Exchange rate sensitivity of Australian international equity funds

This paper analyses the exchange rate exposure displayed by a sample of Australian international equity trusts (IET). Exchange rate exposure is also examined in the context of differing economic climates with particular emphasis on the Asian crisis in mid-1997. It is found that there is evidence of exchange rate exposure particularly in the context of a multiple exchange rate model. Exposure varies substantially between three alternative time periods with different exposure apparent subsequent to the Asian crisis than prior to this event.

"Owned by...". Country of origin's new cue

This study identifies and explores a new country of origin (COO) cue, “owned by….” The importance of three extrinsic cues “owned by …,” “made in …” and price was examined using conjoint analysis. Data were collected from a sample of 268 undergraduate students familiar with color televisions. Segments were formed using cluster analysis and analyzed using multiple discriminant analysis. “Owned by …” was found to be important and distinct from the “made in …” cue. Segments based on the two COO cues were identified using importance weights and individual utilities. When segments were formed using individual utilities the individual difference construct, economic nationalism, provided discriminatory power while consumer ethnocentrism did not, supporting the hypothesis that economic nationalism and consumer ethnocentrism differ. Practitioners can now use “owned by …” knowing that it forms an important and distinct marketing tool. Limitations and future research are discussed.

Public investment and the risk premium for equity

Analysis of the equity premium puzzle has focused on private-sector capital markets. However, the existence of an anomalous equity premium raises important issues in the evaluation of public-sector investment projects. These issues are explored below. We begin by formalizing the argument that an equity premium may arise from uninsurable systematic risk in labour income, and show that, other things being equal, increases in public ownership of equity will improve welfare, up to the point where the equity premium is eliminated. Finally, we consider policy implications and the optimal extent of public ownership.

Translating policy: Power and action in Australia's country towns

Controversies In its present condition, rural Australia is characterised by a discourse of decline that sees country towns and regions as places of demoralisation and despair. From a Foucauldian governmentality perspective, those who live in these spaces are not so much 'powerless' to the demands of urban-based governments and global capital, as rendered governable according to the socio-political ambitions of late capitalism. While important insights have been derived from such analyses, it is argued in this paper that excessive attention is often paid to the power of the state with little concern for the various ways in which local people engage with, and transform the strategies and effects of state power. Rather than utilising the concept of resistance to make sense of these interactions, a sociology of translation is adopted from the Actor Network Theory literature. Applied to two case examples, it shows how governmental policies and programmes are frequently the outcome of the interactions and negotiations that take place between all those enrolled in the actor-network.