Co-movements in commodity prices : a note based on network analysis

This article analyses co-movements in a wide group of commodity prices during the time period 1992–2010. Our methodological approach is based on the correlation matrix and the networks inside. Through this approach we are able to summarize global interaction and interdependence, capturing the existing heterogeneity in the degrees of synchronization between commodity prices. Our results produce two main findings: (a) we do not observe a persistent increase in the degree of co-movement of the commodity prices in our time sample, however from mid-2008 to the end of 2009 co-movements almost doubled when compared with the average correlation; (b) we observe three groups of commodities which have exhibited similar price dynamics (metals, oil and grains, and oilseeds) and which have increased their degree of co-movement during the sampled period.

Determinants of trade in recyclable wastes: Evidence from commodity-based trade of waste and scrap

This paper examines factors that affect the trade of recyclable waste in both exporting and importing countries. To this end, we employ two important elements: first, we adopt a gravity model in our empirical methodology; second, we select five waste and scrap commodities and undertake estimations using commodity-level trade data. We demonstrate that, the higher the wage/per capita GDP/population of an importing country, the more recyclable wastes it imports. This result suggests that the demand for final goods and, accordingly, the demand for materials including recycled material, have strong effects on the import volume of recyclable waste. Moreover, this implies that the imports of a developing country from developed countries increase with expanding industrial activity and economic growth. We find no evidence for a pollution haven for wastes and recycling.

Information flow, trading activity and commodity futures volatility

Based on unique news data relating to gold and crude oil, we investigate how news volume and sentiment, shocks in trading activity, market depth and trader positions unrelated to information flow covary with realized volatility. Positive shocks to the rate of news arrival, and negative shocks to news sentiment exhibit the largest effects. After controlling for the level of news flow and cross-correlations, net trader positions play only a minor role. These findings are at odds with those of [Wang (2002a). The Journal of Futures Markets, 22, 427–450; Wang (2002b). The Financial Review, 37, 295–316], but are consistent with the previous literature which doesn't find a strong link between volatility and trader positions.

Commodity taxation and parallel imports

We examine the interaction between commodity taxes and parallel imports in a two-country model with imperfect competition. While governments determine non-cooperatively their commodity tax rate, the volume of parallel imports is determined endogenously by the retailing sector. We compare the positive and normative implications of having commodity taxes based on destination or origin principle. We show that, as the volume of parallel imports increases, non-cooperative origin taxes converge, while destination taxes diverge. Moreover, origin taxes are more similar and lead to higher aggregate welfare levels than destination taxes.

Low carbon fuels and commodity chemicals from waste gases – systematic approach to understand energy metabolism in a model acetogen

Gas fermentation using acetogenic bacteria offers a promising route for the sustainable production of low carbon fuels and commodity chemicals from abundant, inexpensive C1 feedstocks including industrial waste gases, syngas, reformed methane or methanol. Clostridium autoethanogenum is a model gas fermenting acetogen that produces fuel ethanol and 2,3-butanediol, a precursor for nylon and rubber. Acetogens have already been used in large scale industrial fermentations, they are ubiquitous and known to play a prominent role in the global carbon cycle. Still, they are considered to live on the thermodynamic edge of life and potential energy constraints when growing on C1 gases pose a major challange for the commercial production of fuels and chemicals. We have developed a systematic platform to investigate acetogenic energy metabolism, exemplified here by experiments contrasting heterotrophic and autotrophic metabolism. The platform is built from complete omics technologies, augmented with genetic tools and complemented by a manually curated genome-scale mathematical model. Together the tools enable the design and development of new, energy efficient pathways and strains for the production of chemicals and advanced fuels via C1 gas fermentation. As a proof-of-platform, we investigated heterotrophic growth on fructose versus autotrophic growth on gas that demonstrate the role of the Rnf complex and Nfn complex in maintaining growth using the Wood–Ljungdahl pathway. Pyruvate carboxykinase was found to control the rate-limiting step of gluconeogenesis and a new specialized glyceraldehyde-3-phosphate dehydrogenase was identified that potentially enhances anabolic capacity by reducing the amount of ATP consumed by gluconeogenesis. The results have been confirmed by the construction of mutant strains.

