Modelling oil price volatility

In this paper, we examine the volatility of crude oil price using daily data for the period 1991–2006. Our main innovation is that we examine volatility in various sub-samples in order to judge the robustness of our results. Our main findings can be summarised as follows: (1) across the various sub-samples, there is inconsistent evidence of asymmetry and persistence of shocks; and (2) over the full sample period, evidence suggests that shocks have permanent effects, and asymmetric effects, on volatility. These findings imply that the behaviour of oil prices tends to change over short periods of time.

Exploring the oil price and real GDP nexus for a small island economy, the Fiji Islands

The goal of this paper is to examine the relationship between real GDP and oil prices using time series data for the period 1970–2005. Our main finding is that an increase in oil has a positive, albeit inelastic, impact on real GDP, inconsistent with the bulk of the literature. We argue that this is not a surprising result for the Fiji Islands. Our central argument focuses on two aspects of the Fijian economy: (1) the fact that actual output in Fiji has been around 50 per cent less than potential output; thus, Fiji's actual output has not reached a threshold level at which oil prices can negatively impact output; and (2) a rise in oil prices filters through to value added, which in turn is reflected in a larger actual output.

Agile approaches to software maintenance : an exploratory study of practitioner views

Whilst there has been some research into the application of agile approaches to the world of software maintenance, in this paper it is argued that there has not been a coherent investiga-tion that focuses on the collection and analysis of the views and perceptions of agile software maintenance approaches held by experienced software maintenance professionals. In this paper, we report such an exploratory investigation, which has seeded the development of a simple framework for classifying collected views and perceptions. Specifically, a matrix framework has been introduced, to facilitate comparison of the levels of understanding of the issues affecting an agile adoption decision, and the extent to which an agile approach has been implemented. Examples of organizations operating in all four cells of this matrix have been presented.

Fundamental determinants of the Australian price-earnings multiple

This paper is the first attempt to investigate the factors fundamental to the setting of the price–earnings (P–E) multiple for the Australian stock market. The quarterly P–E ratio for the ASX 200 index is used as a measure of the market wide P–E multiple. It is demonstrated that a large portion of the variation in the P–E multiple can be explained by the dividend payout ratio, interest rates and GDP growth rates. In addition, consumers' confidence—a leading indicator of future growth opportunities, the Australian–US exchange rate—a key determinant of the competitiveness of domestic companies, and volatility of domestic market returns—a risk factor, have incremental explanatory power.

Price and subsidy policy on soil conservation: application to smallholder tea growers

The role of commodity prices and subsidies on the adoption of soil conservation has been widely debated yet is poorly understood. One reason for this is the complex nature of the relationship between soil loss and yield damage. This paper examines the effects of price and subsidy policy on adoption of soil conservation measures in tea lands in Sri Lanka. The soil conservation technologies considered are lateral drains, stone terraces and Sloping Agricultural Land Technique (SALT). The study uses a non-linear yield damage function to estimate tea yield loss due to soil erosion. The yield function is then used in conjunction with a simple analytical model to examine the effects of changes in price and subsidies
on the incentives to adopt various soil conservation technologies. When there is a yield increment with soil conservation, increases in both prices and subsidies are found to make soil conservation economically attractive.

The Index Effect: an investigation of the price and volume effects surrounding changes to the S & P Australian indices

This paper examines the stock price and volume effects surrounding the announcement of constituent changes to the S&P/ASX 200 and four supplementary indices. Between April 2000 and December 2002 additions to (deletions from) the ASX 200 were associated with a significant price rise (fall) over the 10 day period following the market announcement of the change. Deletions were also associated with a significant fall on the announcement date itself These findings were corroborated by significant increases in trading volume over the same intervals, suggesting heavy trading activity by index funds in response to changes to the ASX 200. Following the implementation of these changes, both additions and deletions experienced a significant price reversion, supporting the price pressure hypothesis. By contrast, none of the supplementary indices displayed evidence of stock price or volume effects, which precludes the information and liquidity hypotheses as viable explanations for the findings of this research.

Route maintenance using mobility prediction for mobile ad hoc networks

Next generation networks (3G & beyond) will support real-time multimedia applications through traditional wide-area networking concepts as well as hot-spot (WLAN) and ad hoc networking concepts. In order to fulfill the vision of next generation networks a method of maintaining a real-time flow despite frequent topology changes and irregularity in user movement is required. Mobility prediction has been identified as having applications in the areas of link availability estimation and pro-active routing in ad hoc networks. In this work we present the mobility prediction based algorithm for route maintenance in mobile ad hoc networks. Simulation study of the algorithm proves it to offer significant benefits to dynamic source routing (DSR)

Housing price diffusion pattern of Australia's state capital cities

The ripple effect of house prices within metropolitan areas has recently been recognised by researchers. However, it is very difficult to formulate and measure this effect using conventional house price theories particularly in consideration of the spatial locations of cities. Based on econometrics principles of the cointegration test and the error correction model, this research develops an innovative approach to quantitatively examine the diffusion patterns of house prices in mega-cities of a country. Taking Australia's eight capital cities as an example, the proposed approach is validated in terms of an empirical study. The results show that a 1-1-2-4 diffusion pattern exists within these cities. Sydney is on the top tier with Melbourne in the second; Perth and Adelaide are in the third level and the other four cities lie on the bottom. This research may be applied to predict the regional housing market behavior in a country.

Approaches to the development and maintenance of professional values, ethics and attitudes in accounting education programs

IES 4, Professional Values, Ethics and Attitudes prescribes the professional values, ethics and attitudes professional accountants should acquire during the education program leading to membership of an IFAC member body.
The purpose of this paper is to support the development of IEPS 4.1, Approaches to Developing and Maintaining Professional Values, Ethics and Attitudes. This will assist and support IFAC member bodies to discharge effectively their responsibilities to ensure that candidates for membership of an IFAC member body are equipped with the appropriate professional values, ethics and attitudes to function as professional accountants.
The IAESB believes that this paper, and the findings of the independent research team, will be of interest and benefit to IFAC member bodies, accounting educators, and others seeking to implement ethics education programs for professional accountants.