Modeling volatility and changes in the swap spread

We investigate the determinants of changes in U.S. interest rate swap spreads using a model that explicitly allows for volatility interactions between swaps of different terms to maturity. Changes in the swap spread are found to be positively related to interest rate volatility, to changes in the default risk premium in the corporate bond market, and to changes in the liquidity premium for government securities. Swap spread changes are negatively related to changes in the level of interest rates and changes in the slope of the term structure. We also find that there is a strong and significant volatility interaction among spreads for swaps of different maturities and that the process for the conditional variance of the spread is highly persistent across all maturities.

The role of board independence in mitigating agency problem II in Australian family firms

We investigate the impact of board independence on earnings management on a sample of family controlled firms listed on the Australian Securities Exchange (ASX). Using panel data over the period 2000–2004, we find evidence of earnings management among family controlled firms in Australia, an environment of high investor protection and private benefits of control. Findings show that a higher proportion of independent directors on boards is effective in reducing earnings management, thereby mitigating agency problems associated with entrenchment and expropriation in family firms. We also find that managers of family firms are less aggressive in managing earnings via discretionary long-term accruals compared to non-family firms.

The volume and volatility relation in the Australian stock market

The thesis studies the volume-volatility relation in the Australian Securities Market. It is concluded that the number of trades is the most important variable driving realized volatility. The average trade size is significant but its explanatory power is only trivial. Order imbalance does not drive volatility in the Australian market.

Learning from sustainable landscapes of death in Bali : landscape planning and Tri Hita Karana

Landscape planning in many countries is predicated upon on fulfilling the functions for human living objectives. Many land use practices have been plotted for living, busines~, trading, industrial, farming as well as providing places for dead people primarily through cemeteries. Research in Palm Beach County, FL, has demonstrated the need to plan for 30 years of demand of land use functions to service death (Coutts, Basmaj ian et al. 20 I I). Coutts et al assert that planners are required and responsible for the planning of funeral necessities. Therefore, the protection of landscapes of death is an important consideration in the planning of landscapes. Bali is popular with its beautiful landscape, hospitality, and traditional architecture as demonstrating the integrity between human, environment and God, as expressed in the Balinese Tri Hita Karana concept. Balinese commemorate life from birth to death through their traditional ceremonies which informs their traditional cultural landscape. One of the most important landscapes, which cannot be separated fi·om Balinese life are graveyards which are used for deceased ceremonies. This landscape is an integral part of traditional village patterns across Bali. Culturally, Balinese people have their own traditional cremation ceremony which is call the Ngaben Ceremony. The Ceremony takes place in graveyards and thereupon ashes are placed in the sea waters surrounding Bali. An interesting point of planning in Bali is how to enable eco-friendly interment extensions to villages. This is occurring because of the increasing number of corpses that require cremation thus necessitating no accretions in land provision of graveyards. This research investigates the landscape of death in Bali expressed in its traditional values in the area of planning which implicate sustainable environments and land conservation topics. Other functions of graveyards, as noted by Strangstad ( 1988), include ceremonial and their role as educational tools for history lessons, art, sociology, geology, English lessons, as well as for scavenger hunts.

Patron offending and intoxication in night time entertainment districts (POINTED) : a study protocol

Risky alcohol consumption is the subject of considerable community concern in Australia and internationally, particularly the risky drinking practices of young people consuming alcohol in the night-time economy. This study will determine some of the factors and correlates associated with alcohol-related risk-taking, offending and harm in and around licensed venues and night-time entertainment precincts across five Australian cities (three metropolitan and two regional). The primary aim of the study is to measure levels of pre-drinking, drinking in venues, intoxication, illicit drug use and potentially harmful drinking practices (such as mixing with energy drinks) of patrons in entertainment areas, and relating this to offending, risky behaviour and harms experienced. The study will also investigate the effects of license type, trading hours, duration of drinking episodes and geographical location on intoxication, offending, risk-taking and experience of harm. Data collection involves patron interviews (incorporating breathalysing and drug testing) with 7500 people attending licensed venues. Intensive venue observations (n=112) will also be undertaken in a range of venues, including pubs, bars and nightclubs. The information gathered through this study will inform prevention and enforcement approaches of policy makers, police and venue staff.

