Using benchmarking to improve the financial and social sustainability of commercial goat meat, cashmere and mohair farms in Australia

Production and financial benchmarking was undertaken with commercially motivated mohair, cashmere and goat meat farmers in Australia. There were large differences in animal and fleece production and financial returns between the best and worst performing farms. Farmers and industry groups reported that the process and results were helpful and resulted in them changing management practices. Benchmarking demonstrated that there is substantial scope to increase productivity and profitability through improved genetic selection and improved management of pastures, breeding flocks and in kid survival and growth.

An analysis of the antecedents of satisfaction for superannuation fund members

The factors influencing the satisfaction of superannuation fund members are poorly understood at present, due to a paucity of research. This study looks at the relative influence that five key aspects of the offering of a mid-size Australian Superannuation Fund have on overall satisfaction. Despite the long-term nature of the product and efforts to educate members to think otherwise, short-term financial performance remains a strong influence on member satisfaction. With financial returns varying annually and to a large degree being out of the control of fund managers, the focus on this aspect as the main influence on satisfaction levels is problematic. The evidence suggests that shifting the focus of members towards longer period assessments (eg returns over the past five years) and towards aspects of the funds' offering that are points of differentiation (eg enquiry handling) is the only way to prevent large fluctuations in satisfaction levels and possible defections.

Marketing research and its value: the experience of Australian organisations

There is a continuing need for organisations to identify the returns obtained from marketing research, such as direct knowledge acquisition or the indirect results of decisions made using this information (e.g., financial returns). This paper reports on a study based on a conceptual model proposed by earlier researchers that explored knowledge acquisition derived from marketing research, together with its dissemination and utilisation. An adequate fit for the model was found using primary data from a sample of decision-makers in Australian organisation. The findings of this empirical study show an association between marketing research, knowledge utilisation, and the performance of the organisations sampled.

Supermarkets as a setting to promote health eating : some lessons learnt in Victoria

Issue addressed: Supermarkets are a potential setting in which to deliver nutrition promotion to the community. A pilot project was able to examine the requirements for health authorities to form partnerships with other sectors and opportunities and limitations of using industry- based communication strategies to promote healthy eating messages. Methods: Pre-intervention interviews helped determine communication strategies. Post-intervention interviews were used to assess content and appropriateness of nutrition resources, collaboration between key participants, satisfaction with training and barriers/promoters to implementation. An intercept survey with consumers measured the impact of the intervention. Results: The survey of more than 1,120 women indicated only limited success. 12% of respondents from the intervention supermarkets had watched demonstrations and 20% had noticed the recipe leaflets, with only 5% able to name the promotion. Supermarket owners, representatives from participating food companies and demonstrators were supportive of the concept and content used in the promotion and qualitative analysis provides indicators for similar promotions. Conclusions: Health authorities considering 'partnerships' with the food/supermarket industry should recognise the diversity of roles and responsibilities of the organisations involved in the supply of food through the retail market and allow for long term planning when working with them. Head office of the supermarket group has a key coordinating role, however, individual supermarkets will be driven by financial returns. So what?: The recognition and trust in the name of health authorities by consumers means that organisations value an association with them.

Gross margins in Australian mohair enterprises and relationships with farm inputs, productivity and mohair quality

In the absence of financial information on Australian mohair enterprises we aimed to determine the gross margins (per dry sheep equivalent, DSE) and their relationships with farm inputs, productivity and mohair quality in Australian mohair enterprises. Using established Victorian Farm and Sheep Monitor Project protocols we collected data for the financial years 200405, 200506 and 200607 from farmers in south-eastern Australia and made comparisons with data from wool enterprises of similar farm area. Over 3 years the financial returns from mohair exceeded that from wool in terms of $/DSE ($23.0 v. 11.3) and $/ha ($132 v. $116). This result was achieved despite the mohair enterprises grazing their goats far less intensively compared with the grazing intensity of sheep (5.9 v. 10.311.1 DSE/ha) and by using far less phosphate fertiliser than used in the wool enterprises (2.2 v. 4.66.1 kg P/ha). These differences were counterbalanced by higher prices for mohair compared with fine wool ($13.15/kg v. $8.35/kg clean fibre). Gross margin for the mohair enterprise did not increase as stocking rate increased. Income from mohair sales declined as the proportion of does in the flock increased. Increasing the proportion of does in the flock was associated with a decline in the average price of mohair ($16/kg greasy at 42% does to $8/kg greasy at 83% does in the flock). This decline was closely associated with the increasing proportion of the total amount of mohair coarser than 34.0 μm (either fine hair or hair) plus stained mohair. The variation in profitability between farms indicates significant scope for many mohair enterprises to increase profit. A focus on producing finer quality mohair will increase mohair profitability.

