The law of insider trading in Australia

This book provides a detailed and practical analysis of Australian insider trading laws. The work: examines all fundamental concepts relating to insider trading such as 'who is an insider', 'what is inside information' and 'when is information generally available', together with commentaries on proposed changes to the laws and an examination of the impact of the most recent decisions, including Hannes, and Rivkin; provides a very detailed examination of the defences and exceptions, with particular attention to the operation of Chinese Walls; analyses fully and systematically the provisions on insider trading in the Corporations Act and the Criminal Code (Cth) within the context of decided cases and relevant secondary materials; covers comprehensively the penalties and remedies for contravention of the insider trading regime (including the intricate civil compensation provisions, and an up-to-date analysis of the civil penalties regime in light of ASIC v Petsas); and discusses the operation and effectiveness of continuous disclosure as a means of preventing insider trading.

An examination of Australia's insider trading laws

Considers that the effective regulation of insider trading is desirable in order to maintain investor confidence in Australia's share markets. Although the current laws and the use of continuous disclosure provide a workable foundation, the thesis further considers the ways in which insider trading may be more effectively regulated and prosecuted in Australia.

Merger announcements and insider trading activity in India: an empirical investigation

Insider trading activity is investigated prior to merger announcement in Indian capital market. An attempt is made to check it out whether trading takes place on the basis of asymmetric and private information. For examining the behaviour of stock prices a modified market model is used to estimate the parameters for the estimation window. These estimates are used to compute average return and cumulative average returns for the event window, which are measures of abnormal returns. Besides price run-ups, it is also common to see unusually high levels of share trading volume before public announcement of merger. Daily trading volume pattern of the target companies is also investigated. The analysis carried out in this study is based on a sample of 42 companies for which merger announcement date was announced during the period of 1996-1999. Based on the analysis for each company individually, we recommend investigation in six companies for existence of possible insider trading.

Restrictions in pub closing times and lockouts in Newcastle, Australia five years on.

In 2008 pub closing times were restricted from 5 am to 3:30 am in the central business district (CBD) of Newcastle, Australia. A previous study showed a one-third reduction in assaults in the 18 months following the restriction. We assessed whether the assault rate remained lower over the following 3.5 years and whether the introduction of a 'lockout' in nearby Hamilton was associated with a reduction in assaults there.

Management trading in Chinese entrepreneurial firms on the ChiNext

We examine management trading in Chinese entrepreneurial firms on the ChiNext. We find that management shareholdings are considerably high, and executives tend to sell their shares after the IPOs on the ChiNext. The propensity for executives to sell shares is negatively correlated with the firms corporate governance and current operating cash flows, but the amount they sell is only positively correlated with the level of management holdings. Both the management selling decision and percentage of selling do not associate with firms earnings and sales growth. This suggests that managers are profit makers rather than informed traders in their selling activities on the ChiNext. We also find that the market reaction to management selling is substantially negative, which implies a herding effect of investors following executives to sell shares.

Bias of damage awards and free options in securities litigation

Damage measures in securities fraud cases are very imprecise because they are based on security price changes that reflect both the correction of previous misrepresentation and other independent information. Consequently, potential plaintiffs have a valuable “free option” to decide whether or not to file suit, and average damage awards are greater than actual damages, much greater when markets are volatile. The “Private Securities Litigation Reform Act of 1995” was intended to curb abusive litigation and to address the problem of excessive damage awards. Motivated by a misdiagnosis that excess awards are due to temporary price drops, the Act limits damages to the difference between the purchase price and the time-averaged trading price from the release of the corrective information until 90 days later or until the sale of the security, whichever is first. Unfortunately, the Act's modified measure of damages suffers from a more severe free-option problem than did the traditional measure. Also, the Act introduced an additional new option to time the sale of the security; the effects of these options may be mitigated by the impact of the positive drift in stock prices over time, if the time-averaged price is not adjusted for market movements. As a result, the bias can be larger or smaller under the new Act, depending on how severe the free-option problem is. We propose an alternative approach to addressing the issue of excessive damages: courts should adopt a threshold of measured damages below which no damage would be awarded. The threshold would depend on several factors, most notably the volatility of the stock in the period under question. That is, damages will be awarded only if measured damages exceed the threshold, and awards would be capped by the formula presented in the Reform Act.

Citizenship, identity and belonging in contemporary Australia

In response to recent events, Australian scholars examine the prospects of conflict and cooperation between the Muslim world and the West and the future of Muslim communities in Australia. The essays fall into three thematic sections: the broad international context, with reference to the repercussions of the war in Iraq and the initiatives launched by Muslims, namely the Organization of Islamic Conference, and the current discourse among radical Islamic groups about prospects of "conflict" between the Muslim world and the West; the implications of growing Islamic agitation and the heightened sense of insecurity for Muslim states in South and Southeast Asia; the challenges faced by Muslim communities in Australia and implications for interethnic relations and asylum-seekers.

