Housing supply in Australia : the impact of the availability of development finance

Before the Global Financial Crisis many providers of finance had growth mandates and actively pursued development finance deals as a way of gaining higher returns on funds with regular capital turnover and re-investment possible. This was able to be achieved through high gearing and low presales in a strong market. As asset prices fell, loan covenants breached and memories of the 1990’s returned, banks rapidly adjusted their risk appetite via retraction of gearing and expansion of presale requirements. Early signs of loosening in bank credit policy are emerging, however parties seeking development finance are faced with a severely reduced number of institutions from which to source funding. The few institutions that are lending are filtering out only the best credit risks by way of constrictive credit conditions including: low loan to value ratios, the corresponding requirement to contribute high levels of equity, lack of support in non-prime locations and the requirement for only borrowers with well established track records. In this risk averse and capital constrained environment, the ability of developers to proceed with real estate developments is still being constrained by their inability to obtain project finance. This paper will examine the pre and post GFC development finance environment. It will identify the key lending criteria relevant to real estate development finance and will detail the related changes to credit policies over this period. The associated impact to real estate development projects will be presented, highlighting the significant constraint to supply that the inability to obtain finance poses.

Damage detection for truss bridge structures using correlation-based structural modal strain energy

This paper presents the feasibility of using structural modal strain energy as a parameter employed in correlation- based damage detection method for truss bridge structures. It is an extension of the damage detection method adopting multiple damage location assurance criterion. In this paper, the sensitivity of modal strain energy to damage obtained from the analytical model is incorporated into the correlation objective function. Firstly, the sensitivity matrix of modal strain energy to damage is conducted offline, and for an arbitrary damage case, the correlation coefficient (objective function) is calculated by multiplying the sensitivity matrix and damage vector. Then, a genetic algorithm is used to iteratively search the damage vector maximising the correlation between the corresponding modal strain energy change (hypothesised) and its counterpart in measurement. The proposed method is simulated and compared with the conventional methods, e.g. frequency-error method, coordinate modal assurance criterion and multiple damage location assurance criterion using mode shapes on a numerical truss bridge structure. The result demonstrates the modal strain energy correlation method is able to yield acceptable damage detection outcomes with less computing efforts, even in a noise contaminated condition.

Single case experimental design : an overview

Background: In health related research, it is critical not only to demonstrate the efficacy of intervention, but to show that this is not due to chance or confounding variables. Content: Single case experimental design is a useful quasi-experimental design and method used to achieve these goals when there are limited participants and funds for research. This type of design has various advantages compared to group experimental designs. One such advantage is the capacity to focus on individual performance outcomes compared to group performance outcomes. Conclusions: This comprehensive review demonstrates the benefits and limitations of using single case experimental design, its various design methods, and data collection and analysis for research purposes.

Spatial information infrastructure : what can it possibly mean?

Investment begins with imagining that doing something new in the present will lead to a better future. Investment can vary from incidental improvements as safe and beneficial side-effects of current activity through to a more dedicated and riskier disinvestment in current methods of operation and reinvestment in new processes and products. The role of government has an underlying continuity determined by its constitution that authorises a parliament to legislate for peace, order and good government. ‘Good government’ is usually interpreted as improving the living standards of its citizens. The requirements for social order and social cohesion suggest that improvements should be shared fairly by all citizens through all of their lives. Arguably, the need to maintain an individual’s metabolism has a social counterpart in the ‘collective metabolism’ of a sustainable and productive society.

Socially responsible investment in market downturns : implications for the fiduciary responsibilities of investment fund trustees

This paper investigates whether Socially Responsible Investment (SRI) is more or less sensitive to market downturns than conventional investment, and examines the legal implications for fund managers and trustees. Using a market model methodology, we find that over the past 15 years, the beta risk of SRI, both in Australia and internationally, increased more than that of conventional investment during economic downturns. This implies that companies acting as fund trustees, managed investment schemes and traditional institutional fund managers risk breaching their fiduciary or statutory duties if they go long - or remain long - in SRI funds during market downturns, unless perhaps relevant legislation is reformed. If reform is viewed as desirable, possible reforms could include explicitly overriding the common law to allow all traditional funds to invest in SRI; granting immunity to directors of trustee companies from potential personal liability under sections 197 or 588G et seq of the Corporations Act; allowing companies acting as trustees, managed investment schemes and traditional institutional fund managers and trustees to invest in SRI without triggering a substantial capital gains tax liability through trust resettlement; tax concessions for SRI (eg. introducing a 150% tax deduction or investment allowance for SRI); and allowing SRI sub-funds to obtain “deductible gift recipient” status or the equivalent from relevant taxation authorities. The research is important and original insofar as the assessment of risk in SRIs during market downturns is an area which has hitherto not been subjected to rigorous empirical investigation, despite its serious legal implications.

