How accurately can convertibles be classified as debt or equity for tax purposes? Evidence from Australia

The New Business Tax System (Debt and Equity) Act established a set ofcriteria by which convertible securities could be classified as “debt-like” or “equity-like” for tax purposes. Using data on 256 convertible issues made in Australia between 2001 and 2012, we show that there is a strong relation between, on the one hand, a convertible’s ex ante classification determined at issuance using the tax criteria and, on the other hand, its ex post classification based on the conversion premium at maturity. We conclude that the criteria have been an efficient means of classifying convertibles. We also find an industry effect where debt-like convertibles are more likely to be associated with the resources, metals and mining firms, whilst equity-like are mainly issued by the finance sector. This finding is consistent with the solution to a finance-sequencing problem in the former case, and the impact of capital adequacy regulation in the latter.

Equity, social justice and ethics in mathematics education

The performativity policy mindset driving national and international testing highlights issues of equity in access and success according to socio-economic status, geographic location, ethnicity, gender and combinations of these factors. Researchers seek explanations for these inequities in terms encompassing engagement, participation and achievement to identify socially just and ethical practices at system, school and classroom level. The emergence of a theoretical perspective involving redistribution, recognition and participation (Fraser, 2013) is evident in a range of studies concerning leadership, professional learning, pre-service teacher education, and pedagogies that focus on equity and social justice in mathematics education. The challenge of ethical and socially just practices at all levels and social groups is in providing access to deep learning in mathematics and success in “knowledge making” (Jorgensen, 2014).

Equity considerations for open educational resources in the glocalization of education

Open educational resources (OER) have become new buzzwords in the glocalization of education. While OER are often espoused as enabling educational equity, the reality is not always the case. Looking only at the positives of new educational methods can mask perpetuating challenges, which makes the open aspect of OER a misnomer. Taking an alternative stance, this article critically evaluates the broader notion of OER through the lens of equity. It contends that while equity reasons often underpin the provision of OER, challenges continue to be experienced by some in accessing open digital materials for learning. This article explores some of these issues and argues that equity considerations are fundamental in OER design.

The equity raw-score matrix - a multi-dimensional indicator of potential disadvantage in higher education

Issues surrounding student participation, transition, retention and successful completion in higher education are topical. While the Australian federal government has identified broad groupings of under-represented students, these do not shed light on the complexities underlying the issues of the educationally disadvantaged, such as the compounding problems of multiple equity-group membership or the overlay of the acute or chronic effects of equity sub-group membership. This paper details the Equity Raw-Score Matrix. The matrix is a multi-dimensional indicator of potential disadvantage in learners, created for the specific purposes of diagnosing the complexities of educational disadvantage and creating pre-emptive strategies for the participation, transition and retention of students who are disadvantaged. The paper also describes the qualitative research study that was the catalyst for the creation of the matrix.

Widening participation in Australia: lessons on equity, standards, and institutional leadership

Widening participation movements inevitably give rise to discussions of the false dichotomy between equity and standards. The assumption is that by allowing differently prepared students into university and thereby improving equity, standards are somehow compromised. A recent national Australian study examined effective teaching and support of university students from low socio-economic status (LSES) backgrounds from the conceptual framework of bridging sociocultural incongruity rather than from a deficit perspective that assumes lower standards are operating. This chapter outlines the findings from that study of relevance to institutional leaders and policy makers. It draws on the rich qualitative data to show that, contrary to claims of lowered standards, students from low socio-economic backgrounds are high achievers who both expect and want high academic standards. It argues that the dichotomy between equity and standards is premised on an assumption of deficit in, and fundamental lack of respect for, students from diverse backgrounds which undermines the widening participation agenda. Where the false dichotomy exists in institutions, a situation is created which mitigates against LSES students feeling empowered to achieve high academic standards and overall success. It presents the key factors for empowering students from low socio-economic backgrounds to achieve academic success of the highest standard.

Navigating the demands of the English schooling context: problematics and possibilities for social equity

The English schooling context has seen radical and rapid reform in recent times with the processes of devolution or deconcentration of centralised school governance, on the one hand, and the instating of ever-increasing and rigid external accountabilities, on the other. These reforms driven as they are by neoliberal and neoconservative ideologies have created a new kind of ‘system’ of schooling in England, one that is ‘heterarchical’ in governance, increasingly complex in its overlap, multiplicity and asymmetric power dynamics, but one that remains strongly tied to and regulated by the reductive and narrow measure of ‘success’ imposed by the state. Against this complex and changing backdrop, what constitutes quality and equitable schooling has been transformed. This special issue explores these concerns and, in particular, focuses on how the current demands of the English schooling context construct student achievement and identity, teachers’ work, conceptualisations of knowledge and pedagogy, and school organisation and collaboration. The issue has a strong equity focus. Many of the papers to this end focus on how teachers and schools are navigating through the demands of current policy reform to mobilise spaces of possibility for equity and good schooling. In this paper, we provide a context and framework to set the scene for the subsequent papers in the issue.

