Older Australians : involvement in civil society in the 1990s

As Australia’s population continues to age, questions about how older individuals use their time holds increasing interest and significance for scholars and policy makers. As individuals near the end of their paid working life, and family roles and responsibilities diminish, the type of activities that will fill this time void have important implications for the health and wellbeing of older Australians and for the strength of civil society. In Australia, there have been sustained moves at all levels of government to encourage the more active engagement in community services of this group of citizens, given the size and significant amount of human capital of this cohort. However, international research suggests that this enthusiasm has not translated into increased volunteer activity for seniors, and that older citizens tend to spend their expanding discretionary time pursuing leisure activities, such as watching television or listening to the radio (Robinson & Godbey 1997; Wilson & Musick 1997; Thoits & Hewitt 2001). This study builds on a broader interest in how people choose to utilise time across the life course and how the experience of ageing shapes such decisions. This aim of this paper is twofold – first, to investigate how older Australians allocated their time in the 1990s, and how these time use patterns changed over a 5-year period, using nationally representative, longitudinal data from two waves of the Australian Time Use Survey. Second, the time use characteristics of those individuals who devote more time to social participation activities are examined, to investigate trends in volunteering across age cohorts, with a focus on those above the age of fifty.

Hot issues, new economy stocks and Australian industry IPO returns in the late 1990s

This paper analyses Australian IPOs at an industry level for the period 1994 to 1999. We find a significant relationship between capital weighted IPO industry returns and contemporaneous index returns suggesting that capital raising and money left on the table arguments matter. We do not find any hot issue years at an industry level. Further at an industry level we find that new economy listings are not different to listings from other sectors of the economy.

The Australian construction linkages in the 1990s

Abstract: During the 1990s, the construction sector played an important role with its growing contributions to the gross national product, gross domestic product and employment in the Australian economy. Using the newly released 1998-99 input-output table and four previously published tables by the Australian Bureau of Statistics, this paper aims to measure the sectoral linkages of the Australian construction sector in the 1990s in relation to other industrial countries. Results describe the increase in construction volume was mainly due to the increase in governmental and non-residential construction expenditures and lagging construction technology. The technical level of the non-residential construction sub-sector was a drag to the total construction, while the non-residential construction sub-sector presented a stronger economic push than that of the residential construction sub-sector. In the 1990s, the inputs and outputs' components of the construction sector were stable. The linkages of the Australian construction sector are discussed from an international point of view.

Overcoming barriers: black African chartered accountants in 1990s South Africa

This paper examines the experiences of black Africans in South Africa who became Chartered Accountants in the 1990s. Building on previous work on marginalized groups within the accounting profession, the study relies on interviews with 22 of those who overcame steep educational, economic, racial, cultural, and political obstacles to join a profession that had fewer than 1% black Africans as members. The interviews indicate that those black Africans who did manage to become CAs in the 1990s shared many common characteristics and experiences. They and their families placed a high value on education and made tremendous sacrifices to meet the requirements to earn the CA certification. Many overcame extreme poverty in their childhoods and attended poorly equipped schools. All were exceptionally accomplished academically, most qualifying for scholarships offered only to the very top black African students in the country. Most faced educational disruptions due to boycotts and political protests that shut down schools and many black universities in the years immediately prior to the bringing down of the apartheid regime. All faced racial discrimination in housing and education. Few had ever met a chartered accountant before enrolling in university; many had never heard of the certification until that point. In the 1990s when they entered some of the major firms to meet their training requirements, they were typically not given the same opportunities as their white peers. Now that they have become Chartered Accountants, and the government has changed and instituted affirmative action policies, most find that they are often offered jobs outside of public accounting. Still only composing about one percent of all chartered accountants, in a country that is 75% black African, most believed that the main road towards overcoming this disparity is through radical efforts to equalize educational opportunities in South Africa across racial lines. Most make professional decisions based at least in part on the opportunities a given position offers towards contributing to the black community.

CRA/Rio Tinto in the 1990s : a decade of deunionisation

Given the scale of Rio Tinto's battles with the Australialn union movement during the roll out of its deunionisation program throughout its diverse miniing and manufacturing operations, there is much to be learnt from examining how the company first introduced its 'staff' employment system at its Tiwai Point smelter in New Zealand in 1991. Hamersley Iron in 1993, and at its Comalco-run Bell Bay and Weipa operations during 1994-96. More importantly, however, it is worth knowing why the company was so successful in deunionising previously 'soldered on' union territory. Though no doubt assisted by sympathetic legal, political and economic environments, it was ultimately the demonstrationl of managerial strength and determination, coupled with a hesitant union leadership, which led to the success of the company's deunionisation strategy. As the union movemenlt makes tenative steps to attract workers back to the fold, there are valuable lessons to be gained from analysing these momentous events which constitute such a transformational period in the history of Australian industrial relations.

The simplicity of educational reforms : defining globalization and reframing educational policies during the 1990s

Reviewing the trends in educational reforms from the last decade provides opportunity for policy makers to understand the issues from the past with a view to improving the educational planning in the future. In the 90s globalization emerged as a great impetus for educational reforms, however a central problem concerning globalization was its full meaning and implications were still emergent therefore educational planning and policy making reflected a great deal of uncertainty. This paper reviews and analyses how educational policies from the 90s constructed globalization and uncertainty and whether the lessons from the 90s have implications for current policy making. Using computer assisted text analysis, this paper explores how educational policies from OECD, UNESCO and the World Bank coalesced with certain notions of globalisation that strategically guided educational reforms. By focusing on textual evidence, in a range of education policy from the 90s, the paper discusses how policy consolidated particular ideas about globalization and presented ‘simple’ recipes for educational change. When reviewing the 90s, the relationship between education and global change the macro policy research shows a trend towards narrowing focus on managerial and financial issues, specifically the paper discusses how OECD policy emphasized education a social and individual payoff, World Bank policy focused on education enabling the free flow of capital and UNESCO policy problematised globalization but focused on the importance of teachers as a way to create stability in education during the paradoxical times.

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.