo into distinct mesenchymal tissues, including bone, cartilage, fat, tendon, muscle, and marrow stroma. Thus, BMSCs are an attractive cell source for tissue engineering approaches. However, BMSCs are not homo- geneous and the quantity of stem cells decreases in the bone marrow in aged population. A sequential loss of lineage differentiation potential has been found in the mixed culture of bone marrow stromal cells due to a heterogenous popu- lation. Therefore, a number of studies have proposed that homogenous bone marrow stem cells can be generated from clonal culture of bone marrow cells and that BMSC clones have the greatest potential for the application of bone regeneration in vivo

Cultural Science and Methodological Challenge!

The processes of digitization and deregulation have transformed the production, distribution and consumption of information and entertainment media over the past three decades. Today, researchers are confronted with profoundly different landscapes of domestic and personal media than the pioneers of qualitative audience research that came to form much of the conceptual basis of Cultural Studies first in Britain and North America and subsequently across all global regions. The process of media convergence, as a consequence of the dual forces of digitisation and deregulation, thus constitutes a central concept in the analysis of popular mass media. From the study of the internationalisation and globalisation of media content, changing regimes of media production, via the social shaping and communication technologies and conversely the impact of communication technology on social, cultural and political realities, to the emergence of transmedia storytelling, the interplay of intertextuality and genre and the formation of mediated social networks, convergence informs and shapes contemporary conceptual debates in the field of popular communication and beyond. However, media convergence challenges not only the conceptual canon of (popular) communication research, but poses profound methodological challenges. As boundaries between producers and consumers are increasingly fluent, formerly stable fields and categories of research such as industries, texts and audiences intersect and overlap, requiring combined and new research strategies. This preconference aims to offer a forum to present and discuss methodological innovations in the study of contemporary media and the analysis of the social, cultural,and political impact and challenges arising through media convergence. The preconference thus aims to focus on the following methodological questions and challenges: *New strategies of audience research responding to the increasing individualisation of popular media consumption. *Methods of data triangulation in and through the integrated study of media production, distribution and consumption. *Bridging the methodological and often associated conceptual gap between qualitative and quantitative research in the study of popular media. *The future of ethnographic audience and production research in light of blurring boundaries between media producers and consumers. *A critical re-examination of which textual configurations can be meaningfully described and studied as text. *Methodological innovations aimed at assessing the macro social, cultural and political impact of mediatization (including, but not limited to, "creative methods"). *Methodological responses to the globalisation of popular media and practicalities of international and transnational comparative research. *An exploration of new methods required in the study of media flow and intertextuality.

Changing perceptions of preservice teachers : innovations in middle schooling teacher education

For the past twenty years, the disengagement of early adolescents has been the focus of much of the literature related to middle schooling. In response, some universities in Australia have introduced teacher education programs that focus upon graduating specialised middle schooling teachers. The aim of this study was to explore and describe the 38 first-year preservice teachers’ perceptions of their first middle schooling elective unit and ascertain whether the combination of university classes and school-based experiences assisted their development of middle schooling concepts and approaches. Data were gathered using pre-test and post-test questionnaires combined with guided written reflections to record their views before, after and during the unit delivery. Results indicated that initially the preservice teachers had little understanding of middle schooling concepts and pedagogical practices, however, 11 participants recognised that bullying and peer pressure were issues experienced by early adolescents. The reflections, which were presented after their field experiences, focused on teaching, learning, behaviour management, and resources and infrastructure. More school-based experiences linked to theoretical underpinnings can help to facilitate understandings about students in the middle phase.

Mentor educators’ understandings of mentoring preservice primary teachers

Mentors are significant in shaping a preservice teacher’s practices. Developing common understandings about effective mentoring practices can assist the mentoring process. What are mentor educators’ practical ideas towards implementing a mentoring program? This mixed-method study involves surveys, questionnaires, and audio-taped focus group meetings on 14 mentor educators’ views on mentoring preservice primary teachers. This research aims to understand mentor educators’ motivations for mentoring, their views about what makes a good mentor, benefits for mentors, and issues or concerns for mentors and the mentoring process. It also focuses on determining professional development for mentors and troubleshooting potential problems. Findings revealed that these mentor educators were motivated into developing mentoring programs as a way to: (1) influence the quality of preservice teacher education (2) provide personal and professional development in mentoring, and (3) support mentors and the mentoring process within school settings. Outlining what makes a good mentor and benefits for mentors were consistent with the literature. However, these expert mentors also provided potential solutions (e.g., university support and professional development ideas) on issues such as knowing the mentee’s level of development and expectations, building a professional relationship prior to placement and the mentor’s dual role as confidant and assessor.