Cointegration of stock markets between New Zealand, Australia and the G7 Economies :searching for common trends under structural change

This paper examines whether the New Zealand equity market is integrated with the equity markets of Australia and the G7 economies by applying both the Johansen (1988) and Gregory and Hansen (1996) approaches to cointegration. The Johansen (1988) test suggests that there is no long-run relationship between the New Zealand stock market and any of the other stock markets considered in the study. The Gregory and Hansen (1996) test finds that the New Zealand and United States stock market is cointegrated, but the New Zealand stock market is not cointegrated with the other stock markets in the study. This suggests that in order to avoid some of the risk through international portfolio diversification there is potential for investors to purchase shares in the New Zealand market and either the Australian market or most of the world’s leading equity markets.

Ankylosing spondylitis patients commencing biologic therapy have high baseline levels of comorbidity: a report from the Australian Rheumatology Association Database

Aims: To compare the baseline characteristics of a population-based cohort of patients with ankylosing spondylitis (AS) commencing biological therapy to the reported characteristics of bDMARD randomised controlled trials (RCTs) participants.
Methods: Descriptive analysis of AS participants in the Australian Rheumatology Association Database (ARAD) who were commencing bDMARD therapy.
Results: Up to December 2008, 389 patients with AS were enrolled in ARAD. 354 (91.0%) had taken bDMARDs at some time, and 198 (55.9%) completed their entry questionnaire prior to or within 6 months of commencing bDMARDs. 131 (66.1%) had at least one comorbid condition, and 24 (6.8%) had a previous malignancy (15 nonmelanoma skin, 4 melanoma, 2 prostate, 1 breast, cervix, and bowel). Compared with RCT participants, ARAD participants were older, had longer disease duration and higher baseline disease activity.
Conclusions: AS patients commencing bDMARDs in routine care are significantly different to RCT participants and have significant baseline comorbidities.

Testing the weak-form version of the efficient markets hypothesis

This thesis examines the weak-form efficiency of the Australian stock market using data from Australia's major banking stocks, the Banking Index and the All Ordinaries Index. Applying a combination of existing technical analysis indicators, coupled with a relatively new technique known as Sequential (TM) reveals that the Australian stock market is weak-form inefficient.

Measuring credit spreads of emerging markets

This study found, in the trading of bonds from emerging economies, the international market does not differentiate distinctions between international bonds that were issued by government or corporations. While domestic political and economic issues affect the trading of Malaysian bonds, over the longer term, international economic events leave more significant impact.

Developing reflexive capability for successful joint ventures between Australian and Malaysian property and construction professionals

Increasingly Malaysian property and construction firms are seeking to work internationally. Firms enter international markets through various strategies and typically property and construction professionals rely on developing various forms of cooperative and collaborative arrangements. The common modes of entry include international alliances, project joint ventures, partnerships, company joint ventures and large consortiums; which arise as a response to clients seeking expressions of interests from the international community or the firms seeking to internationalise approaching clients and/or potential host country partners. Increasingly project teams on international mega projects are composed of multiple key partners from different countries coming together to achieve a higher level of strategic flexibility. Establishing and maintaining local connections and business networks are therefore critical to ensure the success of exporting firms. This paper reports the findings of a project which explores factors affecting the performance of Malaysian property and construction professionals working internationally through effective joint ventures. The project seeks to develop a performance measurement framework to examine the extent to which Malaysian firms are developing sustainable business models internationally which adapt and respond to changing conditions. A generic framework was initially developed prior to this study through a grounded theory approach merging theory from internationalisation, design management and market knowledge literature followed by a case study empirical investigation and then further literature review based upon the themes which emerged from the case study analysis. A reflexive capability model for firms in managing both economic and non-economic capital; including social, cultural and intellectual capital was developed. This project seeks to build upon the reflexive model by adapting it to the unique contexts related to the specific geographic localities of exporting Malaysian firms. Specifically, the project explores the extent to which the performance measurement framework can be used to map capabilities Malaysian construction firms have and Which they need to develop in relation to developing and maintaining international collaborative partnerships. The preliminary results of one case study Malaysian architectural firm are discussed.

