The role of law in responding to climate change : emerging regulatory, liability and market approaches

Climate change presents as the archetypal environmental problem with short-term economic self-interest operating to the detriment of the long-term sustainability of our society. The scientific reports of the Intergovernmental Panel on Climate Change strongly assert that the stabilisation of emissions in the atmosphere, to avoid the adverse impacts of climate change, requires significant and rapid reductions in ‘business as usual’ global greenhouse gas emissions. The sheer magnitude of emissions reductions required, within this urgent timeframe, will necessitate an unprecedented level of international, multi-national and intra-national cooperation and will challenge conventional approaches to the creation and implementation of international and domestic legal regimes. To meet this challenge, existing international, national and local legal systems must harmoniously implement a strong international climate change regime through a portfolio of traditional and innovative legal mechanisms that swiftly transform current behavioural practices in emitting greenhouse gases. These include the imposition of strict duties to reduce emissions through the establishment of strong command and control regulation (the regulatory approach); mechanisms for the creation and distribution of liabilities for greenhouse gas emissions and climaterelated harm (the liability approach) and the use of innovative regulatory tools in the form of the carbon trading scheme (the market approach). The legal relations between these various regulatory, liability and market approaches must be managed to achieve a consistent, compatible and optimally effective legal regime to respond to the threat of climate change. The purpose of this thesis is to analyse and evaluate the emerging legal rules and frameworks, both international and Australian, required for the effective regulation of greenhouse gas emissions to address climate change in the context of the urgent and deep emissions reductions required to minimise the adverse impacts of climate change. In doing so, this thesis will examine critically the existing and potential role of law in effectively responding to climate change and will provide recommendations on the necessary reforms to achieve a more effective legal response to this global phenomenon in the future.

Disclosure of proxy voting information by Australian managed investment schemes

The US Securities and Exchange Comission requires registered management investment companies to disclose how they vote proxies relating to portfolio securities they hold. The primary purpose of this rule is to enable fund investors to monitor the role of institutional shareholders in the corporate governance practices of public companies. In Australia, despite reform proposals, there are no regulations requiring institutional investors to report proxy voting procedures and practises. There is little evidence of voluntary disclosure of proxy voting by Australian managed investment schemes in equities, indicating that there are costs involved in such disclosure.

Some reflections about P2M : the place of the mirror

The purpose of this paper is to provide some insights about P2M, and more specifically, to develop some thoughts about Project Management seen as a Mirror, a place for reflection…, between the Mission of organisation and its actual creation of Values (with s: a source of value for people, organisations and society). This place is the realm of complexity, of interactions between multiple variables, each of them having a specific time horizon and occupying a specific place, playing a specific role. Before developing this paper I would like to borrow to my colleague and friend, Professor Ohara, the following, part of a paper going to be presented at IPMA World Congress, in New Delhi later this year in November 2005. “P2M is the Japanese version of project & program management, which is the first standard guide for education and certification developed in 2001. A specific finding of P2M is characterized by “mission driven management of projects” or a program which harness complexity of problem solving observed in the interface between technical system and business model.” (Ohara, 2005, IPMA Conference, New Delhi) “The term of “mission” is a key word in the field of corporate strategy, where it expresses raison d’être or “value of business”. It is more specifically used for expressing “the client needs” in terms of a strategic business unit. The concept of mission is deemed to be a useful tool to share essential content of value and needs in message for complex project.” (Ohara, 2005, IPMA Conference, New Delhi) “Mission is considered as a significant “metamodel representation” by several reasons. First, it represents multiple values for aspiration. The central objective of mission initiative is profiling of ideality in the future from reality, which all stakeholders are glad to accept and share. Second, it shall be within a stretch of efforts, and not beyond or outside of the realization. Though it looks like unique, it has to depict a solid foundation. The pragmatic sense of equilibrium between innovation and adaptation is required for the mission. Third, it shall imply a rough sketch for solution to critical issues for problems in reality.” (Ohara, 2005, IPMA Conference, New Delhi) “Project modeling” idea has been introduced in P2M program management. A package of three project models of “scheme”, “system” and “service” are given as a reference type program. (Ohara, 2005, IPMA Conference, New Delhi) If these quotes apply to P2M, they are fully congruent with the results of the research undertaken and the resulting meta-model & meta-method developed by the CIMAP, ESC Lille Research Centre in Project & Program Management, since the 80’s. The paper starts by questioning the common Project Management (PM) paradigm. Then discussing the concept of Project, it argues that an alternative epistemological position should be taken to capture Page 2 / 11 the very nature of the PM field. Based on this, a development about “the need of modelling to understand” is proposed grounded on two theoretical roots. This leads to the conclusion that, in order to enables this modelling, a standard approach is necessary, but should be understood under the perspective of the Theory of Convention in order to facilitate a situational and contextual application.

ePortfolios and eGovernment : from technology to the entrepreneurial self

We analyse the electronic portfolio (ePortfolio) in higher education policy and practice. While evangelical accounts of the ePortfolio celebrate its power as a new eLearning technology, we argue that it allows the mutually-reinforcing couple of neoliberalism and the enterprising self to function in ways in which individual difference can be presented, cultured and grown, all the time within a standardised framework which relentlessly polices the limits of the acceptable and unacceptable. We point to the ePortfolio as a practice of (self-) government, arguing that grander policy coalesces out of a halting, experimental set of technological instruments for thinking about how life should be lived.

