An examination of Australian gold mining firms' exposure over the collapse of gold price in the late 1990s

Purpose – The purpose of this study is to examine the exposures of Australian gold mining firms in the highly volatile period from 1995 to 2000. This period has been characterized by significant changes in gold price due to bulk sale of gold by collective central banks. Specifically, the paper aims to investigate several firm-specific factors that are hypothesized to carry substantial influence on gold beta.

Design/methodology/approach – To estimate gold beta, we use the following multifactor model: R_g,_t = a+ß_gGPR_t + ß_xFXR_t + ß_mR_m,_t + _Et , where R_g,_t is the return on the gold stock Index at time t, GPR_t is the gold price return denominated in US dollar at time t, FXR_t is the foreign exchange return of Australian dollar in terms of US dollar at time t, R_m,t is the market return at time t, and _Et is the random error term at time t.

Findings – The paper finds that the values of gold beta are consistently greater than one, implying the sensitive nature of firms’ stock returns to gold price changes. This also suggests that investors holding gold mining stock would receive higher percentage increases in stock returns from a percentage increase in gold price returns, as opposed to investors holding gold bullion. Furthermore, these values have changed substantially over time with significant changes in gold price volatility. The most important and consistent relationship that we find is the impact of firms’ hedging behavior on their respective gold betas. This is consistent with Tufano’s study. It implies that firms, which hedge a greater proportion of their gold reserves, are less sensitive to movements in gold prices. The finding therefore supports the risk management theory that hedging increases shareholder’s wealth. However, cash operating costs, cash reserves and the level of gold production seem to influence very little on the firms’ exposure to gold price changes.

Originality/value – This study is of interest and important to the stock mining companies and investors because the extent of the effect of gold price movements on the stock returns of gold mining companies has significant impacts on returns for both firms and investors especially in their risk management and investment decisions, respectively.

The relationship between the incidence of medullated fibres in mohair and live weight over the lifetime of Angora goats

The presence of even a small amount of medullated fibre, in otherwise high quality mohair, may have a pronounced adverse effect on its value and end-use potential. However, there is considerable confusion about the effects, if any, of environmental variables and management upon the incidence of medullated fibres in mohair. This study examined how the incidence of medullated fibres (Med, % by number) is related to the fleece-free live weight (FFLwt) of Angora goats of different genetic origins over their lifetime, and how the relationship varies with other lifetime factors. Measurements were made over 11 shearing periods of 6 months, on a population of Angora goats representing the current range and diversity of genetic origins in Australia, including South African, Texan and interbred admixtures of these and Australian sources. Records of breed, sire, dam, date of birth, dam age, birth weight, birth parity, weaning weight, live weight, fleece growth and fleece quality were taken for castrated males (wethers) (n = 94 animals). A restricted maximum likelihood (REML) model was developed for log10(Med + 1), which allowed the observations of the same animal at different ages to be correlated in an unstructured manner. Med varied between 0.1% and 4.3%. The median average FFLwt during a shearing interval increased from 15 kg at 1 year old to 59 kg at 6 years old. Generally, within each shearing interval, Med increased with increasing average FFLwt. However, the size and shape of the relationship differed greatly between shearing ages. For example, at 3.5 years of age Med increased from about 1.1% at an average FFLwt of 26 kg to 2.6% at 50 kg, whilst at 5.0 years of age Med only changed from 1.4% at 32 kg to 1.6% at 56 kg. Goats with mixed genetic parentage showed an increase in Med at some shearings, particularly at younger ages. Variation in animal nutrition, as measured by live weight change during shearing periods, did not affect Med. The results supplement our earlier findings that mohair mean fibre diameter and clean mohair fleece weight, but not staple length, are greater in larger Angora goats. Live weight needs to be taken into account in genetic evaluation of the incidence of medullated fibres. We conclude that any advantage in handling fewer but larger Angora goats rather than more but smaller goats will come at the detriment of producing lower quality mohair, both in terms of increased Med and mean fibre diameter.

