Financialization, crisis and commodity correlation dynamics

Stronger investor interest in commodities may create closer integration with conventional asset markets. We estimate sudden and gradual changes in correlation between stocks, bonds and commodity futures returns driven by observable financial variables and time, using double smooth transition conditional correlation (DSTCC–GARCH) models. Most correlations begin the 1990s near zero but closer integration emerges around the early 2000s and reaches peaks during the recent crisis. Diversification benefits to investors across equity, bond and stock markets were significantly reduced. Increases in VIX and financial traders’ short open interest raise futures returns volatility for many commodities. Higher VIX also increases commodity returns correlation with equity returns for about half the pairs, indicating closer integration.

Lessons on sin and forgiveness : a crisis in the Roman Catholic Church

One of the greatest challenges facing the Roman Catholic Church (the Church) across the world continues to be found in addressing complaints of child sexual abuse (csa) by clergy. The list of Catholic clergy in Australia who have been criminally processed for sexual offences against children is disturbingly long. As disturbing as this list is, more disturbing are the accounts of clergy who have not been criminally prosecuted, but protected within the cloister of the Church. It is increasingly recognised that the significant difficulty with child sexual abuse in Catholic Churches, in particular, has not been the presence of perpetrators but the response of Church leadership to allegations of csa by clergy. Those who have faced criminal charges have often done so due to the resilience of victim/survivors and not because of the support of Church structures or culture. The Church has been slow to come to terms with the realities of the perpetration of csa by its clergy and even slower to recognise the need to prioritise victims in any effective, just response. The church has been slowest of all recognising that there are significant cultural and discursive challenges to confront in addressing the management of csa by clergy. There is, however, progressive recognition of the role that discursive constructs of forgiveness have played in perpetuating the crises and ultimately in perpetuating abuse. The institutional praxis of forgiveness can be demonstrated not only in the Church, but in lessons learned from use of forgiveness as an institutional response to mass violations of human rights. This paper explores the juncture between criminality, church culture and forgiveness in responding to csa by clergy.

Paranoid prizing : mapping Australia’s Eve Pownall Award for information books, 2001-2010

Each year, the Children’s Book Council of Australia (CBCA) administers a number of Book of the Year Awards, including the Eve Pownall Award for Information Books. The books chosen by the CBCA constitute a contemporary canon of Australian children’s literature, and serve to both shape and reflect current educational policies and practices as well as young Australians’ sense of themselves and their nation. This paper reads a selection of award-winning Australian non-fiction children’s literature in the context of colonialism, curriculum, military myths, and Aboriginal perspectives on national history and identity.

Grameen Bank's social performance disclosure : responding to a negative assessment by Wall Street Journal in late 2001

Purpose – The aim of this paper is to establish a linkage between negative global media news towards Grameen Bank (GB), the largest microfinance organisation in the developing world, and the extent and type of annual report social performance disclosures by GB, over the nine-year period 1997-2005. Design/methodology/approach – Content analysis instruments are utilised to analyse GB annual report social disclosure. Findings – The study finds that GB's community poverty alleviation disclosures account for the highest proportion of total social disclosures in the period 1997-2005. The results of this study are particularly significant in relation to poverty alleviation – the issue attracting severe criticism from the Wall Street Journal (WSJ?) late in 2001. The community poverty alleviation disclosures by GB are significantly greater over the four years following the negative news in the WSJ than in the four years before. The results suggest that GB responds to a negative media story or legitimacy threatening news via annual report social disclosures in an attempt to re-establish its legitimacy. Originality/value – This paper contributes to the literature because in the past there has been no research published linking global media attention to the social disclosure practices of major organisations in developing countries

Usability of small crisis data sets in the absence of big data

Big data is big news in almost every sector including crisis communication. However, not everyone has access to big data and even if we have access to big data, we often do not have necessary tools to analyze and cross reference such a large data set. Therefore this paper looks at patterns in small data sets that we have ability to collect with our current tools to understand if we can find actionable information from what we already have. We have analyzed 164390 tweets collected during 2011 earthquake to find out what type of location specific information people mention in their tweet and when do they talk about that. Based on our analysis we find that even a small data set that has far less data than a big data set can be useful to find priority disaster specific areas quickly.

