Australian stock indexes and the four-factor model

Stock indexes are passive 'value-weighted' portfolios and should not have alphas which are significantly different from zero. If an index produces an insignificant alphan, then significant alphas for equity funds using this index can be attributed solely to manager performance. However, recent literature sugests that US Stock indexes can demonstrate significant alphas, which ultimately raise questions regarding equity fund manager performance in both the US and abroad. in this paper, we employ the Carhart four-factor model and newly available Asian-Pacific risk factors to generate alphas and risk factor loadings for eight Australian stock indexes from January 2004 to December 2012. We ifnd that the initial full sample period analysis does not provide indication of significant alphas in the indexes examined. However, by carrying out 36-month rolling regressions, we discover at least four significant alphas in seven of the eight indexes and factor loading variability. As previously reported in the US, this paper confirms similar issues with the four-factor model using Australian stock indexes and performance benchmarking. In effectively measuring Australian equity fund manager performance, it is therefore essential to evaluate a fund's alpha and risk factors relative to the alpha and risk factors of the appropriate benchmark index.

ACE Research Vignette 046: Australian Youth Entrepreneurship and Education

This series of research vignettes is aimed at sharing current and interesting research findings from our team of international Entrepreneurship researchers. In this vignette, Associate Professor Paul Steffens investigates how Australia is placed on the word stage in terms of Youth Entrepreneurship.

Protective legal regulation for home-based workers in Australian textile, clothing and footwear supply chains

Supply chain outsourcing has posed problems for conventional labour regulation, which focuses on employers contracting directly with workers, particularly employees. These difficulties have been exacerbated by the traditional trifurcated approach to regulation of pay and conditions, work health and safety and workers’ compensation. This paper analyses the parallel interaction of two legal developments within the Australian textile, clothing and footwear industry. The first is mandatory contractual tracking mechanisms within state and federal labour laws and the second is the duties imposed by the harmonised Work Health and Safety Acts. Their combined effect has created an innovative, fully enforceable and integrated regulatory framework for the textile, clothing and footwear industry and, it is argued, other supply chains in different industry contexts. This paper highlights how regulatory solutions can address adverse issues for workers at the bottom of contractual networks, such as fissured workplaces and capital fragmentation, by enabling regulators to harness the commercial power of business controllers at the apex to ensure compliance throughout the entire chain.

Validity of BMI as a measure of obesity in Australian white Caucasian and Australian Sri Lankan children

Background: Body mass index (BMI) is used to diagnose obesity. However, its ability to predict the percentage fat mass (%FM) reliably is doubtful. Therefore validity of BMI as a diagnostic tool of obesity is questioned. Aim: This study is focused on determining the ability of BMI-based cut-off values in diagnosing obesity among Australian children of white Caucasian and Sri Lankan origin. Subjects and methods: Height and weight was measured and BMI (W/H2) calculated. Total body water was determined by deuterium dilution technique and fat free mass and hence fat mass derived using age- and gender-specific constants. A %FM of 30% for girls and 20% for boys was considered as the criterion cut-off level for obesity. BMI-based obesity cut-offs described by the International Obesity Task Force (IOTF), CDC/NCHS centile charts and BMI-Z were validated against the criterion method. Results: There were 96 white Caucasian and 42 Sri Lankan children. Of the white Caucasians, 19 (36%) girls and 29 (66%) boys, and of the Sri Lankans 7 (46%) girls and 16 (63%) boys, were obese based on %FM. The FM and BMI were closely associated in both Caucasians (r = 0.81, P<0.001) and Sri Lankans (r = 0.92, P<0.001). Percentage FM and BMI also had a lower but significant association. Obesity cut-off values recommended by IOTF failed to detect a single case of obesity in either group. However, NCHS and BMI-Z cut-offs detected cases of obesity with low sensitivity. Conclusions: BMI is a poor indicator of percentage fat and the commonly used cut-off values were not sensitive enough to detect cases of childhood obesity in this study. In order to improve the diagnosis of obesity, either BMI cut-off values should be revised to increase the sensitivity or the possibility of using other indirect methods of estimating the %FM should be explored.

