The adverse effect of dummy auction bids on market value

The popularity of an auction as a means of selling residential real estate has increased markedly in recent years. The effectiveness of an auction program is heavily promoted by most real estate agents, claiming it to be the best means of attracting the best price from the highest bidder, It is based on the theory of gathering all buyers together at a publicised time, and then offering the property for sale to the open market.

In theory, the person most willing to buy the property will have the highest bid, supposedly agreeing at market value with the vendor (although above the vendor's reserve I. Unfortunately, the practice of dummy bidding has recently resurfaced and highlights serious flaws in the auction system, with hundreds of residential auctions conducted across Australia every weekend.

Clearly, it is in the vendor's best interests land the auctioneer's best interests, who is paid even more by the vendor if the price is higherl to achieve the highest offer from the last bidder. The tactic of dummy bids is designed to deceive genuine purchasers into a false sense of perception, where there appears to be more competition for the property than there actually exists.

This paper examines the auction process with the emphasis placed on the practice of dummy biding, It considers the broad implications for the definition of market value and also the overall residential market. Useful advice is also included for real estate valuers relying upon auction sale properties in their market analysis. As well as strongly supporting the auction concept, the authors suggest improvements to the overall auction process to ensure relevance to the definition of market value is maintained.

A genomic approach to understanding the cause and effect of annual ryegrass toxicity

Annual Ryegrass Toxicity (ARGT) is a potentially lethal disease affecting livestock grazing on pastures or consuming fodder that include annual ryegrass (Lolium rigidum) contaminated with corynetoxins. The corynetoxins (CTs), among the most lethal toxins produced in nature, are produced by the bacterium Rathayibacter toxicus that uses a nematode vector to attach to and infect the seedheads of L.rigidum. There is little known of the factors that control toxin production. Several studies have speculated that a bacteriophage specific to R.toxicus may be implicated in CT production. We have developed a PCR-based assay to test for both bacterium and phage in ryegrass material and results indicate that there is a correlation between phage and bacterial presence in all toxic ryegrass samples tested so far. This PCR-based technique may ultimately allow for a rapid, high-throughput screening assay to identify potentially toxic pastures and feed in the field. Currently, ~80% of the 45 Kb genome has been sequenced an investigation to further elucidate its potential role in toxin production.Furthermore, specific alterations in gene expression as a result of exposure to CTs or the closely related tunicamycins (TMs), which are commercially available and considered biologically indistinguishable from CTs, will be evaluated for use as biomarkers of exposure. The effects of both toxins will be analysed in vitro using a rat hepatocyte cell line and screened on a low-density DNA micro array “CT-Chip” that contains <100 selected rat hepatic genes. The results are expected to further define the bioequivalence of CTs and TMs and to identify levels of exposure that are related to specific toxic effects or have no adverse effect on livestock.

The effect of smoke-free policies on revenue in bars in Tasmania, Australia

Objective: To examine the impact of smoke-free policies on revenue in Tasmanian bars.

Method: Monthly sales turnover from January 2002 to March 2007, provided by the Australian Bureau of Statistics was analysed. There were two outcome measures: (1) the ratio of monthly bar sales turnover in Tasmania to monthly bar sales turnover in four other Australian states, and (2) the ratio of monthly bar turnover to monthly retail turnover in Tasmania. Linear regression was used to assess the impact of the smoke-free policy on expenditure.

Results: The smoke-free policy had no effect on sales turnover.

Conclusion: The smoke-free policy protects hospitality workers and patrons from exposure to secondhand smoke and has had no adverse effect on sales turnover.

Parental nurturing and adverse effects of redistribution

This paper suggests that if parental nurturing is a dominating force in human capital formation then income redistribution may not promote economic growth. In particular, if, consistently with empirical evidence, parental human capital complements investment in a child’s education and yields increasing returns in the intergenerational production of human capital, income redistribution may have an adverse impact on the growth rate of average human capital. Redistribution shifts resources towards the less educationally-productive families and thus in the presence of credit markets imperfections and increasing returns, it reduces the aggregate level of investment in human capital. Moreover, if the degree of increasing returns is sufficiently large to produce sustained growth, this adverse effect on human capital formation may outweigh the conventional beneficial effects of redistribution that arises from the interaction between a production technology exhibiting diminishing returns and credit market imperfections.

The effect of polypropylene-graft-maleic anhydride on the morphology and dynamic mechanical properties of polypropylene/polystyrene blends

Polypropylene (PP) and polystyrene (PS) blends were prepared by melt processing in a haake at 180 °C. PP/PS blends are immiscible and the blend morphologies were characterized by scanning electron microscopy. The viscoelastic properties were characterized using dynamic mechanical analysis (DMA) with reference to blend ratio. The blend morphologies such as matrix droplet and phase inverted morphologies were observed. The storage modulus of the blends increased with increase in PS content and the value was maximum for neat PS. DMA showed changes in the polystyrene glass transition temperatures (Tg) over the entire composition range. There was a sharp increase in the Tg of PS with increasing PP content in the blend and a 12 °C elevation in Tg was observed. The increase in Tg was explained by proposing a new model based on the physical interaction between the blend components. It is assumed that the different effects by the PP phase resulted in the formation of constrained PS chains leading to high Tg values. The addition of PP-g-MAH has a positive effect on the morphology, increases the storage modulus, and decreases the Tg till 80/20 blends. However, for PP/PS blends with higher concentrations of PS, the PP-g-MAH has little effect or adverse effect on the morphology, and storage modulus, but decreases the Tg.

