Arbitration proceeding – determination of “market price” – subpoena under Commercial Arbitration Act 1990 s 17

AGL Wholesale Gas Ltd v Origin Energy Ltd [2008] QCA 366 involved an appeal against the setting aside of paragraphs of a subpoena issued under s 17 of the Commercial Arbitration Act 1990 (Qld). The Court was satisfied that even if the documents were of “apparent relevance” to the subject matter of the proceedings, it would nevertheless be oppressive to require their production.

The cost of carbon : capital market effects of the proposed emission trading scheme (ETS)

In March 2008, the Australian Government announced its intention to introduce a national Emissions Trading Scheme (ETS), now expected to start in 2015. This impending development provides an ideal setting to investigate the impact an ETS in Australia will have on the market valuation of Australian Securities Exchange (ASX) firms. This is the first empirical study into the pricing effects of the ETS in Australia. Primarily, we hypothesize that firm value will be negatively related to a firm's carbon intensity profile. That is, there will be a greater impact on firm value for high carbon emitters in the period prior (2007) to the introduction of the ETS, whether for reasons relating to the existence of unbooked liabilities associated with future compliance and/or abatement costs, or for reasons relating to reduced future earnings. Using a sample of 58 Australian listed firms (constrained by the current availability of emissions data) which comprise larger, more profitable and less risky listed Australian firms, we first undertake an event study focusing on five distinct information events argued to impact the probability of the proposed ETS being enacted. Here, we find direct evidence that the capital market is indeed pricing the proposed ETS. Second, using a modified version of the Ohlson (1995) valuation model, we undertake a valuation analysis designed not only to complement the event study results, but more importantly to provide insights into the capital market's assessment of the magnitude of the economic impact of the proposed ETS as reflected in market capitalization. Here, our results show that the market assesses the most carbon intensive sample firms a market value decrement relative to other sample firms of between 7% and 10% of market capitalization. Further, based on the carbon emission profile of the sample firms we imply a ‘future carbon permit price’ of between AUD$17 per tonne and AUD$26 per tonne of carbon dioxide emitted. This study is more precise than industry reports, which set a carbon price of between AUD$15 to AUD$74 per tonne.

The effect of project information on the accuracy of building price forecasts

A fundamental proposition is that the accuracy of the designer's tender price forecasts is positively correlated with the amount of information available for that project. The paper describes an empirical study of the effects of the quantity of information available on practicing Quantity Surveyors' forecasting accuracy. The methodology involved the surveyors repeatedly revising tender price forecasts on receipt of chunks of project information. Each of twelve surveyors undertook two projects and selected information chunks from a total of sixteen information types. The analysis indicated marked differences in accuracy between different project types and experts/non-experts. The expert surveyors' forecasts were not found to be significantly improved by information other than that of basic building type and size, even after eliminating project type effects. The expert surveyors' forecasts based on the knowledge of building type and size alone were, however, found to be of similar accuracy to that of average practitioners pricing full bills of quantities.

Heuristics and building price forecasting

The construction industry contains two types of estimators the contractors' estimator and the designers' price forecaster. Each has two models of the building in which to systemize his procedures - the production model and the design model. The use of these models is discussed in the light of the industry's particular problems of complexity and uncertainty together with the pressures of the market. It is argued that estimators and forecasters, in order to function effectively in these conditions, are forced to exercise a high degree of subjective judgment. Means of eliciting good heuristics involved in judgment making are considered by reference to the artificial intelligence and construction literature and a methodology is proposed based on these findings. The results of two early trials of the method with students are given, indicating the usefulness of the approach.

Water end use consumption analysis study into Gold Coast dual reticulated households : pilot study

Australia is the driest inhabited continent in the world and persisting droughts have triggered a move toward sensible and sustainable water consumption. Understanding how and where water is consumed in households enables streamlined development of demand management programs and efficient engineering of water infrastructure. End use water consumption analysis is required to gain necessary empirical data of how and where water is consumed. Several end use water consumption studies have been conducted within Australia and around the world with varying results produced. This pilot study paper provides preliminary data from the Gold Coast Watersaver End Use Project which is currently underway. Specifically, the paper includes water end use category volumetric and percentage break downs for 18 single and 32 dual reticulated homes on the Gold Coast (i.e. 50 in total). Moreover, a comparitive analysis between each of the individual households water end use levels is discussed along with other national studies previously completed. The paper finishes with an overview of the greater 200 home end use study conducted on the Gold Coast and its key deliverables and research outcomes.