Disciplining the screen through education: The Royal Commission into the moving picture industry in Australia

In this article, we investigate the complex relationship between concerns about children and young people’s exposure to cinema in 1920s Australia and the use of film in education. In part, the Royal Commission into the Moving Picture Industry in Australia aimed to ‘ascertain the effect and the extent of the power of film upon juveniles’ and Commissioners spoke to educationalists, psychologists, medical professions, police officers and parents to gain insight into the impacts of movies on children. Numerous issues were canvassed in the Commission hearings such as exposure to sexual content, ‘excesses’ in film content, children’s inability to concentrate at school following cinema attendance and the influence of cinema on youth crime. While the Commission ultimately suggested it was parents’ role to police children’s engagements with cinema, it did make recommendations for restricting children’s access to films with inappropriate themes. Meanwhile, the Commission was very positive about film’s educational role stating that ‘the advantage to be gained by the use of the cinematograph as an adjunct to educational methods should be assisted in every possible way by the Commonwealth’. We draw on the Commission’s minutes of evidence, the Commission report and newspaper articles form the 1920s to the 1940s to argue that the Commission provides valuable insight into the beginnings of the use of screen content in formal schooling, both as a resource across the curriculum and as a specific focus of education through film appreciation and, later, broader forms of media education. The article argues debates about screen entertainment and education rehearsed in the Commission are reflected today as parents, concerned citizens and educators ponder the dangers and potential of new media technologies and media content used by children and young people such as video games, social media and interactive content.

Introduction to "International Perspectives on Business Innovation and Disruption in the Creative Industries Film, Video and Photography"

The creative industries are particularly fecund empirical fields for investigating the processes of business innovation and disruption. The creative industries are some of the fastest growing sectors in many economies (European Commission, 2001; OECD, 2006; United States Census Bureau, 2010) and thus are worthy of study in their own right. Additionally, the study of the creative industries affords insights into how we understand the current economic transformation towards knowledge- based economies more broadly. The transformation toward knowledge- based economies has been foreshadowed by the transformation of creative industries such as publishing, film, video, photography, music and so on...

Book Reviews: "Fashion Media: Past and Present"

The book Fashion Media: Past and Present is a timely insight into the historical relationship between fashion and media. Edited by Djurdja Bartlett (Senior Research Fellow at the London College of Fashion), Shaun Cole (Course Leader for the MA in the History and Culture of Fashion and MA Fashion Curation at the London College of Fashion) and Agnès Rocamora (Reader in Social and Cultural Studies at the London College of Fashion), Fashion Media offers a wide historical perspective on how painting, photography, film, television and the Internet have intersected with fashion. The book also provides a useful understanding of social and cultural key issues related to this synergy...

China, film coproduction and soft power competition

This thesis investigates China's film internationalism and coproduction strategy based on three cases: Hong Kong and China film coproduction; US and China without any state-level agreements; Australia and China based on an official coproduction treaty. It investigates the evolution of coproduction in the film industry, the process of coproduction, foreign film companies' strategies of adjustment to state policies, and the culture and complexities that hinder coproduction. It surveys the current environment for China film coproduction and investigates the degree to which film coproduction has been - to this stage - a contributor to China's global cultural presence – its soft power.

Swimming against the tide? Australian labour regulation and the fissured workplace

In The Fissured Workplace, David Weil dissects the ways in which ostensibly ‘large’ American businesses have come to shed direct employees and instead source their labour needs through a ‘complicated network of smaller business units’. As he notes, this has increased the profitability of these ‘lead’ businesses, at the expense of those who (ultimately) work for them: Wage setting and supervision shift from core businesses to a myriad of organizations, each operating under the rigorous standards of lead businesses but facing fierce competitive pressures. Although lead businesses set demanding goals and standards, and often detailed work practice requirements for subsidiary companies, the actual liability, oversight, and supervision of the workforce become the problem of one or more other organizations. And by replacing a direct employment relationship with a fissured workplace, employment itself becomes more precarious, with risk shifted onto smaller employers and individual workers, who are often cast in the role of independent businesses in their own right.

Undead yakuza: The Japanese zombie movie, cultural resonance and generic conventions