Underpricing, risk management, hot issue and crowding out effects : evidence from the Australian resources sector initial public offerings

The main purpose of this paper is to explore the role of risk management, speculative industry competition effect and hot issue markets. We used a sample of 260 initial public offerings (IPOs) in the Australian resource sector for the 1994–2004 period to test the underpricing effect. We do not find any evidence that risk management can reduce the uncertainty relating to the new issue and hence alleviate the extent of underpricing. A plausible explanation for this lack of evidence is the poor information content of publicly available disclosures regarding risk management activities of IPO firms. We further provide evidence that the underpricing returns for resources IPOs are not impacted upon by the strength of alternative speculative IPO markets. We also show that the degree of underpricing adjusts to both market return in the preceding three months and the average underpricing of resources IPOs in the 12 month period leading to the float which offers an explanation to the hot issue effect observed in the IPO market.

'Matching' the club to the sponsor : perceptions of Australian Football League club sponsorship managers

Corporate organisations spend significant amounts of money on sponsorship in an attempt to achieve distinct marketing and overall business objectives. There is strong support within the literature that a corporate organisation will be more attracted to sponsoring a sport organisation when there is a ‘match’ between the characteristics of the organisations. This capacity to ‘match’ characteristics has been investigated predominantly from the corporate sponsors’ perspective. The focus of this research is to identify this organisational ‘match’ from an Australian Football League (AFL) sponsorship manager’s perspective. A series of semi-structured in-depth interviews were conducted with the sponsorship/marketing managers from seven Melbourne-based AFL clubs. Arising from this, the importance of ‘organisation match’ as a precursor for sponsorship was determined. Results indicate that AFL sponsorship managers believe that presenting their team as an organisational ‘match’ with a potential sponsor is extremely important, providing scope for better synergies and greater strategic partnerships. This is strongly aligned through the off-field culture that the team portrays as well as the on-field success that the team has. Sponsors seeking sport organisations that have clearly defined and communicated images and brands can therefore attain a source of competitive advantage in competitive sponsorship markets.

Restructuring the architecture of state regulation in the Australian and Aotearoa/New Zealand cleaning industries and the growth of precarious employment

This paper examines changes in the commercial cleaning industry in Australasia which are occurring against a backdrop of significant transformation in the mode of labour market regulation in both countries. Specifically, whereas for most of the twentieth century both Aotearoa/New Zealand and Australia had systems of labour market regulation in which the state provided minimum wage and work protections through the interventions of arbitration courts, in the past few years these courts have either been abolished (in the case of New Zealand) or severely restricted in their ambit (in the case of Australia), all as part of a neoliberal effort to introduce “flexibility” into labour markets. The result has been an erosion of wages and a worsening of conditions of employment for cleaners and many other groups of workers. At the same time, this transformation in the architecture of labour market regulation poses significant challenges to unions seeking to represent cleaners and other low-paid service sector workers.

Sustainability and within use office building adaptations : a comparison of Dutch and Australian practices

Local Authorities worldwide are encouraging adaptation as a means of reducing building related urban energy consumption and greenhouse gas emissions. The City of Melbourne is promoting the retrofit of 1,200 CBD properties before 2020 with sustainability measures as part of their policy to become a carbon neutral city. Australian cities date from 1837 to the present day whereas some European cities have been inhabited for over two millennia. The concepts of adaptation and evolution of buildings and suburbs is well developed in Europe, though the scale of some of the post war developments has created different forms of building perhaps less adaptable or suited to change. The need to adapt buildings and to reduce environmental footprints becomes more pressing over time as global concentrations of carbon dioxide increase. Is it possible for Europeans to learn from Australian practices and vice averse? Through examination of office building adaptation in Melbourne and Amsterdam, it is possible to learn where similarities and differences exist and where new practices can be shared.

This paper addressed the questions; What are the key attributes influencing adaptations in Melbourne and Amsterdam office buildings, and what are the similarities and differences? Using the Melbourne CBD and Amsterdam as a case study, the research analysed 7393 commercial building adaptations in Melbourne and 98 office buildings in Amsterdam where adaptations were completed. The outcomes of this research show where similarities and differences exist and are relevant to all urban areas where adaptation of existing office buildings can mitigate the impacts of climate change and enhance the city for another generation of citizens and users.

