Is there timing ability in currency markets? Evidence from ADR issuances

Is there timing ability in the exchange rate markets? We address this question by examining foreign firms' decisions to issue American Depositary Receipts (ADRs). Specifically, we test whether foreign firms consider currency market conditions in their ADR issuance decisions and, in doing so, display some ability to time their local exchange rate market. We study ADR issuances in the U.S. stock market between 1976 and 2003. We find that foreign firms tend to issue ADRs after their local currency has been abnormally strong against the U.S. dollar and before their local currency becomes abnormally weak. This evidence is statistically significant even after controlling for local and U.S. past and future stock market performance and predicable exchange rate movements. Currency market timing is especially significant i) for value companies, relatively small (yet absolutely large) companies issuing relatively large amounts of ADRs, companies with higher currency exposure, manufacturing companies, and emerging market companies, ii) during currency crises (when mispricings are rife) and after the integration of the issuer's local financial market with the world capital markets, iii) when the ADR issue raises capital for the issuing firm (Level III ADR), and iv) regardless of the identity of the underwriting investment bank. Currency market timing is also economically significant since it translates into total savings for the issuing firms of about $646 million (or 1.86% of the total capital-raising ADR issue volume). In contrast, we find no evidence of currency timing ability in a control sample made of non-capital raising ADRs (Level II ADRs). These findings suggest that some companies may have, at least occasionally, private information about foreign exchange.

Australia, Korea and the Korean Question in the United Nations, 1946-1991

One previously unrecognised feature of the history of the political relationship between Australia and Korea is the role played by Australia as a member of the United Nations Organization in respect to the so-called Korea Question. Drawing on source documents from UN Resolutions and Australian Archives this article examines the changing positions of Australia as the Korea Question developed in the UN General Assembly. This spanned a period from the beginnings of the UN Organization until the time when both Koreas were admitted as members in 1991. The article proposes the Australian positions as responses to changing domestic and international political contexts.

Recognising and respecting Torres Strait Islander mathematics knowledges and home languages through mainstream mathematics education [Abstract]

This abstract provides a preliminary discussion of the importance of recognising Torres Strait Islander knowledges and home languages of mathematics education. It stems from a project involving Torres Strait Islander Teachers and Teacher Aides and university based researchers who are working together to enhance the mathematics learning of students from Years 4-9. A key focus of the project is that mathematics is relevant and provides students with opportunities for further education, training and employment. Veronica Arbon (2008) questions the assumptions underpinning Western mainstream education as beneficial for Aboriginal and Torres Strait Islander people which assumes that it enables them to better participate in Australian society. She asks “how de we best achieve outcomes for and with Indigenous people conducive to our cultural, physical and economic sustainability as defined by us from Indigenous knowledge positions?” (p. 118). How does a mainstream education written to English conventions provide students with the knowledge and skills to participate in daily life, if it does not recognise the cultural identity of Indigenous students as it should (Priest, 2005; cf. Schnukal, 2003)? Arbon (2008) states that this view is now brought into question with calls for both ways education where mainstream knowledge and practices is blended with Indigenous cultural knowledges of learning. This project considers as crucial that cultural knowledges and experiences of Indigenous people to be valued and respected and given the currency in the same way that non Indigenous knowledge is (Taylor, 2003) for both ways education to work.

To WPPSI or to Binet, that is the question : a comparison of the WPPSI-III and SB5 with typically-developing preschoolers

This study compared two popular measures of cognitive ability for preschool children. The Wechsler Preschool and Primary Scale of Intelligence – Third Edition (WPPSI-III) and the Stanford-Binet Intelligence Scale – Fifth Edition (SB5) were administered in a counterbalanced order to 36 typically developing 4-year-old children. There were significant correlations among all WPPSI-III and SB5 composite scores but a small number of children had notable differences between their scores on the two measures. Children tended to prefer the SB5 over the WPPSI-III. Implications for practitioners who assess preschool-aged children are discussed.

Recommending best answer in a collaborative question answering system

The World Wide Web has become a medium for people to share information. People use Web-based collaborative tools such as question answering (QA) portals, blogs/forums, email and instant messaging to acquire information and to form online-based communities. In an online QA portal, a user asks a question and other users can provide answers based on their knowledge, with the question usually being answered by many users. It can become overwhelming and/or time/resource consuming for a user to read all of the answers provided for a given question. Thus, there exists a need for a mechanism to rank the provided answers so users can focus on only reading good quality answers. The majority of online QA systems use user feedback to rank users’ answers and the user who asked the question can decide on the best answer. Other users who didn’t participate in answering the question can also vote to determine the best answer. However, ranking the best answer via this collaborative method is time consuming and requires an ongoing continuous involvement of users to provide the needed feedback. The objective of this research is to discover a way to recommend the best answer as part of a ranked list of answers for a posted question automatically, without the need for user feedback. The proposed approach combines both a non-content-based reputation method and a content-based method to solve the problem of recommending the best answer to the user who posted the question. The non-content method assigns a score to each user which reflects the users’ reputation level in using the QA portal system. Each user is assigned two types of non-content-based reputations cores: a local reputation score and a global reputation score. The local reputation score plays an important role in deciding the reputation level of a user for the category in which the question is asked. The global reputation score indicates the prestige of a user across all of the categories in the QA system. Due to the possibility of user cheating, such as awarding the best answer to a friend regardless of the answer quality, a content-based method for determining the quality of a given answer is proposed, alongside the non-content-based reputation method. Answers for a question from different users are compared with an ideal (or expert) answer using traditional Information Retrieval and Natural Language Processing techniques. Each answer provided for a question is assigned a content score according to how well it matched the ideal answer. To evaluate the performance of the proposed methods, each recommended best answer is compared with the best answer determined by one of the most popular link analysis methods, Hyperlink-Induced Topic Search (HITS). The proposed methods are able to yield high accuracy, as shown by correlation scores: Kendall correlation and Spearman correlation. The reputation method outperforms the HITS method in terms of recommending the best answer. The inclusion of the reputation score with the content score improves the overall performance, which is measured through the use of Top-n match scores.