School libraries, teacher-librarians and their contribution to student literacy development in Gold Coast schools

This is the first research focusing on Gold Coast school libraries and teacher- librarians. It presents a detailed picture of library provision and staffing at a representative group of 27 government and non-government schools at the Gold Coast. It shows links between employment of a teacher-librarian and higher NAPLAN reading and writing scores. And it presents the principals’ generally positive views about teacher-librarians’ contribution to reading and literacy at their schools. The findings respond in part to the recent government inquiry’s call (House of Representatives, 2011) for research about the current staffing of school libraries in Australia, and the influence of school libraries and teacher-librarians on students’ literacy and learning outcomes. While the study has focused on a relatively small group of school libraries, it has produced a range of significant outcomes: • An extensive review of international and Australian research showing impacts of school libraries and teacher-librarians on students’ literacy and learning outcomes • Findings consistent with international research showing: - An inverse relationship between lower student to EFT library staff ratio and higher school NAPLAN scores for reading and writing - Schools that employ a teacher-librarian tend to achieve school NAPLAN scores for respective year levels that are higher than the national mean It is anticipated that the study’s findings will be of interest to education authorities, school leadership teams, teacher-librarians, teachers and researchers. The findings provide evidence to: • inform policy development and strategic planning for school libraries that respond to the literacy development needs of 21st century learners • inform school-based management of school libraries • inform curriculum development and teacher-librarian practice • support further collaborative research on a State or national level • enhance conceptual understandings about relationship(s) between school libraries, teacher-librarians and literacy/information literacy development • support advocacy about school libraries, teacher-librarians and their contribution to literacy development and student learning in Australian schools SLAQ President Toni Leigh comments: “It is heartening to see findings which validate the critical role teacher-librarians play in student literacy development and the positive correlation of higher NAPLAN scores and schools with a qualified teacher-librarian. Also encouraging is the high percentage of school principals who recognise the necessity of a well resourced school library and the positive influence of these libraries on student literacy”. This research arises from a research partnership between School Library Association of Queensland (SLAQ) and Children and Youth Research Centre, QUT. Lead researcher: Dr Hilary Hughes, Children and Youth Research Centre, QUT Research assistants: Dr Hossein Bozorgian, Dr Cherie Allan, Dr Michelle Dicinoski, QUT SLAQ Research Reference Group: Toni Leigh, Marj Osborne, Sally Fraser, Chris Kahl and Helen Reynolds Reference: House of Representatives. (2011). School libraries and teacher librarians in 21st century Australia. Canberra: Commonwealth of Australia. http://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_Committees?url=ee/schoollibraries/report.htm

Ownership, corporate governance and timeliness of price discovery : Australian evidence

This study investigates whether and how a firm’s ownership and corporate governance affect its timeliness of price discovery, which is referred to as the speed of incorporation of value-relevant information into the stock price. Using a panel data of 1,138 Australian firm-year observations from 2001 to 2008, we predict and find a non-linear relationship between ownership concentration and the timeliness of price discovery. We test the identity of the largest shareholder and find that only firms with family as the largest shareholder exhibit faster price discovery. There is no evidence that suggests that the presence of a second largest shareholder affects the timeliness of price discovery materially. Although we find a positive association between corporate governance quality and the timeliness of price discovery, as expected, there is no interaction effect between the largest shareholding and corporate governance in relation to the timeliness of price discovery. Further tests show no evidence of severe endogeneity problems in our study.

Essays on volatility and liquidity in financial markets

The price formation of financial assets is a complex process. It extends beyond the standard economic paradigm of supply and demand to the understanding of the dynamic behavior of price variability, the price impact of information, and the implications of trading behavior of market participants on prices. In this thesis, I study aggregate market and individual assets volatility, liquidity dimensions, and causes of mispricing for US equities over a recent sample period. How volatility forecasts are modeled, what determines intradaily jumps and causes changes in intradaily volatility and what drives the premium of traded equity indexes? Are they induced, for example, by the information content of lagged volatility and return parameters or by macroeconomic news, changes in liquidity and volatility? Besides satisfying our intellectual curiosity, answers to these questions are of direct importance to investors developing trading strategies, policy makers evaluating macroeconomic policies and to arbitrageurs exploiting mispricing in exchange-traded funds. Results show that the leverage effect and lagged absolute returns improve forecasts of continuous components of daily realized volatility as well as jumps. Implied volatility does not subsume the information content of lagged returns in forecasting realized volatility and its components. The reported results are linked to the heterogeneous market hypothesis and demonstrate the validity of extending the hypothesis to returns. Depth shocks, signed order flow, the number of trades, and resiliency are the most important determinants of intradaily volatility. In contrast, spread shock and resiliency are predictive of signed intradaily jumps. There are fewer macroeconomic news announcement surprises that cause extreme price movements or jumps than those that elevate intradaily volatility. Finally, the premium of exchange-traded funds is significantly associated with momentum in net asset value and a number of liquidity parameters including the spread, traded volume, and illiquidity. The mispricing of industry exchange traded funds suggest that limits to arbitrage are driven by potential illiquidity.

