Pricing innovations in consumption growth: a re-evaluation of the recursive utility model

We re-evaluate the cross-sectional asset pricing implications of the recursive utility function of Epstein and Zin, 1989 and Epstein and Zin, 1991, using innovations in future consumption growth in our tests. Our empirical specification helps explain the size, value and momentum effects. Specifically, we find that (і) the beta associated with news about consumption growth has a systematic pattern: beta decreases along the size dimension and increases along the book-to-market and momentum dimensions, (іі) innovation in consumption growth is significantly priced in asset returns using both the Fama and MacBeth (1973) and the stochastic discount factor approaches, and (ііі) the model performs better than both the CAPM and Fama–French model.

The financial performance of socially responsible investments: insights from the intertemporal CAPM

© 2015 Springer Science+Business Media Dordrecht This study formulates a two-factor empirical model under the intertemporal CAPM framework to evaluate the cross-sectional implications of socially responsible investments in the US equity market. Our results show that socially responsible investments have no asset pricing impact on the US market. We argue that this ‘no financial impact’ finding indicates that investors will not be disadvantaged financially by investing in socially responsible funds or corporations.

Tracking the nomadic life of the eductional researcher: what future for feminist public intellecturals and the performative university?

Is the idea of the liberal university dead, has the postmodern university any chance of being emancipatory, has the theory–practice divide merely collapsed in an era of 'new knowledge work', or has the university just become one aspect of market states and global capitalism? Knowledge-based economies locate universities as central to the commodification and management of knowledge, while at the same time the legitimacy of the university and the academic as knowledge producers is challenged by postmodernist, feminist, post-colonial and indigenous claims within a wider trend towards the 'democratisation of knowledge' and a new educational instrumentalism and opportunism. What becomes of the educational researcher, and indeed their professional organisations, in this changing socio-political and economic scenario? Is our role one of policy service, policy critique, technical expert or public intellectual? In particular what place is there for feminist public intellectuals in a so-called era of post feminism and public–private convergence? The paper draws on feminist and critical perspectives to mount a case for the importance of the public intellectual in the performative postmodern university.

Tracking the nomadic life of the educational researcher :- what future for feminist public intellectual(s) and/in the performative postmodern university

Is the idea of the liberal university dead, has the post modern university any chance of being emancipatory, has the theory practice divide merely collapsed in an era of 'new knowledge work', or has the university just become one aspect of market state and global capitalism. Knowledge based economies simultaneously locate universities as central to the commodification and management of knowledge while the legitimacy of the university and the academic as knowledge producers is challenged by post modernist, feminist, postcolonial and indigenous claims within a wider trend towards the 'democratisation of knowledge' and a new educational instrumentalism and opportunism. What becomes of the educational researcher, and indeed for their professional organizations, in this changing socio political and economic scenario? Is our role one of policy service or policy critique, technical expert or public intellectual? In particular what place is there for feminist public intellectuals in a socalled era of post feminism and public-/private convergence? The paper draws on recent debates around the nature of knowledge based societies, trends in relations between policy and educational research, and draws upon feminist and critical perspectives to mount a case for the importance of the postmodern university and the public intellectual.

Dietary portfolio approach to reducing the risk of cardiovascular disease : the polymeal revisited

Aims: The Polymeal was first proposed as a 'tastier and safer' alternative to a polypharmacy approach to cardiovascular disease risk reduction. The present study aimed to examine the affordability of the Polymeal, and to propose modifications based on economic considerations, and the latest scientific evidence, to achieve consistency with current public health recommendations.

Methods: Prices for each food component specified in the Polymeal were obtained from a major and independent supermarket chain in a representative middle socioeconomic demographic region of metropolitan Melbourne, Australia. Items included fish (114 g, four times/week), fruits and vegetables (400 g/day), dark chocolate (100 g/day), garlic (2.7 g/day), almonds (68 g/day) and red wine (150 mL/day). Prices were calculated using an average of the major brands, or the most commonly eaten fruits, vegetables or fish. Modifications of the Polymeal were proposed based on published research and public health recommendations since the Polymeal was first proposed.

Results: Average price of the Polymeal was AU$11.89 per day falling to AU$8.46 if the cheapest food items were chosen. Modifications to the Polymeal included: consuming fish oil capsules instead of fish, reduction in the quantity of dark chocolate and removal of red wine. These modifications halved the cost of the Polymeal, while choosing the cheapest food items further lowered the cost to AU$3.49 per day. Modification of the Polymeal gave substantial reductions in both energy and saturated fat (51% and 84%, respectively).

Conclusion: The modified Polymeal is a more affordable variation of the Polymeal, which takes into account current scientific evidence and public health recommendations.

Relating practice to theory in indigenous entrepreneurship : a pilot investigation of the Kitsaki partnership portfolio

In Canada and elsewhere around the world, Indigenous Peoples are struggling to rebuild their "nations" and improve the socioeconomic circumstances of their people. Many see economic development as the key to success. This is certainly true for Indigenous people in Canada (the First Nations, Metis, and Inuit, collectively called Aboriginal or Indigenous people). Among them, participation in the global economy through entrepreneurship and business development is widely accepted as the key to economy building and nation "re-building." As elaborated in the next section, the demand is that this participation must be on their own terms for their own purposes, and traditional lands, history, culture, and values play a critical role. There is an intriguing symmetry between the modernity of the desire for global business competence and competitiveness and the insistence upon the distinctive importance of cultural heritage in developing new enterprise. The way that the two superficially contrasting concepts of innovation and heritage are combined in the field of Indigenous entrepreneurship has been expounded by Hindle and Lansdowne.1

Recognizing the challenges they face in attempting to compete in the global economy on their own terms, Indigenous people are increasingly developing enterprises in the form of partnerships of all types among themselves and with non-Indigenous enterprises. As both a form and a context of business organization, the partnership or alliance model is particularly fraught with the need to blend the old with the new, heritage with innovation. This study is a preliminary investigation of the Kitsaki initiative of the Lac La Ronge Indian band. In it we:

* explore several ventures involved in the partnership, asking key operatives for their opinions about the factors that explain success and failure;

* distill the explanations into as few, all-embracing factors as possible;

* relate the findings to the emerging theory of Indigenous entrepreneurship, with particular reference to the suggested paradigm of Indigenous entrepreneurship developed by Hindle and Lansdowne (2002);

* project the results of the investigation into suggestions for a more structured program of future research.

The economic significance of CDS price discovery

© 2015 Springer Science+Business Media New York Between 2005 and 2009, we document evident time-varying credit risk price discovery between the equity and credit default swap (CDS) markets for 174 US non-financial investment-grade firms. We test the economic significance of a simple portfolio strategy that utilizes fluctuation in CDS spreads as a trading signal to set stock positions, conditional on the CDS price discovery status of the reference entities. We show that a conditional portfolio strategy which updates the list of CDS-influenced firms over time, yields a substantively larger realized return net of transaction cost over the unconditional strategy. Furthermore, the conditional strategy’s Sharpe ratio outperforms a series of benchmark portfolios over the same trading period, including buy-and-hold, momentum and dividend yield strategies.