Regulatory theory insights into the past, present and future of general purpose water accounting standard setting

Purpose – Accounting and water industry experts are developing general-purpose water accounting (GPWA) to report information about water and rights to water. The system has the potential to affect water policies, pricing and management, and investment and other decisions that are affected by GPWA report users' understanding of water risks faced by an entity. It may also affect financial returns to accounting and auditing firms and firms in water industries. In this paper the authors aim to examine the roles of the accounting profession, water industries and other stakeholders in governing GPWA. Recognising that the fate of GPWA depends partly upon regulatory power and economics, they seek to apply regulatory theories that explain financial accounting standards development to speculate about the national and international future of GPWA.

Design/methodology/approach – Official documents, internal Water Accounting Standards Board documents and unstructured interviews underpin the authors' analysis.

Findings – The authors speculate about the benefits that might accrue to various stakeholder groups from capturing the GPWA standard-setting process. They also suggest that internationally, water industries may dominate early GPWA standards development in the public interest and that regulatory capture by accounting or water industry professionals will not necessarily conflict with public interest benefits.

Practical implications – Accounting for water can affect allocations of environmental, economic, social and other resources; also, accounting and water industry professional standing and revenues. In this paper the authors identify factors influencing GPWA standards and standard-setting institutional arrangements, and thereby these resource allocations. The paper generates an awareness of GPWA's emergence and practical implications.

Originality/value – This is an early study to investigate water accounting standard-setting regulatory influences and their impact.

Improving knowledge, fibre and textile quality, and communications

This is a technical report summarising activities to improve the knowledge about rare natural animal fibres in Australia, including aspects of their production, fibre quality, and textiles made from these fibres. It summarises results of Australian investment on these subjects, and makes recommendations about future investment. This is important, as there is limited scientific understanding of how to improve productivity, quality and financial returns from these industries in Australia.

Attitudinal and behavioural approaches to improving waste management on construction projects in Australia: Benefits and limitations

This research aims to understand the attitudes and behaviours of stakeholders towards waste management and consequently identify ways of improving waste management practices in construction projects. Semi-structured interviews were conducted. The findings reveal that most of the decisions in construction projects are based on their financial returns unless there is a special requirement to comply with Green Star or any other sustainable building rating system. Even though there is a trend towards environment-friendly construction, contractors are favourable towards methods involving financial incentives. Results also indicate that private developers are more price-driven compared with government clients. Findings reveal the necessity of enforcing legislation to improve waste management practices until such practices become culturally embedded in organizations across the supply chain. Similarly, end users' motivation towards waste management was also identified as a key to encouraging stakeholders of construction projects and improving their attitudes and behaviours towards waste management practices.

Volatility spillover between New Zealand stock market returns and exchange rate changes before and after the 1997 Asian financial crisis

Researchers in the last decade have been investigating the interdependence of stock returns and exchange rate changes within the same economy. Kanas (2000) and Yang and Doong (2004) find that for the G-7 countries, in general, the volatility of the stock market spills over to the exchange rate market but that volatility spillovers from the exchange rate market to the stock market are insignificant. Chen, Naylor, and Lu (2004) find that NZ individual firm returns are significantly exposed to exchange rate changes. This study complements their work by investigating the volatility spillover between the stock market and the foreign exchange market within the NZ economy.

