Introducing personal liability under the continuous disclosure regime : The essentials and non-essentials

Under the Federal Government's CLERP 9 legislation, expected at the time of writing to come into force in July 2004, personal liability will be introduced for the first time under the continuous disclosure regime. Individuals who are 'involved' in a failure to immediately disclose materially price sensitive information to the market will be subject to a civil penalty, in addition to the company being liable. According to the author, the introduction of personal liability per se is not contentious and indeed is a favourable change; what is questionable, however, is whether 'involvement' in a contravention is the appropriate test for imposing personal liability in relation to breaches of the continuous disclosure provisions. Based on the case law to date on the meaning of 'involved', there is particular uncertainty as to whether an individual would need to have actual knowledge that non-disclosed information is 'materially price sensitive' in order to satisfy the test of 'involved' in the context of continuous disclosure, or whether mere knowledge that the information has not been disclosed would be sufficient. This uncertainty arises due to the vague concept of 'essential matters' which the courts have developed as a test for what degree of knowledge a person needs to have in order to be 'involved'. The author argues that all the confusion as to what 'involved' means could be addressed by removing the word 'essential' from the dialogue, so that the test of 'involvement' would simply be based on whether the particular person had actual knowledge of each of the factual elements constituting the offence.

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.

Competition in mature software markets

A theoretical framework is built for capturing properties of competition in mature monopolistic digital product markets. Based on an empirical study of the market of accounting software for small and medium enterprises, a consumer choice model is suggested, where a rational consumer is already using a particular version of a software package and is considering to chose from the following three options: either to continue using it, or to upgrade to a newer version of the product, or to switch to a competitive product. Consumer decision is justified by software quality, and network effects, under the price and switching costs constrains. A modified consumer demand function is used for the model, and theoretical conditions are analysed for choosing from one of the three above-mentioned options. The results are applicable to a wide range of digital products.

Competition in the mature markets of professional versus final consumer information products

Factors are explored of decision making in regard to buying and/or upgrading information products. Mature information product markets are considered. Comparing two cases - professional and final consumer information products - the decision making process is considered on the choice of product variant. We distinguish three groups of users according to their ultimate decisions to either not to upgrade the existing system, or to upgrade it with the existing provider, or to switch to another provider. Consumer decision is based on multiple characteristics of information product quality, network effects, price and switching costs, whereas producers have to compete not only with their competitors, but also with the previous versions of the own products. Based on the considered cases, differences in consumer priorities are discussed in the markets of professional versus final consumer information products.

Tissue distribution of lignans in rats in response to diet, dose−response, and competition with isoflavones

This paper investigates the occurrence and distribution of the lignan metabolites enterodiol (END) and enterolactone (ENL) and the isoflavone daidzein (DAID) in rat tissues by use of liquid chromatography−electrospray ionization mass spectrometry (LC−ESI/MSn) following a variety of dietary regimes. Furthermore, we examined the dose−response and distribution of END and ENL in liver, testes, prostate, and lung, and we investigated the effects of competition between lignans and isoflavones on metabolite distribution. In liver, testes, prostate, and lung tissue, dose-related increases in END concentration were observed. In the testes, coadministration of 60 mg/kg secoisolariciresinol diglycoside (SDG) with 60 mg/kg isoflavones produced alterations in the resulting metabolite profile, causing increased END concentration and decreased DAID concentration. Results indicate lignan accumulation in tissues occurs, and coadministration of lignans with isoflavones affects the metabolite profile, with effects dependent on tissue type.

Mobility and vision for mobile robots in non-deterministic, competitive environments

Develops an award winning design for an omnidirectional mobile robot that is both lightweight and extremely maneuverable. Two methods of robot vision, one using rotating lasers and a second using color video cameras were also developed and the merits of both explored.

Non-Deterministic Exploration through Parametric Design

This paper explores non-deterministic parametric modelling as a design tool. Specifically, it addresses the application of parametric variables to the generation of a conceptual bridge design and the use of repeatable discrete components to the conceptual form. In order to control the generation of the bridge form, a set of design variables based on the concept of a law curve have been developed.These design variables are applied and tested through interactive modelling and variation, driven by manipulating the law curve. Combining this process with the application and control of a repeatable element, known as a Representative Volumetric Element (RVE), allows for the development and exploration of a design solution that could not be achieved through the use of conventional computer modelling.The competition brief for the Australian Institute of Architects (AIA) ‘Dialectical Bridge’ has been used as a case study to demonstrate the use of non-deterministic parametric modelling as a design tool.The results of the experimentation with parametric variables, the law curve and representative volumetric elements (RVE) are presented in the paper.

Evaluating the distributional implications of price movements : methodology, application and Australian evidence

This article investigates the distributional implication of relative price movements in Australia. It proposes and applies a method of evaluating the nature and size of the inequality bias of price movements. In the process, the study introduces a new demographic demand model that yields sensible and statistically significant estimates of the general equivalence scale and the size economies of scale. The study finds that relative price movements in Australia during the 1990s had an inequality increasing bias and that this bias increased in the late 1990s and the first part of the new millennium. The disaggregated analysis of the inequality movements shows that the regressive nature of relative price changes affected the renters much more than non-renters. The study also provides evidence on the decomposition of overall inequality between demographic groups and compares the decomposition between the nominal and real expenditure inequalities.

