Development in Papua New Guinea : various meanings in the context of logging in West New Britain

Development in Papua New Guinea ... is research into village level issues of logging. In New Britain, nationals are offered royalties for cutting their rainforest. Information about ecology and biodiversity is usually late in coming, and such information to them does not appear to advance their development. This thesis offers the most specific method for dealing with small communities in Papua New Guinea, and confronts the issue of self development. It is posited that all other development must encourage self development in Papua New Guinea. Evidence brought here shows the need to make the Melanesian community central to development strategies.

To accomplish such a strategy, there is a need to consider Melanesian cultures. An explanation of world views ensues. The world views of people of the Pasismanua region, of New Britain's south coast, was compared broadly with Melanesian cultures and Melanesian development in a variety of circumstances. Consequently, the suggestions made are broadly applicable to situations where resources must be well monitored. There are many such situations in Pacific nations, which suggests that the thesis will be of usc to a wide research community.

Since research is grounded in ethnographic as well as other research, this kind of study generates many other research questions, and the research is designed to lead to other studies. Certain aspects of the design become disclosed when the research has progressed. As well, the background of an expatriate researcher is intrusive, and must be mitigated by some form of participation in the host culture. This is a central tenet of the thesis. This participation increases sensitivity to culture and yields a circumspect consideration of the colonial issue. Occupied for many years by colonial powers especially Australia, all New Guinea including West New Britain shows the effects of colonisation. It also shows evidence of the new colonialism of cash-cropping, and of the destruction of biodiversity. This becomes a central theme, as does the position of this researcher as a participant in a global economic culture encroaching on and invited by Papua New Guinea.

Simultaneous volatility transmission and spillover effects

Simultaneous volatility models are developed and shown to be separate from multivariate GARCH estimators. An example is provided that allows for simultaneous and unidirectional volatility and volume of trade effects. These effects are tested using intraday data from the Australian cash index and index futures markets. Overnight volatility spillover effects from the United States S&P500 index futures markets are tested using alternative estimates of this US market volatility. The simultaneous volatility model proves to be robust to alternative specifications of returns equations and to misspecification of the direction of volatility causality.

Consolidation within the Australian real estate investment trust sector : an evaluation of the impact on unitholder returns

Mergers and acquisitions within the Australian-real estate investment trusts (A-REITs) sector have become a noticeable trend in the last decade. Utilising
event study methodology, 36 successful A-REIT mergers and acquisitions
between January 1995 and December 2008 were examined. Both target and
bidding shareholders experience positive excess returns of 4.27% and 0.54%
respectively over the 41 day event window [−20, +20]. Analysis indicates that the
cumulative abnormal returns (CARs) for bidding firms are considerably greater
than previous research suggests. This study finds higher bidder CARs when scrip
or a combination of scrip and cash is used to finance the acquisition. We also find
that the relative size or the size of the acquirer have a positive and significant
impact on the excess returns of bidding A-REITs. This suggests that the
synergistic benefits from the acquisition are a result of economies of scale and
increased market power. There is also some evidence that the relative size and
method of payment influence the CARs of target firms during the event window.

Event study methodology in analysing real estate investment trust returns

This study investigates the influence of cash rate changes on the equity A-REIT stock prices in the past decade. The findings indicate that cash rate changes can influence the fluctuation of the equity A-REIT stock prices. Moreover, cash rate changes affect small A-REITs to a greater extent than large A-REITs.

Ethnography of housing

This paper is the final report of a research project spanning three years, exploring three field locations and capturing the stories of forty (plus) housing workers. Using an ethnographic research approach, this paper provides an account of how housing workers use language and stories to make sense of their challenging and changing work. First hand accounts ('stories') about everyday housing work frame the data in this paper, explaining how housing workers in Victoria have experienced and made sense of the shift from public housing as 'affordable housing for the working poor' to 'housing of last resort for the most vulnerable and needy members of the community'. Using a number of composite stories, this paper provides the reader with a glimpse into the work of public housing staff, transporting the reader from the relativley static world of policy and procedure to the more colourful world of tenants with ' high and complex' needs, 'wicked' problems, weary staff and the daily reality of organisational change.

A unique feature of this research is the comparison of how different workers use their stories to build a range of 'socially constructed realities' around the housing work and its wicked problems. With a few exceptions (Saugeres, 1999, Howe, 1998, Clapham et al., 2000, Darcy, 1999) the voices of frontline staff are largley absent from contemporary housing literature. In this paper, I use the stories of frontline staff to build a comparative case study of the socially constructed realities for frontline staff and the corresponding realities of the managers at head office (and vice versa). This 'same problem, different perspective' approach allows the reader to better understand how the same problem is understood and approached in different ways, depending on the individual's organisational role, responsibility and authority. Using stories about 'working with problem tenants', 'collecting rental arrears from the poor and marginalised', maintaining old, neglected properties' and 'coping with organisational change', this paper illustrates how the shifting (and sometimes contradictory) construction of housing problems has meant that the organisation has long struggled to devise and implement sustainable remedies to these problems.

The following pages describe how the problem identified in the Housing Office Review (and experienced in the daily work of the 'modern day' housing worker) are simply a contemporary manifestation of  'age old public housing issues'. This paper describes and explains how housing staff have long used narrative to make sense of their often difficult work and ultimately, how they understand and experience a major process of operational policy change associated with the shift from 'public' housing to 'welfare' housing.

