Credit rating agencies' roles have to be reassessed

With the disintermediation of the financial markets, credit rating agencies filled the informational need of investors on the creditworthiness of borrowers. They acquired their privileged position in the financial market through their intellectual technology and reputational capital. To a large extent, they have gradually dissipated the authority of state regulators and supervisory authorities with their increasing reliance on credit ratings for regulatory purposes. But the recent credit crisis revives the question on whether states should retake their authorities and how far rating agencies should be subjected to competition, transparency and accountability constraints imposed by the public and the market on state regulators and supervisory authorities. Against this backdrop, this article critically explores the key concerns with credit rating agencies' functions to regulate financial market for further assessment

Micro-credit is not sufficient for the success of micro-enterprises at the bottom of the pyramid

This study examines the factors affecting the successful provision of micro-credit to people at the bottom of the pyramid and discusses the activities required to support entrepreneurial activities in a peri-urban African setting. The findings enable us to better understand why micro-credit, though useful, is only part of the solution, in a setting characterized by extreme resource constraints with an institutional fabric lacking the infrastructure that assists market development. We depict the crafting of new entrepreneurial activity as an ongoing process and present an emerging research agenda for future developments.

Protecting the most vulnerable in consumer credit transactions

There are two key ways in which the Australian Uniform Consumer Credit Code seeks to protect consumers in relation to consumer credit transactions. The first is by means of disclosure regulation where information is required to be disclosed to the consumer before the credit contract is entered into and the second is by way of “safety net” provisions, where contracts can be varied or set aside in the event of hardship, a finding that the transaction was unjust, or a finding of unconscionable fees or charges. This article explores the limitations of both of these means of protection, particularly in the case of vulnerable, low-income consumers. In order to highlight the inadequacies of these forms of consumer protection and the need for regulatory reform, we draw on interviews conducted with 30 low-income consumers who had recently signed a credit contract, focusing on their understanding of information disclosed in the contract, as well as their responses to hypothetical unfair terms and their understanding of their rights, for example in the event of an unjust transaction. These interviews were conducted as part of a joint research project between Brotherhood of St Laurence and Griffith University’s Centre for Credit and Consumer Law, funded by Consumer Affairs Victoria.

Drivers constraints and the future of off-site manufacture in Australia.

Much has been written on Off-site Manufacture (OSM) in construction, particularly regarding the perceived benefits and barriers to implementation. However, very little understanding of the state of OSM in the Australian construction industry exists. A ‘scoping study' has recently been undertaken to determine the ‘state-of-the-art’ of OSM in Australia. This involved several industry workshops, interviews and case studies across four major states of Australia. The study surveyed a range of suppliers across the construction supply-chain, incorporating the civil, commercial and housing segments of the market. This revealed that skills shortages and lack of adequate OSM knowledge are generally the greatest issues facing OSM in Australia. The drivers and constraints that emerged from the research were, in large measure, consistent with those found in the US and UK, although some Australian anomalies are evident, such as the geographical disparity of markets. A comparative analysis with similar studies in the UK and US is reported, illustrating both the drivers and constraints confronting the industry in Australia. OSM uptake into the future is however dependent on many factors, not least of which is a better understanding of the construction process and its associated costs.

Knowledge sharing : enablers and constraints in and Australian public sector organisation

Is the environment more arduous for knowledge sharing in a public sector organisation? The organising principles, operations, internal environment and power relations of public sector organisations exhibit distinctive characteristics in a range of dimensions which differ from corporate sector organisations (Moynihan & Pandey, 2007). This paper discusses the findings of a study that explored the impact on knowledge sharing of environmental and relational issues in a public sector organisation. Individual knowledge sharing orientation and behaviour was found to be profoundly influenced by factors in the macro-level environment, locally constructed practices, and workers’ perceptions of their relations with the organisation and their colleagues. Key words: knowledge management, public sector, knowledge sharing

Location constraints in digital rights management

Digital rights management allows information owners to control the use and dissemination of electronic documents via a machine-readable licence. This paper describes the design and implementation of a system for creating and enforcing licences containing location constraints that can be used to restrict access to sensitive documents to a defined area. Documents can be loaded onto a portable device and used in the approved areas, but cannot be used if the device moves to another area. Our contribution includes a taxonomy for access control in the presence of requests to perform non-instantaneous controlled actions.