Mitigating Democracy and 'A Question on Reason'

This book details the early political philosophy of Jean-Paul Gagnon. It deals with the ideas of democracy as something endemic to human nature; with practical methods for the improvement of democracy; and a mix of other political concepts. The book also has a response to the Russian Federation's development of the 'mother of all bombs' which leads Gagnon to question reason itself in humanity's progress.

The question concerning (internet) time

Spatial representations, metaphors and imaginaries (cyberspace, web pages) have been the mainstay of internet research for a long time. Instead of repeating these themes, this paper seeks to answer the question of how we might understand the concept of time in relation to internet research. After a brief excursus on the general history of the concept, this paper proposes three different approaches to the conceptualisation of internet time. The common thread underlying all the approaches is the notion of time as an assemblage of elements such as technical artefacts, social relations and metaphors. By drawing out time in this way, the paper addresses the challenge of thinking of internet time as coexistence, a clash of fluxes, metaphors, lived experiences and assemblages. In other words, this paper proposes a way to articulate internet time as a multiplicity.

Louis Nowra, 'Radiance' (Sydney: Currency Press, 1993)

Louis Nowra wrote 'Radiance' especially for the three actors who performed it in the play’s premier season at Belvoir Street Theatre in September 1993. And the Currency Press playscript / programme produced for that season foregrounds these three performers – Rachael Maza, Lydia Miller and Rhoda Roberts – in such a way that the usual distinction between dramatis personae and the actors who play them is considerably diminished. Both the blurb on the back cover and Nowra’s introduction emphasise this special relationship between text and actors, but it is the front cover shot which particularly reflects the conjunction between the two. Rather than depicting a scene from performance, or a ‘graphic’ suggesting something of the play’s thematic content, the front cover of Radiance features the three actors in a posed promotional shot. Arms joined warmly, lovingly, about each other’s waist, bodies turned away from but faces towards the camera, it is the actors we see, not their characters. It’s a very joyful image; they’re positively beaming. Radiant. They look as if they could really be the three half-sisters they portray, except that such moments of blithe sorority are just about non-existent in the play.

Queensland Government’s people’s question time : the challenges and opportunities of population growth in Queensland

As AITPM National President, I was invited by Queensland’s Premier, Hon. Anna Bligh MP, as an audience guest to People’s Question Time on Wednesday 24 March 2010, which focused on ‘The Challenges and Opportunities of Population Growth in Queensland’. On the panel were: Premier and Minister for the Arts, Anna Bligh; Minister for Climate Change and Sustainability, Kate Jones; Minister for Infrastructure and Planning, Stirling Hinchliffe; Michael Rayner – Growth Management Summit Advisory Panel, Principal Director, Cox Rayner Architects; and Greg Hallam – Executive Director, Local Government Association of Queensland. The moderator for this session was Law Academic Erin O’Brien, of Queensland University of Technology.

Gifted adolescents : addressing the 'Who Am I?' question

Despite the complication giftedness can add to the task of developing a personal sense of self during early adolescence little qualitative study is done with this group. This paper reports on a study that invited gifted young adolescents to author about their perceptions of themselves and their lives. The study used digital writing in the form of journal entries delivered by email to generate personal narratives from 12 participants over a 6 month period. With the researcher acting as an empathic listener/responder participants were supported in the expression of their thoughts and observations as authors about themselves and their lives. Findings suggest that the opportunity to self-reflect and to self express in the form of digital writing can offer a positive pathway to growth in self-understanding among gifted young adolescents. Furthermore, the involvement of an adult as an interested and responsive listener in an email relationship appears to facilitate a synergy for healthy self-disclosure.

A voting mechanism for named entity translation in English-Chinese question answering

In this paper, we describe a voting mechanism for accurate named entity (NE) translation in English–Chinese question answering (QA). This mechanism involves translations from three different sources: machine translation,online encyclopaedia, and web documents. The translation with the highest number of votes is selected. We evaluated this approach using test collection, topics and assessment results from the NTCIR-8 evaluation forum. This mechanism achieved 95% accuracy in NEs translation and 0.3756 MAP in English–Chinese cross-lingual information retrieval of QA.