Response of inflation to shocks: new evidence from Sub-Saharan African countries

In this paper, we investigate whether or not the inflation rate of 17 Sub-Saharan African countries can be modelled as a stationary process. We achieve this goal through using univariate and panel stationarity tests for data over the period 1966 to 2002. We use the Kwiatkowski, Phillips, Schmidt and Shin (KPSS, 1992) univariate test and allow for multiple structural breaks. We find that except for Burkina Faso, Burundi and Gambia, the inflation rate is stationary for the rest of the 14 countries. We then apply the panel version of the KPSS test, developed by Carrion-i-Silvestre et al. (2005), which accounts for multiple structural breaks. We find strong evidence of panel stationarity of the inflation rate. However, for a panel consisting of Burkina Faso, Burundi and Gambia, we could not find evidence that the inflation rate is stationary. © 2013 Elsevier B.V.

From project supervision to advising: new conceptions of the practice

Project work has been a common feature of undergraduate degree programmes for many years. While it has been named in a variety of ways, it typically involves students undertaking a substantial learning activity that is partly self‐initiated and managed. More recently, programmes organised around the idea of work‐based learning partnerships have emerged. These can be regarded as programmes that rely on significant amounts of work‐based project work. This paper examines the implications of practices in these new programmes for project advising more generally. It argues that the conception of the role of academics in project work needs to change from one focused on project supervision to one of learning adviser. It identifies key features of this practice and discusses differences in advising from one context to another. It suggests that the activities in which academics engage need to be reappraised and that the skills and knowledge of those acting in the role of adviser be extended.

Erratum to: A new computerized adaptive test advancing the measurement of health-related quality of life (HRQoL) in children: the Kids-CAT

Abstract
Purpose
Assessing health-related quality of life (HRQoL) via Computerized Adaptive Tests (CAT) provides greater measurement precision coupled with a lower test burden compared to conventional tests. Currently, there are no European pediatric HRQoL CATs available. This manuscript aims at describing the development of a HRQoL CAT for children and adolescents: the Kids-CAT, which was developed based on the established KIDSCREEN-27 HRQoL domain structure.
Methods
The Kids-CAT was developed combining classical test theory and item response theory methods and using large archival data of European KIDSCREEN norm studies (n=10,577–19,580). Methods were applied in line with the US PROMIS project. Item bank development included the investigation of unidimensionality, local independence, exploration of Differential Item Functioning (DIF), evaluation of Item Response Curves (IRCs), estimation and norming of item parameters as well as first CAT simulations.
Results
The Kids-CAT was successfully built covering five item banks (with 26–46 items each) to measure physical well-being, psychological well-being, parent relations, social support and peers, and school well-being. The Kids-CAT item banks proved excellent psychometric properties: high content validity, unidimensionality, local independence, low DIF, and model conform IRCs. In CAT simulations, seven items were needed to achieve a measurement precision between .8 and .9 (reliability). It has a child-friendly design, is easy accessible online and gives immediate feedback reports of scores.
Conclusions
The Kids-CAT has the potential to advance pediatric HRQoL measurement by making it less burdensome and enhancing the patient–doctor communication.

Reshaping the worldview: case studies of faith groups’ approaches to a new Australian land ethic

This study aimed to highlight the praxis of various mainstream and alternative faith traditions in Australia with relation to environmental sustainability issues. A mixed methods approach (surveys, interviews, site visits) was used to investigate the levels of awareness and involvement of faith communities on issues including biodiversity protection, water conservation, energy efficiency, waste management and cultural property heritage. The aim of this chapter is to highlight a theme of integration (or lack thereof) that arose out of the interviews which formed a critical part of the participants’ worldview. A brief overview of the relationships of attitudes and behaviours to environmental issues and the importance placed on values and worldviews is provided. Individuals from 40 faith groups participated in the study; in this chapter, individuals and case studies from ten different groups are highlighted. These range from the conventional, mainstream Christian traditions to alternative Christian and Eastern traditions as well as the new age movement. The study found that mainstream traditions were making important attempts at integrating their worldview into appropriate environmental management strategies; however, the impact was marginal overall. The lesser known and alternative traditions, however, were at a significant leading edge of integrating praxis; yet, because these traditions are viewed with an element of suspicion, their efforts were marginalized by members of other faiths and the public. Thus, there are several points of convergence and divergence that faith traditions have with regard to environmental sustainability.

