Do derivatives have a role in the risk-shifting behaviour of fund managers?

In this paper we examine the extent to which derivatives are used to affect the risk-shifting behaviour of Australian equity fund managers. We find, after periods of good and poor performance, the risk-shifting behaviour of fund managers is different between derivative users and non-users. Our results support the gaming and active competition hypotheses but there is little support for the cash flow hypothesis. The study also allows for a complex reporting environment by analysing data across three alternate time periods: the calendar year, financial year and quarterly frames. Given that our results are not consistent across time periods for users and non-users of derivatives, some caution in interpretation is required.

Disclosure under the prescribed insurance contracts regime : Section 35 of the Insurance Contracts Act 1984 and consumer protection revisited

Section 35 of the Insurance Contracts Act 1984 requires insurers offering insurance policies in six prescribed areas "to clearly inform" prospective insureds of any departure their policies may constitute from the standard covers established by the Act and its accompanying Regulations. This prescribed insurance contracts regime was designed to remedy comprehension problems generated by the length and complexity of insurance documents and to alleviate misunderstanding over the terms and conditions of individual policies. This article examines the rationale underpinning s 35 and the prescribed insurance contracts regime and looks at the operation of the legislation with particular reference to home contents insurance in Australia. It is argued that the means whereby disclosure of derogation from standard cover may be effected largely negates the thrust of the prescribed insurance contract reform. Recommendations to address these operational deficiencies are made.

Shifting interpretations of interiors and buildings: the impact of colour

The ability of a designer – for example, interior designer, architect, landscape architect, etc. – to design for a particular target group (user and/or clients) is potentially enhanced through more targeted studies relating colour in situ. The study outlined in this paper involved participant responses to five achromatic scenes of different built environments prior to viewing the same scenes in colour. Importantly, in this study the participants, who were young designers, came to realise that colour potentially holds the power to impact on the identity of an architectural form, an interior space and/or particular elements such as doorways, furniture settings, etc., as well as influence atmosphere. Prior to discussing the study, a selection of other research, which links colour to meaning and emotions, introduces how people understand and/or feel in relation to colour. For example, yellow is said to be connected to happiness; or red evokes feelings of anger. Secondly, the need for spatial designers to understand colour in context is raised. An overview of the study is then provided. It was found that the impact of colour includes a shift in perception of aspects such as its atmosphere and youthfulness. Through studio/class discussions it was also noted the predicted age of the place, the function, and in association, the potential users when colour was added (or deleted) were often challenged.

Notification of data breaches under the continuous disclosure regime

Consumer personal information is now a valuable commodity for most corporations. Concomitant with increased value is the expansion of new legal obligations to protect personal information. Mandatory data breach notification laws are an important new development in this regard. Such laws require a corporation that has suffered a data breach, which involves personal information, such as a computer hacking incident, to notify those persons who may have been affected by the breach. Regulators may also need to be notified. Australia currently does not have a mandatory data breach notification law but this may be about to change. The Australian Law Reform Commission has suggested that a data breach notification scheme be implemented through the Privacy Act 1988 (Cth). However, the notification of data breaches may already be required under the continuous disclosure regime stipulated by the Corporations Act 2001 (Cth) and the Australian Stock Exchange (ASX) Listing Rules. Accordingly, this article examines whether the notification of data breaches is a statutory requirement of the existing continuous disclosure regime and whether the ASX should therefore be notified of such incidents.

Shifting the technology context : career-change entrants’ transition into teaching

