Relationship between franking credits and the market risk premium

In a dividend imputation tax system, equity investors have three potential sources of return: dividends, capital gains and franking (tax) credits. However, the standard procedures for estimating the market risk premium (MRP) for use in the capital asset pricing model, ignore the value of franking credits. Officer (1994) notes that if franking credits do affect the corporate cost of capital, their value must be added to the standard estimates of MRP. In the present paper, we explicitly derive the relationship between the value of franking credits (gamma) and the MRP. We show that the standard parameter estimates that have been adopted in practice (especially by Australian regulators) violate this deterministic mathematical relationship. We also show how information on dividend yields and effective tax rates bounds the values that can be reasonably used for gamma and the MRP. We make recommendations for how estimates of the MRP should be adjusted to reflect the value of franking credits in an internally consistent manner.

One-dimensional interacting anyon gas: Low-energy properties and haldane exclusion statistics

The low-energy properties of the one-dimensional anyon gas with a delta-function interaction are discussed in the context of its Bethe ansatz solution. It is found that the anyonic statistical parameter and the dynamical coupling constant induce Haldane exclusion statistics interpolating between bosons and fermions. Moreover, the anyonic parameter may trigger statistics beyond Fermi statistics for which the exclusion parameter alpha is greater than one. The Tonks-Girardeau and the weak coupling limits are discussed in detail. The results support the universal role of alpha in the dispersion relations.

Enabling change for corporate sustainability: An integrated perspective

This article explores the processes of change that enable corporations to move towards sustainable practices, focusing on the human resource and business strategies that support rather than diminish global ecology and human/social capabilities. We argue that this unified approach is necessary to bring about a change in the interpretation of corporate sustainability and to support the activities of change agents (managers, consultants, and community activists) in managing the massive corporate change needed to move corporations toward sustainable practices in a systematic way. We propose a schema in the form of an integrated phase model for understanding how corporations move from compliance modes to the attainment of strategic sustainability and beyond to the ‘ideal’ or sustaining corporation. We discuss the leadership of change and the roles and strategies that corporate change agents can employ to bring about both incremental and transformational change for sustainability.

Towards an understanding of creativity and innovation within professional services and marketing

Greatly increased competition in the professional services and marketing sectors has reinforced the need for firms to develop an organisational culture that facilitates adaptation to changing conditions and competitive threats. More generally, competitive changes within business environments require new and creative ways of organising and managing firms. In order for marketing practitioners to be ahead of competitors in identifying and meeting customer needs, creative thought is essential. An organisational culture that supports creativity and facilitates the adoption of innovative practices, products and services, improves a firm’s ability to remain competitive within an uncertain environment. This paper presents a conceptual model of an organisational culture supporting creativity and innovation. The model posits relationships between creativity and innovation and organisational performance. The main contribution of the paper is to build a foundation for future research directed primarily towards exploring the relationships in the theoretical model of interest. Implications for marketing practitioners are also considered.

The next generation messaging technology: Makes web services effective

The vision presented in this paper and its technical content are a result of close collaboration between several researchers from the University of Queensland, Australia and the SAP Corporate Research Center, Brisbane, Australia. In particular; Dr Wasim Sadiq (SAP), Dr Shazia Sadiq (UQ), and Dr Karsten Schultz (SAP) are the prime contributors to the ideas presented. Also, PhD students Mr Dat Ma Cao and Ms Belinda Carter are involved in the research program. Additionally, the Australian Research Council Discovery Project Scheme and Australian Research Council Linkage Project Scheme support some aspects of research work towards the HMT solution.