Variation in mohair staple length over the lifetime of Angora goats

Previous work has shown that, within an Angora goat flock, clean fleece weight is proportional to fleece-free liveweight (FFLwt)2/3 and for goats of the same age and cohort, the mean mohair fibre diameter is proportional to FFLwt1/3. This indicates that fibre length might not be related to the size of animals. This study examines how mohair staple length (SL) is related to FFLwt of Angora goats of different genetic origins over their lifetime and how the relationship varies with other lifetime factors. Measurements were made over 11 shearing periods on a population of Angora goats representing the current range and diversity of genetic origins in Australia, including South African, Texan and interbred admixtures of these and Australian sources. Records of breed, sire, dam, date of birth, dam age, birthweight, birth parity, weaning weight, liveweight, fleece growth and fleece quality were taken for castrated males (wethers) (n = 94 animals). FFLwt were determined for each goat at shearing time by subtracting the greasy fleece weight from the liveweight recorded immediately before shearing. The average of the FFLwt at the start of the period and the FFLWt at the end of the period was calculated. Liveweight change (LwtCh) was the change in FFLwt over the period between shearings. A restricted maximum likelihood model was developed for SL, which allowed the observations of the same animal at different ages to be correlated in an unstructured manner. Average SL differed from ~12.0 to ~14.5 cm, depending on age. There were no consistent effects of season. At any age, an increase of 10 kg LwtCh between animals results in about a 0.34 (s.e. = 0.087) cm increase in SL. There was no evidence of an effect of FFLwt on SL. The results confirm our hypothesis that within a single age cohort of Angora goats, there is very little, if any, relationship between the liveweight and SL of individual animals. This implies that the biological determinants of size of fibres related to cross-sectional area are substantially different to the size determinants of fibre length.

Non-government communications and conflict management: the experience of Iraqi Arab tribes

This chapter engages with tribal involvement in conflict management practices since 2003 and seeks to explain the role of this social structure in conflict management.

The relationship of the incidence of medullated fibres to the dimensional properties of mohair over the lifetime of Angora goats

In a range of animals, increasing mean fibre diameter (MFD) of fibre is associated with an increasing incidence of medullated fibres (Med). It would thus be expected that Med in mohair fleeces, from animals in a flock, would be related to the MFD of those fleeces. MFD of mohair is not the only dimensional attribute of fibres. Med in mohair is phenotypically and genetically related to the size of animals. This study examined how Med is related to dimensional properties of mohair over the lifetime of Angora goats and how the relationship varies with other lifetime factors. The relationship found is then examined to determine the extent that the relationship can be explained by variations in animal size of the goats. Measurements were made over 11 shearing periods on a population of Angora goats representing the current range and diversity of genetic origins in Australia, including South African, Texan and interbred admixtures of these and Australian sources. Records of breed, sire, dam, date of birth, dam age, birth weight, birth parity, weaning weight, live weight, fleece growth and fleece attributes were taken for castrated males (wethers). Animals’ fleece-free live weight (FFLwt, kg) were determined for each goat at shearing time by subtracting the greasy fleece weight from the live weight recorded immediately prior to shearing. The average of the FFLwt at the start of the period and the FFLwt at the end of the period was calculated. Two restricted maximum likelihood (REML) models were developed to relate Med to MFD, staple length (SL) and other lifetime factors. One model allowed FFLwt in the model and the other excluded FFLwt. With the exception of the 1.5 years shearing, Med strongly increased with increasing MFD whether or not adjustments were made for FFLwt measurements. In particular Med increased by 2.0% for each 1 μm increase in MFD, with no adjustment for FFLwt measurements, and increased by 1.5% for each 1 μm increase in MFD, with adjustment for FFLwt measurements. Within each shearing interval increasing average FFLwt was associated with increasing incidence of Med in a similar way to that which has been previously reported without including MFD in the model. There was no evidence that SL needed to be included in the models for Med. Mohair grown by the goats of Mixed genetic background grew mohair which had a higher incidence of Med at ages 2 and 2.5 years and the trend was apparent in other shearing periods. We can conclude that there is both a large response of Med to live weight and a large response to MFD, and that these responses are largely functionally separate. While the response to MFD is in accord with earlier work, there is an unrelated and unreported physiological mechanism that favours the production of Med in larger Angora goats. Clearly, larger Angora goats are biologically different compared with smaller animals from the same flock, in ways that are not purely related to the allometrics of size.

Strategic public land use assessment and planning in Victoria : over 30 years of trailblazing but where to from here?