Non-market strategy and the 'race to the bottom': lessons from the Baywatch experience

This article examines how international firms operate strategically in the non-market environment to secure advantages which improve their cost and/or revenue structures and, hence, their economic performance. It centres on a detailed case study of the globally popular Baywatch television show's efforts during 1999 to secure attractive locational subsidies by placing the states of New South Wales, Queensland (both in Australia) and Hawaii into competition with each other in a 'race to the bottom'. The article is organized into three main sections: the first briefly reviews the concept of non-market strategy; the second examines the Baywatch case in detail; and the conclusion presents some lessons for various stakeholders involved in this and similar non-market contexts.

Price dynamics, foreign exchange and anticipated shocks in a tourism economy

Using a dynamic model of an open monetary economy, this paper examines the effects of tourism-related anticipated shocks on goods prices and foreign exchange reserves. Foreign tourists consume mainly non-traded goods in holiday destinations, converting them into exportable goods. This gives rise to a tourism terms-of-trade effect that affects the accumulation of foreign exchange. Announcements of anticipated events bring tourist visits forward, resulting in an initial under-adjustment or an over-adjustment in the prices of the non-traded goods when the tourism terms-of-trade effect is positive or negative. This leads to an increase or a decrease in foreign reserves in the long run.

Therapeutic equivalence and the generic competition paradox

Following the passage of the Waxman-Hatch Act (1984), FDA approval for a generic drug requires the establishment of bio-equivalence between the generic drug and an FDA approved branded drug. However, a large body of evidence in the medical community suggests that bio-equivalence does not guarantee therapeutic equivalence; in some instances the lack of therapeutic equivalence can lead to fatal consequences for patients switching to generic products. In this paper, we construct a simple model to analyze the implications of therapeutic non-equivalence between branded and generic drugs. We show, theoretically and empirically, that this distinction can provide a plausible explanation of the generic competition paradox.

Adolescents’ physical activity : competition between perceived neighborhood sport facilities and home media resources

Objective. To examine the independent, competing, and interactive effects of perceived availability of specific types of media in the home and neighborhood sport facilities on adolescents’ leisure-time physical activity (PA).

Methods. Survey data from 34 369 students in 42 Hong Kong secondary schools were collected (2006–07). Respondents reported moderate-to-vigorous leisure-time PA, presence of sport facilities in the neighborhood and of media equipment in the home. Being sufficiently physically active was defined as engaging in at least 30 minutes of non-school leisure-time PA on a daily basis. Logistic regression and post-estimation linear combinations of regression coefficients were used to examine the independent and competing effects of sport facilities and media equipment on leisure-time PA.

Results. Perceived availability of sport facilities was positively (ORboys = 1.17; ORgirls = 1.26), and that of computer/Internet negatively (ORboys = 0.48; ORgirls = 0.41), associated with being sufficiently active. A significant positive association between video game console and being sufficiently active was found in girls (ORgirls = 1.19) but not in boys. Compared with adolescents without sport facilities and media equipment, those who reported sport facilities only were more likely to be physically active (ORboys = 1.26; ORgirls = 1.34), while those who additionally reported computer/Internet were less likely to be physically active (ORboys = 0.60; ORgirls = 0.54).

Conclusions. Perceived availability of sport facilities in the neighborhood may positively impact on adolescents’ level of physical activity. However, having computer/Internet may cancel out the effects of active opportunities in the neighborhood. This suggests that physical activity programs for adolescents need to consider limiting the access to computer-mediated communication as an important intervention component.

Stores healthy options project in remote indigenous communities (SHOP@RIC): a protocol of a randomised trial promoting healthy food and beverage purchases through price discounts and in-store nutrition education

Background
Indigenous Australians suffer a disproportionate burden of preventable chronic disease compared to their non-Indigenous counterparts – much of it diet-related. Increasing fruit and vegetable intakes and reducing sugar-sweetened soft-drink consumption can reduce the risk of preventable chronic disease. There is evidence from some general population studies that subsidising healthier foods can modify dietary behaviour. There is little such evidence relating specifically to socio-economically disadvantaged populations, even though dietary behaviour in such populations is arguably more likely to be susceptible to such interventions.

This study aims to assess the impact and cost-effectiveness of a price discount intervention with or without an in-store nutrition education intervention on purchases of fruit, vegetables, water and diet soft-drinks among remote Indigenous communities.

Methods/Design
We will utilise a randomised multiple baseline (stepped wedge) design involving 20 communities in remote Indigenous Australia. The study will be conducted in partnership with two store associations and twenty Indigenous store boards. Communities will be randomised to either i) a 20% price discount on fruit, vegetables, water and diet soft-drinks; or ii) a combined price discount and in-store nutrition education strategy. These interventions will be initiated, at one of five possible time-points, spaced two-months apart. Weekly point-of-sale data will be collected from each community store before, during, and for six months after the six-month intervention period to measure impact on purchasing of discounted food and drinks. Data on physical, social and economic factors influencing weekly store sales will be collected in order to identify important covariates. Intervention fidelity and mediators of behaviour change will also be assessed.

Discussion
This study will provide original evidence on the effectiveness and cost-effectiveness of price discounts with or without an in-store nutrition education intervention on food and drink purchasing among a socio-economically disadvantaged population in a real-life setting.