Don’t judge a superannuation default investment option by its name

With the massive decline in savings arising from the Global Financial Crisis (GFC), it is timely to review superannuation fund investment and disclosure strategies in the lead-up to the crisis. Accordingly, this study examines differences among superannuation funds��� default investment options in terms of naming and framing over three years from 2005 to 2007, as presented in product disclosure statements (PDSs). The findings indicate that default options are becoming more alike regardless of their name, and consequently, members may face increasing difficulties in distinguishing between balanced and growth-named default options when comparing them across superannuation funds. Comparability is also likely to be constrained by variations in the framing of default options presented in investment option menus in PDSs. These findings highlight the need for standardisation of default option definitions and disclosures to ensure descriptive accuracy, transparency and comparability.

Applied batch cryptography

The material presented in this thesis may be viewed as comprising two key parts, the first part concerns batch cryptography specifically, whilst the second deals with how this form of cryptography may be applied to security related applications such as electronic cash for improving efficiency of the protocols. The objective of batch cryptography is to devise more efficient primitive cryptographic protocols. In general, these primitives make use of some property such as homomorphism to perform a computationally expensive operation on a collective input set. The idea is to amortise an expensive operation, such as modular exponentiation, over the input. Most of the research work in this field has concentrated on its employment as a batch verifier of digital signatures. It is shown that several new attacks may be launched against these published schemes as some weaknesses are exposed. Another common use of batch cryptography is the simultaneous generation of digital signatures. There is significantly less previous work on this area, and the present schemes have some limited use in practical applications. Several new batch signatures schemes are introduced that improve upon the existing techniques and some practical uses are illustrated. Electronic cash is a technology that demands complex protocols in order to furnish several security properties. These typically include anonymity, traceability of a double spender, and off-line payment features. Presently, the most efficient schemes make use of coin divisibility to withdraw one large financial amount that may be progressively spent with one or more merchants. Several new cash schemes are introduced here that make use of batch cryptography for improving the withdrawal, payment, and deposit of electronic coins. The devised schemes apply both to the batch signature and verification techniques introduced, demonstrating improved performance over the contemporary divisible based structures. The solutions also provide an alternative paradigm for the construction of electronic cash systems. Whilst electronic cash is used as the vehicle for demonstrating the relevance of batch cryptography to security related applications, the applicability of the techniques introduced extends well beyond this.

Safety-restraint use rate as function of law enforcement and other factors : preliminary analysis

Persistent use of safety restraints prevents deaths and reduces the severity and number of injuries resulting from motor vehicle crashes. However, safety-restraint use rates in the United States have been below those of other nations with safety-restraint enforcement laws. With a better understanding of the relationship between safety-restraint law enforcement and safety-restraint use, programs can be implemented to decrease the number of deaths and injuries resulting from motor vehicle crashes. Does safety-restraint use increase as enforcement increases? Do motorists increase their safety-restraint use in response to the general presence of law enforcement or to targeted law enforcement efforts? Does a relationship between enforcement and restraint use exist at the countywide level? A logistic regression model was estimated by using county-level safety-restraint use data and traffic citation statistics collected in 13 counties within the state of Florida in 1997. The model results suggest that safety-restraint use is positively correlated with enforcement intensity, is negatively correlated with safety-restraint enforcement coverage (in lanemiles of enforcement coverage), and is greater in urban than rural areas. The quantification of these relationships may assist Florida and other law enforcement agencies in raising safety-restraint use rates by allocating limited funds more efficiently either by allocating additional time for enforcement activities of the existing force or by increasing enforcement staff. In addition, the research supports a commonsense notion that enforcement activities do result in behavioral response.

Living the nation

Belonging to and identifying with a nation has, since the latter half of the 18th century, been a distinctly human quality. To be human is to be part of a nation. Yet, contemporary theorists such as Appadurai and Fukuyama argue this universal human trait is undergoing vast change, threatened, it seems, by irrelevance and obsolescence, a return to tribalism and widened conceptual horizons represented by the likes of transnationalism and cosmopolitanism. These same threats are often attributed to the changing ideas and experience of spatiality and temporality enabled by information and communication technologies such as the Internet, spurred on by the rising intensity of flow amongst and within the human population. This paper argues that in the analysis of changes to the nation—which I suggest is best considered as the nexus of the body politic, the social body and human bodies—it is the notion of lived time and lived space that is most appropriate. The notion of the lived is borrowed and extended from Henri Lefebvre, who theorises that between mentally conceived and physically perceived space, lies its socially lived counterpart, which he defines as “the materialisation of social being”. As such, lived space (and time) draws on both its material and mental aspects. It is the thesis of this paper that against such a background as lived time and lived space the nation becomes much more than a political concept and/or project and is revealed as lived phenomenon, experienced in and through the dynamics of everyday praxis. Inherent to this argument is the understanding that it is the interplay between the possibilities imagined of the nation and; its eventual realisation through social acts and practices that marks it as a profoundly human institution.