Art unions legislation in Queensland

In Queensland, the legislation governing the conduct of art unions such as bingo, raffles and lucky envelopes is the Art Unions Act 1992 (ΑAct≅). The Act is administered by the Queensland Office of Gaming Regulation (ΑQOGR≅) which is part of the Queensland Treasury portfolio. The Act and other legislation such as the Criminal Code, Vagrants Gaming and Other Offences Act, generally makes it unlawful for a person to conduct art unions unless they are authorised to do so. The Art Unions Act allows Αeligible≅ nonprofit associations such as charities, schools, sporting and community groups to raise funds for their stated objects. Art unions were legalised in the early part of this century primarily to assist charities and other approved associations to raise funds for worthwhile causes. This principle is continued in the 1992 Act. The Queensland art union industry had a turnover of over$190M in 1996/97 and our Queensland art unions continue to attract not just sales from Queensland residents but also interstate and overseas buyers. Art unions continue to be an attractive form of fundraising for many nonprofit associations.

The Creative Industries, Culture and Policy

The rise of creative industries requires new thinking in communication, media and cultural studies, media and cultural policy, and the arts and information sectors. The Creative Industries, Culture and Policy sets the agenda for these debates, providing a richer understanding of the dynamics of cultural markets, creative labor, finance and risk, and how culture is distributed, marketed and creatively reused through new media technologies. This book: develops a global perspective on the creative industries and creative economy draws insights from media and cultural studies, innovation economics, cultural policy studies, and economic and cultural geography explores what it means for policy-makers when culture and creativity move from the margins to the center of economic dynamics makes extensive use of case studies in ways that are relevant not only to researchers and policy-makers, but also to the generation of students who will increasingly be establishing a ‘portfolio career’ in the creative industries. International in coverage, The Creative Industries traces the historical and contemporary ideas that make the cultural economy more relevant that it has ever been. It is essential reading for students and academics in media, communication and cultural studies. Table of Contents - Introduction - Origins of Creative Industries Policy - International Models of Creative Industries Policy - From Culture Industries to Cultural Economy - Products, Services, Production and Creative Work - Consumption, Markets, Technology and Cultural Trade - Globalization, Cities and Creative Spaces - Creative Industries and Public Policy - Conclusion

A hybrid approach to combining CART and logistic regression for stock ranking

The benefits of applying tree-based methods to the purpose of modelling financial assets as opposed to linear factor analysis are increasingly being understood by market practitioners. Tree-based models such as CART (classification and regression trees) are particularly well suited to analysing stock market data which is noisy and often contains non-linear relationships and high-order interactions. CART was originally developed in the 1980s by medical researchers disheartened by the stringent assumptions applied by traditional regression analysis (Brieman et al. [1984]). In the intervening years, CART has been successfully applied to many areas of finance such as the classification of financial distress of firms (see Frydman, Altman and Kao [1985]), asset allocation (see Sorensen, Mezrich and Miller [1996]), equity style timing (see Kao and Shumaker [1999]) and stock selection (see Sorensen, Miller and Ooi [2000])...

On the efficacy of techniques for evaluating multivariate volatility forecasts

The performance of techniques for evaluating multivariate volatility forecasts are not yet as well understood as their univariate counterparts. This paper aims to evaluate the efficacy of a range of traditional statistical-based methods for multivariate forecast evaluation together with methods based on underlying considerations of economic theory. It is found that a statistical-based method based on likelihood theory and an economic loss function based on portfolio variance are the most effective means of identifying optimal forecasts of conditional covariance matrices.

Learning how to be responsive to public policy issues affecting SSSI members

Human survival depends on human ingenuity in using resources at hand to sustain human life. The historical record – in wrings and archaeological artefacts – provides evidence of the growth and collapse of political organisations and societies. In the institutions of Western civilisation, some traditions have endured over millennia where the roles of monarchs and public officials have been organised in perpetual succession. These roles were developed as conventions in the British Parliament after 1295 and provided the models of corporate governance in both public and private enterprise that have been continuously refined to the present day. In 2011, the Queensland Parliament legislated to introduce a new and more open system of scrutiny of legislation through a system of portfolio-based parliamentary committees. The committees began to function more actively in July 2012 and have inviting submissions from stakeholders and experts in a structured way to consider the government’s priorities in its legislative programme. The questions now are whether the Surveying and Spatial Sciences can respond expertly to address the terms of reference and meet the timetables of the various parliamentary committees. This paper discusses some of the more important and urgent issues that deserve debate that the profession needs to address in becoming more responsive to matters of public policy.