The political economy of the resource curse in Russia

The resource curse is a concept that is becoming increasingly relevant to describe the politico-economic risk that Russia's natural resource wealth poses to its development. This article discusses this adverse effect of the fundamental resource industries on the politico-economic development of a country. It explores the degree to which this logic is particularly applicable to Russia. It also discusses the counterargument to this logic and provides some comments on the possible extrication from this undesirable development outcome.

A conceptual framework of e-fraud control in an integrated supply chain

The integration of supply chains offers many benefits; yet, it may also render organisations more vulnerable to electronic fraud (e-fraud). E-fraud can drain on organisations’ financial resources, and can have a significant adverse effect on the ability to achieve their strategic objectives. Therefore, efraud control should be part of corporate board-level due diligence, and should be integrated into organisations’ practices and business plans.
Management is responsible for taking into consideration the relevant cultural, strategic and implementation elements that inter-relate with each other and to coordinating the human, technological and financial resources necessary to designing and implementing policies and procedures for controlling e-fraud. Due to the characteristics of integrated supply chains, a move from the traditional vertical approach to a systemic, horizontal-vertical approach is necessary. Although the e-fraud risk cannot be eliminated, risk mitigation policies and processes tailored to an organisation’s particular vulnerabilities can significantly reduce the risk and may even preclude certain classes of frauds.
In this paper, a conceptual framework of e-fraud control in an integrated supply chain is proposed. The proposed conceptual framework can help managers and practitioners better understand the issues and plan the activities involved in a systemic, horizontal-vertical approach to e-fraud control in an integrated supply chain, and can be a basis upon which empirical studies can be build.

Psychic distance : antecedents, retail strategy implications and performance outcomes

The authors propose a conceptual model of the psychic distance–organizational performance relationship that incorporates organizational factors (international experience and centralization of decision making), entry strategy, and retail strategy implications. The findings suggest that when entering psychically distant markets, retailers should adopt low-cost/low-control entry strategies and adapt their retail strategy to a greater extent than in psychically close markets. However, the authors find that such strategic responses have an adverse effect on performance. They find that international experience, psychic distance, entry strategy, and retail strategy adaptation are significant drivers of organizational performance and factors that determine critical success in international retailing.

The electricity consumption and GDP nexus for the Fiji Islands

Fiji is a small open island economy dependent on energy for its growth and development; hence, the relationship between energy consumption and economic growth is crucial for Fiji's development. In this paper, we investigate the nexus between electricity consumption and economic growth for Fiji within a multivariate framework through including the labour force variable. We use the bounds testing approach to cointegration and find that electricity consumption, GDP and labour force are only cointegrated when GDP is the endogenous variable. We use the Granger causality F-test and find that in the long-run causality runs from electricity consumption and labour force to GDP, implying that Fiji is an energy dependent country and thus energy conservation policies will have an adverse effect on Fiji's economic growth.

The role of agregate demand and supply shocks in a low-income country : evidence from Bangladesh

This paper explores the relative role of aggregate demand and supply shocks in affecting the output level and inflation rate in a low-income country vulnerable to various economic shocks. The study uses Bangladesh data, and following Cover et al (2006), employs a modification of the Blanchard-Quah (BQ) approach, in which the two shocks are allowed to be correlated. Strong evidence is found for the hypothesis that aggregate demand and supply shocks are interrelated in Bangladesh. For the case in which causality is assumed to be running from demand to supply shocks, it was found that an independent supply shock plays significant role for fluctuations in inflation, which was absent in the standard BQ model. The results suggest that a tightening of monetary policy may lead to an adverse effect on the long-run growth potential and some supply-side policies may be required to supplement contractionary monetary policy in combating inflation in Bangladesh.

A review of clozapine safety

Clozapine is a distinctive antipsychotic agent, having a unique clinical profile and an idiosyncratic safety profile. More so than with other agents, the weighting of its adverse event profile is critical, in order to counterbalance its clear clinical advantages. The safety issues with clozapine are in a number of areas, some of which are considered medical emergencies and potentially life-threatening. These include haematological (neutropenia and agranulocytosis), CNS (seizures), cardiovascular (myocarditis and cardiomyopathy), metabolic (diabetes), gastrointestinal and neuromuscular. Understanding the safety profile of clozapine allows an informed use of the agent that can maximise its clear clinical benefit and minimise the known risks.

