Agency issues surrounding A-REITS and the global financial crisis

 This thesis examines the optimal balance of debt and equity undertaken by Australian Real Estate Investment Trusts, the incentive-driven pay structure utilized to compensate management, and the factors of A-REIT composition and performance that appeal to large, powerful shareholders who are able to influence market prices.

Did the late-2000s financial crisis influence construction labour productivity?

The late-2000s global financial crisis has wrought dramatic impacts on the construction industry. However, the issue of whether the crisis influenced the behaviours of the construction industry has not been addressed yet. This research presents an econometric approach to investigating the effects of the recent global financial crisis on construction labour productivity. By employing the error correction model and panel regression methods, the direct and indirect effects of the financial crisis on the changes in Australian construction labour productivity are explored at national and state levels. Neither the direct nor the indirect effects appear statistically significant. The results indicate that the direct effect of the financial crisis drives up construction labour productivity at the national level, while the indirect effect diminishes productivity. The effects of the financial crisis on the state construction labour productivity vary from state to state. The financial crisis influenced construction labour productivity directly and significantly in the northern and eastern regions, while the direct effects appear not significant in the other states and territories. The indirect effects of the financial crisis on productivity are statistically significant in three regions: the Australian Capital Territory, the Northern Territory and Western Australia. By comparison, the model with the financial effects fails to provide more accurate simulating results. As such, this research concludes that the influence of the late-2000s financial crisis on Australian national and state construction labour productivity is limited.

Handover of patient information from the crisis assessment and treatment team to the inpatient psychiatric unit.

Handover, or the communication of patient information between clinicians, is a fundamental component of health care. Psychiatric settings are dynamic environments relying on timely and accurate communication to plan care and manage risk. Crisis assessment and treatment teams are the primary interface between community and mental health services in many Australian and international health services, facilitating access to assessment, treatment, and admission to hospital. No previous research has investigated the handover between crisis assessment and treatment teams and inpatient psychiatric units, despite the importance of handover to care planning. The aim of the present study was to identify the nature and types of information transferred during these handovers, and to explore how these guides initial care planning. An observational, exploratory study design was used. A 20-item handover observation tool was used to observe 19 occasions of handover. A prospective audit was undertaken on clinical documentation arising from the admission. Clinical information, including psychiatric history and mental state, were handed over consistently; however, information about consumer preferences was reported less consistently. The present study identified a lack of attention to consumer preferences at handover, despite the current focus on recovery-oriented models for mental health care, and the centrality of respecting consumer preferences within the recovery paradigm.

Recovery pattern of brachiopods after the Permian-Triassic crisis in South China

In South China, the Changhsingian brachiopods are extraordinarily abundant and diverse, comprising 468 species in 144 genera. However, approximately 91% of brachiopod species were eliminated during the Permian-Triassic (P-Tr) mass extinction event. Brachiopods in the aftermath of the P-Tr mass extinction were extremely rare, with only one opportunistic taxon, Lingulida, occasionally found in the Griesbachian and Smithian at a high abundance. Species-diversity of articulated brachiopods in the early Griesbachian, late Griesbachian, Dienerian, and Smithian are 35, 3, 2, and 0, respectively. Although a few of Mesozoic-type species occurred in the Griesbachian, Dienerian and Smithian, a marked diversification of brachiopods occurred in the Spathian and early Anisian and was characterised by 9 and 17 Mesozoic-type species, respectively. The diversification of brachiopods in the Spathian and early Anisian coincides with the contemporaneous expansion of the refuge zone, suggesting that the improvement of marine environmental conditions (e.g., lethally hot temperature and anoxic seawater) played a key role in brachiopod recovery after the P-Tr mass extinction.

‘A cataclysm of truth from the crisis of falsehood’: reading Habermas on Calvino

Interest in the possibility of a Habermasian approach to literary criticism has recently been sparked by several book-length contributions from scholars working in the field of Frankfurt School Critical Theory. This article seeks to clarify the conceptual stakes in the current debate, which concern whether literature makes truth claims or merely imaginatively discloses new perceptions with a truth potential, by returning to Habermas’s most extended encounter with a literary work since the 1970s. Against the background of the philosophical issues, I re-read to Calvino’s highly self-reflexive If on a Winter’s Night a Traveller to show that in The Philosophical Discourse of Modernity, Habermas has managed to get everything backwards. Literature here reads philosophy alright, but not in the sense of the ludic deconstruction of rational argumentation into rhetorical play that Habermas supposes. Using the notion of an ontological poetics of self-reflexive literature, and with some help from Lacanian psychoanalysis, I interpret Calvino’s novel as a sustained meditation on the connection between authentic literature and the desire to read. In this light, it not only looks like Habermas has missed his polemical target, but, also, and more significantly, it becomes clear that abandonment of the link between literature and truth is misguided.