Setting aside default judgment - whether judgment regularly or irregularly entered - service under Corporations Act 2001 (Cth) s109X(1) - requirements for affadavit of service

In Hill v Robertson Suspension Systems Pty Ltd [2009] QDC 165 McGill DCJ considered the procedural requirements for the service of originating process on a company, and for proving that service for the purpose of obtaining default judgment.The judge’s views adopt a strict and technical construction of the requirements for an affidavit of service under r 120(1)(b). Though clearly obiter, they may well affect the approach taken on applications to enter or set aside default judgments in the lower courts. Pending further judicial consideration of the issue, it is suggested the prudent course is to ensure that the deponent of an affidavit for service effected under s 109X(1)(a) of the Act deposes not only to the location of the registered office of the company but also, at a minimum, provides the source of that information.

Crisis response planning in tunnel and road networks

Critical road infrastructure (such as tunnels and overpasses) is of major significance to society and constitutes major components of interdependent, ‘systems and networks’. Failure in critical components of these wide area infrastructure systems can often result in cascading disturbances with secondary and tertiary impacts - some of which may become initiating sources of failure in their own right, triggering further systems failures across wider networks. Perrow1) considered the impact of our increasing use of technology in high-risk fields, analysing the implications on everyday life and argued that designers of these types of infrastructure systems cannot predict every possible failure scenario nor create perfect contingency plans for operators. Challenges exist for transport system operators in the conceptualisation and implementation of response and subsequent recovery planning for significant events. Disturbances can vary from reduced traffic flow causing traffic congestion throughout the local road network(s) and subsequent possible loss of income to businesses and industry to a major incident causing loss of life or complete loss of an asset. Many organisations and institutions, despite increasing recognition of the effects of crisis events, are not adequately prepared to manage crises2). It is argued that operators of land transport infrastructure are in a similar category of readiness given the recent instances of failures in road tunnels. These unexpected infrastructure failures, and their ultimately identified causes, suggest there is significant room for improvement. As a result, risk profiles for road transport systems are often complex due to the human behaviours and the inter-mix of technical and organisational components and the managerial coverage needed for the socio-technical components and the physical infrastructure. In this sense, the span of managerial oversight may require new approaches to asset management that combines the notion of risk and continuity management. This paper examines challenges in the planning of response and recovery practices of owner/operators of transport systems (above and below ground) in Australia covering: • Ageing or established infrastructure; and • New-build infrastructure. With reference to relevant international contexts this paper seeks to suggest options for enhancing the planning and practice for crisis response in these transport networks and as a result support the resilience of Critical Infrastructure.

A critical analysis of crisis escalation models : understanding stages and severity in infrastructure disturbance

A range of authors from the risk management, crisis management, and crisis communications literature have proposed different models as a means of understanding components of crisis. A generic component of these sources has focused on preparedness practices before disturbance events and response practices during events. This paper provides a critical analysis of three key explanatory models of how crises escalate highlighting the strengths and limitations of each approach. The paper introduces an optimised conceptual model utilising components from the previous work under the four phases of pre-event, response, recovery, and post-event. Within these four phases, a ten step process is introduced that can enhance understanding of the progression of distinct stages of disturbance for different types of events. This crisis evolution framework is examined as a means to provide clarity and applicability to a range of infrastructure failure contexts and provide a path for further empirical investigation in this area.

Projecting the trend in the Canadian gender wage gap 2001-2031: Will an increase in female education acquisition and commitment be enough?

The paper projects the gender wage gap for 25-64 year-olds in Canada over the period 2001-2031. The empirical analysis uses the Survey of Labour and Income Dynamics together with Statistics Canada demographic projections. The methodology combines the population projections with assumptions relating to the evolution of educational attainment in order to first project the future distribution of human capital skills and, based on these projections, the future size of the gender wage gap. The projections suggest continued gender wage convergence produced by changing skills characteristics. However, a substantial pay gap will remain in 2031.