From the hustings to harbour views : electoral institutions in New South Wales 1856-2006

'Easy to enrol, easy to vote' was the slogan devised by the New South Wales electoral office in the 1980s. How did this system evolve from a British based model to a distinctively Australian one?

History researcher development and research capacity in Australia and New Zealand

 This article presents data and discussion on history researcher development and research capacities in Australia and New Zealand, as evidenced in analysis of history PhD theses’ topics. The article is based on two independent studies of history PhD thesis topics, using a standard discipline coding system. It shows some marked differences in the Australian and New Zealand volumes and distributions of history PhDs, especially for PhDs conducted on non-local/national topics. These differences reflect national researcher development, research capacities and interests, in particular local, national and international histories, and have implications for the globalisation of scholarship. Thesis topics are used as a proxy for the graduate’s research capacity within that topic. However, as PhD examiners have attested to the significance and originality of the thesis, this is taken as robust. The longitudinal nature of the research suggests that subsequent years’ data and analysis would provide rich information on changes to history research capacity. Other comparative (i.e. international) studies would provide interesting analyses of history research capacity. There are practical implications for history departments in universities, history associations, and government (PhD policy, and history researcher development and research capacity in areas such as foreign affairs). There are social implications for local and community history in the knowledge produced in the theses, and in the development of local research capacity. The work in this article is the first to collate and analyse such thesis data either in Australia or New Zealand. The comparative analyses of the two datasets are also original.

Australia, Papua New Guinea, and a communal blindness in our history education

The teaching of history to Australians has been under the spotlight in recent years as experts, commentators, and politicians vie for command of the uses to be made of the past. This was very evident in the — one hopes — now concluded ‘history wars’ of the last decade or so. But the old warriors are oiling their rusty swords in preparation for what may be yet another battle, perhaps one that will be particularly bloody in this election year. The field for this battle will be broadly centred on the new national history curriculum, being developed by the Australian Curriculum, Assessment, and Reporting Agency (ACARA).

The tax treatment of employee stock options : generous to a fault

In the 2000 budgets, both the federal and Ontario governments introduced changes to the tax treatment of employee stock options for the explicit purpose of making their tax treatment in Canada similar to or more favourable than that in the United States. The federal budget added a deferral, similar to that currently applicable to options granted by Canadian-controlled private corporations, for up to $100,000 per year of public company stock options. The Ontario budget introduced an exemption from tax for employees involved in research and development on the first $100,000 per year of employee benefits arising on the exercise of qualified stock options or on eligible capital gains arising from the sale of shares acquired by the exercise of eligible stock options. These proposals reflect the apparent acceptance by the two governments that there is a “brain drain” from Canada to the United States of knowledge workers in the “new” economy and that reductions in Canadian taxes should stem this drain. In the author’s view, the tax treatment of employee stock options, even without these changes, is overly generous. Both the federal and provincial proposals ignore the fact that most employee stock options are taxed more favourably in Canada than in the United States in any event. In particular, most employee stock option benefits in Canada are taxed at capital gains tax rates, whereas in the United States most are taxed at full rates. While the US Internal Revenue Code does provide capital gains tax treatment for certain employee stock option benefits, a number of preconditions must be met. Most important, the shares acquired pursuant to the options must be held for a minimum of one year after the option is exercised. In addition, there are monetary limits on the amount of options that qualify for capital gains treatment. In Canada, there are generally no holding period requirements or monetary limits that apply in order for the option holder to benefit from capital gains tax rates. Empirical evidence indicates that the vast majority of employees in the United States exercise their options and immediately sell the shares acquired. These “cashless exercises” do not benefit from capital gains treatment in the United States, whereas similar cashless exercises in Canada generally do. This empirical evidence suggests not only that the 2000 budget proposals are unwarranted, but also that the existing treatment of employee stock options in Canada is already more generous than that in the United States. This article begins with a theoretical “benchmark” for the taxation of employee stock options. The author suggests that employee stock options should be treated in the same manner as other income from employment. In theory, the value of the benefit should be included in income when the option is granted or vests. However, owing to the practical difficulty of valuing employee stock options, the theoretical benchmark proposed is that the value of the benefit (the difference between the fair market value of the shares acquired and the strike price under the option) be taxed when the shares are acquired, and the employer be entitled to a corresponding deduction. The employee stock option rules in Canada and the United States are then compared and contrasted with each other and the benchmark treatment. The article then examines the arguments that have been made for favourable treatment of employee stock options. Included in this critique is a review of the recent empirical work on the Canadian brain drain. Empirical studies suggest that the brain drain—if it exists at all—is small and that, despite what many newspapers and right-wing think-tanks would have us believe, lower taxes in the United States are not the cause. One study, concluding that taxes do have an effect on migration, suggests that even if Canada adopted a tax system identical to that in the United States, the brain drain would be reduced by a mere 10 percent. Indeed, even if Canada eliminated income tax altogether, it would not stop the brain drain. If governments here want to spend money in order to stem the brain drain, they should focus on other areas. For example, Canada produces fewer university graduates in the fields of mathematics, sciences, and engineering than any other G7 country except Italy. The short supply of university graduates in these fields, the apparent loss of top-calibre academics to US
universities, and the consequent lower levels of university research in these areas (an important spawning ground for new ideas in the “new” knowledge-based economy) suggest that Canada may be better served by devoting more resources to its university institutions, particularly in post-graduate programs, rather than continuing the current trend of budget cuts that universities have endured and may further endure if taxes are reduced.
As far as employee stock options are concerned, if Canada does want to look to the United States for guidance on tax reform (which it seems to do with increasing frequency of late), it should adopt the US rules applicable to nonstatutory options, which are close to the proposed benchmark treatment. In the absence of preferential tax treatment, employee stock options would still be included in compensation packages provided that there were sound business reasons for their use. No persuasive evidence has been put forward that the use of stock options, in the absence of tax incentives, is suboptimal. Indeed, the US experience suggests quite the opposite.

