The value of dividend imputation tax credits in Australia

A dividend imputation tax system provides shareholders with a credit (for corporate tax paid) that can be used to offset personal tax on dividend income. This paper shows how to infer the value of imputation tax credits from the prices of derivative securities that are unique to Australian retail markets. We also test whether a tax law amendment that was designed to prevent the trading of imputation credits affected their economic value. Before the amendment, tax credits were worth up to 50% of face value in large, high-yielding companies, but Subsequently it is difficult to detect any value at all. (C) 2003 Elsevier B.V. All rights reserved.

Molecular structure and function of the glycine receptor chloride channel

The glycine receptor chloride channel (GlyR) is a member of the nicotinic acetylcholine receptor family of ligand-gated ion channels. Functional receptors of this family comprise five subunits and are important targets for neuroactive drugs. The GlyR is best known for mediating inhibitory neurotransmission in the spinal cord and brain stem, although recent evidence suggests it may also have other physiological roles, including excitatory neurotransmission in embryonic neurons. To date, four alpha-subunits (alpha1 to alpha4) and one beta-subunit have been identified. The differential expression of subunits underlies a diversity in GlyR pharmacology. A developmental switch from alpha2 to alpha1beta is completed by around postnatal day 20 in the rat. The beta-subunit is responsible for anchoring GlyRs to the subsynaptic cytoskeleton via the cytoplasmic protein gephyrin. The last few years have seen a surge in interest in these receptors. Consequently, a wealth of information has recently emerged concerning Glyl? molecular structure and function. Most of the information has been obtained from homomeric alpha1 GlyRs, with the roles of the other subunits receiving relatively little attention. Heritable mutations to human GlyR genes give rise to a rare neurological disorder, hyperekplexia (or startle disease). Similar syndromes also occur in other species. A rapidly growing list of compounds has been shown to exert potent modulatory effects on this receptor. Since GlyRs are involved in motor reflex circuits of the spinal cord and provide inhibitory synapses onto pain sensory neurons, these agents may provide lead compounds for the development of muscle relaxant and peripheral analgesic drugs.

'Please Mr Hay, what are my poss(abilities)?': Legitimation of ability through physical education practices

This paper provides two vignettes that draw on data from projects that interrogate how a student can be positioned by practices within physical education (PE) and directed by the PE teacher in relation to their valued or legitimated ability. Through the use of Pierre Bourdieu's conceptual tools of field, habitus and capital we investigate the complex legitimation processes that shape student poss(abilities) and that are situated in the space of the PE class. The first vignette is from the perspective of a student and draws on data from interviews, a journal, questionnaires and photos of her PE experiences in upper primary and lower secondary school. The second vignette focuses on teacher practices and his constitution of the field of a PE class highlighting the significance of teacher perspectives of 'ability' in informing assessment in senior secondary PE. Using these examples we discuss the symbolic violence that works against each student by positioning them as 'less able' or 'unable' despite their participation in a learning context. We argue that by not attending to the possible abilities of students that could have been recognized, developed and legitimated, and through the misuse of capital assignment by teachers, PE may well be counterproductive to students' ongoing engagement with the subject area and the espoused potential upon which such a subject area justifies itself.

Farming under constrained budgets: Practices of agricultural credit users in central Lombok, Indonesia

There has been a long dependency on credit by Indonesian farmers as a result of the lack of capital to apply proper farming practices. This paper describes the farming activities applied by agricultural credit users in Central Lombok, Indonesia. A survey was conducted during July 2001- March 2002 of 65 farmers making use of government or private credit in three villages within the Regency. Data from the farmers were collected using face-to-face, semi-structured interviews. Survey results indicated that on average, farmers had some 20 years experience of farming, were aged 40 years, but lacked of formal education. Their main asset was cropping land with average landholding of 0.69 ha. As a consequence of their capital constraints, farmers were commonly making use of credit to finance their farming activities, including both production of rice as the main crop and secondary crops. Farmers generally applied less than recommended amount of inputs in their farming practices, since the amount of credit they obtained was limited. As a result, their farms become less productive and their repayment capability of loans diminished. Of 65 farmers interviewed, 54 could earn extra income by engaging in a variety of non-farm activities, which contributed on average some 36% to family incomes of over Rp 5 million (A$ 1 thousand). The average credit repayment rate made by agricultural producers was 60%. The repayment made did not always reflect farm production capacity, being sometimes supported by other borrowings. The greater role of credit is not in increasing agricultural production or improving farmers’ income, but in helping them to sustain farm production and their living. Farmers need a bigger amount of credit to make an impact on their livelihood. This should be accompanied by extension services for farmers to enable better use of credit and to change their attitude towards it. As well, farmers require to be equipped with technical and market skills to run a business. Interdisciplinarity, holistic analysis, and an expansion of traditional ‘agricultural’ interests to embrace the span of interests included in rural livelihood, are each critical features of revision of the existing system.