Application of submerged membrane bioreactor for aquaculture effluent reuse

Discharging the nutrient rich aquaculture effluents into inland water bodies and oceans is becoming a serious concern due to the adverse effect that brings in the form of eutrophication and subsequent damages to those waters. A laboratory scale biological reactor consisting of a denitrifying compartment followed by a submerged membrane bioreactor (SMBR) compartment was used to treat 40 L d−1 of aquaculture effluent with an average concentration of 74 mg L−1 nitrate (NO3 − ). Sugar was added to the aquaculture effluent in order that to enter into the denitrifying compartment at a carbon: nitrogen ratio (C:N) of 2:1 and 4:1. A hollow fibre membrane with a pore size of 0.4 μm and a filtration area of 0.20 m2 was used in the SMBR and was operated at an average flux of 0.20 m3 m−2 d−1. An intermittent suction period of 12 min followed by a relaxation period of 3 min was maintained in the SMBR throughout the experiment. Different aeration rates of 1, 3, 5 and 10 Lpm were applied to the SMBR to determine the rate of membrane fouling and 5 Lpm aeration rate was found to be optimum with respect to the rate of fouling of membrane at a C:N ratio of 4:1. The average rate of fouling at 1, 3, 5 and 10 Lpm were 1.17, 0.70, 0.48 and 0.52 kPa d−1, respectively. The increase in the rate of fouling when the aeration was increased from 5 to 10 Lpm may be due to the breakage of suspended particles into finer particles which could have increased the fouling of membrane. It was also found that increasing the C:N ratio from 2:1 to 4:1 resulted in more cake being formed on the membrane surface as well as an increase in the reduction of NO3 − from 64% to 78%. Preliminary calculations show that 2.4 to 3.2 g of suspended solids could be accumulated per square meter of membrane surface before physical cleaning of membrane is required (at a transmembrane pressure of 20 kPa).

Unions and innovation : new insights from the cross-country evidence

We apply meta-regression analysis to the extant econometric studies and find that unions depress investment in innovation at the firm and industry level in all countries considered. However, this adverse effect has been declining over time and is moderated by country differences in industrial relations and regulations: The adverse effect appears to increase with labor market flexibility.

The relationship between the incidence of medullated fibres in mohair and live weight over the lifetime of Angora goats

The presence of even a small amount of medullated fibre, in otherwise high quality mohair, may have a pronounced adverse effect on its value and end-use potential. However, there is considerable confusion about the effects, if any, of environmental variables and management upon the incidence of medullated fibres in mohair. This study examined how the incidence of medullated fibres (Med, % by number) is related to the fleece-free live weight (FFLwt) of Angora goats of different genetic origins over their lifetime, and how the relationship varies with other lifetime factors. Measurements were made over 11 shearing periods of 6 months, on a population of Angora goats representing the current range and diversity of genetic origins in Australia, including South African, Texan and interbred admixtures of these and Australian sources. Records of breed, sire, dam, date of birth, dam age, birth weight, birth parity, weaning weight, live weight, fleece growth and fleece quality were taken for castrated males (wethers) (n = 94 animals). A restricted maximum likelihood (REML) model was developed for log10(Med + 1), which allowed the observations of the same animal at different ages to be correlated in an unstructured manner. Med varied between 0.1% and 4.3%. The median average FFLwt during a shearing interval increased from 15 kg at 1 year old to 59 kg at 6 years old. Generally, within each shearing interval, Med increased with increasing average FFLwt. However, the size and shape of the relationship differed greatly between shearing ages. For example, at 3.5 years of age Med increased from about 1.1% at an average FFLwt of 26 kg to 2.6% at 50 kg, whilst at 5.0 years of age Med only changed from 1.4% at 32 kg to 1.6% at 56 kg. Goats with mixed genetic parentage showed an increase in Med at some shearings, particularly at younger ages. Variation in animal nutrition, as measured by live weight change during shearing periods, did not affect Med. The results supplement our earlier findings that mohair mean fibre diameter and clean mohair fleece weight, but not staple length, are greater in larger Angora goats. Live weight needs to be taken into account in genetic evaluation of the incidence of medullated fibres. We conclude that any advantage in handling fewer but larger Angora goats rather than more but smaller goats will come at the detriment of producing lower quality mohair, both in terms of increased Med and mean fibre diameter.

Performance study of a wind-grid system in a semi- arid region and major integration issues

The phenomenal growth in economy experienced in developed countries throughout the 20th century has largely been driven by the availability of conventional energy sources for electricity generation. However, increased concern about fossil fuels and adverse effect of carbon dioxide emission in to atmosphere changed the conventional power system to a viable one by integrating renewable energy sources into the existing system. Among the Renewable Energy (RE) sources, wind energy is one of the fastest growing technologies in reducing the Green House Gas (GHG) emissions in to the atmosphere due to its continuous availability throughout a period. Hence, this paper discusses the performance of a wind-grid connected system in a semi-arid region by conducting a case study. Wilson promontory, one of the best locations for wind generation in Victoria is considered as a case study. Hybrid Optimization Model for Electric Renewable (HOMER) is used as a simulating tool for this analysis. This study also presents the influences of storage system in the proposed Hybrid Power System (HPS) allowing energy to be stored during higher generations or lower load demands. In addition this paper also discusses the major integration issues to facilitate the large scale wind energy into the grid for reliable power generation and distribution.