Conflict over the appropriate uses and management of public land have been a feature of the Australian political landscape for at least the past 30 years. While various attempts have been made to establish land use assessment and planning institutions in various jurisdictions, the success of these often short lived attempts at institutional approaches for managing land use conflict have been patchy at best. The experience in the State of Victoria has been somewhat different, with public land use assessment and planning having been informed by a series of independent statutory bodies since 1970 (the Land Conservation, Environment Conservation, and Victorian Environmental Assessment Councils). To some degree at least the value of this approach is indicated by the extent to which Victoria’s bioregions are now protected in conservation reserves. However, while there has always been a statutory body in operation, the roles and responsibilities of these bodies have been subject to significant legislative change, with existing bodies replaced by new bodies in 1997 and 2001. Justifications for these reforms included changing circumstances and new understandings about environmental management, as well as changing views about public administration. As a way of contributing to enhancing the design of institutions for mediating land use conflict and contributing to sustainable land use and management, this paper investigates the lessons that can be learnt from the Victorian experience by examining the implications of the changing roles and responsibilities of these institutions, and then discussing possible future directions for strategic land use planning.

Assessing the impact of drought and forestry on streamflows in south-eastern Australia using a physically based hydrological model

An increase in plantation forestry has been linked to a reduction in streamflows in some catchments. Quantifying the relative contribution of this land-use change on streamflows can be complex when those changes occur during weather extremes such as drought. In this study, the Soil and Water Assessment Tool (SWAT) model was applied to two sub-catchments in south-eastern Australia which have seen the introduction and establishment of plantation land use in the past 15 years, coinciding with severe drought (1997–2009). The models were both manually and auto-calibrated and produced very good fits to observed streamflow data during both calibration (1980–1991) and validation (1992–2009) periods. Sensitivity analyses indicated that the models were most sensitive to soil and groundwater parameterisation. Analysis of drought conditions on streamflows showed significant declines from long-term average streamflows, while assessment of baseflow contributions by the models indicated a mix of over- and underestimation depending on catchment and season. The modelled introduction of plantation forestry did not significantly change streamflows for a scenario which did not include the land-use change, suggesting that the modelled land-use change in the catchments was not sufficiently extensive to have an impact on streamflows despite simulating actual rates of change. The SWAT models developed by this study will be invaluable as a basis for future use in regional climate-change studies and for the assessment of land management and land-use change impact on streamflows.

The depoliticisation of accountability processes for land-based grievances, and the IFC CAO

Many development finance institutions have responded to calls for accountability for social and environmental harms associated with their lending by creating Independent Accountability Mechanisms (IAMs). We argue that IAMs can, at their best, provide relief for those concerned with the nature of the implementation of development projects, thereby addressing what we call immanent complaints about social and environmental impacts. However, IAMs are poorly placed to address what we call contestational grievances: those that entail a rejection of core tenets of the lending institution's development model. Such contestational grievances frequently arise when communities and their supporters reject the commodification of land and associated displacement of people and their livelihoods. Analysis draws on the International Finance Corporation Compliance-Advisor-Ombudsman (IFC CAO)'s handling of a complaint about the palm oil company Wilmar in Indonesia. We argue that because the CAO is institutionally embedded within the IFC, it shares its normative grounding with the institution it holds to account, and therefore risks organising and legitimating accountability failures related to contestational land-based grievances.

Changes in the rates of weight and waist circumference gain in Australian adults over time: a longitudinal cohort study

OBJECTIVE: To assess in a single cohort whether annual weight and waist circumference (WC) change has varied over time.

DESIGN: Longitudinal cohort study with three surveys (1) 1999/2000; (2) 2004/2005 and (3) 2011/2012. Generalised linear mixed models with random effects were used to compare annualised weight and WC change between surveys 1 and 2 (period 1) with that between surveys 2 and 3 (period 2). Models were adjusted for age to analyse changes with time rather than age. Models were additionally adjusted for sex, education status, area-level socioeconomic disadvantage, ethnicity, body mass index, diabetes status and smoking status.

SETTING: The Australian Diabetes, Obesity and Lifestyle study (AusDiab)-a population-based, stratified-cluster survey of 11247 adults aged ≥25 years. PARTICIPANTS: 3351 Australian adults who attended each of three surveys and had complete measures of weight, WC and covariates.

PRIMARY OUTCOME MEASURES: Weight and WC were measured at each survey. Change in weight and WC was annualised for comparison between the two periods.

RESULTS: Mean weight and WC increased in both periods (0.34 kg/year, 0.43 cm/year period 1; 0.13 kg/year, 0.46 cm/year period 2). Annualised weight gain in period 2 was 0.11 kg/year (95% CI 0.06 to 0.15) less than period 1. Lesser annual weight gain between the two periods was not seen for those with greatest area-level socioeconomic disadvantage, or in men over the age of 55. In contrast, the annualised WC increase in period 2 was greater than period 1 (0.07 cm/year, 95% CI 0.01 to 0.12). The increase was greatest in men aged 55+ years and those with a greater area-level socioeconomic disadvantage.