Social media and its impact on crisis communication: Case studies of Twitter use in emergency management in Australia and New Zealand

There is a growing awareness worldwide of the significance of social media to communication in times of both natural and human-created disasters and crises. While the media have long been used as a means of broadcasting messages to communities in times of crisis – bushfires, floods, earthquakes etc. – the significance of social media in enabling many-to-many communication through ubiquitous networked computing and mobile media devices is becoming increasingly important in the fields of disaster and emergency management. This paper undertakes an analysis of the uses made of social media during two recent natural disasters: the January 2011 floods in Brisbane and South-East Queensland in Australia, and the February 2011 earthquake in Christchurch, New Zealand. It is part of a wider project being undertaken by a research team based at the Queensland University of Technology in Brisbane, Australia, that is working with the Queensland Department of Community Safety (DCS) and the EIDOS Institute, and funded by the Australian Research Council (ARC) through its Linkages program. The project combines large-scale, quantitative social media tracking and analysis techniques with qualitative cultural analysis of communication efforts by citizens and officials, to enable both emergency management authorities and news media organisations to develop, implement, and evaluate new social media strategies for emergency communication.

The recovery concept and crisis intervention : time for a revolution in the realm of acute psychiatric care

“Mental illness is a tough illness to survive, it is incurable but manageable. Living with the illness when at its full potency can disrupt your life at any moment.” Intensive care for patients experiencing acute psychiatric distress is an essential yet complex part of mental health services as a whole system. Psychiatric intensive care units remain a source of controversy; despite promising developments to health services incorporating recovery goals and processes outlined by people with a mental illness themselves. In past decades changes in the provision of mental health services have focused on the restoration of a meaningful and empowered life with choice and hope as a defining attribute of recovery. Yet, what does recovery mean and how are recovery principles accomplished in psychiatric intensive care arrangements for someone experiencing acute psychiatric distress?

Efficiency and productivity of Singapore's manufacturing sector 2001-2010 : an analysis using bootstrapped truncated approach

This paper seeks to explain the lagging productivity in Singapore’s manufacturing noted in the statements of the Economic Strategies Committee Report 2010. Two methods are employed: the Malmquist productivity to measure total factor productivity (TFP) change and Simar and Wilson’s (2007) bootstrapped truncated regression approach which first derives bias-corrected efficiency estimates before being regressed against explanatory variables to help quantify sources of inefficiencies. The findings reveal that growth in total factor productivity was attributed to efficiency change with no technical progress. Sources of efficiency were attributed to quality of worker and flexible work arrangements while the use of foreign workers lowered efficiency.

Responses, relationships and responsibility : examining influences on organisational assets during crisis

This thesis explains how an organisation's relationships with its key stakeholders influence the public's view of its responsibility for a crisis event and how this subsequently influences the protective and reparative powers of its crisis response on its reputation and legitimacy. From the results, a continuum of the influencing effect of relationship history was developed which demonstrates the positive and negative frames through which stakeholders view an organisation in crisis and its response. Organisational age and the evaluative character of its relationships with key stakeholders were considered in the experimental design as descriptors of an organisation's relationship history. The findings provide guidance to crisis managers on effective crisis response selection.

Crisis Communication in Natural Disasters : The Queensland Floods and Christchurch Earthquakes

Over the past decade, social media have gone through a process of legitimation and official adoption, and they are now becoming embedded as part of the official communications apparatus of many commercial and public-sector organisations— in turn, providing platforms like Twitter with their own sources of legitimacy. Arguably, the demonstrated utility of social media platforms and tools in times of crisis—from civil unrest and violent crime through to natural disasters like bushfires, earthquakes, and floods—has been a crucial driver of this newfound legitimacy. In the mid-2000s, user-created content and ‘Web 2.0’ platforms were known to play a role in crisis communication; back then, the involvement of extra-institutional actors in providing and sharing information around such events involved distributed, ad hoc, or niche platforms (like Flickr), and was more likely to be framed as ‘citizen journalism’ or ‘crowdsourcing’ (see, for example, Liu, Palen, Sutton, Hughes, & Vieweg, 2008, on the then-emerging role of photo-sharing in disasters). Since then, the dramatically increased take-up of mainstream social media platforms like Facebook and Twitter means that the pool of potential participants in online crisis communication has broadened to include a much larger proportion of the general population, as well as traditional media and official emergency response organisations.