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.

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.

Social clubs and social capital : the effect of electronic gaming machines in disadvantaged regions on the creation or destruction of community resilience

The role of particular third sector organisations, Social Clubs, in supporting gambling through the use of EGMs in venues presents as a difficult social issue. Social Clubs gain revenue from gambling activities; but also contribute to social well-being through the provision of services to communities. The revenues derived from gambling in specific geographic locales has been seen by government as a way to increase economic development particularly in deprived areas. However there are also concerns about accessibility of low-income citizens to Electronic Gaming Machines (EGMS) and the high level of gambling overall in these deprived areas. We argue that social capital can be viewed as a guard against deleterious effects of unconstrained use of EGM gambling in communities. However, it is contended that social capital may also be destroyed by gambling activity if commercial business actors are able to use EGMs without community obligations to service provision. This paper examines access to gambling through EGMs and its relationship to social capital and the consequent effect on community resilience, via an Australian case study. The results highlight the potential two-way relationship between gambling and volunteering, such that volunteering (and social capital more generally) may help protect against problems of gambling, but also that volunteering as an activity may be damaged by increased gambling activity. This suggests that, regardless of the direction of causation, it is necessary to build up social capital via volunteering and other social capital activities in areas where EGMS are concentrated. The study concludes that Social Clubs using EGMs to derive funds are uniquely positioned within the community to develop programs that foster social capital creation and build community resilience in deprived areas.

Culture-fair assessment : challenging Indigenous students through effortful mathematics teaching

This paper reports on a mathematics education research project centred on teachers’ pedagogical practices and capacity to assess Indigenous Australian students in a culture-fair manner. The project has been funded by the Australian Research Council Linkage program and is being conducted in seven Catholic and Independent primary schools in north Queensland. Our Industry Partners are Catholic Education and the Association of Independent Schools, Queensland. The study aims to provide greater understanding about how to build more equitable assessment practices to address the issue of underperforming Aboriginal and Torres Strait Islander (ATSI) students in regional and remote Australia. The goal is to identify ways forward by attending to culture-fair assessment practice. The research is exploring the attitudes, beliefs and responses of Indigenous students to assessment in the context of mathematics learning with particular focus on teacher knowledge in these educational settings in relation to the design of assessment tasks that are authentic and engaging for these students in an accountability context. This approach highlights how teachers need to distinguish the ‘funds of knowledge’ (González, Moll, Floyd Tenery, Rivera, Rendón, Gonzales & Amanti, 2008) that Indigenous students draw on and how teachers need to be culturally responsive in their pedagogy to open up curriculum and assessment practice to allow for different ways of knowing and being

Paving for diverse pathways : using industry-linked learning to support Performing Arts students in their transition to protean careers

Statistics presented in Australia Council reports such as Don’t Give Up Your Day Job (2003), and Artswork: A Report On Australians Working in the Arts 1 and 2 (1997, 2005), and in other studies on destinations for Performing Arts graduates, demonstrate the diversity of post-graduation pathways for our students, the prevalence of protean careers, and the challenges in developing a sense of professional identity in a context where a portfolio of work across performance making, producing, administration and teaching can make it difficult for young artists to establish career status and capital in conventional terms (cf. Dawn Bennett, “Academy and the Real World: Developing Realistic Notions of Career in the Performing Arts”, Arts & Humanities in Higher Education, 8.3, 2009). In this panel, academics from around Australia will consider the ways in which Drama, Theatre and Performance Studies as a discipline is deploying a variety of practical, professional and work-integrated teaching and learning activities – including performance-making projects, industry projects, industry placements and student-initiated projects – to connect students with the networks, industries and professional pathways that will support their progression into their career. The panellists include Bree Hadley (Queensland University of Technology), Meredith Rogers (La Trobe University), Janys Hayes (Woolongong University) and Teresa Izzard (Curtin University). The panelists will present insights into the activities they have found successful, and address a range of questions, including: How do we introduce students to performance-making and / or producing models they will be able to employ in their future practice, particularly in light of the increasingly limited funds, time and resources available to support students’ participation in full-scale productions under the stewardship of professional artists?; How and when do we introduce students to industry networks?; How do we cater for graduates who will work as performers, writers, directors or administrators in the non-subsidised sector, the subsidised sector, community arts and education?; How do we category cater for graduates who will go on to pursue their work in a practice-as-research context in a Higher Degree?; How do we assist graduates in developing a professional identity? How do we assist graduates in developing physical, professional and personal resilience?; How do we retain our connections with graduates as part of their life-long learning?; Do practices and processes need to differ for city or regionally based / theoretically or practically based degree programs?; How do our teaching and learning activities align with emergent policy and industrial frameworks such as the shift to the “Producer Model” in Performing Arts funding, or the new mentorship, project, production and enterprise development opportunities under the Australia Council for the Arts’ new Opportunities for Young and Emerging Artists policy framework?

Fleshed out comic yarn : a review

Calendar Girls. By Tim Firth. Queensland Performing Arts Centre, Brisbane, April 10. AN adaptation of the 2003 film of the same name, Calendar Girls is a light piece of entertainment. Following the death of her husband John from leukaemia, Annie and her friend Chris convince the members of their local Yorkshire Women's Institute to pose for a nude calendar to raise funds to refurbish the local hospital's run-down relatives' room. This premise -- and the opportunities for comic engagement it entails -- drives the plot of Tim Firth's stage adaptation of Calendar Girls.

Nursing and Midwifery Services Strategic Directions, 2011-2015

This document presents the newly updated strategic directions for strengthening nursing and midwifery services (SDNM) for the period 2011–2015. Complementing and building on the 2002–2008 SDNM, it seeks to provide policymakers, practitioners and other stakeholders at every level with a flexible framework for broad-based, collaborative action to enhance the capacity of nurses and midwives to contribute to: * universal coverage * people-centred health care * policies affecting their practice and working conditions, and the * scaling up of national health systems to meet global goals and targets. The SDNM for 2011–2015 draws on several key World Health Assembly resolutions, and are underpinned by the associated global policy recommendations and codes of practice. (1,2) After two years of extensive research and consultation, a SDNM task force was developed, and a consensus on a range of specific activities revolving around 13 objectives in five interrelated key results areas (KRAs), was achieved: n health system and service strengthening n policy and practice * education, training and career development * workforce management and * partnership. Stakeholders, although free to prioritize certain parts of the framework to meet their own particular needs, are encouraged to adhere to the cornerstone of collaborative action, namely the common goal enshrined in the core SDNM 2011–2015 vision statement: improved health outcomes for individuals, families and communities through the provision of competent, culturally sensitive, evidence-based nursing and midwifery services.