Listed property trusts and downside systematic risk sensitivity

Purpose: This paper aims to identify and examine the determinants of downside systematic risk in Australian listed property trusts (LPTs).

Design/methodology/approach: Capital asset pricing model (CAPM) and lower partial moment-CAPM (LPM-CAPM) are employed to compute both systematic risk and downside systematic risk. The methodology of Patel and Olsen and Chaudhry et al. is adopted to examine the determinants of systematic risk and downside systematic risk.

Findings: The results confirm that systematic risk and downside systematic risk can be individually identified. There is little evidence to support the existence of linkages between systematic risk in Australian LPTs and financial/management structure determinants. On the other hand, downside systematic risk is directly related to the leverage/management structure of a LPT. The results are also robust after controlling for the LPTs' investment characteristics and varying target rates of return.

Practical implications: Investors and real estate analysts should conscious with the higher returns from high leverage and internally managed LPTs. Although there is no evidence that these higher returns are related to higher systematic risk, there could be the compensation for higher downside systematic risk.

Originality/value: This study provides invaluable insights into the management of real estate risk in Australian LPTs with implications for REITs in other countries. Unlike previous studies of systematic risk in REITs or LPTs, this is the first study to assess downside systematic risk and explore the determinants of downside systematic risk in LPTs.

Computers for secondary mathematics: who uses them and how?

In the first stage of a three year ARC-funded study in which the effects of using computers for the teaching and learning of mathematics are being explored, a questionnaire has been developed and is being administered to a large number of students in grades 7-10 in a representative sample of co-educational post-primary schools in Victoria. Using open and closed response formats, the information sought includes: background and biographical details; data on computer ownership and use =96 frequency and mode/s =96 for mathematics learning at home and in mathematics classes; and beliefs about mathematics and the use of computers for learning mathematics. In this paper, the focus will be on some of the preliminary findings related to ownership and use of computers for learning mathematics at home and at school. In previous research, factors such as gender, socio-economic background, and ethnicity have been identified as contributors to inequitable mathematics learning outcomes. The questionnaire data will be analysed to examine if these and other factors are related to any inequities identified in student's access to computers and in how they use computers in their learning of mathematics. The results will be presented and pertinent implications discussed.

Principles of equity and trusts

This fourth edition of Principles of Equity and Trusts has been comprehensively updated and revised. It retains its original style of presenting principles and remedies relevant to equity and trusts in a straightforward and succinct manner.This new edition includes a discussion of new developments in knowing receipt constructive trusts, resulting trusts, charitable trusts, injunctions, equitable recission and forfeiture. All chapters have been fully revised, with significant new analysis in a range of chapters including those dealing with the relationship between common law and equity, fiduciary obligations and certainty rules for the creation of trusts.New case discussions in this edition include:Stack v Dowden (2007) (the House of Lords considering the presumptive application of resulting trusts in domestic de facto relationships);Trustees of the Property of Cummins (a bankrupt) v Cummins [2006] (the High Court considering the presumptive application of purchase money resulting trusts in a marriage relationship);Farah Constructions Pty Ltd v Say-Dee Pty Ltd (2007) (the High Court considering the scope and application of knowing receipt constructive trusts);Twinsectra v Yardley [2002] and Barlow Clowes International Ltd (in liq) v Eurotrust International [2006] 1 All ER 477 ( the House of Lords considering the dishonesty test relevant to knowing assistance constructive trusts) and Commissioner of Taxation v Word Investment Ltd [2006] (the Federal Court considering the scope of the charitable purpose test).This new edition remains an ideal book for undergraduate study, covering all aspects of equity and trusts jurisprudence in an accessible, comprehensive and up to date style.

Principles of equity and trusts

The Principles of Equity and Trusts 3rd edition provides a comprehensive summation of the principles of equity, the law of trusts and equitable remedies. The book is designed to meet the needs of both students and practitioners.

It includes developments in areas such as the relationship between common law and equity, undue influence, tracing, interim injunctions, and resulting trusts. Covering the general principles associated with the equity and trusts jurisprudence, this textbook is useful for undergraduate study of the subject.

Compositions of cis-9, trans-11 conjugated linoleic acid and vaccenic acid and uses thereof

The invention relates to use of the cis-9, trans-11 isomer of conjugated linoleic acid or a salt or ester thereof (cis-9, trans-11 CLA) and vaccenic acid or a salt or ester thereof (VA) to treat or prevent conditions associated with one or more of leukocyte infiltration, eosinophilia, airway remodelling, bronchoconstriction, mucus hypersecretion, and lung and skin inflammation. The present invention also relates to a composition comprising cis-9, trans-11 CLA and VA and use of the composition to treat or pre-vent conditions associated with one or more of leukocyte infiltration, eosinophilia, airway remodelling, bronchoconstriction, mucus hypersecretion, and lung and skin inflammation. In particular, the medicinal uses, compositions and methods of the invention may be used to treat or prevent conditions such as asthma and dermatitis, and related disorders.