Middle eastern refugees in fortress Australia

The political economy of maritime industry non-reform in interwar Australia: the establishment of the Maritime Services Board of New South Wales

From the First World War Australian port administration came under criticism from exporters, shipping companies and the Commonwealth government, all of whom argued that port authorities charges imposed an excessive burden on exporters. They sought the replacement of public port authorities by trusts representative of business interests. The campaign for port administration reform also diverted farmers from criticism of shipping freights and to secure their acquiescence in anti-competitive practices in the shipping industry. The formation of the Australian Overseas Transport Association in 1929 was the culmination of this campaign. Elite conservative political support for such anti-competitive practices reflected a belief that competitive capitalism was inherently unstable. The Scullin Labor of 1929-31 government abandoned Labor's earlier hostility to shipping companies to support cartelisation. Conservative state governments, in a more competitive electoral position than their federal counterparts and under greater financial pressure, deflected business calls for port administration reform. Business groups expected the NSW conservative government elected in 1932 to reform port administration towards a representative model, but the Maritime Services Board established in 1935 merely rationalised existing administrative structures. In the 1980s international economic instability legitimated the project of microeconomic reform, particularly in the maritime sector, but in the interwar period a different balance of capital, labour and the state meant that economic isolationism rather than integration was the policy outcome.

Polycyclic aromatic hydrocarbon emission loads and profiles from the burning of locally grown wood species in Victoria, Australia - Some pilot project results

A testing facility for combustion of biomass and sampling of emissions has been established at Deakin University. In this pilot project using this facility, four kinds of locally grown wood species were burned and the particle emissions sampled and analysed for Polycyclic Aromatic Hydrocarbons (PAHs). The selected wood species covering pine, red gum, yellow box and sugar gum, are the most popular domestic fuel wood in Australia. Particulate matter emissions from burning of each load of wood were sampled from the flue using a standard stack emission sampling train. The particle-laden filters were extracted and the .extract analysed to determine PAH concentrations by Gas Chromatographyl Mass Spectrometer (Gc/MS). The sampling was conducted under two different burning conditions with the air inlet of the combustion chamber fully open and with it half open. A suite of 15 PAHs, ranging from naphthalene (C IOHB) to dibenzolahlanthracene (C12H14), were selected for analysis. PAH profiles for the four wood species, under the different burning regimes, have been generated. Some preliminary emission factors for the different wood species have been derived as microgram of summed PAHs (rPAHs) emittedlkilogram of wood burned. Total Particulate Matter (TPM) emission factors were also obtained from gravimetric measurement of the sample filter before and after the combustion. Based on these emission factors, pine displayed the highest level of rPAHs emitted from the combustion of the four wood species, with sugar gum showing the lowest level of rPAHs emission. Emission factors associated with the slow burning condition clearly showed higher l:PAH levels compared to the faster burning condition. During the faster burning condition, red gum and pine show a higher percentage of rPAH to TPM than sugar gum or yellow box. Under the slower burning. the l:PAHlTPM ratio in every case was greater.

Reproduction in Sphacelaria biradiata Askenasy (Sphacelariales, Phaeophyceae) in Southern Australia

Sphacelaria biradiata Askenasy is a little known but common brown alga of southern Australian coasts. This paper describes its reproduction. Populations of S. biradiata reproduced asexually by vegetative propagules in all localities examined. The propagules were produced throughout the year and did not appear to be affected by season, although, if sexual structures occurred, propagule numbers declined. Sexual reproduction can occur and involves an alternation of generations, but it is a rare event. Gametophytes may produce male gametangia, female gametangia or both. Male gametangia, however, are extremely rare and are described for the first time. Production of female gametangia was influenced by season and occurred at all areas studied. The sexual behaviour of the male and female gametes is described.

Public and stakeholder values of wildlife in Victoria, Australia

This paper explores the management implications of a recent study that was designed to explore public and stakeholder values of wildlife in Victoria, Australia. Questionnaires (n = 1431) were used to examine values and knowledge of wildlife held by residents from seven Victorian municipalities and members of six wildlife management stakeholder groups. The results suggest that most Victorians have a relatively strong emotional attachment to individual animals (the humanistic value) and are interested in learning about wildlife and the natural environment (the curiosity/learning/interacting value). In comparison, the negativistic, aesthetic, utilitarian-habitat and dominionistic/wildlife-consumption values were not expressed as strongly. These findings suggest that wildlife managers should expect support for wildlife management objectives that reflect the relatively strong humanistic orientation of Victorians and tailor management and education programs to appeal to this value and Victorians' interest in learning about wildlife.

Media/ting change: the print media's role in mediating education policy in a period of radical reform in Victoria, Australia

This paper draws upon critical discourse analysis, cultural studies and communication theory, studies on media and educational reform, and the work of Bernstein, Bourdieu and Luhmann in particular, to explore how the print and media 'mediated' a period of educational change marked by moves to self-management in schools in Victoria, Australia. It considers how the media was mobilized by various education stakeholders, and in turn informed relations between schools and government, through policy discourses and texts. It considers why and how particular themes became media 'issues', how schools and teachers responded to these issues, and how the media was used by various stakeholders in education to shape policy debates. It is based on a year-long qualitative study that explored critical incidents and representations about education in the print media over a year in the daily press. It illustrates the ways in which a neo-liberal Victorian government mobilized the media to gain strategic advantage to promote radical education reform policies, considers the media effects of this media/tion process on schools and teachers, and conceptualizes how school and system performance is fed from and into media representations, public perceptions and community understandings of schools and teachers' work.