Playing with time: history and the extended present

In this paper we consider how the concept of time is developed in schools. We argue that the teaching and learning of history (despite the emergence of the new history in the 1970s) is still taught and learnt with a temporal bias and it is often positioned in the past. So too, history/SOSE1 student-teachers are exposed to temporal bias in their tertiary education (as is evidenced in ‘Arts Faculty’ history courses). We suggest that there needs to be greater connectedness and balance between the dimensions of time in the teaching of SOSE with specific reference to the teaching of history and futures perspectives. We offer a new conceptualisation of history which we refer to as ‘history as the extended present’ this conceptualisation positions history in multiple temporal domains (the past, present and possible, probable and preferable futures) and emphasises the relevance of teaching and learning history to students life worlds.

The importance of informal investing to New Zealand's new and growing firms

As part of the Global Entrepreneurship Monitor project, we asked 2,000 adult New Zealanders if they have made a personal investment in a new firm in the past three years as well as the magnitude of their supPort, the nature of the businesses they sponsored, and their relationship with
the recipient. We compared these data on informal investment to data on venture capital obtained from national sources. We are thus able to compare New Zealand's performance to cross-national measures. We also surveyed 20 key informants/experts on questions on financing.
In New Zealand, venture capital accounts for only 0.80/o of total investment in new and growing start-ups. Yet New Zealand is world-ranked in terms of informal investment. In New Zealand, informal investment activity is 3.5olo of the national GDP amount. New Zealand is also a world leader in the prevalence of informal investors (percentage in the adult population). Seventy-three percent of informal investors put their money into a relative's or a friend's business. Fifty-eight Percent of New Zealand's informal investors are female, quite the reverse of the world pattern.

When we compare Australia and New Zealandlo the rest of the GEM world, Australia ranks favourably with the GEM globat measures in terms of venture capital as a percentage of GDp, while New Zealand does poorly. Australia also does about 40olo better than New Zealand in terms
of the amount of VC invested in individual companies. But New Zealand is clearly higher in the measures of informal investment.

We conclude with implications for entrepreneurs, policy makers, educators, researchers, and journalists. In a nutshell, they should pay more attention to the critical role of the four F's - family friends, founders, and "foolish" investors - in start-up ventures. Informal investment is a critical component of New Zealand's entrepreneurial process and thus to its economic growth. Perhaps fifty superstars with extraordinary opportunities will receive financing from the New Zealand Venture Investment Fund to launch their businesses. Meanwhile, the vast majority of firms rely on the 4Fs - friends, family founders, and "foolish" lnvestors.

