The relationship between exchange rate exposure, currency risk management and performance of international equity funds

This paper assesses the currency risk management policies for a sample of Australian international equity trusts. The relevance of currency risk management is considered in the context of exchange rate exposure and performance measures. The study incorporates differing economic climates and particular emphasis is given to the Asian crisis in mid-1997. Our results indicate that a good proportion of funds do implement specific currency risk management policies. Furthermore, we find that for those funds managing currency risk, there is some evidence of a favourable impact on currency exposure and fund performance.

Genetic uniformity of international isolates of Leifsonia xyli subsp xyli, causal agent of ratoon stunting disease of sugarcane

An international collection of the sugarcane ratoon stunting disease pathogen, Leifsonia xyli subsp. xyli, was analysed to assess genetic diversity. DNA fingerprinting using BOX primers was performed on 105 isolates, comprising 65 Australian isolates and an additional 40 isolates from Indonesia (n = 8), Japan (n = 1), USA (n = 3), Brazil (n = 2), Mali (n = 2), Zimbabwe (n = 13), South Africa (n = 9) and Reunion (n = 2). Sixty-two of these isolates were also screened using ERIC primers. No variation was found among any of the isolates. The intergenic spacer (IGS) region of the ribosomal RNA genes from 54 isolates was screened for sequence variation using single-stranded conformational polymorphism (SSCP), but none was observed. Direct sequencing of the IGS from a subset of nine isolates, representing all of the countries sampled in this study, confirmed the results of the SSCP analysis. Likewise, no sequence variation was found in the 16S ribosomal RNA genes of the same subset. Four Colombian isolates from sugarcane, morphologically similar to L. xyli subsp. xyli, were putatively shown to be an undescribed Agrococcus species of unknown pathogenicity. The lack of genetic variation among L. xyli subsp. xyli isolates, independent of time of sampling, cultivar of isolation, or country of origin, suggests the worldwide spread of a single pathogenic clone, and further suggests that sugarcane cultivars resistant to ratoon stunting disease in one area should retain this property in other regions.

The contagion of international terrorism and its effects on the firm in an interconnected world

International trade and investment economies are highly integrated and interdependent and can be exploited by organized, international terrorism. The network of inter dependencies in the international economy means that a terrorist attack has the potential to disrupt the functioning of the network, so the effects can reverberate around the world. Governments can control the distributed effects of terrorism by auditing industrial networks to reveal and protect critical hubs and by promoting flexibility in production and distribution of goods and services to improve resilience in the economy. To explain these network effects, the authors draw on the new science of complex networks which has been applied to the physical sciences and is now increasingly being used to explain organizational and economic phenomena.

Stormy Outlook? Domestic students' impressions of international students at an Australian University

The education of international students in Australian universities has grown significantly over recent years, with Australia now having the highest ratio of international students to domestic students among the major English-speaking destinations popular with international students. While there is a variety of research that examines the learning experiences of international students, little research has been conducted that examines the impact that international students have on their domestic counterparts. This paper reports on research that solicits the perceived advantages and disadvantages held by 301 domestic students, who are sharing their educational experience with international students studying hospitality and tourism management. The study reveals that there is a sizable proportion of domestic students (28%) who consider that there are too many international students on campus; that domestic and international students do not readily mix and it also highlights the fact that racist incidents occur. It is suggested that institutions wishing to increase their number of international students must take into consideration the feelings and concerns of their domestic students.