Becoming a teacher in technology-rich classrooms is a complex and challenging transition for career-change entrants. Those with generic or specialist Information and Communication Technology (ICT) expertise bring a mindset about purposeful uses of ICT that enrich student learning and school communities. The transition process from a non-education environment is both enhanced and constrained by shifting the technology context of generic or specialist ICT expertise, developed through a former career as well as general life experience. In developing an understanding of the complexity of classrooms and creating a learner centred way of working, perceptions about learners and learning evolve and shift. Shifts in thinking about how ICT expertise supports learners and enhances learning preceded shifts in perceptions about being a teacher, working with colleagues, and functioning in schools that have varying degrees of intensity and impact on evolving professional identities. Current teacher education and school induction programs are seen to be falling short of meeting the needs of career-change entrants and, as a flow on, the students they nurture. Research (see, for example, Tigchelaar, Brouwer, & Korthagen, 2008; Williams & Forgasz, 2009) highlights the value of generic and specialist expertise career-change teachers bring to the profession and draws attention to the challenges such expertise begets (Anthony & Ord, 2008; Priyadharshini & Robinson-Pant, 2003). As such, the study described in this thesis investigated perceptions of career-change entrants, who have generic (Mishra & Koehler, 2006) or specialist expertise, that is, ICT qualifications and work experience in the use of ICT. The career-change entrants‘ perceptions were sought as they shifted the technology context and transitioned into teaching in technology-rich classrooms. The research involved an interpretive analysis of qualitative data and quantitative data. The study used the explanatory case study (Yin, 1994) methodology enriched through grounded theory processes (Strauss & Corbin, 1998), to develop a theory about professional identity transition from the perceptions of the participants in the study. The study provided insights into the expertise and experiences of career change entrants, particularly in relation to how professional identities that include generic and specialist ICT knowledge and expertise were reconfigured while transitioning into the teaching profession. This thesis presents the Professional Identity Transition Theory that encapsulates perceptions about teaching in technology-rich classrooms amongst a selection of the increasing number of career-change entrants. The theory, grounded in the data, (Strauss & Corbin, 1998) proposes that career-change entrants experience transition phases of varying intensity that impact on professional identity, retention and development as a teacher. These phases are linked to a shift in perceptions rather than time as a teacher. Generic and specialist expertise in the use of ICT is a weight of the past and an asset that makes the transition process more challenging for career-change entrants. The study showed that career-change entrants used their experiences and perceptions to develop a way of working in a school community. Their way of working initially had an adaptive orientation focussed on immediate needs as their teaching practice developed. Following a shift of thinking, more generative ways of working focussed on the future emerged to enable continual enhancement and development of practice. Sustaining such learning is a personal, school and systemic challenge for the teaching profession.

Shifting : one-inclusion mistake bounds and sample compression

We present new expected risk bounds for binary and multiclass prediction, and resolve several recent conjectures on sample compressibility due to Kuzmin and Warmuth. By exploiting the combinatorial structure of concept class F, Haussler et al. achieved a VC(F)/n bound for the natural one-inclusion prediction strategy. The key step in their proof is a d = VC(F) bound on the graph density of a subgraph of the hypercube—oneinclusion graph. The first main result of this paper is a density bound of n [n−1 <=d-1]/[n <=d] < d, which positively resolves a conjecture of Kuzmin and Warmuth relating to their unlabeled Peeling compression scheme and also leads to an improved one-inclusion mistake bound. The proof uses a new form of VC-invariant shifting and a group-theoretic symmetrization. Our second main result is an algebraic topological property of maximum classes of VC-dimension d as being d contractible simplicial complexes, extending the well-known characterization that d = 1 maximum classes are trees. We negatively resolve a minimum degree conjecture of Kuzmin and Warmuth—the second part to a conjectured proof of correctness for Peeling—that every class has one-inclusion minimum degree at most its VCdimension. Our final main result is a k-class analogue of the d/n mistake bound, replacing the VC-dimension by the Pollard pseudo-dimension and the one-inclusion strategy by its natural hypergraph generalization. This result improves on known PAC-based expected risk bounds by a factor of O(logn) and is shown to be optimal up to an O(logk) factor. The combinatorial technique of shifting takes a central role in understanding the one-inclusion (hyper)graph and is a running theme throughout.

Corrigendum to “Shifting : one-inclusion mistake bounds and sample compression” [J. Comput. System Sci. 75 (1) (2009) 37–59]

H. Simon and B. Szörényi have found an error in the proof of Theorem 52 of “Shifting: One-inclusion mistake bounds and sample compression”, Rubinstein et al. (2009). In this note we provide a corrected proof of a slightly weakened version of this theorem. Our new bound on the density of one-inclusion hypergraphs is again in terms of the capacity of the multilabel concept class. Simon and Szörényi have recently proved an alternate result in Simon and Szörényi (2009).

Shifting : one-inclusion mistake bounds and sample compression

We present new expected risk bounds for binary and multiclass prediction, and resolve several recent conjectures on sample compressibility due to Kuzmin and Warmuth. By exploiting the combinatorial structure of concept class F, Haussler et al. achieved a VC(F)/n bound for the natural one-inclusion prediction strategy. The key step in their proof is a d=VC(F) bound on the graph density of a subgraph of the hypercube—one-inclusion graph. The first main result of this report is a density bound of n∙choose(n-1,≤d-1)/choose(n,≤d) < d, which positively resolves a conjecture of Kuzmin and Warmuth relating to their unlabeled Peeling compression scheme and also leads to an improved one-inclusion mistake bound. The proof uses a new form of VC-invariant shifting and a group-theoretic symmetrization. Our second main result is an algebraic topological property of maximum classes of VC-dimension d as being d-contractible simplicial complexes, extending the well-known characterization that d=1 maximum classes are trees. We negatively resolve a minimum degree conjecture of Kuzmin and Warmuth—the second part to a conjectured proof of correctness for Peeling—that every class has one-inclusion minimum degree at most its VC-dimension. Our final main result is a k-class analogue of the d/n mistake bound, replacing the VC-dimension by the Pollard pseudo-dimension and the one-inclusion strategy by its natural hypergraph generalization. This result improves on known PAC-based expected risk bounds by a factor of O(log n) and is shown to be optimal up to a O(log k) factor. The combinatorial technique of shifting takes a central role in understanding the one-inclusion (hyper)graph and is a running theme throughout