Don't sell social science short

The News of the Week article that reports on Senator Kay Bailey Hutchison (R-TX) questioning the need to fund social science research at the National Science Foundation is alarming and shortsighted ("Senate panel chair asks why NSF funds social sciences," 12 May, p. 829). Social science research is at the fundamental core of basic research and has much to contribute to the economic viability of the United States. Twenty years of direct and jointly funded social and ecosystem science research at Colorado State University's Natural Resource Ecology Laboratory has produced deep insights into environmental and societal impacts of political upheaval, land use, and climate change in parts of Africa, Asia, and the Americas. Beyond greatly advancing our understanding of the coupled human-environmental system, the partnership of social and ecosystem science has brought scientists and decision-makers together to begin to develop solutions to difficult problems.

Governance in the Australian superannuation industry

In the Superannuation/Pension industry ordinary investors entrust their retirement savings to the trustees of the superannuation plan. Investors rely on the trustees to ensure ethical business and risk management practices are implemented to protect their retirement savings. Governance practices ensure the monitoring of ethical risk management (Drennan, 2004). The Australian superannuation industry presents a unique scenario. Legislation requires employers to contribute a minimum of 9% of the employees wage to retirement savings. However, there are no legislated governance standards, although there are standards of recommended governance practices. In this paper, we examine the level of voluntary adoption of governance practices by the trustees of Australian public sector and industry superannuation funds. We also assess whether superannuation governance practices are associated with performance and volatility/riskiness of returns. Survey results show that the majority of superannuation plans adopt recommended governance practices supporting the concept of ethical management of the member’s retirement savings. The examination of governance principles that impact returns and risk show that board size and regular review of conflicts are positively associated with return. Superannuation plans with higher volatility in returns meet more frequently.

Reconfiguring the higher education value chain

Forces of demand and supply are changing the dynamics of the higher education market. Transformation of institutions of higher learning into competitive enterprise is underway. Higher education institutions are seemingly under intense pressure to create value and focus their efforts and scarce funds on activities that drive up value for their respective customers and other stakeholders. Porter’s generic ‘value chain’ model for creating value requires that the activities of an organization be segregated in to discrete components for value chain analysis to be performed. Recent trends in higher education make such segregation possible. Therefore, it is proposed that the academic process can be unbundled into discrete components which have well developed measures. A reconfigured value chain for higher education, with its own value drivers and critical internal linkages is also proposed in this paper.

Visual assessment of pedestrian crashes

Of the numerous factors that play a role in fatal pedestrian collisions, the time of day, day of the week, and time of year can be significant determinants. More than 60% of all pedestrian collisions in 2007 occurred at night, despite the presumed decrease in both pedestrian and automobile exposure during the night. Although this trend is partially explained by factors such as fatigue and alcohol consumption, prior analysis of the Fatality Analysis Reporting System database suggests that pedestrian fatalities increase as light decreases after controlling for other factors. This study applies graphical cross-tabulation, a novel visual assessment approach, to explore the relationships among collision variables. The results reveal that twilight and the first hour of darkness typically observe the greatest frequency of pedestrian fatal collisions. These hours are not necessarily the most risky on a per mile travelled basis, however, because pedestrian volumes are often still high. Additional analysis is needed to quantify the extent to which pedestrian exposure (walking/crossing activity) in these time periods plays a role in pedestrian crash involvement. Weekly patterns of pedestrian fatal collisions vary by time of year due to the seasonal changes in sunset time. In December, collisions are concentrated around twilight and the first hour of darkness throughout the week while, in June, collisions are most heavily concentrated around twilight and the first hours of darkness on Friday and Saturday. Friday and Saturday nights in June may be the most dangerous times for pedestrians. Knowing when pedestrian risk is highest is critically important for formulating effective mitigation strategies and for efficiently investing safety funds. This applied visual approach is a helpful tool for researchers intending to communicate with policy-makers and to identify relationships that can then be tested with more sophisticated statistical tools.