Let's Dance: A Language for Service Behavior Modeling

In Service-Oriented Architectures (SOAs), software systems are decomposed into independent units, namely services, that interact with one another through message exchanges. To promote reuse and evolvability, these interactions are explicitly described right from the early phases of the development lifecycle. Up to now, emphasis has been placed on capturing structural aspects of service interactions. Gradually though, the description of behavioral dependencies between service interactions is gaining increasing attention as a means to push forward the SOA vision. This paper deals with the description of these behavioral dependencies during the analysis and design phases. The paper outlines a set of requirements that a language for modeling service interactions at this level should fulfill, and proposes a language whose design is driven by these requirements.

Bagasse Fractionation by the Soda Process

The soda process was the first chemical pulping method and was patented in 1845. Soda pulping led to kraft pulping, which involves the combined use of sodium hydroxide and sodium sulfide. Today, kraft pulping dominates the chemical pulping industry. However, about 10% of the total chemical pulp produced in the world is made using non-wood material, such as bagasse and wheat straw. The soda process is the preferred method of chemical pulping of non-wood materials, because it is considered to be economically viable on a small scale and for bagasse is compatible with sugarcane processing. With recent developments, the soda process can be designed to produce minimal effluent discharge and the fouling of evaporators by silica precipitation. The aim of this work is to produce bagasse fibres suitable for papermaking and allied applications and to produce sulfur-free lignin for use in specialty applications. A preliminary economic analysis of the soda process for producing commodity silica, lignin and pulp for papermaking is presented.

Attributes of service delivery modes and their impact on consumer satisfaction

Consumersatisfaction is fundamental to organisational success. It is well recognised that personal service is important in achieving consumer satisfaction. However, the application of self-service technology (SST) is widcning and is attennuating traditional exchanges between consumers and service employees. The effect of this reduction of personal service on consumer satisfaction judgements is not well understood. This study addresses this gap by investigating the relative effects of SST and personal service attributes on overall consumer satisfaction. Thc study highlights important service attributes applicable to SST and personal service. The conceptual framework is tested using data collected from 241 leisure and business travellers drawn from premium hotels in a regional area. Structural equation modelling techniques support the conceptual framework. As expected, the attributes of personal service and SST contribute to consumer satisfaction. However, thc impact of personal service attributes 011 consumer satisfaction is much stronger than the effects of SST attributes. Though SST is an important determinant of consumer satisfaction, interactions with staff are critical. These results have applications for the theory and practice of services marketing, and high light avenues for further investigation.

Education futures : transforming teacher education in the middle years

The young people who populate our classrooms live in a changed and rapidly changing society: a society where information is the most valued commodity and where traditional ‘truth’s such as nation and family are increasingly destabilized and fragmented. Educators at primary, secondary and tertiary level must, with some urgency, address issues relating the emergence of new citizenships and identities, the impact of new technologies and new economies. Our pedagogy and curriculums must be relevant to the need of students now and in the future. The School of Education, The University of Queensland is addressing issues of change, new technologies, new work places, critical citizenry and the need for pedagogical and curriculum innovation through the development of a new Middle Years of Schooling Dual Degree program. This program is designed to equip pre-service teachers to approach pedagogy and curriculum in innovative ways and to challenge them to embrace diversity and change. This paper outlines the key features of the Middle Years of Schooling Dual Degree, identifying a number of innovative approaches to pre-service teacher education.

Literature review

There are many studies that reveal the nature of design thinking and the nature of conceptual design as distinct from detailed or embodiment design. The results can assist in our understanding of how the process of design can be supported and how new technologies can be introduced into the workplace. Existing studies provide limited information about the nature of collaborative design as it takes place on the ground and in the actual working context. How to provide appropriate and effective of support for collaborative design information sharing across companies, countries and heterogeneous computer systems is a key issue. As data are passed between designers and the computer systems they employ, many exchanges are made. These exchanges may be used to establish measures of the benefits that new support systems can bring. Collaboration support tools represent a fast growing section of the commercial software market place and a reasonable range of products are available. Many of them offer significant application to design for the support of distributed meetings by the provision of video and audio communications and the sharing of information, including collaborative sketching. The tools that specifically support 3D models and other very design specific features are less common and many of those are in prototype stages of development. A key question is to find viable ways of combining design information visualisation support with the collaboration support technologies that can be seen today. When collaborating, different views will need to be accessible at different times to all the collaborators. The architects may want to explain some ideas on their model, the structural engineers on their model and so on. However, there are issues of ownership when the structural engineer wants to manipulate the architect’s model and vice versa. The modes of working, synchronous or asynchronous may have a bearing as in a synchronous session there is control of what is happening.

