Quantifying the short-term costs of conservation interventions for fishers at Lake Alaotra, Madagascar

Artisanal fisheries are a key source of food and income for millions of people, but if poorly managed, fishing can have declining returns as well as impacts on biodiversity. Management interventions such as spatial and temporal closures can improve fishery sustainability and reduce environmental degradation, but may carry substantial short-term costs for fishers. The Lake Alaotra wetland in Madagascar supports a commercially important artisanal fishery and provides habitat for a Critically Endangered primate and other endemic wildlife of conservation importance. Using detailed data from more than 1,600 fisher catches, we used linear mixed effects models to explore and quantify relationships between catch weight, effort, and spatial and temporal restrictions to identify drivers of fisher behaviour and quantify the potential effect of fishing restrictions on catch. We found that restricted area interventions and fishery closures would generate direct short-term costs through reduced catch and income, and these costs vary between groups of fishers using different gear. Our results show that conservation interventions can have uneven impacts on local people with different fishing strategies. This information can be used to formulate management strategies that minimise the adverse impacts of interventions, increase local support and compliance, and therefore maximise conservation effectiveness.

Health-care costs of underweight, overweight and obesity: Australian population-based study

AIM: Child health varies with body mass index (BMI), but it is unknown by what age or how much this attracts additional population health-care costs. We aimed to determine the (1) cross-sectional relationships between BMI and costs across the first decade of life and (2) in longitudinal analyses, whether costs increase with duration of underweight or obesity. METHODS: Participants: Baby (n = 4230) and Kindergarten (n = 4543) cohorts in the nationally representative Longitudinal Study of Australian Children. OUTCOME: Medicare Benefits Scheme (including all general practitioner plus a large proportion of paediatrician visits) plus prescription medication costs to federal government from birth to sixth (Baby cohort) and fourth to tenth (Kindergarten cohort) birthdays. PREDICTOR: biennial BMI measurements over the same period. RESULTS: Among Australian children under 10 years of age, 5-6% were underweight, 11-18% overweight and 5-6% obese. Excess costs with low and high BMI became evident from age 4-5 years, with normal weight accruing the least, obesity the most, and underweight and overweight intermediate costs. Relative to overall between-child variation, these excess costs per child were very modest, with a maximum of $94 per year at age 4-5 years. Nonetheless, this projects to a substantial cost to government of approximately $13 million per annum for all Australian children aged less than 10 years. CONCLUSIONS: Substantial excess population costs provide further economic justification for promoting healthy body weight. However, obese children's low individual excess health-care costs mean that effective treatments are likely to increase short-term costs to the public health purse during childhood.

Departure fuel loads in time-minimizing migrating birds can be explained by the energy costs of being heavy

Lindstrom and Alerstam presented a model that predicts optimal departure fuel loads as a function of the rate of fuel deposition in time-minimizing migrants. The basis of the model is that the coverable distance per unit of fuel deposited, diminishes with increasing fuel load. This is an effect of the increasing flight costs associated with increasing body mass. Lindstrom and Alerstam (1992) found that birds left at lower fuel loads than their model predicted for which they considered various ecological explanations. Alternatively, we hypothesize that the difference between prediction and empirical data might be a result of extra resting metabolic and transport costs associated with an increase in fuel load during stopover. We develop a new version of the Lindstrom and Alerstam (1992) model taking fuel load associated costs during stopover into account. We fit empirical data from rufous hummingbirds Selasphorus rufus and bluethroats Luscinia svecica to this new model. Estimated fuel-load costs are discussed in relation to knowledge presently available on variations in basal metabolic costs and transport costs with body mass. We show that fuel-load costs within a reasonable range can explain the observed departure fuel loads when migrating birds are time minimizers.

Determinants of corporate capital structure: a comparison of public and private firms

 This thesis investigates how capital structure decisions of private and public firms in the UK differ in regards to their ownership structure, information asymmetry (proxied by audit quality) and access to debt capital.

Is there long-run equilibrium in the house prices of Australian capital cities?

In order to explore the long-run equilibrium in the house prices of different cities, studies on house price convergence have been conducted by a number of researchers. However, the majority of previous studies have neglected the effects of spatial heterogeneity and autocorrelation on house prices. This research improves on the investigation of house price convergence by developing a spatio-temporal autoregressive model based on a framework of panel regression methods. Both spatial heterogeneity and autocorrelation of house prices in different cities are taken into account. Geographical distance and the scale of development of the urban housing market are used to construct temporal varying spatial measurements. The spatio-temporal model is then applied to investigate the long-run equilibrium in the house prices of Australian capital cities. The results confirm that house prices in Sydney approach a steady state in the long run, whereas house prices in Brisbane, Canberra, Melbourne and Perth are able to do with lower confidence. However, little evidence supports the existence of long-run equilibrium in the house prices of Adelaide, Darwin and Hobart.