Reading house prices in Australian capital cities

House prices in the Australian capital cities have been increasing over the last two decades. An over 10% average annual increase arises in the capital cities. In Melbourne, Brisbane and Perth, the house prices increased by more than 15% annually, while the house prices in Darwin increased by even higher at about 21%. It is surprising that, after a decrease in 2008, the house prices in the Australian capital cities show a strong recovery in their last financial year’s increase. How to read the house prices in cities across a country has been an issue of public interest since the late 1980s. Various models were developed to investigate the behaviours of house prices over time or space. A spatio-temporal model, introduced in recent literature, appears advantages in accounting for the spatial effects on house prices. However, the decay of temporal effects and temporal dynamics of the spatial effects cannot be addressed by the spatio-temporal model. This research will suggest a three-part decomposition framework in reading urban house price behaviours. Based on the spatio-temporal model, a time weighted spatio-temporal model is developed. This new model assumes that an urban house price movement should be decomposed by urban characterised factors, time correlated factors and space correlated factors. A time weighted is constructed to capture the temporal decay of the time correlated effects, while a spatio-temporal weight is constructed to account for the timevaried space correlated effects. The house prices of the Australian capital cities are investigated by using the time weighted spatio-temporal model. The empirical findings suggest that the housing markets should be clustered by their geographic locations. The rest parts of this paper are organised as follows. The following section will present a principle for reading urban house prices. The next section will outline the methodologies modelling the time weighted spatio-temporal model. The subsequent section will report the relative data and empirical results, while the final section will generate the conclusions.

Energy efficiency rating systems for housing : an Australian perspective

Purpose – The purpose of this paper is to examine current trends in energy efficiency ratings and consider their likely impact on the Australian housing market.

Design/methodology/approach – The research is yet to be conducted; however a mixed method is proposed which is grounded on the theoretical model of consumer behaviour within housing markets. This model has been tested and demonstrated to be useful in predicting buyer behaviour.

Findings – Established theories of buyer perception indicate the introduction of energy efficiency rating systems will have an effect on the level of house prices.

Research limitations/implications – This research is focussed on housing in Australia but also has implications for other global housing markets which are addressing sustainability.

Practical implications – Outputs of this research have implications for policy makers, real estate agents and valuers.

Social implications – Increasing energy costs is likely to restructure the way housing markets operate with regard to sustainability and energy efficiency rating systems and also how they are understood.

Originality/value – This research will be in the Australian context utilising international modeling. As mandatory energy efficiency ratings have not been introduced, this research will be original.

The development of the institutional investor : the case of Australian life insurers 1945-85

This paper considers the post-war development of asset management practices among Australian life insurers, which have historically been among the largest institutional investors in Australia. A complex process of adaptation and organisational restructuring allowed life insurers to transform from basic investors of policy-holders’ funds to large multifaceted institutional investors in just three decades. Three stages in the development of investment practices are identified. These phases trace the process of expanding existing knowledge bases; diversification; and the acquisition of new skills; consolidation and the integration of these skills into institutional structures; thus completing one cycle of organisational learning and setting the stage for the next.

The Australian Broadcasting Corporation’s multiplatform projects : industrial logics of children’s content provision in the digital television era

This paper traces the development of children’s multiplatform commissioning at the Australian Broadcasting Corporation (ABC) in the context of the digitalisation of Australian television. Whilst recent scholarship has focussed on ‘post-broadcast’ or ‘second-shift’ industrial practices, designed to engage view(s)ers with proprietary media brands, less attention has been focussed on children’s and young adults’ television in a public service context. Further, although multiplatform projects in the United States and Britain have been the subject of considerable analysis, less work has attempted to contextualise cultural production in smaller media markets. The paper explores two recent multiplatform projects through textual analysis, empirical research (consisting of interviews with key industry personnel) and an investigation of recent policy documents. The authors argue that the ABC’s mixed diet of children’s programming, featuring an educative or social developmental agenda, is complemented by its appeals to audience ‘participation’, with the Corporation maintaining public service values alongside the need to expand audience reach and the legitimacy of its brand. It finds that the ABC’s historical platform infrastructure, across radio, television and online, have allowed it to move beyond a market failure model to exploit multiplatform synergies competitively in the distribution of Australian children’s content to audiences on-demand.

Why is the tetrahedral bond angle 109°? The tetrahedron-in-a-cube

The common question of why the tetrahedral angle is 109.471° can be answered using a tetrahedron-in-a-cube, along with some Year 10 level mathematics. The tetrahedron-in-a-cube can also be used to demonstrate the non-polarity of tetrahedral molecules, the relationship between different types of lattice structures, and to demonstrate that inductive reasoning does not always provide the correct answer.