Serine protease inhibition and mitochondrial dysfunction associated with cisplatin resistance in human tumor cell lines: targets for therapy

Indicators of mitochondrial function were studied in two different cell culture models of cis-diamminedichloroplatinum-II (CDDP) resistance: the intrinsically resistant human ovarian cancer cell line CI-80-13S, and resistant clones (HeLa-S1a and HeLa-S1b) generated by stable expression of the serine protease inhibitor—plasminogen activator inhibitor type-2 (PAI-2), in the human cervical cancer cell line HeLa. In both models, CDDP resistance was associated with sensitivity to killing by adriamycin, etoposide, auranofin, bis[1,2-bis(diphenylphosphino)ethane]gold(I) chloride {[Au(DPPE)2]Cl}, CdCl2 and the mitochondrial inhibitors rhodamine-123 (Rhl23), dequalinium chloride (DeCH), tetraphenylphosphonium (TPP), and ethidium bromide (EtBr) and with lower constitutive levels of ATP. Unlike the HeLa clones, CI-80-13S cells were additionally sensitive to chloramphenicol, 1-methyl-4-phenylpyridinium ion (MPP+), rotenone, thenoyltrifluoroacetone (TTFA), and antimycin A, and showed poor reduction of 1-[4,5-dimethylthiazol-2-yl]-2,5-diphenyltetrazolium bromide (MTT), suggesting a deficiency in NADH dehydrogenase and/or succinate dehydrogenase activities. Total platinum uptake and DNA-bound platinum were slightly lower in CI-80-13S than in sensitive cells. The HeLa-S1a and HeLa-S1b clones, on the other hand, showed poor reduction of triphenyltetrazolium chloride (TTC), indicative of low cytochrome c oxidase activity. Total platinum uptake by HeLa-S1a was similar to HeLa, but DNA-bound platinum was much lower than for the parent cell line. The mitochondria of CI-80-13S and HeLa-S1a showed altered morphology and were fewer in number than those of JAM and HeLa. In both models, CDDP resistance was associated with less platinum accumulation and with mitochondrial and membrane defects, brought about one case with expression of a protease inhibitor which is implicated in tumor progression. Such markers may identify tumors suitable for treatment with gold phosphine complexes or other mitochondrial inhibitors.

Industrial land price and its impact on urban growth : a Chinese case study

China is experiencing rapid progress in industrialization, with its own rationale toward industrial land development based on a deliberate change from an extensive to intensive form of urban land use. One result has been concerted attempts by local government to attract foreign investment by a low industrial land price strategy, which has resulted in a disproportionally large amount of industrial land within the total urban land use structure at the expense of the urban sprawl of many cities. This paper first examines “Comparable Benchmark Price as Residential land use” (CBPR) as the theoretical basis of the low industrial land price phenomenon. Empirical findings are presented from a case study based on data from Jinyun County, China. These data are analyzed to reveal the rationale of industrial land price from 2000 to 2010 concerning the CBPR model. We then explore the causes of low industrial land prices in the form of a “Centipede Game Model”, involving two neighborhood regions as “major players” to make a set of moves (or strategies). When one of the players unilaterally reduces the land price to attract investment with the aim to maximize profits arising from the revenues generated from foreign investment and land premiums, a two-player price war begins in the form of a dynamic game, the effect of which is to produce a downward spiral of prices. In this context, the paradox of maximizing profits for each of the two players are not accomplished due to the inter-regional competition of attracted investment leading to a lose-lose situation for both sides’ in competing for land premium revenues. A short-term solution to the problem is offered involving the establishment of inter-regional cooperative partnerships. For the longer term, however, a comprehensive reform of the local financial system, more adroit regional planning and an improved means of evaluating government performance is needed to ensure the government's role in securing pubic goods is not abandoned in favor of one solely concerned with revenue generation.