The effect of board capital and CEO power on corporate social responsibility disclosures

This study examines the effect of directors’ human and social capital (i.e. board capital) on the level of corporate social responsibility (CSR) disclosures by drawing on insights from a resource-based view. It also investigates the effect of chief executive officer (CEO) power on this relationship. Data were obtained from annual reports of companies listed on the Dhaka Stock Exchange in Bangladesh from 2005 to 2013. We employ outside directors’ experiences and expertise as a proxy for board capital and measure CEO power using a ‘power index’ that comprises CEO duality, ownership, tenure and family CEO status. Results show that board capital is positively associated with CSR disclosure levels; however, CEO power is negatively associated with CSR disclosures and reduces the effect of board capital on CSR disclosures. Thus, we conclude that although board capital can improve CSR practices, CEO power can also inhibit these practices.

Assessing the economic costs of parental mental illness

The economics discipline is broadly concerned with the allocation of scarce societal resources in the context of unlimited societal wants. Intrinsic to economics is the concept of choice – that is, how can we best use scarce societal resources when our wants are greater than the resources available to us. If we were able to satisfy all our wants and needs with our available resources, there would be no need for the discipline of economics! In most economies, markets are used to make these decisions. Markets are basically a mechanism whereby consumers and producers interact in such a way that the “best” allocation of resources is thought to occur. This “best” allocation of resources in economics is said to be an efficient allocation. Efficiency basically assumes that the correct types of services are being produced (allocative efficiency) in the least resource-intensive way (technical efficiency). Inherent within all these concepts is not just cost but also the benefit derived from the consumption of different goods and services. A central tenant of economics is the concept of opportunity cost whereby the true cost of any given action (or service) is the benefit which would have been attained if the resources used in providing that action or service were used in an alternative way. Therefore, both costs and benefits are central to the economic way of thinking. Contrary to much public perception, economics is not necessarily about cutting costs; rather, it is about using resources in the “best” possible way. Inherent within this idea of “best” is “value,” “benefit,” or “utility” (utility is the term most often seen in economics textbooks to refer to the value of using resources). Unfortunately, there are many assumptions which need to be met for markets to operate in an ideal way. One important assumption is that consumers of goods and services need to be aware of the full impact and consequences of all consumption choices. When market failures occur, governments can sometimes intervene in the operation of markets either because the markets are not working properly (largely because the assumptions underpinning the market mechanism are not met) or for social-justice or equity considerations (Rice and Unruh, 2009).

Profit orientation of microfinance institutions and provision of financial capital to business start-ups

This article examines whether the profit orientation of a microfinance institution (MFI) affects its decision to extend loans to business start-ups. Based on information from 198 MFIs in 65 countries, we show that for-profit MFIs are less likely to provide financial capital to business start-ups than their not-for-profit counterparts. This results from the adoption of a dominant ‘commercial’ logic by for-profit MFIs, which motivates them to maximize profit by extending loans to less risky ventures with mature projects. In contrast, a dominant ‘development’ logic motivates not-for-profit MFIs to alleviate poverty through supporting the creation of new ventures. The use of a propensity score matching technique to correct for any potential endogeneity problem provides us with greater confidence that the suggested association is not a spurious correlation.

Mothers’ ideals and experiences of raising children in inner and outer suburban Melbourne, Australia

Parents’ perceptions of their neighbourhoods are important for child health outcomes. This study compared views among mothers in inner versus outer suburbs of Melbourne, Australia using a mixed methods approach. Mothers of preschool-aged children were recruited via playgroups, mother’s groups and preschools and interviewed face-to-face regarding their local area as a good place to raise a family, with a second open-ended interview focussing on mothers’ ideals and experiences of raising children in their current location. Findings demonstrated that mothers had different ideals for, and experiences of, raising their children in their neighbourhoods. Inner suburban mothers valued a manageable work/family balance and access to public transport over the size of their homes. However, access to childcare, secondary schooling and heavy traffic were issues, with the latter two being reasons for moving from the municipality. In contrast, outer suburban mothers preferred a larger home in neighbourhoods that they perceived as low crime, over accessibility to work. Access to a car and activities for their children were also important. Findings suggest no ‘one size fits all’ in respect to what features mothers expect from a good place to raise a family, or how they experience these features. This has implications for service delivery and social planning of suburbs.