From the editor

In this Project Management Journal issue, the reader will “travel” from human capital to portfolio selection through knowledge development and maturity, systems thinking and problem (dis)solving, and development of combinative capabilities...

From the editor

In this issue of Project Management Journal, the reader will explore different perspectives, exemplifying the dynamic and creativity at stake within the project, program, and portfolio management field. These papers provide good illustrations of the various schools of project management research I introduced in the From the Editor letters between June 2007 and September 2008...

State cycles, initialization and the Trivium stream cipher

Trivium is a keystream generator for a binary additive synchronous stream cipher. It was selected in the final portfolio for the Profile 2 category of the eSTREAM project. The keystream generator is constructed using bit- based shift registers. In this paper we present an alternate representation of Trivium using word-based shift registers, with a word size of three bits. This representation is useful for determining cycles of internal state values. Under this representation it is clear that the state space can be partitioned into subspaces and that over some of these subspaces the state update function is effectively linear. The role of the initialization process is critical in ensuring the states used for generating keystream are updated nonlinearly at some point, as the state update function alone does not provide this.

Improvising a future in the performing arts : a new strategy to help performance studies students successfully shift between academic culture, professional culture, industry and career?

If there is one thing performance studies graduates should be good at, it is improvising – play and improvisation are central to the contemporary and cultural performance practices we teach and the methods by which we teach them. Objective, offer, acceptance, advancing, reversing, character, status, manipulation, impression management, relationship management – whether we know them from Keith Johnson’s theatre theories or Erving Goffman’s theatre theories, the processes by which we play out a story, scenario or social situation to our own benefit are familiar. We understand that identity, action, interaction and its personal, aesthetic, professional or political outcomes are unpredictable, and that we need to adapt to changeable and uncertain circumstances to achieve our aims. Intriguingly, though, in a Higher Education environment that increasingly emphasises employability, skills in play, improvisation and self-performance are never cited as critical graduate attributes. Is the ability to play, improve and produce spontaneous new self-performances learned in the academy worth articulating into an ability to play, improvise and product spontaneous new self-performances after graduates leave the academy and move into the role of a performing arts professional in industry? A study of the career paths of our performance studies graduates over the past decade suggests that addressing the challenges they face in moving between academic culture, professional culture, industry and career in terms of improvisation and play principles may be very productive. In articles on performing arts careers, graduates are typically advised to find a market for their work, and develop career self-management, management and marketing skills, together with an ability to find, make and maintain relationships and opportunities for themselves. Transitioning to career is cast as a challenging process, requiring these skills, because performing arts careers do not offer the security, status and stability of other careers. Our data confirms this. In our study, though, we found that strategies commonly used to build the resilience, self-reliance and persistence graduates require – talking about portfolio careers, parallel careers, and portable, transferable or translatable skills, for example – can engender panic as easily as they engender confidence. In this paper, I consider what happens when we re-articulate some of the skills scholars and industry stakeholders argue are critical in allowing graduates to shift successfully from academy to industry in terms of skills like improvisation, play and self-performance that are already familiar, meaningful and much-practiced amongst performance studies graduates.

The case for good reviewing

After some years of remarkable growth, the scholarly field of Project Management (PM) research currently finds itself in a crucial stage of development. In this editorial, we make an analysis of submissions to PM's premier specialty journal, the International Journal of Project Management over the period 2007–2010, and argue that one of the most important ways in which PM research can further evolve is to pay more attention to the mundane, yet important, act of good reviewing — an activity that we believe has received relatively little attention in the PM community thus far. Let us begin by considering the crucial juncture that, as a scholarly discipline, PM is currently at. On the one hand, the PM research field is characterized by signs of major progress. For one, there has been a strong growth in terms of published output: recent years have seen the publication of three major edited volumes with a central focus on PM, published by top-tier publishers (Cattani et al., 2011, Kenis et al., 2009 and Morris et al., 2011); the PM/temporary organizations literature published in ISI ranked peer-reviewed articles is growing exponentially (Bakker, 2010); and besides some of the long-standing PM specialty journals, the field has recently seen the rise of a number of new journals, including the International Journal of Managing Projects in Business, the International Journal of Project Organisation and Management, and the Journal of Project, Program, and Portfolio Management.

Dynamic lifecycle strategies for target date retirement funds

Target date retirement funds have gained favor with retirement plan investors in recent years. Typically, these funds initially have a high allocation to stocks but move towards less volatile assets, such as bonds and cash, as the target retirement date approaches. Empirical research has generally found that a switch to low-risk assets prior to retirement can reduce the risk of confronting the most extreme negative outcomes. This article questions the rationale for lifecycle switching based solely on age or target retirement date as is the prevalent practice among target date funds. The authors argue that a dynamic switching strategy, which takes into consideration achieved investment returns, will produce superior returns for most investors compared to conventional lifecycle switching. In this article, the authors put forward a dynamic lifecycle switching strategy that is conditional on the attainment of the plan member's wealth accumulation objective at every stage of switching.