The cultural role of capital cities : Hanoi and Hue, Vietnam

Hanoi promotes itself both as a place for foreign investment in urban development and as the 'cradle of Vietnamese civilisation'. Special status is given to places of national heritage significance, and policy makers and planners face challenges of balancing heritage conservation and modern development. By contrast, the former capital, Hue, continues to decline economically relative to other Vietnamese cities and is discovering value in its imperial heritage as a 'vector for development'. These Vietnamese capital cities demonstrate that heritage conservation is a key consideration in government efforts to improve the position of their constituencies in the newly-shaping global and national economic systems.

The costs of raising equity capital by Australian property trust initial public offerings

This paper reports some of the direct costs of raising equity capital by property trust initial public offerings (IPOs) in Australia from 1994 to 2004. It also documents the amount of underpricing by these IPOs. The results indicate the average fees paid to underwriters and/or stockbrokers in managing and marketing the issue was around 3.3% of the public equity capital raised. The average fees paid to legal firms, accounting firms and valuers for their professional involvement and expert reports were 0.4%, 0.2% and 0.1% respectively, totaling 0.7% of the equity raised. Other fees such as printing, listing fees, postage, distribution and advertising cost around 2.1%. The total average direct costs amounted to around 6.1% of the proceeds raised. The average underpricing by these property trust IPOs was 2.6%. This paper also investigates the hypotheses that the percentage direct capital raising costs are influenced by the size of the IPO and whether the IPO is underwritten. This study confirms that larger property trust equity capital raisings have lower percentage total direct cost;, however, it does not find that underwriting significantly influences the percentage of total direct costs for these property trust IPOs.

Valuing the arts : theorising and realising cultural capital in an Australian city

For those who make and admire artistic works, there is no question of their value. However, for others interested in economic development, the value of the arts is often more tangential, contested and questionable. While the post-modern world of consumption and spectacle suggests to some academics and governments that the arts and cultural industries are the way of the future, others remain sceptical about their social and economic value. This is a theoretical as well as a practical issue this paper explores by offering a reconceptualisation of Pierre Bourdieu's concept of cultural capital as a way of re-assessing the value of the arts. The paper then applies this framework to quantify and qualify the value of the arts in one regional city in Australia – Geelong in Victoria – focusing on the work of two artists. The aim is to describe the interconnected processes by which the arts generate cultural capital in the form of confidence, image, individual well-being, social cohesion and economic viability. The analysis also highlights the ongoing power relations which prescribe artistic production, circulation and valuation. The implications of such a rethinking and application go well beyond one city and region to other places grappling with the relationship between artistic production and urban well being. By focusing on the broad-ranging process by which artistic value is created for individuals, groups, professionals, communities and governments, a model becomes available for other places to use in realising their cultural capital.

Career progression, human capital and pay equity in Australian public sector labour markets

This study uses data from the Victorian Public Sector Census 2004 to identify the extent of equity in pay and career progression (promotion). A system of three equations is developed to capture the endogeneity between human capital and promotion and the interdependence between promotion, pay and human capital. The results indicate that there are substantial differences in the average wages earned by public sector employees in different Equal Employment Opportunity (EEO) groups. While some of these differences arise from factors beyond the control of the public sector employers, others arise from bias in the public sector employment system and procedures. The earnings of individual employees in the public sector are determined in a systematic way by the wage structures in the different sub-sectors, the skill base of the employee on recruitment, sub-sector specific promotion rates, acquisition of formal and informal training and the apparent bias within recruitment and promotion systems in dealing with particular groups. The apparent bias of recruitment and promotion systems is complex in makeup and varies within EEO groups as well as between EEO groups. Most of the difference in pay across employees can be explained as an outcome of individual choice and labour market conditions external to the public sector. After adjusting for sectoral wage differences, skill base when recruited, sectoral promotion rate differences, experience in the public sector, whether individuals are employed on a full-time or part-time basis and individual training decisions, the statistical evidence is consistent with the finding that public sector recruitment and promotion systems tends to be biased, on average, against females and those from culturally diverse backgrounds. Achievements in formal education are important for salary progression. This is particularly the case for women. The main drivers of participation in formal education were employer support in both financial and non-financial terms. Promotion rates were important factors in explaining wage differences. Women tended to receive slightly fewer promotions than men, but women received, on average, greater rewards for each promotion.

Fighting the digital divide with microfinance : building social capital and socio-economic development

Unlike other technology, lCT has the tremendous capacity to eliminate various social and economic barriers impeding the poor, helping them discover their potential. Wider access and use of lCT can improve social networks and increase civic engagement, thereby improving social fabric and developing social capital. Thus, scholars now have realized lCT plays a primary role in the formation and maintenance of social network. This paper identifies microfinance programs as an agent with unparalleled capacity to facilitate access to lCT and thus the formation of social capital and socio-economic development of the poor. In this paper, we also discuss the role of MFls in developing social capital in
South Asia and present an analytical model of how the intervention of microfinance can facilitate access to lCT by the poor with the result of an improved both socio-economic situation and social capital.

Creative arts practice, creative industries : method and process as cultural capital

The value of artistic research is related not only to the products of creative arts practices, but also to methodological, material and social processes through which they operate.

This paper argues that although creative arts research methods – the use of personally situated, interdisciplinary and emergent approaches – contradict what is usually expected of research, such approaches underpin the innovative capacity of studio enquiry and its implication for extending practice-led research pedagogy across all research disciplines.

The costs of raising equity capital for closed-end fund IPOs

This article reports on some of the direct costs of raising equity capital by closed-end fund licensed investment company (LIC) initial public offerings (IPOs) in Australia from 1995 to 2005. The amount of underpricing by these IPOs is also identified. The average total direct costs amounted to a relatively low 3.4% of the capital raised, while fees paid to underwriters and/or stockbrokers was around 2.3%, to legal firms around 0.25% and to accounting firms around 0.07%. The average underpricing by these LIC IPOs was 1.3%. This article also confirms that the percentage total direct capital raising costs are inversely related to the size of the IPO and underwritten closed-end fund IPOs tend to have higher percentage total capital raising costs than those not underwritten.

Turning Victoria into cultural capital: Victorian arts policy 1992-1999

Cultural developments in Victoria represent an example of the industry approach to the arts, which guides contemporary public cultural policy. This approach evolved many years back but it is clearly expressed in the Kennett government’s cultural policy document.

Creativity as capital in the literacy classroom: youth as multimodal designers

Many school literacy practices ignore adolescents' new digitally mediated subjectivity as it has been shaped by the new media age. Youth possess often unappreciated repertories of practice which allow them to use their imagination and creativity to combine print, visual and digital modes in combinations that can be applied to new educational, civic, media and workplace contexts. This paper reports on research in two middle years classrooms in New York City's Chinatown, where students' design skills were recognised and validated when they were encouraged to critically re-represent curricular knowledge through multimodal design. The curriculum, rather than privileging print-only representations, recognised the linguistic, social, economic and cultural capital that different students brought to school. The findings suggest schools should harness youths' creativity – that often manifests itself through their capital resources – as they integrate and adapt to the new digital affordances acquired through their out-of-school literacy practices.