Thai hedging practices : post Asian financial crisis

This paper provides survey evidence captured from a sample of 113 respondents to a 2008 questionnaire that was sent to 344 listed non-financial companies in Thailand. The study examines how Thai companies manage their exchange rate exposure post Asian Financial Crisis.

Thailand is an interesting case study because it was a country at the core of the 1997 financial meltdown and was one of the first forced by the crisis to move from a fixed to a floating exchange rate regime. It is therefore constructive to examine how businesses in Thailand have coped with a shift from a fixed to floating exchange rate and to examine how they manage their exchange rate exposure post 1997.

Findings indicate that companies that use currency derivatives do so to reduce volatile cash flows are less risky and tend to be more profitable than companies that do not use currency derivatives. This is consistent with the theory that hedging increases the value of the firm.

The type of instruments that companies in Thailand use and how they are used is similar to what other studies find in other countries. Matching and the use of forward contracts are the most common ways that companies manage transaction exposure. The study also confirms that companies with higher levels of international business engagement are more likely to use currency derivatives.

What is unique in Thailand is that Thai businesses are less rigorous in their internal control of their currency hedging activities. It is therefore recommended that companies consider a documented hedging policy and that senior management actively monitor the policy and currency hedging activity.

Knowledge distribution nodes and home based businesses : role of business associations and local council in Casey LGA

This paper examines the stmcture, function and role of local business associations in home based business development within an urban region. Casey local government area (LOA), Victoria, is the focus, where nine local business associations in the area (as well as the local council) are evaluated in the context of support for local-based business development. The evaluation draws upon primary data co llected by surveys of local home based businesses, and follows up by semi-stmctured interviews of representatives from these business associations and the local council. This paper identifies that local business associations are fragmented and have significant overlap in their activities of which the commonest activity is acting as a knowledge distribution node. The cash strapped local council is the most important node. All are restricted by vision and resources. As a result, the services provided have little impact on sustainable business development in Casey.

Pink batts stole my kids' education

Pink batts, local mayors and cash handouts under the federal government’s economic stimulus package had robbed the higher education sector of a much-needed funding boost, according to Opposition education Christopher Pyne.

Knowledge distribution nodes and home based businesses : role of local business associations and local council in Casey LGA

This paper examines the structure, function and role of local business associations in home based business development within an urban region. Casey local government area (LGA), Victoria, is the focus, where nine local business associations in the area (as well as the local council) are evaluated in the context of support for local-based business development. The evaluation draws upon primary data collected by surveys of local home based businesses, and follows up by semi-structured interviews of representatives from these business associations and the local council. This paper identifies that local business associations are fragmented and have significant overlap in their activities, of which the commonest activity is acting as a knowledge distribution node. The cash strapped local council is the most important node. All are restricted by vision and resources. As a result, the services provided have little impact on sustainable business development in Casey.

Takeover deterrent effect of on-market share buyback in Australia

This study examines whether Australian firms use on-market share buybacks to deter unwanted takeover risk. We found a statistically significant and positive relationship between a firm’s ex-ante takeover probability and its on-market share buyback activities. Our result is robust to alternative modelling techniques, namely TOBIT and Censored Quantile Regressions. This paper found evidence that in a dividend imputation credit taxation system the yield of share buyback is positively related to dividend payments. However, on-market share buyback activity is closely related to temporary cash flows rather than to permanent operating cash flows. This might indicate that, besides dividend payments, Australian firms take advantage of the financial flexibility that comes with share buybacks to redistribute nonpermanent cash flows to their shareholders.

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.

REIT mergers and acquisitions : a meta-analysis

Purpose – Mergers and acquisitions in the real estate investment trust (REIT) sector have been studied in distinct periods and locations, often leading to findings which are relevant only for the period and/or location investigated. The purpose of this paper is to examine the merger and acquisition studies in aggregate using meta-analysis so that broader findings of factors influencing the returns by targets and bidders are divulged.

Design/methodology/approach – Using a methodology similar to Veld and Veld-Merkoulova a sample of 15 REIT studies with 35 observations for bidders and 25 observations for targets is analysed. A variety of potential factors influencing the returns for bidders and targets are explored.

Findings – Consistent with prior non-REIT research, the evidence shows targets enjoy positive and significant gains in a merger. There is also evidence that acquirers earn significant wealth when all previous studies are examined in aggregate. Meta-analysis results show targets experience higher wealth gains by accepting cash financed deals, but share total gains when both parties are REITs. Additionally, acquirers enjoy improved abnormal returns when the target is privately listed and the use of scrip and/or a combination of scrip and cash produces higher wealth gains for bidding REITs.

Originality/value – This paper aggregates the merger and acquisition literature of REITs to understand better factors influencing returns made by bidders and targets.

Cheapening the struggle : obese people's attitudes towards The Biggest Loser

Once the domain of clinicians and researchers, we must now accept that ‘obesity’ has become ingrained in popular culture. An example is the emergence of a feast of reality television shows about obesity and weight loss. The most popular show is The Biggest Loser, where contestants compete to lose weight and win cash.