Time-varying herding behavior, global financial crisis, and the Chinese stock market

In this paper, we examine the evidence of herding behavior on the Chinese stock market. Our main findings are as follows. First, we find strong evidence of herding behavior on both the Shanghai and Shenzhen stock exchanges. Second, we document evidence of asymmetric herding behavior with greater magnitude of herding behavior on up markets than on down markets. Third, our findings suggest that herding behavior is sector-specific and predominant in the industrial and properties sectors. Finally, we unravel strong evidence suggesting that herding behavior is time-varying and in some sectors time-varying herding behavior is more prevalent than in other sectors.

The G20’s role in legitimating global capitalism: beyond crisis diplomacy?

The rising profile of the G20 in the aftermath of the Global Financial Crisis has led to various forms of concern about the legitimacy of this forum. While debates about the legitimacy of the G20 are important and ongoing, they overlook the important observation that the G20 is also attempting to perform a key role in legitimating global capitalism. This role of legitimating global capitalism emphasises the importance of the G20 to act, and be seen to act, to normalise global capitalism, to strengthen global economic governance, and also facilitate a political consensus with regard to key policy issues. This essay critically examines the role that the G20 plays in legitimating global capitalism and contends that the G20 is not just a technical forum of international policy-making but also a political forum for creating and performing visible responses to problems which are seen to be socially responsive.

Occupational class differences in suicide: evidence of changes over time and during the global financial crisis in Australia

BACKGROUND: Previous research showed an increase in Australian suicide rates during the Global Financial Crisis (GFC). There has been no research investigating whether suicide rates by occupational class changed during the GFC. The aim of this study was to investigate whether the GFC-associated increase in suicide rates in employed Australians may have masked changes by occupational class.

METHODS: Negative binomial regression models were used to investigate Rate Ratios (RRs) in suicide by occupational class. Years of the GFC (2007, 2008, 2009) were compared to the baseline years 2001-2006.

RESULTS: There were widening disparities between a number of the lower class occupations and the highest class occupations during the years 2007, 2008, and 2009 for males, but less evidence of differences for females.

CONCLUSIONS: Occupational disparities in suicide rates widened over the GFC period. There is a need for programs to be responsive to economic downturns, and to prioritise the occupational groups most affected.

Perceptions of crisis care in populations who self-referred to a telephone-based mental health triage service

Although psychiatric crises are very common in people with mental illness, little is known about consumer perceptions of mental health crisis care. Given the current emphasis on recovery-oriented approaches, shared decision-making, and partnering with consumers in planning and delivering care, this knowledge gap is significant. Since the late 1990s, access to Australian mental health services has been facilitated by 24/7 telephone-based mental health triage systems, which provide initial psychiatric assessment, referral, support, and advice. A significant proportion of consumers access telephone-based mental health triage services in a state of crisis, but to date, there has been no published studies that specifically report on consumer perceptions on the quality and effectiveness of the care provided by these services. This article reports on a study that investigated consumer perceptions of accessing telephone-based mental health triage services. Seventy-five mental health consumers participated in a telephone interview about their triage service use experience. An eight-item survey designed to measure the responsiveness of mental health services was used for data collection. The findings reported here focus on the qualitative data produced in the study. Consumer participants shared a range of perspectives on telephone-based mental health triage that provide invaluable insights into the needs, expectations, and service use experiences of consumers seeking assistance with a mental health problem. Consumer perceptions of crisis care have important implications for practice. Approaches and interventions identified as important to quality care can be used to inform educational and practice initiatives that promote person-centred, collaborative crisis care.

Saving the United States from lurching to another sentencing crisis: taking proportionality seriously and implementing fair fixed penalties

We make recommendations regarding how the United States cansignificantly lower its incarceration rate, while at the same time ensuring that community safety is not diminished. Moreover, we identify and recommend a consolidation and extension of the positive aspects of the current sentencing regime.