‘My history is a tile in a mosaic’ : an interview with Jim Cullen

JIM CULLEN was born in Queens, New York, and attended public schools on Long Island. He received his B.A. in English from Tufts University, and his A.M. and Ph.D. degrees in American Civilization from Brown University. He has taught at a number of colleges and universities, including Harvard and Brown. He is currently a teacher, and serves on the Board of the Trustees, at the Ethical Culture Fieldston School in New York City. Jim is married to historian Lyde Cullen Sizer and has four children.
CONTEXT: Dr Glenn Moore co-ordinates the subject 'Searching for the American Dream’ at The University of Melbourne. For the last nine years he has taken second and third year history students to Boston, New York and Washington, D.C to explore the philosophy of genius loci. Dr Moore gets students to work in food banks, visit homeless shelters, museums and organizes an array of guest speakers with experts such as Boston public defender, Denise Regan, Neera Tanden, Hillary Clinton’s campaign manager and Alec Ross, vice president of One Economy. As the leading expert on the American Dream, with the publication of so many books in American history such as: The American Dream: A Short History of an Idea that Shaped a Nation, Born in the U.S.A.: Bruce Springsteen and the American Tradition and Restless in the Promised Land: Catholics and the American Dream, Jim Cullen has spoken to the students for the last five years. I interviewed him prior to his recent discussion with the students in New York on 5 July 2006 at the Fashion Institute of Technology.

Curriculum history of business computing in Victorian tertiary institutions from 1960-1985

Fifty years ago there were no stored-program electronic computers in the world. Even thirty years ago a computer was something that few organisations could afford, and few people could use. Suddenly, in the 1960s and 70s, everything changed and computers began to become accessible. Today* the need for education in Business Computing is generally acknowledged, with each of Victoria's seven universities offering courses of this type. What happened to promote the extremely rapid adoption of such courses is the subject of this thesis. I will argue that although Computer Science began in Australia's universities of the 1950s, courses in Business Computing commenced in the 1960s due to the requirement of the Commonwealth Government for computing professionals to fulfil its growing administrative needs. The Commonwealth developed Programmer-in-Training courses were later devolved to the new Colleges of Advanced Education. The movement of several key figures from the Commonwealth Public Service to take up positions in Victorian CAEs was significant, and the courses they subsequently developed became the model for many future courses in Business Computing. The reluctance of the universities to become involved in what they saw as little more than vocational training, opened the way for the CAEs to develop this curriculum area.

Analytical relationship between family history and genetic and environmental risks, with application to female breast cancer

It is well established in genetic epidemiology that family history is an important indicator of familial aggregation of disease in a family. A strong genetic risk factor or an environmental risk factor with high familial correlation can result in a strong family history. In this paper, family history refers to the number of first-degree relatives affected with the disease. Cui and Hopper (Journal of Epidemiology and Biostatistics 2001; 6: 331-342) proposed an analytical relationship between family history and relevant genetic parameters. In this paper we expand the relationship to both genetic and environmental risk factors. We established a closed-form formula for family history as a function of genetic and environmental parameters which include genetic and environmental relative risks, genotype frequency, prevalence and familial correlation of the environmental risk factor. The relationship is illustrated by an example of female breast cancer in Australia. For genetic and environmental relative risks less than 10, most of the female breast cancer cases occur between the age of 40 and 60 years. A higher genetic or environmental relative risk will move the peak of the distribution to a younger age. A more common disease allele or more prevalent environmental risk factor will move the peak to an older age. For a proband with breast cancer, it is most likely (with probability ge80%) that none of her first-degree relatives is affected with the disease. To enable the probability of having a positive family history to reach 50%, the environmental relative risks must be extremely as high as 100, the familial correlation as high as 0.8 and the prevalence as low as 0.1. For genetic risk alone, even the relative risk is as high as 100, the probability of having a positive family history can only reach about 30%. This suggests that the environmental risk factor seems to play a more important role in determining a strong family history than the genetic risk factor.

'Hidden differences : new meanings in adaptations of literature to the screen'

Approaches to screen adaptation which either accept or reject 'fidelity' effectively hide from view the interrelations of difference that can be observed between literary and visual works of art. Further, comparative reading of a literary precursor and its screen adaptation alone hides from view the interrelations of difference between those and other works. By focussing on difference, screen adaptations can be viewed and read together with literary precursors and other intertextual influences to produce new stories that would otherwise remain hidden. This method of textual analysis, 'differential reading', is explained by reference to three screen adaptations, clustered around themes of unrequited love and rejection, which illustrate general insights into theoretical issues. When viewed and read together, differences can be observed between these works which produce new meanings. When one switches between the possibilities such new meanings create, views of the world embedded in the respective works are destabilised.