A model for the uptake of E-business by building small and medium enterprises

The adoption of e-business by Small and Medium Enterprises (SMEs) in construction lags from other service and product businesses within the building sector. This paper develops a model to facilitate the uptake of electronic business, especially in relation to SMEs within the Australian construction sector. Ebusiness is defined here as “the undertaking of business-related transactions, communications and information exchanges utilising electronic medium and environment”, the elicited model highlights significant changes needed including skills development, social, economic and cultural issues. The model highlights barriers for SMEs to migrate towards e-transactions, e-bidding, e-tendering and ecollaboration and provides learning and skills development components. The model is derived from case study fieldwork and is to inform diffusion and awareness models for best practice. Empirical techniques included ‘focus group’ interviews and one to one ‘interviews’. Data was transcribed and analysed using cluster analyses. Preliminary results reveal that current models for e-business adoption are not effective within the construction context as they have emerged from other service and product industries - such as retail or tourism. These generic models have largely ignored the nature of the construction industry, and some modifications appears to be required. This paper proposes an alternative adoption model which is more sensitive to the nature of the industry – particularly for e-business uptake in building SME’s.

Citizen Consultation from Above and Below : The Australian Perspective

In Australia, a range of Federal Government services have been provided online for some time, but direct, online citizen consultation and involvement in processes of governance is relatively new. Moves towards more extensive citizen involvement in legislative processes are now being driven in a “top-down” fashion by government agencies, or in a “bottom-up” manner by individuals and third-sector organisations. This chapter focusses on one example from each of these categories, as well as discussing the presence of individual politicians in online social networking spaces. It argues that only a combination of these approaches can achieve effective consultation between citizens and policymakers. Existing at a remove from government sites and the frameworks for public communication which govern them, bottom-up consultation tools may provide a better chance for functioning, self-organising user communities to emerge, but they are also more easily ignored by governments not directly involved in their running. Top-down consultation tools, on the other hand, may seem to provide a more direct line of communication to relevant government officials, but for that reason are also more likely to be swamped by users who wish simply to register their dissent rather than engage in discussion. The challenge for governments, politicians, and user communities alike is to develop spaces in which productive and undisrupted exchanges between citizens and policymakers can take place.

Measuring internal market orientation

Internal marketing has been discussed in the management and academic literature for over three decades, yet it remains ill defined and poorly operationalized. This paper responds to calls for research to develop a single clear understanding of the construct, for the development of a suitable instrument to measure it, and for empirical evidence of its impact. Existing, divergent conceptualization of internal marketing are explored, and a new, multidimensional construct, describing the managerial behaviors associated with internal marketing is developed, and termed internal market orientation (IMO). IMO represents the adaptation of market orientation to the context of employer-employee exchanges in the internal market. The paper describes the development of a valid and reliable measure of IMO in a retail services context. Five dimensions of IMO are identified and confirmed. These are 1) formal written information generation, 2) formal face-to-face information generation, 3) informal information generation, 4) communication and dissemination of information, and 5) responding to this internal market information. The impact of IMO on important organizational factors is also explored. Results indicate positive consequences for customer satisfaction, relative competitive position, staff attitudes, staff retention and staff compliance.

A comparison of farmland returns in Australia, Canada, New Zealand and United States

Rural land is still a major property asset class and rural commodity production is an important domestic and export market in all economies. This paper carries out a comprehensive analysis of both rural production and land prices in four major rural production countries. The study compares rural property values in Unites States, Canada, Australia and New Zealand over a period 1990 to 2005 and analyzes and compares the capital return and total return performance for rural land in these four countries. The analysis allows a comparison of farm land returns for both a subsidised and non-subsidised farming policy to determine if levels of farm support result in variations in farm profitability and therefore farm land values.