Costs and benefits of mandatory auditing of for-profit private and not-for-profit companies in Australia

This paper addresses the paucity of research surrounding the mandatory auditing of for-profit private and not-for-profit companies in Australia. We document the various mandatory auditing provisions under the Corporations Act and identify over 22 000 companies that lodge audited accounts with the regulator under federal law. In 2011, 6339 large proprietary companies, 186 small proprietary companies, 2797 foreign-owned companies, 3985 unlisted public companies and 8404 public companies limited by guarantee had an obligation under the Corporations Act to lodge audited accounts. While large proprietary and foreign-owned companies have an option to apply to the Australian Securities and Investment Commission for audit relief, we estimate that less than 10% are granted audit exemption. We document that since 1995 an additional 1500 large proprietary companies that should have lodged under the size provisions of the Corporations Act have been granted exemption from doing so (i.e., grandfathered), although these firms appear to be subject to an annual audit even though they do not lodge accounts. We estimate the costs and discuss the potential public interest and firm-level benefits associated with the mandatory auditing of for-profit private and not-for-profit companies in Australia.

Reviving the role of regulators in Bangladesh capital market

The capital market is visualised as a tool for economic development through mobilisation of scattered resources and their allocation to appropriate areas. The liquidity, solvency and efficiency of the economic system of a country can be better accomplished by capital market, when the banks and financial institutions of the country are reluctant to provide long-term and medium term resources for industrialisation and privatisation.

Banks have been traditionally major sources of all types of credits particularly industrial credits. Not only the banks these days are restricted to finance long-term credits due to short-term nature of the deposit- base of these banks, but also are struggling to overcome their liquidity problems. On the other hand, the development of financial institutions, the traditional suppliers of the long-term funds for private industry, is lying dormant due to the problems of profitability, liquidity and solvency of these institutions. Under this circumstances, the capital market beckons as the only major source of finance for industrialisation and privatisation. But the existing state of the capital market is hardly in a position to play as the mobiliser of resources for economic development.

Therefore, the country`s capital market needs structural change as well as proper regulation which are likely to improve the confidence of investors-both local and foreign and to boost the functions of capital market as well. The major regulators in Bangladesh capital market are Securities and Exchange Commission (SEC), Stock Exchanges, Registrar of Joint Stock Companies (RJSC) and ICB. In addition, the government has recently given permission to set up merchant banks to provide their support towards the growth, development and consolidation of capital market.

Investor heterogeneity and the cross-sectional stock returns in China

We examine the relationship between divergence of opinion and the cross-sectional stock returns in Chinese A share market where short-selling of stocks is prohibited by law. Using a proxy for divergence of opinion among the entire investor base, we document a positive relationship between divergent beliefs and future stock returns. This is in sharp contrast to Miller's (1977) prediction of a negative relationship between the two. The result is likely to be driven by the dominance of individual investors and their speculative trading behaviors in China. Miller's prediction is confirmed when divergence of opinion is measured using data on mutual fund holdings. Our results are robust to a number of common return predictors. We also find a significantly negative relationship between the fraction of tradable shares in listed Chinese companies and future stock returns. Increase in the fraction of tradable shares tends to reduce the predictability of stock returns using divergence of opinion.

'Satan finds some mischief'?: Drinkers' responses to the six o'clock closing of pubs in Australia, 1910s-1930s

Historians have typically focused on the ‘six o'clock swill’ as the pub drinker's principal response to the introduction of the early closing of pubs in most Australian states during World War I. While this focus has enhanced our understanding of gendered pub drinking practices during trading hours it has circumscribed our knowledge of the range of responses to six o'clock closing. Less frequently analysed is what the pub drinker did after the hour of six o'clock. In this article I explore how ‘habit memory’, especially people's everyday drinking habits persisted despite the best efforts to regulate them. I consider how factors such as class, leisure and gender were implicated in drinking habits, and why there was an increase in what were defined as illegal drinking practices such as sly-grogging and after-hours trading. This article suggests that the pub drinker resented the violation of familiar customs and was prepared to engage in illegal activities in order to obtain alcohol.

Environmental sustainability awareness and academic curriculum improvements: the case of a business and law faculty in an Australian university

Climate change, global warming, rising sea levels, ice cap melting, carbon taxes and trading schemes etc. are all major environmental issues that confront the modern world. Universities are now trying to ensure that their students graduate with an understanding of environmental sustainability regardless of their field of expertise. 