Social value measurement and nonprofit organizations: preliminary views of nonprofit and foundation managers

This paper examines how managers of nonprofit organizations and foundations view the measurement of the social value of these organizations. In exploratory interviews, we found that the managers generally agree that objective measures are desired where and when possible, but recognise the difficulties in developing an assessment that enables comparisons across the nonprofit sector. These difficulties, as well as the implications for developing assessments of social value for nonprofit organizations, are discussed

A virtual environment for cultural and linguistic inclusivity : teaching in a global environment

This paper is about a project that uses Information and communication technologies in a virtual environment where students can communicate in their own language in text and audio.

Doctoral research and scholarly communication : candidates, supervisors and information literacy

This study investigates information literacy and scholarly communication within the processes of doctoral research and supervision at a distance. Both doctoral candidates and supervisors acknowledge information literacy deficiencies and it is suggested that disintermediation and the proliferation of information may contribute to those deficiencies. Further to this, the influence of pedagogic continuity—particularly in relation to the information seeking behaviour of candidates—is investigated, as is the concomitant aspect of how doctoral researchers practise scholarly communication. The well-documented and enduring problem for candidates of isolation from the research cultures of their universities is also scrutinised. The contentious issue of more formally involving librarians in the doctoral process is also considered, from the perspective of candidates and supervisors. Superimposed upon these topical and timely issues is the theoretical framework of adult learning theory, in particular the tenets of andragogy. The pedagogical-andragogical orientation of candidates and supervisors is established, demonstrating both the differences and similarities between candidates and supervisors, as are a number of independent variables, including a comparison of on-campus and off-campus candidates. Other independent variables include age, gender, DETYA (Department of Education, Training & Youth Affairs) category, enrolment type, stage of candidature, employment and status, type of doctorate, and English/non-English speaking background. The research methodology uses qualitative and quantitative techniques encompassing both data and methodological triangulation. The study uses two sets of questionnaires and a series of in-depth interviews with a sample of on-campus and off-campus doctoral candidates and supervisors from four Australian universities. Major findings include NESB candidates being more pedagogical than their ESB counterparts, and candidates and supervisors from the Sciences are more pedagogical than those from Arts, Humanities and Social Sciences, or Education. Candidates make a transition from a more dependent and pedagogically oriented approach to learning towards more of an independent and andragogical orientation over the duration of their candidature. However, over tune both on-campus and off-campus candidates become more isolated from the research cultures of their universities, and less happy with support received from their supervisors in relation to their literature reviews. Ill The study found large discrepancies in perception between the support supervisors believed they gave to candidates in relation to the literature review, and the support candidates believed they received. Information seeking becomes easier over time, but candidates face a dilemma with the proliferation of information, suggesting that disintermediation has exacerbated the challenges of evaluation and organisation of information. The concept of pedagogic continuity was recognised by supervisors and especially candidates, both negative and positive influences. The findings are critically analysed and synthesised using the metaphor of a scholarly 'Club' of which obtaining a doctorate is a rite of passage. Recommendations are made for changes in professional practice, and topics that may warrant further research are suggested.

TQM and labour productivity in Jordanian industrial companies

Reports on research to determine the degree of application of total quality management (TQM) philosophy and practices in industrial corporations in Jordan. Uses primary and secondary empirical data to examine the link between TQM and labour productivity. Survey responses were classified into two groups: high-TQM implementation and low-TQM implementation. Found that mean labour productivity measurements for high-TQM companies were significantly higher than for low-TQM companies over the period 1993-1998. Also, mean growth rates of labour productivity measurements for companies with high-level TQM were higher than for those with low-level TQM during this period. Regression analysis demonstrated a statistically significant positive relationship between TQM and labour productivity.

Communication as coping; how staff working in public housing use narrative to understand their complex and sometimes challenging work.

This paper describes how ethnographic research was used to explore the communication practices of staff working organisation charged with the provision of low cost housing to some of the very poorest and most marginalised members of society in Victoria, Australia. This paper is concerned with how the narratives of the participants (that is, their ‘stories’) provides a very useful and potent insight into the daily life of staff working with people experiencing ‘multiple and complex needs’. The paper uses vignettes and case studies to illuminate the daily work of staff, sharing with the reader the things they see and hear and describing the complexity of the ‘wicked’ problems they face. More importantly, the research uncovered a number of narrative structures staff employ to understand and respond to these problems.

Journalism ethics and law: stories of media practice

Journalism Ethics and Law ignites the conversation about journalism ethics and the function of the law in today’s media. Emphasising a practical work-based approach to develop best practice multimedia journalism; this book presents a combined ethics and law experience for journalism students and uses stories and case studies to highlight the most significant questions for the practice of law and ethics today.