Politics and school education in Australia : a case of shifting purposes

Purpose – The paper aims to argue that there has been a privileging of the private (social mobility) and economic (social efficiency) purposes of schooling at the expense of the public (democratic equality) purposes of schooling. Design/methodology/approach – The paper employs a literature review, policy and document analysis. Findings – Since the late 1980s, the schooling agenda in Australia has been narrowed to one that gives primacy to purposes of schooling that highlight economic orientations (social efficiency) and private purposes (social mobility). Practical implications – The findings have wider relevance beyond Australia, as similar policy agendas are evident in many other countries raising the question as to how the shift in purposes of education in those countries might mirror those in Australia. Originality/value – While earlier writers have examined schooling policies in Australia and noted the implications of managerialism in relation to these policies, no study has analysed these policies from the perspective of the purposes of schooling. Conceptualising schooling, and its purposes in particular, in this way refocuses attention on how societies use their educational systems to promote (or otherwise) the public good.

An efficient public key management regime for vehicular ad hoc networks (VANETS)

The primary goal of the Vehicular Ad Hoc Network (VANET) is to provide real-time safety-related messages to motorists to enhance road safety. Accessing and disseminating safety-related information through the use of wireless communications technology in VANETs should be secured, as motorists may make critical decisions in dealing with an emergency situation based on the received information. If security concerns are not addressed in developing VANET systems, an adversary can tamper with, or suppress, the unprotected message to mislead motorists to cause traffic accidents and hazards. Current research on secure messaging in VANETs focuses on employing the certificate-based Public Key Infrastructure (PKI) scheme to support message encryption and digital signing. The security overhead of such a scheme, however, creates a transmission delay and introduces a time-consuming verification process to VANET communications. This thesis has proposed a novel public key verification and management approach for VANETs; namely, the Public Key Registry (PKR) regime. Compared to the VANET PKI scheme, this new approach can satisfy necessary security requirements with improved performance and scalability, and at a lower cost by reducing the security overheads of message transmission and eliminating digital certificate deployment and maintenance issues. The proposed PKR regime consists of the required infrastructure components, rules for public key management and verification, and a set of interactions and associated behaviours to meet these rule requirements. This is achieved through a system design as a logic process model with functional specifications. The PKR regime can be used as development guidelines for conforming implementations. An analysis and evaluation of the proposed PKR regime includes security features assessment, analysis of the security overhead of message transmission, transmission latency, processing latency, and scalability of the proposed PKR regime. Compared to certificate-based PKI approaches, the proposed PKR regime can maintain the necessary security requirements, significantly reduce the security overhead by approximately 70%, and improve the performance by 98%. Meanwhile, the result of the scalability evaluation shows that the latency of employing the proposed PKR regime stays much lower at approximately 15 milliseconds, whether operating in a huge or small environment. It is therefore believed that this research will create a new dimension to the provision of secure messaging services in VANETs.

Multiculturalism, education for sustainable development (ESD) and the shifting discursive landscape of social inclusion

Australia has a long and sometimes turbulent relationship with the migrant Other. This paper examines a component of this relationship via the window of contemporary multicultural policy. The paper begins with an analysis of the political and social conditions that enabled a national and bipartisan policy of multiculturalism to emerge as formalised federal policy during the late 1960s and early 1970s. The paper re-problematises the influences that helped shape Australia's articulation of race and ethnicity and argues that multiculturalism, within a post-September 11 environment, can no longer be framed solely within its traditional framework of social justice. The paper positions education for sustainable development (ESD) as an emerging discursive field that provides educators with an alternative road map for critiquing Australia's fluid relationship with the migrant Other. By linking the tenets of multiculturalism with ESD, this paper suggests pre-service teacher educators are presented with a productive, and at the same time politically palatable, means for regaining pedagogical traction for a semi-dormant agenda of social inclusion.