Factors affecting SME owner-managers' willingness to share knowledge online in rural local business networks

This article integrates typically separate SME research on e-commerce, business networking, and knowledge management into a model explaining factors influencing the willingness of SME owner-managers to share knowledge online in business networks in rural districts. This is important because e-commerce can assist owner-managers, often dispersed in rural districts, to share knowledge between face-to-face networking events. The main factors associated with willingness to share knowledge online were their willingness to share knowledge face-to-face and their intensity of Internet use. Entrepreneurial factors such as owner-managers' expectations of rapid growth, trading outside the district, and seeking information about customers/competitors were indirectly associated with online sharing via intensity of Internet use only. The model suggests network coordinators could encourage online knowledge sharing by assisting owner-managers to see the business value of e-commerce and by ensuring that networking events are suitable for owner-managers, whether or not they have entrepreneurial goals, to facilitate face-to-face knowledge sharing.

Changes in injury-related hospital emergency department presentations associated with the imposition of regulatory versus voluntary licensing conditions on licensed venues in two cities

Introduction and Aims
Regulatory and collaborative intervention strategies have been developed to reduce the harms associated with alcohol consumption on licensed venues around the world, but there remains little research evidence regarding their comparative effectiveness. This paper describes concurrent changes in the number of night-time injury-related hospital emergency department presentations in two cities that implemented either a collaborative voluntary approach to reducing harms associated with licensed premises (Geelong) or a regulatory approach (Newcastle).

Design and Methods
This paper reports findings from Dealing with Alcohol-Related problems in the Night-Time Economy project. Data were drawn from injury-specific International Classification of Disease, 10th Revision codes for injuries (S and T codes) presenting during high-alcohol risk times (midnight—5.59 am, Saturday and Sunday mornings) at the emergency departments in Geelong Hospital and Newcastle (John Hunter Hospital and the Calvary Mater Hospital), before and after the introduction of licensing conditions between the years of 2005 and 2011. Time-series, seasonal autoregressive integrated moving average analyses were conducted on the data obtained from patients' medical records.

Results
Significant reductions in injury-related presentations during high-alcohol risk times were found for Newcastle since the imposition of regulatory licensing conditions (344 attendances per year, P&thinsp;<&thinsp;0.001). None of the interventions deployed in Geelong (e.g. identification scanners, police operations, radio networks or closed-circuit television) were associated with reductions in emergency department presentations.

Discussion and Conclusions
The data suggest that mandatory interventions based on trading hours restrictions were associated with reduced emergency department injury presentations in high-alcohol hours than voluntary interventions. [Miller P, Curtis A, Palmer D, Busija L, Tindall J, Droste N, Gillham K, Coomber K, Wiggers J. Changes in injury-related hospital emergency department presentations associated with the imposition of regulatory versus voluntary licensing conditions on licensed venues in two cities. Drug Alcohol Rev 2014]*

Key stakeholder views of venue lockouts in Newcastle and Geelong

A substantial proportion of the problems associated with alcohol and interpersonal violence arise in or around licensed premises. One intervention, called lockouts, involves stopping people entering venues at an allocated time (for example, 1:30 am), although the venue can continue to sell alcohol until a specified closing time (for example, 3:30 am). 

Shifts in thinking and practice: reflecting on an applied learning programme

The implementation of the first iteration of a curriculum for an applied learning programme for police trainers received a hostile response from participants. It was perceived as irrelevant and supplanting, rather than augmenting, trainers’ fixed and untested training practices. This paper presents the reflections on my journey as a nonpolice person straddling an outsider-insider position while challenging that which is taken-for-granted and introducing an educative intent, as opposed to a doctrinal, technical intent, to police training. On a daily basis I simultaneously work within and against the prevailing D/discourses and dominant subcultures, while establishing and nurturing relationships with police trainers: being teacher, coach and ‘critical friend’. The response to the second and now third iterations of the learning programme has been increasingly positive, revealing shifts in trainers’ thinking and practice.

Profiling for profit : a report on target marketing and profiling practices in the credit industry

This report examines how many businesses make significant investments to purchase and develop customer relationship management systems. Given such investments, information about these systems is not widely available, but some publicly available information gives indication of the extent, and purpose, of the use. Recognising that lenders use customer information and highly sophisticated systems to target their marketing strategies, is the first step towards ensuring that these practices are taken into account in the development of consumer policy and law reform. This research was funded by the consumer advisory panel of the Australian Securities and Investment Commission (ASIC).