The zombie has long been regarded as a “fundamentally American creation” (Bishop 2010) and a western monster representing the fears and anxieties of Western society. Since the renaissance of the zombie movie in the early 2000s, a subsequent surge in international production has seen the release of movies from Norway, Cuba, Pakistan and Thailand to name a few. Although Japanese zombie movies have been far more visible for Western cult audiences than in mainstream markets, Japanese cinema has emerged as one of the more prolific producers of zombie films outside of Anglophone or Western European countries in recent years. Films such as Helldriver (2010), Zombie TV (2013), Versus (2000), Tokyo Zombie (2005), Happiness of the Katakuris (2001) and anime television series High School of the Dead (2010) have generated varying degrees of popularity and critical attention internationally. At first glance Japanese zombie films, with musical zombie interludes, undead yakuza henchmen and revenge-seeking yūrei zombies, appear fundamentally different to their Western counterparts. Yet, on closer examination, the Japanese zombie movie could be regarded as a hybrid and intertextual generic form drawing on syntactic conventions at the core of a universal zombie sub-genre established by Western filmmaking traditions, while also distilling culturally specific tropes unique to various Japanese horror cinema sub-genres. Most importantly, the Japanese zombie film extracts, emphasises and revises particular conventions and motifs common within Western zombie films that are particularly relevant to Japanese audiences. This chapter investigates the cultural resonance of key generic motifs identifiable in the Japanese zombie film. It establishes a production context and the influence of Japanese horror cinema on style and thematic concerns. It then examines the function of prominent narrative conventions, namely: the source, outbreak and spread of infection; mutation and the representation of the monster; and the inclusion of supernatural and religious motifs.

BIFF to BAPFF: considering 'festival memory' in the face of innovation and change

As an art form, film has arguably always functioned as a stronghold for memory. Memories unfold in the stories told on screen, and remain preserved in the experiences of the audience viewing the film, at a particular time and place. The environment of a film festival further alters the viewing experience and its relationship to memory. The Brisbane International Film Festival (BIFF) was founded in 1992. After considerable disruption due to economic and socio-political changes, it took place for the last time in 2013. The change in BIFF’s leadership and programming agenda significantly impacted the festival’s image and its position on the wider festival circuit. Through an examination of cinema and memory) it will be argued that film festivals operate as (temporary) sites of memory, through the programming and screening of films, engagement with local audiences, and promotion of film culture. This specific and unique ‘festival memory’ inextricably links to the audience and the venue, and is curated by the festival programmers and staff, who carry a wealth of knowledge (not necessarily recorded), of past festivals, successes, and failures. The people involved, the festival staff and audience, act as caretakers of this ‘festival memory.’ This essay will therefore examine how the BIFF and its home, the Regent Theatre, have functioned as crucial ‘sites of memory’ for film and film culture in Brisbane, Australia.

Farewelling the regent: Considering 'festival memory' in the face of innovation and change

The rapid expansion of the international film festival circuit has included the loss of smaller, but well established festivals, often due to the perceived need for constant innovation and change. The Brisbane International Film Festival was founded in 1992. After considerable disruption to the festival’s leadership, programme and location due to economic and socio-political changes, it was held for the last time in 2013. Nafus and Anderson cite the term ‘lieux de memoire’, meaning ‘sites of memory’, as a place of “remembrance that exist(s) in a social world that constantly seeks to get ahead of itself, to “innovate” (Nafus and Anderson in Cefkin 2009, 141). The concept of ‘festival memory’ has not yet been explored in any depth, but such significant shifts in festivals such as BIFF are arguably sites where festival histories and identities, and film knowledge itself, can be irretrievably lost.

Trial of the Primary Care Practice Improvement Tool: Building organisational performance in Australian general practice and primary health care

Objective: To nationally trial the Primary Care Practice Improvement Tool (PC-PIT), an organisational performance improvement tool previously co-created with Australian primary care practices to increase their focus on relevant quality improvement (QI) activities. Design: The study was conducted from March to December 2015 with volunteer general practices from a range of Australian primary care settings. We used a mixed-methods approach in two parts. Part 1 involved staff in Australian primary care practices assessing how they perceived their practice met (or did not meet) each of the 13 PC-PIT elements of high-performing practices, using a 1–5 Likert scale. In Part 2, two external raters conducted an independent practice visit to independently and objectively assess the subjective practice assessment from Part 1 against objective indicators for the 13 elements, using the same 1–5 Likert scale. Concordance between the raters was determined by comparing their ratings. In-depth interviews conducted during the independent practice visits explored practice managers’ experiences and perceived support and resource needs to undertake organisational improvement in practice. Results: Data were available for 34 general practices participating in Part 1. For Part 2, independent practice visits and the inter-rater comparison were conducted for a purposeful sample of 19 of the 34 practices. Overall concordance between the two raters for each of the assessed elements was excellent. Three practice types across a continuum of higher- to lower-scoring practices were identified, with each using the PC-PIT in a unique way. During the in-depth interviews, practice managers identified benefits of having additional QI tools that relate to the PC-PIT elements. Conclusions: The PC-PIT is an organisational performance tool that is acceptable, valid and relevant to our range of partners and the end users (general practices). Work is continuing with our partners and end users to embed the PC-PIT in existing organisational improvement programs.