Journalism Ethics and Law offers readers a new way about thinking about journalism ethics and empowers future journalists to make good and ethical decisions in the field.

TMI for urban resilience : measuring and mapping long-term climate change effects on soil moisture

The effect of climate change on the shallow expansive foundation conditions of resident dwellings is costing several hundred billion dollars worldwide. The design and costs of constructing or repairing residential footings is greatly influenced by the degree of ground movement, which is driven by the magnitude of change in soil moisture. The impacts of climate change on urban infrastructure are expected to include accelerated degradation of materials and foundations of buildings and facilities, increased ground movement, changes in ground water affecting the chemical structure of foundations, and fatigue of structures from extreme storm events. Previous research found that residential houses that were built less than five years ago have suffered major cracks and other damage caused by slab movement after record rainfall. The Thornthwaite Moisture Index (TMI) categorises climate on the basis of rainfall, temperature, potential evapotranspiration and the water holding capacity of the soil. Originally TMI was mainly used to map soil moisture conditions for agriculture but soon became a method to predict pavement and foundation changes. Few researchers have developed TMI maps for Australia, but generally, their accuracy is low or unknown, and their use is limited. The aims of this paper are: (1) To produce accurate maps of TMI for the state of Victoria for 100 years (1913 to 2012) in 20 year periods using long-term historical climatic data and advanced spatial statistics methods in GIS, and (2) Analyse the spatial and temporal changes of TMI in Victoria. Preliminary results suggest that a better understanding of climate change through long-term TMI mapping can assist urban planning and guide construction regulations towards the development of cities which are more resilient.

Geo-identity, urban school choice and education campaigns for public schools

Educational campaigning has received little attention in the literature. This study investigates long-term and organised urban campaigns that are collectively lobbying the Victorian State Government in Australia, for a new public high school to be constructed in their suburb. A public high school is also known as a state school, government school, or an ordinary comprehensive school. It receives the majority of its funding from the State and Federal Australian Government, and is generally regarded as ‘free’ education, in comparison to a private school. Whilst the campaigners frame their requests as for a ‘public school’, their primary appeal is for a local school in their community. This study questions how collective campaigning for a locale-specific public school is influenced by geography, class and identity. In order to explore these campaigns, I draw on formative studies of middle-class school choice from an Australian and United Kingdom perspective (Campbell, Proctor, & Sherington, 2009; Reay, Crozier, & James, 2011). To think about the role of geography and space in these processes of choice, I look to apply Harvey’s (1973) theory of absolute, relational and relative space. I use Bourdieu (1999b) as a sociological lens that is attentive to “site effects” and it is through this lens that I think about class as a “collection of properties” (Bourdieu, 1984, p. 106), actualised via mechanisms of identity and representation (Hall, 1996; Rose, 1996a, 1996b). This study redresses three distinct gaps in the literature: first, I focus attention on a contemporary middle-class choice strategy—that is, collective campaigning for a public school. Research within this field is significantly under-developed, despite this choice strategy being on the rise. Second, previous research argues that certain middle-class choosers regard the local public school as “inferior” in some way (Reay, et al., 2011, p. 111), merely acting as a “safety net” (Campbell, et al., 2009, p. 5) and connected to the working-class chooser (Reay & Ball, 1997). The campaigners are characteristic of the middle-class school chooser, but they are purposefully and strategically seeking out the local public school. Therefore, this study looks to build on work by Reay, et al. (2011) in thinking about “against-the-grain school choice”, specifically within the Australian context. Third, this study uses visual and graphic methods in order to examine the influence of geography in the education market (Taylor, 2001). I see the visualisation of space and schooling that I offer in this dissertation as a key theoretical contribution of this study. I draw on a number of data sets, both qualitative and quantitative, to explore the research questions. I interviewed campaigners and attended campaign meetings as participant observer; I collected statistical data from fifteen different suburbs and schools, and conducted comparative analyses of each. These analyses are displayed by using visual graphs. This study uses maps created by a professional graphic designer and photographs by a professional photographer; I draw on publications by the campaigners themselves, such as surveys, reports and social media; but also, interviews with campaigners that are published in local or state newspapers. The multiple data sets enable an immersive and rich graphic ethnography. This study contributes by building on understandings of how particular sociological cohorts of choosers are engaging with, and choosing, the urban public school in Australia. It is relevant for policy making, in that it comes at a time of increasing privatisation and a move toward independent public schools. This study identifies cohorts of choosers that are employing individual and collective political strategies to obtain a specific school, and it identifies this cohort via explicit class-based characteristics and their school choice behaviours. I look to use fresh theoretical and methodological approaches that emphasise space and geography, theorising geo-identity and the pseudo-private school