CONCLUSIONS: Between 2004/2005 and 2011/2012, Australian adults in a national study continued to gain weight, but more slowly than 1999/2000-2004/2005. While weight gain may be slowing, this was not observed for older men or those in more disadvantaged groups, and the same cannot be said for WC.

"I can sit on the beach and punt through my mobile phone" : the influence of physical and online environments on the gambling risk behaviours of young men.

Gambling is rapidly emerging as an important public health issue, with gambling products causing considerable health and social harms to individuals, families and communities. Whilst researchers have raised concerns about online wagering environments, few studies have sought to explore how factors within different gambling environments (both online and land-based) may be influencing the wagering, and more broadly the gambling risk behaviours of young men. Using semi-structured interviews with 50 Australian men (20-37 years) who gambled on sport, we explored the ways in which online and land-based environments may be risk-promoting settings for gambling. This included the appeal factors associated with gambling in these environments, factors that encouraged individuals to gamble, and factors that encouraged individuals to engage in different, and more harmful types of gambling. Interviews were conducted over the course of a year (April 2015 - April 2016). We identified a number of situational and structural factors that promoted risky gambling environments for young men. In the online environment, gambling products had become exceedingly easy to access through mobile technologies, with young men subscribing to multiple accounts to access industry promotions. The intangibility of money within online environments impacted upon risk perceptions. In land-based environments, the social rituals associated with peer group behaviour and sport influenced risky patterns of gambling. The presence of both gambling and alcohol in pub environments led individuals to gamble more than they normally would, and on products that they would not normally gamble on. Land-based venues also facilitated access to multiple forms of gambling under the one roof. We identified a number of factors in both land and online environments that when combined, created risk-promoting settings for gambling among young men. By exploring these contextual conditions that give rise to gambling harm, we are better able to advocate for effective public health responses in creating environments that prevent harmful gambling.

Let's kill the 'C' word: notions of authentic and synthetic in the teaching of journalism

One of the less desirable aftermaths of the so-called "Media Wars" - the intellectual debate over the role of cultural studies in the study of journalism - was reinforcement for some of the notion of fortress journalism: a Windschuttlian purist version of the Empire. This paper uses the alleged confrontation between the forces of that Empire (that is, proponents of pure journalism) and the forces of the Dark (that is, critics from a cultural studies tradition) as a means of examining the teaching of journalism in universities. The paper questions how the discipline of journalism should interface with others within the academy and asks what notion of journalism underpins our pedagogy and our epistemology. It is argued that it is time to discard an outdated craft model with its associations of authenticity and replace it with a model of synthetic professionalism.

The separation of ownership and control under a happiness-based theory of the corporation

Explores the happiness-based theory of the corporation, suggesting that there is no conflict between the pursuance of economic and social objectives on the basis that their interplay is required to facilitate shareholder happiness. Considers: (1) the Berle-Means hypothesis and the separation of ownership and control, the dominant governance structure for large companies; (2) a happiness-based perspective on the separation; and (3) law reform applicable to a happiness-based theory. Argues that the separation of ownership and control is not in shareholders' best interests because the structure is not conducive to the happiness of individual shareholders and should be reformed.

Linking human and ecosystem health: the benefits of community involvement in conservation groups

This study explored the health, well-being, and social capital benefits gained by community members who are involved in the management of land for conservation in six rural communities across Victoria. A total of 102 people participated in the study (64 males; 38 females) comprising 51 members of a community-based land management group and 51 controls matched by age and gender. Mixed methods were employed, including the use of an adapted version of Buckner’s (1988) Community Cohesion Scale. The results indicate that involvement in the management of land for conservation may contribute to both the health and well-being of members, and to the social capital of the local community. The members of the land management groups rated their general health higher, reported visiting the doctor less often, felt safer in the local community, and utilized the skills that they have acquired in their lifetime more frequently than the control participants. Male members reported the highest level of general health, and the greatest satisfaction with daily activities. Members also reported a greater sense of belonging to the local community and a greater willingness to work toward improving their community than their control counterparts. Of equal importance is evidence that involvement in voluntary conservation work constitutes a means of building social capital in rural communities which may help reduce some of the negative aspects of rural life.