Why wrongful birth actions are right

A wrongful birth action is a claim in negligence brought by parents of a child against a doctor who has "wrongfully" caused their child to be born. These claims can be divided into two categories: those where a doctor performs a failed sterilisation procedure that leads to a healthy child being born; and those where a doctor fails to provide sufficient information to allow parents to choose to abort a handicapped child. The recent decision of the High Court of Australia in Cattanach v Melchior (2003) 77 ALJR 1312 falls into the former category. The decision to allow the parents to receive damages for the costs of raising and maintaining their child has generated much public debate. Despite the endorsement of this "wrongful birth" action, there are indications that the legislature will overturn the decision. This article examines whether there is a sound doctrinal basis for recognising wrongful birth actions.

The underpricing of A-REIT IPOs in Australia during 2002 to 2008

This study analyses 45 Australian Real Estate Investment Trust (A-REIT) initial public offerings (IPOs) in Australia from January 2002 to June 2008, since the introduction of the single responsible entity to oversee the activities of listed property trusts (LPTs) Rather than the trustee and manager roles. The study finds that this sample of A-REIT IPOs had a significant 3.37% underpricing and that the direct costs of capital raising help explain this indirect cost of underpricing. There is some evidence to suggest that A-REIT IPOs that seek to raise more equity capital have less underpricing, while those that are subscribed to more quickly have higher underpricing. The findings offer insights for issuers who seek to maximize the value of the A-REIT at the time of the IPO, underwriters who guarantee the success of the capital raising and for investors who are looking to invest in Australian A-RE1T 1POs.

The pricing of infrastructure initial public offerings : evidence from Australia

This paper explores first-day returns on infrastructure entity initial public offerings (IPOs) in Australia from 1996 to 2007. While a good deal has been written on the first-day returns of industrial and mining company IPOs and Real Estate Investment Trust IPOs, first-day returns of infrastructure entity IPOs have yet to be reported in the literature. The study uses ordinary least squares regression analysis to identify factors that might influence the percentage first-day returns theoretically available to investing subscribers and factors that might influence the aggregate amount of money left to subscribers by issuers. The study finds that first-day returns, on average, are not significantly different from zero. There is evidence, however, that suggests higher dividend yields and higher percentage direct costs of capital raising influence these first-day returns. The study also finds that infrastructure entity IPOs that seek to raise more equity capital leave less money on the table for subscribing investors.

A bioeconomic evaluation of a commercial scale recirculating finfish growout system - an Australian perspective

This study, based on 3 years of commercial data, presents the results of an economic analysis of a 20-tonne per annum (TPA) commercial recirculating aquaculture system (RAS) facility located in Warrnambool, Victoria, Australia. Based on the assumptions of the analysis, results highlight the non-viability of the facility, with a 10-year projected negative cumulative cash flow of − $648,038, and negative net present value (NPV) of − $707,546. Economies of scale were assessed by the development of economic models for hypothetical 50-TPA and 100-TPA facilities, based on the actual figures obtained from the 20-TPA case study. These analyses highlighted marginal viability for the 50-TPA facility (with a ten-year projected cumulative cash flow of $1,030,300; negative NPV of − $167,651 and internal rate of return (IRR) of 11.75%), and an economically viable 100-TPA facility (with a ten-year projected cumulative cash flow of $3,176,750; NPV of $522,200 and IRR of 21.03%). Sensitivity analysis highlighted that the greatest gains to be realised in improving profitability were those associated with increasing the productive capacity of the facility, increasing the sale price of the product, and decreasing the capital costs of RAS facilities. Contradictions between the results from the present study to similar studies clearly highlight a need for further economic analyses of commercial RAS facilities, using commercial data sets and standard economic analysis procedures.

Intangible assets and the underpricing of industrial company initial public offerings

This study analyses 262 industrial company initial public offerings (IPOs) in Australia from 1994 to 1999. It finds that the identification and valuation of brand name, trademark, patent and capitalized research and development cost intangible assets in the prospectus significantly reduces underpricing. The identification of goodwill and license cost intangibles does not appear to be significant to underpricing. This paper supports the Beatty and Ritter (1986) argument that IPOs may display financial and nonfinancial characteristics that lower the uncertainty about the value of the lPO and hence lower the underpricing of that IPO. Our findings suggest implications for the issuer who wants to maximize the value of the firm at the time of the lPO, the underwriter who is required to guarantee the success of the capital raising and for the initial investors who are looking to reduce their uncertainty about the valuation of the lPO.