Impact of policy changes on the efficiency and returns-to-scale of Japanese financial institutions: an evaluation

This paper examines the impact of FSA's (Financial Services Agency) recent policy changes on the efficiency and returns-to-scale (RTS) of Japanese financial institutions including banks, securities companies and bank holding companies. Three kinds of efficiency are investigated namely, technical efficiency (TE), pure technical efficiency (PTE) and scale efficiency (SE) using the non-parametric methodology named data envelopment analysis (DEA). The DEA analysis shows a substantial improvement in the overall efficiency of Japanese banks, albeit a significant difference of efficiency scores between the major/city banks and the regional banks. Results are robust to alternative specifications of efficiency and scale changes.

Does financial news predict stock returns? New evidence from Islamic and Non-Islamic stocks

The paper extends the time-series financial news data set constructed by Garcia (2013) and uses it to examine whether financial news predicts returns of Islamic stocks differently compared to non-Islamic (conventional) stocks. We find that they do. First, while both positive and negative worded news predict most Islamic and conventional stock returns, positive words have a larger impact on both types of stock returns. Second, shock to returns from financial news reverses only in part for some stocks. Third, for a mean-variance investor, investing in Islamic stocks is relatively more profitable than investing in the corresponding conventional stocks. Fourth, we show that profits are robust to a range of time-series risk factors, namely, market risk, size-based risk, and momentum-induced risk.

Financial constraints and stock returns — evidence from Australia

Using multiple discriminant analysis, we construct an index thatmeasures firms' external financial constraints in an Australian setting.We form portfolios of firms based on our financial constraints index andfind that financially constrained firms earn lower return than theirunconstrained counterparts. Moreover, stock returns of financiallyconstrained firms are found to move together, indicating the potentialexistence of a financial constraints factor. Neither the variation nor themean return of the constraints factor are well explained by existing assetpricing models, suggesting an independent role for our financialconstraints factor in affecting stock returns.

The responsiveness of LPT returns and their attributes

The Australian listed property sector has experienced substantial growth over the past decade. Relative to international property markets, Australia has the highest percentage of listed real estate and the highest proportion that makes up the total equity market in the world, hence, making it an important component of domestic financial markets. This study employs the Stone (1974) two factor asset pricing model to investigate the sensitivity of Listed Property Trust (LPT) returns to market and interest rate returns from 2000 to 2005, and the characteristics (namely, management structure, specialisation and the degree of financial leverage) that may be driving these sensitivities. Our results indicate an increase in the market risk profile of LPTs, suggesting an erosion of the defensive benefits of LPTs against stockmarket volatilities.

Multifractality and long-range dependence of asset returns: the scaling behavior of the Markov-switching multifractal model with lognormal volatility components

In this paper, we consider daily financial data from various sources (stock market indices, foreign exchange rates and bonds) and analyze their multiscaling properties by estimating the parameters of a Markov-switching multifractal (MSM) model with Lognormal volatility components. In order to see how well estimated models capture the temporal dependency of the empirical data, we estimate and compare (generalized) Hurst exponents for both empirical data and simulated MSM models. In general, the Lognormal MSM models generate "apparent" long memory in good agreement with empirical scaling provided that one uses sufficiently many volatility components. In comparison with a Binomial MSM specification [11], results are almost identical. This suggests that a parsimonious discrete specification is flexible enough and the gain from adopting the continuous Lognormal distribution is very limited.

Multi-scaling modelling in financial markets

In the recent years, a new wave of interest spurred the involvement of complexity in finance which might provide a guideline to understand the mechanism of financial markets, and researchers with different backgrounds have made increasing contributions introducing new techniques and methodologies. In this paper, Markov-switching multifractal models (MSM) are briefly reviewed and the multi-scaling properties of different financial data are analyzed by computing the scaling exponents by means of the generalized Hurst exponent H(q). In particular we have considered H(q) for price data, absolute returns and squared returns of different empirical financial time series. We have computed H(q) for the simulated data based on the MSM models with Binomial and Lognormal distributions of the volatility components. The results demonstrate the capacity of the multifractal (MF) models to capture the stylized facts in finance, and the ability of the generalized Hurst exponents approach to detect the scaling feature of financial time series.