‘There isn’t kind of a White History Month or anything like that for them’: equity, schooling and the problematics of group identity politics

This paper explores issues of equity and group identity at ‘Hamilton Court’, a large comprehensive multi-faith and multi-cultural school located in England. The exploration draws on data gathered from a study that examined the conditions, structures and practices associated with productively addressing issues of justice and cultural diversity. The paper focuses, in particular, on the voices of two learning mentors, ‘Rosanna’ and ‘Yasmeen’. With reference to a cultural event at the school based around an Asian-inspired Bollywood Dance Festival, the school’s approach to absence requests on the basis of religious observance, and the disadvantage experienced by a particular White British working class boy, the paper highlights tensions and problematics associated with issues of equity, schooling and group identity. The paper makes a theoretical contribution to debates in this area. Further illustrating the limitations of distributive understandings of equity that begin with group identity politics and fail to consider matters of context in struggles against cultural oppressions, it examines the possibilities of an equity approach that instead begins with a focus on overcoming these relations of oppression.

Liveable & just: a toolkit for local governments to address the social and equity impacts of climate change

The Liveable & Just Toolkit is the culmination of a project to explore how local governments across Victoria are responding to the social and equity impacts of climate change.In June 2009 the Victorian Local Governance Association (VLGA) and Melbourne University’s McCaughey Centre travelled across the state to hear directly from local governments about issues of priority, success stories, challenges, and lessons learned in addressing the social and equity impacts of climate change. Workshops covered crucial issues such as heatwaves and bushfires, rising costs of water, energy and transport, physical and mental health, and the heightened vulnerability of groups such as the mentally ill, homeless, aged, and infants. In response to workshop outcomes and recommendations, the Liveable & Just Toolkit provides a practical framework to help integrate responses to the social and equity impacts of climate change across council activities. It also presents ideas and suggestions for local government to respond to climate change in ways that simultaneously promote social justice.

School autonomy as ‘the way of the future’: Issues of equity, public purpose and moral leadership

This paper presents interview data from research conducted in two public high schools in the state of Queensland, Australia. The research was concerned with exploring issues of equity and diversity. Both schools had recently converted to ‘independent’ status within a new state policy reform – the Independent Public Schools initiative. This reform was seen as having a significant effect on matters of equity and diversity and so became an important focus of the research. Within current accountability parameters, there were concerns expressed by key personnel at the schools about how converting to an Independent Public Schools was both enabling and constraining student equity in terms of resource distribution and school access, and undermining schools’ focus on their public purpose in relation to imposing an excessive focus on narrow external accountability measures. These concerns bring to light the significance of moral leadership within autonomous schooling environments – shaped as they are by regimes of accountability and competition that can clearly compromise student equity and delimit schooling purposes.

Productive engagements with student difference: supporting equity through cultural recognition

In this paper, the focus is on how a group of Australian educators support student equity through cultural recognition. Young’s theorising of justice is drawn on to illuminate the problematic impacts arising from the group’s efforts to value students’ cultural difference associated, for example, with quantifying justice along distributive lines and with essentialising student difference as negation and lack within a frame of cultural imperialism. These theoretical tools draw attention to,and support a critical examination of, the social rules and relations within the school that create barriers to equity. Towards reconciling discrepancies relating to how student difference might best be supported, the paper endorses the prevailing imperative of centring students’ perspectives and experiences. Such centring remains crucial to educators recognising the partiality and interest within their attempts to ‘help’ marginalised students and disrupting the relations of teacher privilege and authority that reinscribe domination, control and exclusion.

Foregrounding issues of equity and diversity in educational leadership

This article documents the leadership practices within one secondary school in Queensland, Australia that uses equity as a central philosophy. Drawing on specific elements of productive leadership as defined by Hayes et al., the article draws attention to how the school's common equity agenda, its supportive social relations, and its dispersed leadership practices mobilise a transformative discourse of equity. Through these lenses, the article provides important insights for educational leadership amid renewed policy emphasis on the equity responsibilities of schools.

Feminist struggles to mobilise progressive spaces within the ‘boy-turn’ in gender equity and schooling reform

This article presents the stories of two Australian feminist educators, ‘Kath’ and ‘Kim’. Drawn from a small‐scale interview‐based study, the stories highlight these women’s struggles to mobilise progressive spaces within the current boy‐focused equity and schooling agenda. Such struggles are located within the new possibilities for feminist intervention enabled by current educational trends in Australia. The stories focus on Kath and Kim’s experiences leading the professional development of teachers from several schools in Queensland (Australia) as part of the $19.4 million national initiative, Success for Boys. The article draws on feminist understandings of ‘progressive’ spaces and highlights the requisite conditions necessary for mobilising such spaces. In particular, Kath and Kim’s stories bring to light the powerful role emotions continue to play in both enabling and constraining gender reform and the continued significance of attending to, and working with, such emotions to enhance the pursuit of gender justice in schools.