Outbound Travel Depends on Business Returns: Australian Evidence

In an earlier note, Collins and Tisdell (2002b) explored the possibility of a long-run relationship between Australian business returns and international business travel. Using annual data they found that such a relationship exists. The purpose of this study is to further examine this relationship using quarterly data for the time frame 1974:1 to 1999:4. In addition, previous studies on international business travel have offered some but not strong evidence for the existence of a positive relationship between the level of international business travel and real GDP of the origin country. This study suggests that the aggregate return on business investments is a better predictor of international business travel than GDP. The Engle-Granger and Johansen's maximum-likelihood cointegration procedures are used to show a long-term relationship exists between Australian outbound business travel and Australian business returns, but not with Real Australian GDP. Reasons for this relationship are discussed.

Relative accuracy and predictive ability of direct valuation methods, price to aggregate earnings method and a hybrid approach

In this paper, we assess the relative performance of the direct valuation method and industry multiplier models using 41 435 firm-quarter Value Line observations over an 11 year (1990–2000) period. Results from both pricingerror and return-prediction analyses indicate that direct valuation yields lower percentage pricing errors and greater return prediction ability than the forward price to aggregated forecasted earnings multiplier model. However, a simple hybrid combination of these two methods leads to more accurate intrinsic value estimates, compared to either method used in isolation. It would appear that fundamental analysis could benefit from using one approach as a check on the other.

Quantifying the influence of intra-aggregate concentration gradients on solute transport

The physical nonequilibrium of solute concentration resulting from preferential now of soil water has often led to models where the soil is partitioned into two regions: preferential flow paths, where solute transport occurs mainly by advection, and the remaining region, where significant solute transport occurs through diffusive exchange with the flow paths. These two-region models commonly ignore concentration gradients within the regions. Our objective was to develop a simple model to assess the influence of concentration gradients on solute transport and to compare model results with experiments conducted on structured materials. The model calculates the distribution of solutes in a single spherical aggregate surrounded by preferential now paths and subjected to alternating boundary conditions representing either an exchange of solutes between the two regions (a wet period) or no exchange but redistribution of solutes within the aggregate (a dry period). The key parameter in the model is the aggregate radius, which defines the diffusive time scales. We conducted intermittent leaching experiments on a column of packed porous spheres and on a large (300 mm long by 216 mm diameter) undisturbed field soil core to test the validity of the model and its application to field soils. Alternating wet and dry periods enhanced leaching by up to 20% for this soil, which was consistent with the model's prediction, given a fitted equivalent aggregate radius of 1.8 cm, If similar results are obtained for other soils, use of alternating wet and dry periods could improve management of solutes, for example in salinity control and in soil remediation.

Role of compaction versus aggregate disruption on slumping and shrinking of repacked hardsetting seedbeds

Slumping of hardsetting seedbeds upon wetting is likely to determine the shrinking and development of strength on drying. Different processes have been invoked, including aggregate disruption, material relocation, and compaction. To gain a better understanding of the role played by compaction compared with aggregate disruption in seedbed slumping and shrinking, mechanical analysis was combined with previous morphogenetical description. The global structural behavior of repacked seedbeds of a hardsetting sandy loam soil was studied after wetting and again after subsequent drying. Bulk density was measured in 5-mm-depth increments using gamma attenuation, and water content was determined at 10-mm-depth increments. Various wetting conditions were used to simulate a range of climatic and management conditions, including flood irrigation, furrow irrigation of a formed seedbed, drip irrigation, and rainfall. Aggregate coalescence under overburden pressure played the main role in slumping, even though microcracking enhanced coalescence. Most of the slumping occurred at calculated effective stress > 1.1 kPa. Intense aggregate breakdown at the top of seedbeds under fast wetting led to slight slumping because the resulting clogging of the initial interaggregate packing voids was balanced, in part, by the increase in microporosity resulting from aggregate disruption. However, aggregate coalescence induced by overburden pressure developing at the seedbed bottom often resulted in a strong decrease in total porosity. The effect of rainfall kinetic energy on crust bulk density was strong compared with the effect of fast wetting (bulk density increase of about 0.07 Mg m(-3) and 0.03 Mg m(-3), respectively) and could be ascribed to compaction rather than to aggregate breakdown. Shrinking on drying was related to the continuity of the microstructure resulting from wetting rather than to the intensity of slumping. Aggregate breakdown led to more shrinking than did aggregate coalescence.