Information–movement coupling in developing cricketers under changing ecological practice constraints

Changing informational constraints of practice, such as when using ball projection machines, has been shown to significantly affect movement coordination of skilled cricketers. To date, there has been no similar research on movement responses of developing batters, an important issue since ball projection machines are used heavily in cricket development programmes. Timing and coordination of young cricketers (n = 12, age = 15.6 ± 0.7 years) were analyzed during the forward defensive and forward drive strokes when facing a bowling machine and bowler (both with a delivery velocity of 28.14 ± 0.56 m s−1). Significant group performance differences were observed between the practice task constraints, with earlier initiation of the backswing, front foot movement, downswing, and front foot placement when facing the bowler compared to the bowling machine. Peak height of the backswing was higher when facing the bowler, along with a significantly larger step length. Altering the informational constraints of practice caused major changes to the information–movement couplings of developing cricketers. Data from this study were interpreted to emanate from differences in available specifying variables under the distinct practice task constraints. Considered with previous findings, results confirmed the need to ensure representative batting task constraints in practice, cautioning against an over-reliance on ball projection machines in cricket development programmes.

The influence of instructions and body-scaling as constraints on decision-making processes in team sports

Team games conceptualized as dynamical systems engender a view of emergent decision-making behaviour under constraints, although specific effects of instructional and body-scaling constraints have yet to be verified empirically. For this purpose, we studied the effects of task and individual constraints on decision-making processes in basketball. Eleven experienced female players performed 350 trials in 1 vs. 1 sub-phases of basketball in which an attacker tried to perturb the stable state of a dyad formed with a defender (i.e. break the symmetry). In Experiment 1, specific instructions (neutral, risk taking or conservative) were manipulated to observe effects on emergent behaviour of the dyadic system. When attacking players were given conservative instructions, time to cross court mid-line and variability of the attacker's trajectory were significantly greater. In Experiment 2, body-scaling of participants was manipulated by creating dyads with different height relations. When attackers were considerably taller than defenders, there were fewer occurrences of symmetry-breaking. When attackers were considerably shorter than defenders, time to cross court mid-line was significantly shorter than when dyads were composed of athletes of similar height or when attackers were considerably taller than defenders. The data exemplify how interacting task and individual constraints can influence emergent decision-making processes in team ball games.

Constraints on the complete optimization of human motion

In sport and exercise biomechanics, forward dynamics analyses or simulations have frequently been used in attempts to establish optimal techniques for performance of a wide range of motor activities. However, the accuracy and validity of these simulations is largely dependent on the complexity of the mathematical model used to represent the neuromusculoskeletal system. It could be argued that complex mathematical models are superior to simple mathematical models as they enable basic mechanical insights to be made and individual-specific optimal movement solutions to be identified. Contrary to some claims in the literature, however, we suggest that it is currently not possible to identify the complete optimal solution for a given motor activity. For a complete optimization of human motion, dynamical systems theory implies that mathematical models must incorporate a much wider range of organismic, environmental and task constraints. These ideas encapsulate why sports medicine specialists need to adopt more individualized clinical assessment procedures in interpreting why performers' movement patterns may differ.

Information for regulating action in sport : metastability and emergence of tactical solutions under ecological constraints

The aims of this chapter are twofold. First, we show how experiments related to nonlinear dynamical systems theory can bring about insights on the interconnectedness of different information sources for action. These include the amount of information as emphasised in conventional models of cognition and action in sport and the nature of perceptual information typically emphasised in the ecological approach. The second aim was to show how, through examining the interconnectedness of these information sources, one can study the emergence of novel tactical solutions in sport; and design experiments where tactical/decisional creativity can be observed. Within this approach it is proposed that perceptual and affective information can be manipulated during practice so that the athlete's cognitive and action systems can be transposed to a meta-stable dynamical performance region where the creation of novel action information may reside.

National consumer credit laws, financial exclusion and interest rate caps : The case for diversity within a centralised framework

Australia is going through a major reform of consumer credit regulation, with the implementation of a proposal to transfer regulatory responsibility from the State and Territory Governments to the Commonwealth Government. While the broad policy approach is supported, the reform process has missed a significant opportunity to engage directly with issues of financial exclusion and with the potential role of regulation to reduce financial exclusion. The imposition of an interest rate cap can limit the impact of financial exclusion. However, the future of the existing interest rate caps is uncertain, given the diversity of approaches, and the heated debate that surrounds this issue. In the absence of support for regulatory initiatives to increase the availability of low cost, small loans, permitting regulatory diversity on this issue of interest rate caps, within an otherwise centralised regulatory framework., can minimise the impact of financial exclusion on consumers.