Increasing the response rate to a mailed questionnaire by including more stamps on the return envelope: A cotwin control study

Twins taking part in two unrelated studies were sent a questionnaire together with a self-addressed envelope that either carried one or multiple (up to 5) stamps to the same value. The unprompted proportion of questionnaires returned (before commencement of telephone reminder calls) was increased from 62% to 71% in one study, and from 43% to 52% in the other study (test for common odds ratio in studies, p = 0.04).

Recent trends in pay equity: Beyond the aggregate statistics

The earnings gap between men and women has remained comparatively stable at an aggregate level over the 1990s in Australia. From one perspective, this is a reminder of the considerable difficulty of addressing wage differentials once the most overt forms of wage discrimination have been removed, and of the limited impact of most policy initiatives. From another, it may be seen as evidence that dire predictions about the effects of decentralisation on the earnings gap have failed to materialise. In this paper, I use Australian Bureau of Statistics data to show that a number of different trends are evident underneath the relatively static picture shown by the aggregate statistics, particularly as wage dispersion has increased. The data suggest not only that the prospects for pay equity are far from benign, but also that in the current labour market the issue of gender pay inequality cannot be effectively addressed separately from wage inequality more generally.

An aggregate sales model for consumer durables incorporating a time-varying mean replacement age

Forecasting category or industry sales is a vital component of a company's planning and control activities. Sales for most mature durable product categories are dominated by replacement purchases. Previous sales models which explicitly incorporate a component of sales due to replacement assume there is an age distribution for replacements of existing units which remains constant over time. However, there is evidence that changes in factors such as product reliability/durability, price, repair costs, scrapping values, styling and economic conditions will result in changes in the mean replacement age of units. This paper develops a model for such time-varying replacement behaviour and empirically tests it in the Australian automotive industry. Both longitudinal census data and the empirical analysis of the replacement sales model confirm that there has been a substantial increase in the average aggregate replacement age for motor vehicles over the past 20 years. Further, much of this variation could be explained by real price increases and a linear temporal trend. Consequently, the time-varying model significantly outperformed previous models both in terms of fitting and forecasting the sales data. Copyright (C) 2001 John Wiley & Sons, Ltd.

Do commercial fishers aggregate around marine reserves? Evidence from Big Creek Marine Ecological Reserve, central California

Marine reserves have been widely touted as a promising strategy for managing fisheries and protecting marine biodiversity. However, their establishment can involve substantial social conflict and may not produce the anticipated biological and economic benefits. A crucial factor associated with the success of marine reserves for enhancing fisheries and protecting biodiversity is the spatial distribution of fishing activity. Fishers may be attracted to the perimeter of a reserve in expectation of spillover of adult fishes. This concentration of effort can reduce spillover of fish to the surrounding fishery and has major implications for the effectiveness of reserves in achieving ecological and socioeconomic goals. We examined the spatial distribution of fishing activity relative to California's Big Creek Marine Ecological Reserve and found no aggregation near the reserve. We discuss the factors driving the spatial distribution of fishing activity relative to the reserve and the relevance of that distribution to the performance and evaluation of marine reserves.

Gray's model of personality and aggregate level factor analysis

Previous research shows that correlations tend to increase in magnitude when individuals are aggregated across groups. This suggests that uncorrelated constellations of personality variables (such as the primary scales of Extraversion and Neuroticism) may display much higher correlations in aggregate factor analysis. We hypothesize and report that individual level factor analysis can be explained in terms of Giant Three (or Big Five) descriptions of personality, whereas aggregate level factor analysis can be explained in terms of Gray's physiological based model. Although alternative interpretations exist, aggregate level factor analysis may correctly identify the basis of an individual's personality as a result of better reliability of measures due to aggregation. We discuss the implications of this form of analysis in terms of construct validity, personality theory, and its applicability in general. Copyright (C) 2003 John Wiley Sons, Ltd.